Document:

Exhibit 4.7

DORIAN LPG LTD.

FORM OF

SUBORDINATED INDENTURE

Dated as of [                  ], 20[ ]

[                    ]

Trustee

 

 

TABLE OF CONTENTS

PAGE

 

	
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE

	
1

	
SECTION 1.01.     Definitions.

	
1

	
SECTION 1.02.     Other Definitions.

	
5

	
SECTION 1.03.     Incorporation by Reference of Trust Indenture Act.

	
5

	
SECTION 1.04.     Rules of Construction.

	
6

	
ARTICLE II THE SECURITIES

	
6

	
SECTION 2.01.     Issuable in Series.

	
6

	
SECTION 2.02.     Establishment of Terms of Series of Securities.

	
7

	
SECTION 2.03.     Execution and Authentication.

	
9

	
SECTION 2.04.     Registrar and Paying Agent.

	
10

	
SECTION 2.05.     Paying Agent to Hold Money in Trust.

	
10

	
SECTION 2.06.     Securityholder Lists.

	
11

	
SECTION 2.07.     Transfer and Exchange.

	
11

	
SECTION 2.08.     Mutilated, Destroyed, Lost and Stolen Securities.

	
12

	
SECTION 2.09.     Outstanding Securities.

	
12

	
SECTION 2.10.     Treasury Securities.

	
13

	
SECTION 2.11.     Temporary Securities.

	
13

	
SECTION 2.12.     Cancellation.

	
13

	
SECTION 2.13.     Defaulted Interest.

	
14

	
SECTION 2.14.     Global Securities.

	
14

	
SECTION 2.15.     CUSIP Numbers.

	
16

	
ARTICLE III REDEMPTION

	
16

	
SECTION 3.01.     Notice to Trustee.

	
16

	
SECTION 3.02.     Selection of Securities to be Redeemed.

	
16

	
SECTION 3.03.     Notice of Redemption.

	
17

	
SECTION 3.04.     Effect of Notice of Redemption.

	
17

	
SECTION 3.05.     Deposit of Redemption Price.

	
18

	
SECTION 3.06.     Securities Redeemed in Part.

	
18

 

	
ARTICLE IV COVENANTS

	
18

	
SECTION 4.01.     Payment of Principal and Interest.

	
18

	
SECTION 4.02.     SEC Reports.

	
18

	
SECTION 4.03.     Compliance Certificate.

	
19

	
SECTION 4.04.     Stay, Extension and Usury Laws.

	
20

	
SECTION 4.05.     Corporate Existence.

	
20

	
SECTION 4.06.     Taxes.

	
20

	
SECTION 4.07.     Additional Interest Notice.

	
20

	
SECTION 4.08.     Further Instruments and Acts.

	
20

	
ARTICLE V SUCCESSORS

	
21

	
SECTION 5.01.     When Company May Merge, Etc.

	
21

	
SECTION 5.02.     Successor Corporation Substituted.

	
21

	
ARTICLE VI DEFAULTS AND REMEDIES

	
21

	
SECTION 6.01.     Events of Default.

	
21

	
SECTION 6.02.     Acceleration of Maturity; Rescission and Annulment.

	
23

	
SECTION 6.03.     Collection of Indebtedness and Suits for Enforcement by Trustee.

	
25

	
SECTION 6.04.     Trustee May File Proofs of Claim.

	
25

	
SECTION 6.05.     Trustee May Enforce Claims Without Possession of Securities.

	
26

	
SECTION 6.06.     Application of Money Collected.

	
26

	
SECTION 6.07.     Limitation on Suits.

	
26

	
SECTION 6.08.     Unconditional Right of Holders to Receive Principal and Interest.

	
27

	
SECTION 6.09.     Restoration of Rights and Remedies.

	
27

	
SECTION 6.10.     Rights and Remedies Cumulative.

	
27

	
SECTION 6.11.     Delay or Omission Not Waiver.

	
27

	
SECTION 6.12.     Control by Holders.

	
28

	
SECTION 6.13.     Waiver of Past Defaults.

	
28

	
SECTION 6.14.     Undertaking for Costs.

	
28

	
ARTICLE VII TRUSTEE

	
29

	
SECTION 7.01.     Duties of Trustee.

	
29

	
SECTION 7.02.     Rights of Trustee.

	
30

 

	
SECTION 7.03.     Individual Rights of Trustee.

	
31

	
SECTION 7.04.     Trustee's Disclaimer.

	
31

	
SECTION 7.05.     Notice of Defaults.

	
31

	
SECTION 7.06.     Reports by Trustee to Holders.

	
31

	
SECTION 7.07.     Compensation and Indemnity.

	
32

	
SECTION 7.08.     Replacement of Trustee.

	
32

	
SECTION 7.09.     Successor Trustee by Merger, etc.

	
33

	
SECTION 7.10.     Eligibility; Disqualification.

	
33

	
SECTION 7.11.     Preferential Collection of Claims Against Company.

	
34

	
ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE

	
34

	
SECTION 8.01.     Satisfaction and Discharge of Indenture.

	
34

	
SECTION 8.02.     Application of Trust Funds; Indemnification.

	
35

	
SECTION 8.03.     Legal Defeasance of Securities of any Series.

	
36

	
SECTION 8.04.     Covenant Defeasance.

	
37

	
SECTION 8.05.     Repayment to Company.

	
38

	
ARTICLE IX AMENDMENTS AND WAIVERS

	
38

	
SECTION 9.01.     Without Consent of Holders.

	
38

	
SECTION 9.02.     With Consent of Holders.

	
39

	
SECTION 9.03.     Limitations.

	
40

	
SECTION 9.04.     Compliance with Trust Indenture Act.

	
40

	
SECTION 9.05.     Revocation and Effect of Consents.

	
41

	
SECTION 9.06.     Notation on or Exchange of Securities.

	
41

	
SECTION 9.07.     Trustee Protected.

	
41

	
SECTION 9.08.     Effect of Supplemental Indenture.

	
41

	
ARTICLE X MISCELLANEOUS

	
42

	
SECTION 10.01.     Trust Indenture Act Controls.

	
42

	
SECTION 10.02.     Notices.

	
42

	
SECTION 10.03.     Communication by Holders with Other Holders.

	
43

	
SECTION 10.04.     Certificate and Opinion as to Conditions Precedent.

	
43

	
SECTION 10.05.     Statements Required in Certificate or Opinion.

	
43

 

	
SECTION 10.06.     Record Date for Vote or Consent of Holders.

	
44

	
SECTION 10.07.     Rules by Trustee and Agents.

	
44

	
SECTION 10.08.     Legal Holidays.

	
44

	
SECTION 10.09.     No Recourse Against Others.

	
44

	
SECTION 10.10.     Counterparts.

	
44

	
SECTION 10.11.     Governing Laws and Submission to Jurisdiction.

	
45

	
SECTION 10.12.     No Adverse Interpretation of Other Agreements.

	
45

	
SECTION 10.13.     Successors.

	
45

	
SECTION 10.14.     Severability.

	
45

	
SECTION 10.15.     Table of Contents, Headings, Etc.

	
45

	
SECTION 10.16.     Securities in a Foreign Currency or in ECU.

	
46

	
SECTION 10.17.     Judgment Currency.

	
46

	
SECTION 10.18.     Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.

	
47

	
ARTICLE XI SINKING FUNDS

	
47

	
SECTION 11.01.     Applicability of Article.

	
47

	
SECTION 11.02.     Satisfaction of Sinking Fund Payments with Securities.

	
48

	
SECTION 11.03.     Redemption of Securities for Sinking Fund.

	
48

Reconciliation and tie between Trust Indenture Act of 1939 and Indenture,

 Dated as of [                  ], 20[  ]

 

	
Section 310(a)(1)

	
7.10

	
(a)(2)

	
7.10

	
(a)(3)

	
Not Applicable

	
(a)(4)

	
Not Applicable

	
(a)(5)

	
7.10

	
(b)

	
7.10

	
(c)

	
Not Applicable

	
Section 311(a)

	
7.11

	
(b)

	
7.11

	
(c)

	
Not Applicable

	
Section 312(a)

	
2.06

	
(b)

	
10.03

	
(c)

	
10.03

	
Section 313(a)

	
7.06

	
(b)(1)

	
7.06

	
(b)(2)

	
7.06

	
(c)(1)

	
7.06

	
(d)

	
7.06

	
Section 314(a)

	
4.02, 10.05

	
(b)

	
Not Applicable

	
(c)(1)

	
10.04

	
(c)(2)

	
10.04

	
(c)(3)

	
Not Applicable

	
(d)

	
Not Applicable

	
(e)

	
10.05

	
(f)

	
Not Applicable

	
Section 315(a)

	
7.01

	
(b)

	
7.05

	
(c)

	
7.01

	
(d)

	
7.01

	
(e)

	
6.14

	
Section 316(a)(1)(A)

	
6.12

	
(a)(1)(B)

	
6.13

	
(a)(2)

	
Not Applicable

	
(b)

	
6.13

	
(c)

	
10.06

	
Section 317(a)(1)

	
6.03

	
(a)(2)

	
6.04

	
(b)

	
2.05

	
Section 318(a)

	
10.01

Note:  This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.

Indenture dated as of [          ], 20[ ] between Dorian LPG Ltd., a company organized under the laws of the Republic of the Marshall Islands (the "Company") and [          ] (the "Trustee").

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

ARTICLE I

 DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01.                                            Definitions.

"Additional Amounts" means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such Holders.

"Affiliate" of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person.  For the purposes of this definition, "control" (including, with correlative meanings, the terms "controlled by" and "under common control with"), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise.

"Agent" means any Registrar or Paying Agent.

"Bankruptcy Law" means Title 11 of the United States Code (or any successor thereto) or any similar federal or state law for the relief of debtors.

"Board of Directors" means the board of directors of the Company or any duly authorized committee thereof.

"Board Resolution" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.

"Business Day" means any day other than a (x) Saturday, (y) Sunday or (z) day on which state or federally chartered banking institutions in New York, New York are not required to be open.

"Capital Stock" of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, but excluding any debt securities convertible into such equity.

1

"Certificated Securities" means Securities in the form of physical, certificated Securities in registered form.

"Company" means the party named as such above until a successor replaces it in accordance with the terms of this Indenture and thereafter means the successor.

"Company Order" means a written order signed in the name of the Company by two Officers, one of whom must be the Company's principal executive officer, principal financial officer or principal accounting officer.

"Company Request" means a written request signed in the name of the Company by its Chairman of the Board, a President or a Vice President, and by its Chief Financial Officer, its Secretary or an Assistant Secretary, and delivered to the Trustee.

"Corporate Trust Office" means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered which office at the date of the execution of this Indenture is [              ], Attention: [             ], or at such other address as the Trustee may designate from time to time.

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

"Default" or "default" means any event which is, or after notice or passage of time or both would be, an Event of Default.

"Default Rate" means the default rate of interest specified in the Securities.

"Depository" means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, "Depository" as used with respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series.

"Discount Security" means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.

"Dollars" means the currency of The United States of America.

"ECU" means the European Currency Unit as determined by the Commission of the European Union.

"Exchange Act" means the Securities Exchange Act of 1934, as amended.

"Foreign Currency" means any currency or currency unit issued by a government other than the government of The United States of America.

2

"Foreign Government Obligations" means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.

"Global Security" or "Global Securities" means a Security or Securities, as the case may be, in the form established pursuant to Section 2.02 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee.

"Holder" or "Securityholder" means a person in whose name a Security is registered.

"Indenture" means this Indenture as amended and supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.

"Interest," in respect of the Securities, unless the context otherwise requires, refers to interest payable on the Securities, including any additional interest that may become payable pursuant to Section 6.02(b).

"Maturity," when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect repayment or otherwise.

"Officer" means the Chairman of the Board, the President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.

"Officers' Certificate" means a certificate signed by two Officers, one of whom must be the Company's principal executive officer, principal financial officer or principal accounting officer.

"Opinion of Counsel" means a written opinion of legal counsel who is, and which opinion is, acceptable to the Trustee and its counsel.  Such legal counsel may be an employee of or counsel to the Company or the Trustee.

"Person" means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

"Principal" or "principal" of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.

3

"Responsible Officer" means any officer of the Trustee in its Corporate Trust Office and also means, any vice president, managing director, director, associate, assistant vice president, or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject.

"SEC" means the Securities and Exchange Commission.

"Security" or "Securities" means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

"Series" or "Series of Securities" means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.02 hereof.

"Stated Maturity" when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.

"Subordinated Indebtedness" means any indebtedness which is expressly subordinated to the indebtedness evidenced by Securities.

"Subsidiary" means, in respect of any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

"TIA" means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, "TIA" means, to the extent required by any such amendment, the Trust Indenture Act as so amended.

"Trustee" means the person named as the "Trustee" in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter "Trustee" shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such person, "Trustee" as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

"U.S. Government Obligations" means securities which are (i) direct obligations of The United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of The United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by The United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt.

4

SECTION 1.02.                                            Other Definitions.

	
 

TERM

	
 

DEFINED IN SECTION

	
"Applicable Law"

	
10.18

	
"Event of Default"

	
6.01

	
"Instrument"

	
6.01

	
"Journal"

	
10.16

	
"Judgment Currency"

	
10.17

	
"Legal Holiday"

	
10.08

	
"mandatory sinking fund payment"

	
11.01

	
"Market Exchange Rate"

	
10.16

	
"New York Banking Day"

	
10.17

	
"optional sinking fund payment"

	
11.01

	
"Paying Agent"

	
2.04

	
"Registrar"

	
2.04

	
"Required Currency"

	
10.17

	
"successor person"

	
5.01

	
"Temporary Securities"

	
2.11

 

SECTION 1.03.                                            Incorporation by Reference of Trust Indenture Act.

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.  This Indenture shall also include those provisions of the TIA required to be included herein by the provisions of the Trust Indenture Reform Act of 1990.  The following TIA terms used in this Indenture have the following meanings:

"indenture securities" means the Securities.

"indenture security holder" means a Securityholder.

"indenture to be qualified" means this Indenture.

"indenture trustee" or "institutional trustee" means the Trustee.

"obligor" on the indenture securities means the Company and any successor obligor upon the Securities.

5

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined.

SECTION 1.04.                                            Rules of Construction.

Unless the context otherwise requires:

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

(b)            an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles;

(c)            references to "generally accepted accounting principles" shall mean generally accepted accounting principles in effect as of the time when and for the period as to which such accounting principles are to be applied;

(d)            "or" is not exclusive;

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

(f)            provisions apply to successive events and transactions;

(g)            references to agreements and other instruments include subsequent amendments thereto;

(h)            the term "merger" includes a statutory share exchange, and the term "merged" has a correlative meaning; and

(i)            "herein," "hereof" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

ARTICLE II

 THE SECURITIES

SECTION 2.01.                                            Issuable in Series.

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.  The Securities may be issued in one or more Series.  All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers' Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution.  In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers' Certificate or supplemental indenture may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.  Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

6

SECTION 2.02.                                            Establishment of Terms of Series of Securities.

At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection (a), and either as to such Securities within the Series or as to the Series generally in the case of Subsections (b) through (t) by a Board Resolution, a supplemental indenture or an Officers' Certificate pursuant to authority granted under a Board Resolution:

(a)            the title, designation, aggregate principal amount and authorized denominations of the Securities of the Series;

(b)            the price or prices, (expressed as a percentage of the aggregate principal amount thereof) at which the Securities of the Series will be issued;

(c)            the date or dates on which the principal of the Securities of the Series is payable;

(d)            the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;

(e)            any optional or mandatory sinking fund provisions or conversion or exchangeability provisions upon which Securities of the Series shall be redeemed, purchased, converted or exchanged;

(f)            the date, if any, after which and the price or prices at which the Securities of the Series may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of optional or mandatory provisions;

(g)            if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;

(h)            if other than the full principal amount, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration pursuant to Section 6.02 or provable in bankruptcy;

(i)            any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.02;

7

(j)            the currency or currencies, including composite currencies, in which payments of principal of, premium or interest, if any, on the Securities of the Series will be payable, if other than the currency of the United States of America;

(k)            if payments of principal of, premium or interest, if any, on the Securities of the Series will be payable, at the Company's election or at the election of any Holder, in a currency other than that in which the Securities of the Series are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made;

(l)            if payments of interest, if any, on the Securities of the Series will be payable, at the Company's election or at the election of any Holder, in cash or additional securities, and the terms and conditions upon which the election may be made;

(m)            if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price of the Securities of the Series in the currency of the United States of America for purposes of determining the voting rights of Holders of the Securities of the Series;

(n)            if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in which the Securities of the Series are stated to be payable, the manner in which the amounts will be determined;

(o)            any restrictive covenants or other material terms relating to the Securities of the Series;

(p)            whether the Securities of the Series will be issued in the form of global securities or certificates in registered form;

(q)            any terms with respect to subordination;

(r)            any listing on any securities exchange or quotation system;

(s)            additional provisions, if any, related to defeasance and discharge of the offered debt securities; and

(t)            the applicability of any guarantees, which would be governed by New York law.

All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers' Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuance of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental Indenture or Officers' Certificate.

8

SECTION 2.03.                                            Execution and Authentication.

Two Officers shall sign the Securities for the Company by manual or facsimile signature.

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.  The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.

The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers' Certificate, upon receipt by the Trustee of a Company Order.  Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing.  Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers' Certificate.

The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers' Certificate delivered pursuant to Section 2.02, except as provided in Section 2.08.

Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers' Certificate complying with Section 10.04, and (c) an Opinion of Counsel complying with Section 10.04.

The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may not lawfully be taken; or (b) if a Responsible Officer of the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities.  An authenticating agent may authenticate Securities whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate.

If any successor that has replaced the Company in accordance with Article 5 has executed an indenture supplemental hereto with the Trustee pursuant to Section 5.01, any of the Securities authenticated or delivered prior to such transaction may, from time to time, at the request of such successor, be exchanged for other Securities executed in the name of the such successor with such changes in phraseology and form as may be appropriate, but otherwise identical to the Securities surrendered for such exchange and of like principal amount; and the Trustee, upon receipt of a Company Order of such successor, shall authenticate and deliver Securities as specified in such order for the purpose of such exchange.  If Securities shall at any time be authenticated and delivered in any new name of such successor pursuant to this provision of Section 2.03 in exchange or substitution for or upon registration of transfer of any Securities, such successor, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities then outstanding for Securities authenticated and delivered in such new name.

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SECTION 2.04.                                            Registrar and Paying Agent.

The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented or surrendered for payment ("Paying Agent") and where Securities of such Series may be surrendered for registration of transfer or exchange ("Registrar").  The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange.  The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar and Paying Agent.  If at any time the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations and surrenders.

The Company may also from time to time designate one or more co-registrars or additional paying agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar or Paying Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for such purposes.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar or additional paying agent.  The term "Registrar" includes any co-registrar; and the term "Paying Agent" includes any additional paying agent.

The Company hereby appoints [             ] as the initial Registrar and Paying Agent for each Series unless another Registrar or Paying Agent as the case may be, is appointed prior to the time Securities of that Series are first issued.  Each Registrar and Paying Agent shall be entitled to all of the rights, protections, exculpations and indemnities afforded to the Trustee in connection with its roles as Registrar and Paying Agent.

SECTION 2.05.                                            Paying Agent to Hold Money in Trust.

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the Company in making any such payment.  While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money.  If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.

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SECTION 2.06.                                            Securityholder Lists.

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA Section 312(a).  If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least [  ] days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.

SECTION 2.07.                                            Transfer and Exchange.

Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.  To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar's request.  Any exchange or transfer shall be without charge, except that the Company or the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge required by law; provided that this sentence shall not apply to any exchange pursuant to Section 2.11, 2.08, 3.06 or 9.06.

Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business [  ] days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.

All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange.  Any Registrar appointed pursuant to Section 2.04 shall provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery by such Registrar of Securities upon transfer or exchange of Securities.  Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder's Security in violation of any provision of this Indenture and/or applicable U.S. federal or state securities law.

 

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SECTION 2.08.                                            Mutilated, Destroyed, Lost and Stolen Securities.

If any mutilated Security is surrendered to the Registrar, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

If there shall be delivered to the Company and the Registrar (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Registrar that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.

Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

SECTION 2.09.                                            Outstanding Securities.

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.

If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.

If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.

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A Security does not cease to be outstanding because the Company or an Affiliate holds the Security.

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02.

SECTION 2.10.                                            Treasury Securities.

In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.

SECTION 2.11.                                            Temporary Securities.

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary securities upon a Company Order ("Temporary Securities").  Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.  Without unreasonable delay, the Company shall prepare and the Trustee upon written request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities.  Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

SECTION 2.12.                                            Cancellation.

The Company at any time may deliver Securities to the Trustee for cancellation.  The Registrar and the Paying Agent shall forward to the Trustee or its agent any Securities surrendered to them for transfer, exchange, payment or conversion.  The Trustee and no one else shall cancel, in accordance with its standard procedures, all Securities surrendered for transfer, exchange, payment, conversion or cancellation and shall deliver the cancelled Securities to the Company.  No Security shall be authenticated in exchange for any Security cancelled pursuant to this Section 2.12.

The Company may, to the extent permitted by law, purchase Securities in the open market or by tender offer at any price or by private agreement.  Any Securities purchased or otherwise acquired by the Company or any of its Subsidiaries prior to the final maturity of such Securities may, to the extent permitted by law, be reissued or resold or may, at the option of the Company, be surrendered to the Trustee for cancellation.  Any Securities surrendered for cancellation may not be reissued or resold and shall be promptly cancelled by the Trustee, and the Company may not hold or resell such Securities or issue any new Securities to replace any such Securities.

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SECTION 2.13.                                            Defaulted Interest.

If the Company defaults in a payment of interest on a Series of Securities, it shall pay defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest at the Default Rate, to the persons who are Security holders of the Series on a subsequent special record date.  The Company shall fix the record date and payment date.  At least [  ] days before the record date, the Company shall mail to the Trustee and the Paying Agent and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid.  The Company may pay defaulted interest in any other lawful manner.

SECTION 2.14.                                            Global Securities.

(a)            A Board Resolution, a supplemental indenture hereto or an Officers' Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for such Global Security or Securities.

(b)            (i)            Notwithstanding any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names of Holders other than the Depository for such Security or its nominee only if (A) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90 days of such event, (B) the Company executes and delivers to the Trustee an Officers' Certificate to the effect that such Global Security shall be so exchangeable or (C) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing.

(ii)            Except as provided in this Section 2.14(b), a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.

(iii)            Securities issued in exchange for a Global Security or any portion thereof shall be issued in definitive, fully registered form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depository shall designate and shall bear the applicable legends provided for herein.  Any Global Security to be exchanged in whole shall be surrendered by the Depository to the Trustee, as Registrar.  With regard to any Global Security to be exchanged in part, either such Global Security shall be so surrendered for exchange or, if the Registrar is acting as custodian for the Depository or its nominee with respect to such Global Security, the principal amount thereof shall be reduced by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee.  Upon any such surrender or adjustment, the Trustee shall authenticate and deliver the Security issuable on such exchange to or upon the order of the Depository or an authorized representative thereof.

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(iv)            The registered Holder may grant proxies and otherwise authorize any Person, including participants in the Depository and persons that may hold interests through participants in the Depository, to take any action which a Holder is entitled to take under this Indenture or the Securities.

(v)            In the event of the occurrence of any of the events specified in 2.14(b)(i), the Company will promptly make available to the Trustee a reasonable supply of Certificated Securities in definitive, fully registered form, without interest coupons.  If (A) an event described in Section 2.14(b)(i)(A) or (B) occurs and definitive Certificated Securities are not issued promptly to all beneficial owners or (B) the Registrar receives from a beneficial owner instructions to obtain definitive Certificated Securities due to an event described in Section 2.14(b)(i)(C) and definitive Certificated Securities are not issued promptly to any such beneficial owner, the Company expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.07 hereof, the right of any beneficial owner of Securities to pursue such remedy with respect to the portion of the Global Security that represents such beneficial owner's Securities as if such definitive certificated Securities had been issued.

(vi)            Notwithstanding any provision to the contrary in this Indenture, so long as a Global Security remains outstanding and is held by or on behalf of the Depository, transfers of a Global Security, in whole or in part, or of any beneficial interest therein, shall only be made in accordance with Section 2.07, this Section 2.14(b) and the rules and procedures of the Depository for such Global Security to the extent applicable to such transaction and as in effect from time to time.

(c)            Any Global Security issued hereunder shall bear a legend in substantially the following form:

"This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository or a nominee of the Depository.  This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository."

(d)            The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

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(e)            Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof at their registered office.

(f)            At all times the Securities are held in book-entry form with a Depository, (i) the Trustee may deal with such Depository as the authorized representative of the Holders, (ii) the rights of the Holders shall be exercised only through the Depository and shall be limited to those established by law and agreement between the Holders and the Depository and/or direct participants of the Depository, (iii) the Depository will make book-entry transfers among the direct participants of the Depository and will receive and transmit distributions of principal and interest on the Securities to such direct participants; and (iv) the direct participants of the Depository shall have no rights under this Indenture, or any supplement hereto, under or with respect to any of the Securities held on their behalf by the Depository, and the Depository may be treated by the Trustee and its agents, employees, officers and directors as the absolute owner of the Securities for all purposes whatsoever.

SECTION 2.15.                                            CUSIP Numbers.

The Company in issuing the Securities may use "CUSIP", "CCN", "ISIN" or other identification numbers (if then generally in use), and, if so, the Trustee shall use "CUSIP", "CCN", "ISIN" or such other identification numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.

ARTICLE III

 REDEMPTION

SECTION 3.01.                                            Notice to Trustee.

The Company may, with respect to any series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities.  If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee and Registrar in writing of the redemption date and the principal amount of Series of Securities to be redeemed.  The Company shall give the notice at least [  ] days before the redemption date (or such shorter notice as may be acceptable to the Trustee and Registrar).

SECTION 3.02.                                            Selection of Securities to be Redeemed.

Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers' Certificate, if less than all the Securities of a Series are to be redeemed, the Registrar shall select the Securities of the Series to be redeemed in accordance with its customary procedures.  The Registrar shall make the selection from Securities of the Series outstanding not previously called for redemption.  The Registrar may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000.  Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.02(g), the minimum principal denomination for each Series and integral multiples thereof.  Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

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SECTION 3.03.                                            Notice of Redemption.

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers' Certificate, at least [  ] days but not more than [  ] days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.

The notice shall identify the Securities of the Series to be redeemed and shall state:

(a)            the redemption date;

(b)            the redemption price;

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

(d)            that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

(e)            that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; and

(f)            any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

At the Company's written request, the Trustee shall distribute the notice of redemption prepared by the Company in the Company's name and at its expense.

SECTION 3.04.                                            Effect of Notice of Redemption.

Once notice of redemption is mailed or published as provided in Section 3.03, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price.  A notice of redemption may not be conditional.  Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date.

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SECTION 3.05.                                            Deposit of Redemption Price.

On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

SECTION 3.06.                                            Securities Redeemed in Part.

Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.

ARTICLE IV

 COVENANTS

SECTION 4.01.                                            Payment of Principal and Interest.

The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.

Unless otherwise provided under the terms of a particular Series of Securities:

(a)            an installment of principal or interest shall be considered paid on the date it is due if the Paying Agent (other than the Company) holds by [       ] [a].m., New York City time, on that date money, deposited by the Company or an Affiliate thereof, sufficient to pay such installment.  The Company shall (in immediately available funds), to the fullest extent permitted by law, pay interest on overdue principal and overdue installments of interest at the rate borne by the Securities per annum; and

(b)            payment of the principal of and interest on the Securities shall be made at the office or agency of the Company maintained for that purpose in [             ] (which shall initially be [                  ], the Paying Agent) in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address appears in the register; provided, further, that a Holder with an aggregate principal amount in excess of $[          ] will be paid by wire transfer in immediately available funds at the election of such Holder if such Holder has provided wire transfer instructions to the Company at least [  ] Business Days prior to the payment date.

SECTION 4.02.                                            SEC Reports.

So long as any Securities are outstanding, the Company shall (i) file with the SEC within the time periods prescribed by its rules and regulations and (ii) furnish to the Trustee and the Holders of the Securities within [  ] days after the date on which the Company would be required to file the same with the SEC pursuant to its rules and regulations (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act), all quarterly and annual financial information required to be furnished or filed with the SEC pursuant to Section 13 and Section 15(d) of the Exchange Act and, with respect to the annual consolidated financial statements only, a report thereon by the Company's independent auditors.  The Company also shall comply with the other provisions of TIA Section 314(a).

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Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee's receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers' Certificates).  The Company shall not be required to file any report or other information with the SEC if the SEC does not permit such filing, although such reports shall be furnished to the Trustee.  Documents filed by the Company with the SEC via the SEC's EDGAR system (or any successor thereto) will be deemed furnished to the Trustee and the Holders of the Securities as of the time such documents are filed via EDGAR (or such successor).

SECTION 4.03.                                            Compliance Certificate.

The Company shall deliver to the Trustee, within [   ] days after the end of each fiscal year of the Company, an officers certificate signed by two of the Company's officers stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have knowledge in reasonable detail and the efforts to remedy the same).  For purposes of this Section 4.03, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture.

The Company shall deliver to the Trustee, within [  ] days after the occurrence thereof, written notice in the form of an Officers' Certificate of any Event of Default described in Section 6.01(e), (f), (g) or (h) and any event of which it becomes aware that with the giving of notice or the lapse of time would become such an Event of Default, its status and what action the Company is taking or proposes to take with respect thereto.  For the avoidance of doubt, a breach of a covenant under an Instrument that is not a payment default and that has not given rise to a right of acceleration under such Instrument shall not trigger the requirement to provide notice under this paragraph.

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SECTION 4.04.                                            Stay, Extension and Usury Laws.

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

SECTION 4.05.                                            Corporate Existence.

Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership or other existence of each Subsidiary in accordance with the respective organizational documents of each Subsidiary and the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any Subsidiary, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.

SECTION 4.06.                                            Taxes.

The Company shall, and shall cause each of its Subsidiaries to, pay prior to delinquency all taxes, assessments and governmental levies, except as contested in good faith and by appropriate proceedings.

SECTION 4.07.                                            Additional Interest Notice.

In the event that the Company is required to pay additional interest to Holders of Securities pursuant to Section 6.02(b) hereof, the Company shall provide a direction or order in the form of a written notice to the Trustee (and if the Trustee is not the Paying Agent, the Paying Agent) of the Company's obligation to pay such additional interest no later than [   ] Business Days prior to date on which any such additional interest is scheduled to be paid.  Such notice shall set forth the amount of additional interest to be paid by the Company on such payment date and direct the Trustee (or, if the Trustee is not the Paying Agent, the Paying Agent) to make payment to the extent it receives funds from the Company to do so.  The Trustee shall not at any time be under any duty or responsibility to any Holder to determine whether additional interest is payable, or with respect to the nature, extent, or calculation of the amount of additional interest owed, or with respect to the method employed in such calculation of additional interest.

SECTION 4.08.                                            Further Instruments and Acts.

The Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

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ARTICLE V

 SUCCESSORS

SECTION 5.01.                                            When Company May Merge, Etc.

The Company shall not consolidate with, enter into a binding share exchange, or merge into any other Person in a transaction in which it is not the surviving entity, or sell, assign, convey, transfer or lease or otherwise dispose of all or substantially all of its properties and assets to any Person (a "successor person"), unless:

(a)            the successor person (if any) is a corporation, partnership, trust or other entity organized and validly existing under the laws of the Republic of the Marshall Islands, [                 ], the United States, any state of the United States or the District of Columbia and expressly assumes by a supplemental indenture executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, and any interest on, all Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed;

(b)            immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing; and

(c)            the Company shall have delivered to the Trustee, prior to the consummation of the proposed transaction, an Officers' Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture.

SECTION 5.02.                                            Successor Corporation Substituted.

Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01, the successor person formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor company in the case of a sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company shall not be released from the obligation to pay the principal of and interest, if any, on the Securities.

ARTICLE VI

 DEFAULTS AND REMEDIES

SECTION 6.01.                                            Events of Default.

"Event of Default," wherever used herein with respect to securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officers' Certificate, it is provided that such Series shall not have the benefit of said Event of Default:

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(a)            default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or

(b)            default in the payment of any principal of any Security of that Series at its Maturity; or

(c)            default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or

(d)            the Company fails to perform or comply with any of its other covenants or agreements contained in the Securities or in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (a), (b) or (c) of this Section 6.01) and the default continues for 60 days after notice is given as specified below;

(e)            any indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by, or any other payment obligation of, the Company or any Subsidiary (an "Instrument") with a principal amount then, individually or in the aggregate, outstanding in excess of $[                 ], whether such indebtedness now exists or shall hereafter be created, is not paid at Maturity or when otherwise due or is accelerated, and such indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least [  ]% in aggregate principal amount of the outstanding Securities of that Series a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such default to be cured or waived or such acceleration to be rescinded or annulled and stating that such notice is a "Notice of Default" hereunder.  A payment obligation (other than indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company or any Subsidiary) shall not be deemed to have matured, come due, or been accelerated to the extent that it is being disputed by the relevant obligor or obligors in good faith.  For the avoidance of doubt, the Maturity of an Instrument is the Maturity as set forth in that Instrument, as it may be amended from time to time in accordance with the terms of that Instrument;

(f)            the Company or any Subsidiary fails to pay one or more final and non-appealable judgments entered by a court or courts of competent jurisdiction, the aggregate uninsured or unbonded portion of which is in excess of $[                  ], if the judgments are not paid, discharged, waived or stayed within [  ] days;

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(g)            the Company or any Subsidiary of the Company, pursuant to or within the meaning of any Bankruptcy Law:

(i)            commences a voluntary case or proceeding;

(ii)            consents to the entry of an order for relief against it in an involuntary case or proceeding;

(iii)            consents to the appointment of a Custodian of it or for all or substantially all of its property; or

(iv)            makes a general assignment for the benefit of its creditors; or

(v)            or generally is unable to pay its debts as the same become due; or

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

(i)            is for relief against the Company or any of its Subsidiaries in an involuntary case or proceeding;

(ii)            appoints a Custodian of the Company or any of its Subsidiaries for all or substantially all of the property of the Company or any such Subsidiary; or

(iii)            orders the liquidation of the Company or any of its Subsidiaries;

and the case of each of clause (i), (ii) and (iii), the order or decree remains unstayed and in effect for [  ] consecutive days; or

(i)            any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers' Certificate, in accordance with Section 2.02(i).

A default under clause (d) above is not an Event of Default until the Trustee notifies the Company, or the Holders of at least [  ]% in aggregate principal amount of the Securities then outstanding notify the Company and the Trustee, in writing of the default, and the Company does not cure the default within 60 days after receipt of such notice.  The notice given pursuant to this Section 6.01 must specify the default, demand that it be remedied and state that the notice is a "Notice of Default."  When any default under this Section 6.01 is cured, it ceases.

The Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof shall have been given to a Trust Officer at the Corporate Trust Office of the Trustee by the Company, a Paying Agent, any Holder or any agent of any Holder.

SECTION 6.02.                                            Acceleration of Maturity; Rescission and Annulment.

(a)            If an Event of Default (other than an Event of Default specified in clause (g) or (h) of Section 6.01) occurs and is continuing with respect to any Securities of any Series, then in every such case, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities of that Series (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) then outstanding may, by notice to the Company and the Trustee, declare all unpaid principal of, and accrued and unpaid interest on to the date of acceleration, the Securities of that Series then outstanding (if not then due and payable) to be due and payable upon any such declaration, and the same shall become and be immediately due and payable.  If an Event of Default specified in clause (g) or (h) of Section 6.01 occurs, all unpaid principal of the Securities then outstanding, and all accrued and unpaid interest thereon to the date of acceleration, shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.  The Holders of a majority in aggregate principal amount of the Securities of that Series then outstanding by notice to the Trustee may rescind an acceleration of such Securities of that Series and its consequences if (a) all existing Events of Default, other than the nonpayment of the principal of the Securities which has become due solely by such declaration of acceleration, have been cured or waived; (b) to the extent the payment of such interest is lawful, interest (calculated at the Default Rate) on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; (c) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (d) all payments due to the Trustee and any predecessor Trustee under Section 7.07 have been made.  No such rescission shall affect any subsequent default or impair any right consequent thereto.

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(b)            Notwithstanding any of provision of this Article 6, at the election of the Company in its sole discretion, the sole remedy under this Indenture for an Event of Default relating to the failure to comply with Section 4.02, and for any failure to comply with the requirements of Section 314(a)(1) of the TIA, will consist, for the 180 days after the occurrence of such an Event of Default, exclusively of the right to receive additional interest on the Securities at a rate equal to 0.50% per annum of the aggregate principal amount of the Securities then outstanding up to, but not including, the 181st day thereafter (or, if applicable, the earlier date on which the Event of Default relating to Section 4.02 is cured or waived).  Any such additional interest will be payable in the same manner and on the same dates as the stated interest payable on the Securities.  In no event shall additional interest accrue under the terms of this Indenture at a rate in excess of 0.50% per annum, in the aggregate, for any violation or default caused by the failure of the Company to be current in respect of its Exchange Act reporting obligations.  If the Event of Default is continuing on the 181st day after an Event of Default relating to a failure to comply with Section 4.02, the Securities will be subject to acceleration as provided in this Section 6.02.  The provisions of this Section 6.02(b) will not affect the rights of Holders in the event of the occurrence of any other Events of Default.

In order to elect to pay additional interest as the sole remedy during the first 180 days after the occurrence of an Event of Default relating to the failure to comply with Section 4.02 in accordance with the immediately preceding paragraph, the Company shall notify all Holders and the Trustee and Paying Agent of such election on or before the close of business on the fifth Business Day after the date on which such Event of Default otherwise would occur.  Upon a failure by the Company to timely give such notice or pay additional interest, the Securities will be immediately subject to acceleration as otherwise provided in this Section 6.02.

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SECTION 6.03.                                            Collection of Indebtedness and Suits for Enforcement by Trustee.

If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

If an Event of Default in the payment of principal, interest, if any, specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities for the whole amount of principal, and accrued interest remaining unpaid, if any, together with, to the extent that payment of such interest is lawful, interest on overdue principal, on overdue installments of interest, if any, in each case at the Default Rate, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

SECTION 6.04.                                            Trustee May File Proofs of Claim.

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

(a)            to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

(b)            to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07.

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Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

SECTION 6.05.                                            Trustee May Enforce Claims Without Possession of Securities.

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

SECTION 6.06.                                            Application of Money Collected.

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: and

First: To the payment of all amounts due the Trustee under Section 7.07;

Second: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and

Third: To the Company.

SECTION 6.07.                                            Limitation on Suits.

No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder (except actions for payment of overdue principal and interest), unless:

(a)            such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;

(b)            the Holders of not less than [  ]% in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

(c)            such Holder or Holders have offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;

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(d)            the Trustee for [  ] days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

(e)            no direction inconsistent with such written request has been given to the Trustee during such [  ]-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

SECTION 6.08.                                            Unconditional Right of Holders to Receive Principal and Interest.

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

SECTION 6.09.                                            Restoration of Rights and Remedies.

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

SECTION 6.10.                                            Rights and Remedies Cumulative.

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

SECTION 6.11.                                            Delay or Omission Not Waiver.

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

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SECTION 6.12.                                            Control by Holders.

The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that

(a)            such direction shall not be in conflict with any rule of law or with this Indenture,

(b)            the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and

(c)            subject to the provisions of Section 6.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability or would be unduly prejudicial to the rights of another Holder or the Trustee.

SECTION 6.13.                                            Waiver of Past Defaults.

Subject to Section 9.02, the Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).  Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

SECTION 6.14.                                            Undertaking for Costs.

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than [  ]% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).

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ARTICLE VII

 TRUSTEE

SECTION 7.01.                                            Duties of Trustee.

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

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

(i)            The Trustee  need perform only those duties that are specifically set forth in this Indenture and no implied duties, covenants or obligations shall be deemed to be imposed upon the Trustee.

(ii)            in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers' Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers' Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers' Certificates and Opinions of Counsel to determine whether or not they conform on their face to the requirements of this Indenture.

(c)            The Trustee may not be relieved from liability for its own its own negligent action, its own negligent failure to act or willful misconduct, except that:

(i)            This paragraph does not limit the effect of paragraph (b) of Section 7.01 herein.

(ii)            The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer.

(iii)            The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.

(d)            Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.

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(e)            The Trustee may refuse to perform any duty or exercise any right or power unless it receives an indemnity satisfactory to it against any loss, liability or expense.

(f)            The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

(g)            No provision of this Indenture shall require the Trustee to risk or expend its own funds or otherwise incur liability, financial or otherwise, in the performance of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk is not reasonably assured to it.

(h)            The Paying Agent, the Registrar and any authenticating agent shall be entitled to the same rights, indemnities, protections and immunities afforded to the Trustee.

(i)            The Trustee shall have no duty to monitor the performance or compliance of the Company with its obligations hereunder or any under supplement hereto, nor shall it have any liability in connection with the malfeasance or nonfeasance by the Company.  The Trustee shall have no liability in connection with compliance by the Company with statutory or regulatory requirements related to this Indenture, any supplement or any Securities issued pursuant hereto or thereto.

SECTION 7.02.                                            Rights of Trustee.

(a)            The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting as a result of its reasonable belief that any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, direction, approval or other paper or document was genuine and had been signed or presented by the proper person.  The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it sees fit.

(b)            Before the Trustee acts or refrains from acting, it may require an Officers' Certificate or an Opinion of Counsel or both.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers' Certificate or Opinion of Counsel.

(c)            The Trustee may act through agents and shall not be responsible for the misconduct or negligence of, or for the supervision of, any agent appointed with due care.  No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository.

(d)            The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers.

(e)            The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

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(f)            The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture at the request, order or direction of any of the Holders of Securities, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

SECTION 7.03.                                            Individual Rights of Trustee.

The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate with the same rights it would have if it were not Trustee.  Any Agent may do the same with like rights.  The Trustee is also subject to Sections 7.10 and 7.11.

SECTION 7.04.                                            Trustee's Disclaimer.

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities and the recitals contained herein and in the Securities shall be taken as statements of the Company and not of the Trustee, and the Trustee has no responsibility for such recitals. The Trustee shall not be accountable for the Company's use or application of the proceeds from the Securities or for monies paid over to the Company pursuant to this Indenture, and it shall not be responsible for any statement in the Securities other than its authentication.

SECTION 7.05.                                            Notice of Defaults.

If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if a Responsible Officer of the Trustee has knowledge or receives written notice of such event, the Trustee shall mail to each Securityholder of the Securities of that Series, notice of a Default or Event of Default within [  ] days after it occurs or, if later, after a Responsible Officer of the Trustee has actual knowledge of such Default or Event of Default.  Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, including any additional interest that may become payable pursuant to Section 6.02(b), the Trustee may withhold the notice so long as the Trustee in good faith determines that withholding the notice is in the interests of Securityholders of that Series.

SECTION 7.06.                                            Reports by Trustee to Holders.

Within [  ] days after [              ] in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such [                   ], in accordance with, and to the extent required under, TIA Section 313.

A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series are listed.  The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.

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SECTION 7.07.                                            Compensation and Indemnity.

The Company shall pay to the Trustee from time to time such compensation for its services as shall be agreed upon in writing.  The Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred by it.  Such expenses shall include the reasonable compensation and expenses of the Trustee's agents, counsel and other persons not regularly in its employ.

The Company shall indemnify, defend and hold harmless the Trustee and its officers, directors, employees, representatives and agents, from and against and reimburse the Trustee for any and all claims, expenses, obligations, liabilities, losses, damages, injuries (to person, property, or natural resources), penalties, stamp or other similar taxes, actions, suits, judgments, reasonable costs and expenses (including reasonable attorney's and agent's fees and expenses) of whatever kind or nature regardless of their merit, demanded, asserted or claimed against the Trustee directly or indirectly relating to, or arising from, claims against the Trustee by reason of its participation in the transactions contemplated hereby, including without limitation all reasonable costs required to be associated with claims for damages to persons or property, and reasonable attorneys' and consultants' fees and expenses and court costs except to the extent caused by the Trustee's negligence or willful misconduct.  The provisions of this Section 7.07 shall survive the termination of this Agreement or the earlier resignation or removal of the Trustee.  The Company shall defend any claim and the Trustee shall cooperate in the defense.  The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel.  The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld or delayed.  This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.

The Company need not reimburse any expense or indemnify against any loss liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith.

To secure the Company's payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities of that Series.

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(f) or (g) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

SECTION 7.08.                                            Replacement of Trustee.

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section.

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The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company.  The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company.  The Company may remove the Trustee with respect to Securities of one or more Series if:

(a)            the Trustee fails to comply with Section 7.10;

(b)            the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

(c)            a Custodian or public officer takes charge of the Trustee or its property; or

(d)            the Trustee becomes incapable of acting.

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

If a successor Trustee with respect to the Securities of any one or more Series does not take office within [  ] days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least [  ]% in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.  Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.07, and subject to the payment of any and all amounts then due and owing to the retiring Trustee, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.  A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series.  Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company's obligations under Section 7.07 hereof shall continue for the benefit of the retiring trustee with respect to expenses and liabilities incurred by it prior to such replacement.

SECTION 7.09.                                            Successor Trustee by Merger, etc.

If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee herein.

SECTION 7.10.                                            Eligibility; Disqualification.

This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5).  The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition.  The Trustee shall comply with TIA Section 310(b).

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SECTION 7.11.                                            Preferential Collection of Claims Against Company.

The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b).  A Trustee who has resigned or been removed shall be subject to TTA Section 311(a) to the extent indicated.

ARTICLE VIII

 SATISFACTION AND DISCHARGE; DEFEASANCE

SECTION 8.01.                                            Satisfaction and Discharge of Indenture.

This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.01), and the Trustee, on the demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

(a)            either

(i)            all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or

(ii)            all such Securities not theretofore delivered to the Trustee for cancellation have become due and payable, or

(1)            have become due and payable, or

(2)            will become due and payable at their Stated Maturity within [  ], or

(3)            are to be called for redemption within [                                                                ] under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

(4)            are deemed paid and discharged pursuant to section 8.03, as applicable; and the Company, in the case of (1), (2) or (3) above, has deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

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(b)            the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

(c)            the Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each meeting the applicable requirements of Sections 10.04 and 10.05 and each stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with and the Trustee receives written demand from the Company to discharge.

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.07, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.07, 2.08, 8.01 8.02 and 8.05 shall survive.

SECTION 8.02.                                            Application of Trust Funds; Indemnification.

(a)            Subject to the provisions of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.03 or 8.04.

(b)            The Company shall pay and shall indemnify the Trustee and the Agents against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

(c)            The Trustee shall, in accordance with the terms of this Indenture, deliver or pay to the Company from time to time, upon Company Request and at the expense of the Company any U.S. Government Obligations or Foreign Government Obligations or money held by it pursuant to this Indenture as provided in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm of independent certified public accountants, expressed in a written certification thereof and delivered to the Trustee together with such Company Request, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received.  This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

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SECTION 8.03.                                            Legal Defeasance of Securities of any Series.

Unless this Section 8.03 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of such Series on the [   ] day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the company, shall, at Company Request, execute proper instruments acknowledging the same), except as to:

(a)            the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;

(b)            the provisions of Sections 2.04, 2.07, 2.08, 2.14, 8.02, 8.03 and 8.05; and

(c)            the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied:

(d)            the Company shall have deposited or caused to be deposited irrevocably with the Paying Agent as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Paying Agent), not later than [   ] day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee and the Paying Agent, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series on the dates such installments of interest or principal are due;

(e)            such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;

(f)            no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the [    ] day after such date;

(g)            the Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;

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(h)            the Company shall have delivered to the Trustee an Officers' Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company;

(i)            such deposit shall not result in the trust arising from such deposit constituting an investment company (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and

(j)            the Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with.

SECTION 8.04.                                            Covenant Defeasance.

Unless this Section 8.04 is otherwise specified pursuant to Section 2.02(s) to be inapplicable to Securities of any Series, on and after the [    ] day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.02, 4.03, 4.04, 4.05, 4.06, and 5.01 as well as any additional covenants contained in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or an Officers' Certificate delivered pursuant to Section 2.02(s) (and the failure to comply with any such covenants shall not constitute a Default or Event of Default under Section 6.01) and the occurrence of any event described in clause (e) of Section 6.01 shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

(a)            With reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.02(c)) with the Paying Agent as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Paying Agent), not later than [   ] day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Paying Agent, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal are due;

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(b)            Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;

(c)            No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the [    ] day after such date;

(d)            the company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred;

(e)            the Company shall have delivered to the Trustee an Officers' Certificate stating the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

(f)            The Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the defeasance contemplated by this Section have been complied with.

SECTION 8.05.                                            Repayment to Company.

The Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and interest that remains unclaimed for two years.  After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person and all liability of the Paying Agent with respect to that money shall cease.

ARTICLE IX

 AMENDMENTS AND WAIVERS

SECTION 9.01.                                            Without Consent of Holders.

The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

(a)            to cure any ambiguity, defect or inconsistency;

(b)            to comply with Article V;

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(c)            to provide for uncertificated Securities in addition to or in place of certificated Securities;

(d)            to make any change that does not adversely affect the rights of any Securityholder;

(e)            to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

(f)            to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee;

(g)            to comply with requirements of the TIA and any rules promulgated under the TIA; and

(h)            to add to the covenants of the Company for the equal and ratable benefit of the Holders or to surrender any right, power or option conferred upon the Company.

Any amendment or supplement made solely to conform the provisions of this Indenture or the Securities of any Series to the description thereof contained in the final prospectus relating to such Series will be deemed not to adversely affect the rights of any Holder.

SECTION 9.02.                                            With Consent of Holders.

The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of all Series affected by such supplemental indenture, taken together as one class (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series.  Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of all Series affected by such waiver by notice to the Trustee, taken together as one class (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.

It shall not be necessary for the consent of the Holders of Securities under this Section 9.02 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof.  After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby a notice briefly describing the supplemental indenture or waiver.  Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

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SECTION 9.03.                                            Limitations.

Without the consent of each Securityholder affected, an amendment or waiver may not:

(a)            change the amount of Securities whose Holders must consent to an amendment, supplement or waiver, except to increase any such amount or to provide that certain provisions of this Indenture cannot be modified, amended or waived without the consent of the Holder of each outstanding Security affected thereby;

(b)            reduce the amount of interest, or change the interest payment time, on any Security;

(c)            waive a redemption payment or alter the redemption provisions (other than any alteration that would not materially adversely affect the legal rights of any Holder under this Indenture) or the price at which the Company is required to offer to purchase the Securities;

(d)            reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;

(e)            reduce the principal amount payable of any Security upon Maturity;

(f)            waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);

(g)            change the place or currency of payment of principal of or interest, if any, on any Security other than that stated in the Security;

(h)            impair the right of any Holder to receive payment of principal or, or interest on, the Securities of such Holder on or after the due dates therefor;

(i)            impair the right to institute suit for the enforcement of any payment on, or with respect to, any Security;

(j)            make any change in Sections 10.15 or 10.16;

(k)            change the ranking of the Securities; or

(l)            make any other change which is specified in a Board Resolution, a supplemental indenture hereto or an Officers' Certificate as a limitation under this Section.

SECTION 9.04.                                            Compliance with Trust Indenture Act.

Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

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SECTION 9.05.                                            Revocation and Effect of Consents.

Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder's Security, even if notation of the consent is not made on any Security.  However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective.

Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (g) of Section 9.03 in that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder's Security.

SECTION 9.06.                                            Notation on or Exchange of Securities.

If an amendment, supplement or waiver changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee and the Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder.  Alternatively, if the Company or the Trustee so determines, the Company shall issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the changed terms.

SECTION 9.07.                                            Trustee Protected.

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel or an Officer's Certificate, or both stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.  The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights, duties or indemnities.

SECTION 9.08.                                            Effect of Supplemental Indenture.

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and each such supplemental indenture shall form part of this Indenture for all purposes with respect to the relevant Series; and every Holder of Securities of the relevant Series theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

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ARTICLE X

 MISCELLANEOUS

SECTION 10.01.                                            Trust Indenture Act Controls.

If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.

SECTION 10.02.                                            Notices.

Any notice or communication by the Company, the Trustee, the Paying Agent or the Registrar to another is duly given if in writing and delivered in person or mailed by first-class mail:

if to the Company:

[                       ]

Attn: [              ]

 Fax: [              ]

if to the Trustee:

[                       ]

Attn: [              ]

 Fax: [              ]

if to the Registrar or Paying Agent:

[                       ]

Attn: [              ]

 Fax: [              ]

with copy to:

[                       ]

Attn: [              ]

 Fax: [              ]

The Company, the Trustee and each Agent by notice to each other may designate additional or different addresses for subsequent notices or communications.

Any notice or communication to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar.  Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.

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If a notice or communication is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.

If the company mails a notice or communication to Securityholders, it will mail a copy to the Trustee and each Agent at the same time.

Whenever a notice is required to be given by the Company, such notice may be given by the Trustee or Registrar on the Company's behalf (and the Company will make any notice it is required to give to Holders available on its website).

SECTION 10.03.                                            Communication by Holders with Other Holders.

Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series.  The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).

SECTION 10.04.                                            Certificate and Opinion as to Conditions Precedent.

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

(a)            an Officers' Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

(b)            an Opinion of Counsel stating that, in the opinion of counsel, all such conditions precedent (including any covenants, compliance with which constitutes a condition precedent) have been complied with.

SECTION 10.05.                                            Statements Required in Certificate or Opinion.

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:

(a)            a statement that the person making such certificate or opinion has read such covenant or condition;

(b)            a brief statement as to the nature and scope of the examination or investigation  upon which the statements or opinions  contained in such certificate or opinion are based;

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(c)            a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

(d)            a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers' Certificate or certificates of public officials.

SECTION 10.06.                                            Record Date for Vote or Consent of Holders.

The Company (or, in the event deposits have been made pursuant to Section 11.02, the Trustee) may set a record date for purposes of determining the identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture, which record date shall not be more than [  ] days prior to the date of the commencement of solicitation of such action.  Notwithstanding the provisions of Section 9.05, if a record date is fixed, those persons who were Holders of Securities at the close of business on such record date (or their duly designated proxies), and only those persons, shall be entitled to take such action by vote or consent or to revoke any vote or consent previously given, whether or not such persons continue to be Holders after such record date.

SECTION 10.07.                                            Rules by Trustee and Agents.

The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series.  Any Agent may make reasonable rules and set reasonable requirements for its functions.

SECTION 10.08.                                            Legal Holidays.

Unless otherwise provided by Board Resolution, Officers' Certificate or supplemental indenture for a particular Series, a "Legal Holiday" is any day that is not a Business Day.  If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

SECTION 10.09.                                            No Recourse Against Others.

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Securityholder by accepting a Security waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities.

SECTION 10.10.                                            Counterparts.

This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

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SECTION 10.11.                                            Governing Laws and Submission to Jurisdiction.

THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK EXCLUDING ANY RULE OF LAW THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

The Company agrees that any legal suit, action or proceeding arising out of or based upon this Indenture may be instituted in any federal or state court sitting in New York City, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in any suit, action or proceeding.  The Company, as long as any Securities remain outstanding or the parties hereto have any obligation under this Indenture, shall have an authorized agent in the United States upon whom process may be served in any such legal action or proceeding. Service of process upon such agent and written notice of such service mailed or delivered to it shall to the extent permitted by law be deemed in every respect effective service of process upon it in any such legal action or proceeding and, if it fails to maintain such agent, any such process or summons may be served by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto, addressed to it at its address as provided for notices hereunder. The Company hereby appoints Seward & Kissel LLP, One Battery Park Plaza, New York, NY,  10004, as its agent for such purposes, and covenants and agrees that service of process in any legal action or proceeding may be made upon it at such office of such agent.

SECTION 10.12.                                            No Adverse Interpretation of Other Agreements.

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary.  Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

SECTION 10.13.                                            Successors.

All agreements of the Company in this Indenture and the Securities shall bind its successor.  All agreements of the Trustee in this Indenture shall bind its successor.

SECTION 10.14.                                            Severability.

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 10.15.                                            Table of Contents, Headings, Etc.

The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

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SECTION 10.16.                                            Securities in a Foreign Currency or in ECU.

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers' Certificate delivered pursuant to Section 2.02 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including ECUs), then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time.  For purposes of this Section 10.16, "Market Exchange Rate" shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication, the "Journal").  If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency in question or, in the case of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate.  The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders.

SECTION 10.17.                                            Judgment Currency.

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the "Required Currency") into a currency in which a judgment will be rendered (the "Judgment Currency"), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.  For purposes of the foregoing, "New York Banking Day" means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.

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		SECTION 10.18.	Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.

In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering ("Applicable Law"), the Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Trustee.  Accordingly, each of the parties agree to provide to the Trustee, upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee to comply with the Applicable Law.

ARTICLE XI

 SINKING FUNDS

SECTION 11.01.                                            Applicability of Article.

The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a "mandatory sinking fund payment" and any other amount provided for by the terms of Securities of such Series is herein referred to as an "optional sinking fund payment." If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.02.  Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the securities of such Series.

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SECTION 11.02.                                            Satisfaction of Sinking Fund Payments with Securities.

The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited.  Such Securities shall be received by the Registrar, together with an Officers' Certificate with respect thereto, not later than [  ] days prior to the date on which the Registrar begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Registrar at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.  If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.02, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $[                   ], the Registrar need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Paying Agent upon delivery by the Company to the Registrar of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company.

SECTION 11.03.                                            Redemption of Securities for Sinking Fund.

Not less than [  ] days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officers' Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee and the Paying Agent an Officers' Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.02., and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.  Not less than [  ] days (unless otherwise indicated in the Board Resolution, Officers' Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.03.  Such notice having been duly given, the redemption of such Securities shall stated in Sections 3.04, 3.05 and 3.06.

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48

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.

DORIAN LPG LTD.

By:__________________________

Name:

Its:

[                        ]

as Trustee

By:__________________________

Name:

Its:

By:__________________________

Name:

Its:

[                             ]

 as Registrar and Paying Agent

By:__________________________

Name:

Its:

By:__________________________

Name:

Its:EX-10.1

 Exhibit 10.1 

CREDIT AGREEMENT 
 This
Credit Agreement dated as of December 4, 2015 (as supplemented, amended, modified, amended and restated or replaced in writing from time to time, this “Agreement”) is entered into by and between Box, Inc., a Delaware
corporation (the “Borrower”), and HSBC Bank USA, National Association, a national banking association (the “Lender”). 

RECITALS 
 WHEREAS, the
Borrower has requested that the Lender make available loans and other financial accommodations to the Borrower; and 
 WHEREAS, the Lender
has agreed to make available such loans and other financial accommodations on the terms and subject to the conditions set forth herein; 

NOW THEREFORE, in consideration of the mutual agreements contained herein, the parties hereto agree as follows: 

ARTICLE I. 
 DEFINITIONS

 Section 1.01 Defined Terms. As used in this Agreement, the following terms have the following meanings:

 “Accounts Receivable”: All accounts (as that term is defined in the UCC). 

“Affiliate”: As applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common
control with, that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as applied to
any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise. 

“Agreement”: As defined in the introductory paragraph of this Agreement. 

“Aggregate Deposited Cash”: At any time of determination, the aggregate amount of cash of the Borrower or any other Loan
Party in one or more deposit accounts (as such term is defined in the UCC) of the Borrower or such other Loan Party maintained with the Lender. 

“Applicable Margin”: For any day, the applicable percentage set forth below under the caption “Prime Rate Margin”
in the case of Prime Rate Loans or “LIBOR Margin” in the case of LIBOR Loans, as the case may be, based upon the Checking Account Deposited Cash at the time of determination by the Lender of such percentage. 

 

													
	  
 Level
	  	 Checking Account

Deposited Cash
	 	  	  

Prime Rate Margin
	 	 	  

LIBOR Margin
	 
	 Level I
	  	 	> $40,000,000	  	  	 	0.25	% 	 	 	1.25	% 
	 Level II
	  	 
  
	< $40,000,000
 but > $20,000,000
	  
   
	  	 	1.75	% 	 	 	2.75	% 
	 Level III
	  	 
  
	< $20,000,000
 but > $10,000,000
	  
   
	  	 	2.25	% 	 	 	3.25	% 
	 Level IV
	  	 	< $10,000,000	  	  	 	2.75	% 	 	 	3.75	% 

 “Applicable Reserve Requirement”: At any time, for any Loan, the maximum rate,
expressed as a decimal, at which reserves are required to be maintained with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D of the Board) under regulations issued from time to time by the Board
or other applicable banking regulator. Without limiting the effect of the foregoing, the Applicable Reserve Requirement shall reflect any other reserve required by the Board to be maintained by such member banks with respect to (i) any category
of liabilities which includes deposits by reference to which the applicable LIBOR or any other interest rate of a Loan is determined or (ii) any category of extensions of credit or other assets which include Loans. A Loan shall be deemed to
constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offers that may be available from time to time to the Lender. The rate of interest on LIBOR Loans
shall be adjusted automatically on and as of the effective date of any change in the Applicable Reserve Requirement. 
 “Asset
Retention Ratio”: The ratio, expressed as a percentage, of (i) Borrower’s total assets measured on a consolidated basis in accordance with GAAP minus (without duplication) investments of Borrower in Subsidiaries and joint ventures
and intercompany receivables owed by Subsidiaries or joint ventures to Borrower, to (ii) Borrower’s total assets measured on a consolidated basis in accordance with GAAP. 

“Bankruptcy Code”: Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect, or any
successor statute. 
 “Board”: The Board of Governors of the Federal Reserve System and any successor thereto. 

“Borrower”: As defined in the introductory paragraph of this Agreement. 

“Borrowing”: As defined in Section 2.01(b). 

“Business Day”: A day other than a Saturday, Sunday or a day on which commercial banks in New York, New York or San
Francisco, California are authorized or required by law to close. 
 “Capital Expenditures”: As to any Person, expenditures
(including expenditures with respect to Capital Leases) made by such Person to acquire or construct fixed assets, plants and equipment (including renewals, improvements and replacements, but excluding repairs unless such repairs are required to be
capitalized in accordance with GAAP). 
 “Capital Lease”: As applied to any Person, any lease of any property (whether
real, personal or mixed) by that Person as lessee that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of that Person. 

“Cash Collateralize”: To pledge and deposit with or deliver to the Lender, as collateral, an amount (whether in cash or
deposit account balances or in the form of a standby letter of credit in form and substance reasonably satisfactory to, and issued by a United States commercial bank reasonably acceptable to, the Lender in its commercially reasonable discretion)
pursuant to documentation in form and substance reasonably satisfactory to the Lender. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit
support. 

  
 2 

 “Cash Equivalents”: 

(i) Direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United
States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of issuance thereof; 

(ii) investments in commercial paper maturing within 270 days from the date of issuance thereof and having, at such date of
acquisition, a rating of at least “Prime 1” (or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P; 

(iii) investments in certificates of deposit, banker’s acceptances and time deposits maturing within one year from the
date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, the Lender or any domestic office of any commercial bank organized under the laws of the United States of America or any
State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000 and that issues (or the parent of which issues) commercial paper rated at least “Prime 1” (or the then equivalent grade) by
Moody’s or “A-1” (or the then equivalent grade) by S&P; or 
 (iv) fully collateralized repurchase
agreements with a term of not more than 30 days for securities described in clause (i) above and entered into with a financial institution satisfying the criteria of clause (iii) above; 

(v) investments in “money market funds” within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as
amended, substantially all of whose assets are invested in investments of the type described in clauses (i) through (iv) above; 

(vi) other short-term investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash
management in investments of a type analogous to the foregoing; and 
 (vii) investments described on Schedule
1.01(a)(i) and other investments approved by the Lender. 
 “Cash Management Obligations”: With respect to any Person,
all liabilities of such Person under any agreement to provide cash management services, including treasury, depositary, overdraft, credit or debit card, electronic funds transfer and other cash management agreements. 

“Change in Control”: Shall be deemed to have occurred if (i) any “person” or “group” (within the
meaning of Rule 13d-5 of the Securities Exchange Act of 1934, as in effect on the date hereof), other than the Permitted Investors, shall own, directly or indirectly, beneficially or of record, shares representing more than 35% of the aggregate
ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower, (ii) a majority of the seats (other than vacant seats) on the board of directors of the Borrower shall at any time be occupied by persons who were
neither (a) nominated by the board of directors of the Borrower nor (b) appointed by directors so nominated or (iii) any change in control (or similar event, however denominated) with respect to the Borrower or any Subsidiary shall
occur under and as defined in any indenture or agreement in respect of any Debt in an aggregate principal amount exceeding $5,000,000 to which the Borrower or any Subsidiary is a party. 

  
 3 

 “Change in Law”: The occurrence, after the date of this Agreement, of any of the
following: (i) the adoption or taking effect of any law, rule, regulation or treaty, (ii) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any governmental
authority, central bank or comparable entity charged with the interpretation or administration thereof, or (iii) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any governmental
authority, central bank or comparable entity charged with the interpretation or administration thereof; 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. 

“Checking Account Deposited Cash”: At any time of determination, the aggregate amount of cash of the Borrower in a checking
account of the Borrower maintained with the Lender. 
 “Chief Financial Officer”: The chief financial officer (or
equivalent Person) of Borrower. 
 “Closing Date”: The date on which all conditions precedent set forth in
Section 4.01 have been satisfied or waived by the Lender. 
 “Collateral”: The collective reference to the
“Collateral” as defined in the Security Agreement and any other collateral pledged to the Lender pursuant to a Loan Document. 

“Commitment”: The commitment of the Lender to make Loans to the Borrower pursuant to Section 2.01(a). The amount of the
Lender’s Commitment as of the Closing Date is $40,000,000. 
 “Commodity Exchange Act”: The Commodity Exchange Act (7
U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 
 “Compliance Certificate”: A
certificate substantially in the form of Exhibit B hereto. 
 “Connection Income Taxes”: Other Connection Taxes that
are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Cost Sharing
Agreement”: Cost Sharing Agreement dated as of June 25, 2013 between Borrower and Box Intl Technology Ltd., as amended on October 15, 2015. 

“Debt”: As applied to any Person, without duplication, (i) all indebtedness for borrowed money and all obligations
evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (ii) that portion of obligations with respect to Capital Leases which is properly classified as a liability on a balance sheet in conformity with GAAP,
(iii) notes payable representing extensions of credit whether or not representing obligations for borrowed money, (iv) any obligation owed for all or any part of the deferred purchase price of property or services (excluding trade accounts
payable incurred in the ordinary course of business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been
provided for on the books of such Person, any purchase price adjustments, earnout payments or indemnities that are not required by GAAP to be reflected on the balance sheet of such Person or in the footnotes thereof (other than, for the avoidance of
doubt, earnout payments payable solely in Qualified 

  
 4 

 
Equity Interests of the Borrower), any accruals for payroll and other non-interest bearing liabilities accrued in the ordinary course of business and any obligations in respect of operating
leases) which purchase price is (y) due more than six months from the date of incurrence of the obligation in respect thereof or (z) evidenced by a note or similar written instrument, (v) all indebtedness secured by any Lien on any
property owned or held by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit of that Person (excluding any obligations in respect of operating leases),
(vi) all obligations, contingent or otherwise, with respect to the face amount of all letters of credit (whether drawn or undrawn), bankers’ acceptances or similar obligations issued for the account of such Person, (vii) all swap and
related hedging arrangements (including the Hedging Obligations) of such Person valued at the net termination value thereof, (viii) all equity instruments or securities, whether or not mandatorily redeemable, that under GAAP is or should be
characterized as debt and not equity, whether pursuant to financial accounting standards board issuance No. 150 or otherwise, and (ix) any Guaranty of such Person in respect of any Debt of any other Person described in clauses
(i) through (viii) above. 
 “Disposition”: As defined in Section 6.02(f). 

“Disqualified Equity Interests”: Any Equity Interests that, by their terms (or by the terms of any security or other Equity
Interest into which they are convertible or for which they are exchangeable) or upon the happening of any event or condition, (i) mature or are mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking
fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the
Loans and all other Obligations that are accrued and payable and the termination of the Commitment), (ii) are redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests) (except as a result of a change of
control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and
the termination of the Commitment), in whole or in part, (iii) provide for the scheduled payment of dividends in cash or (iv) are or become convertible into or exchangeable for Debt or any other Equity Interests that would constitute
Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Maturity Date; provided that if such Equity Interests are issued pursuant to a plan for the benefit of Borrower or its Subsidiaries or by any such plan to their
respective employees or independent contractors, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by Borrower or its Subsidiaries in order to satisfy applicable statutory
or regulatory obligations. 
 “Dollars” and “$”: The lawful currency of the United States of America. 

“Domestic Subsidiary”: Each Subsidiary that is organized under the laws of the United States, any state, territory,
protectorate or commonwealth thereof or the District of Columbia. 
 “Eligible Accounts Receivable”: Bona fide trade
Accounts Receivable created in the ordinary course of the Borrower’s business, evidenced by an invoice rendered to the account debtor, upon which the Borrower’s right to receive payment is absolute and not contingent upon the fulfillment
of any condition whatsoever (other than with respect to prepaid subscription fees received by the Borrower, which fees shall be deemed to be Eligible Accounts Receivable to the extent that the corresponding customer agreements pursuant to which such
fees arise and the Borrower renders services remain in full force and effect and no notice of termination has been given under such agreements), and in which the Lender has a perfected security interest of first priority, and in each case,
classified as a “current asset” in accordance with GAAP, and shall not include: 

  
 5 

 (i) any Account Receivable that has been outstanding more than 30 days past due;

 (ii) any Account Receivable which represents an obligation of an account debtor located in a foreign country; and 

(iii) any Account Receivable that is not payable in Dollars. 

At the Borrower’s request, Lender may, in good faith and in the exercise of commercially reasonable business judgment, consider including bona fide trade
Accounts Receivable created in the ordinary course of any other Loan Party’s business that meet all of the requirements of the “Eligible Accounts Receivable” definition as applied to such other Loan Party. In exercising such judgment,
without limitation, the Lender may consider any factors it considers appropriate, including, the financial and business condition of such other Loan Party, and the aging history of Accounts Receivable of such other Loan Party. 

“Environmental Laws”: Any and all current or future statutes, ordinances, orders, rules, regulations, guidance documents,
judgments, governmental authorizations, or any other requirements of governmental authorities relating to (i) environmental matters or (ii) occupational safety and health, industrial hygiene, land use or the protection of human, plant or
animal health or welfare, in any manner applicable to any Loan Party or any of its Subsidiaries. 
 “Environmental Permit”:
Any permit, approval, identification number, license or other authorization required under any Environmental Law. 
 “Equity
Interests”: (i) All shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership or membership interests, joint venture interests, participations or other ownership or
profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting, and (ii) all securities convertible into or exchangeable for any of the foregoing and all warrants,
options or other rights to purchase, subscribe for or otherwise acquire any of the foregoing, whether or not presently convertible, exchangeable or exercisable. 

“ERISA”: The Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute. 

“ERISA Affiliate”: As applied to any Person, any trade or business (whether or not incorporated) which is a member of a group
of which that Person is a member and which is under common control within the meaning of Section 414(b), (c), (m) or (o) of the Internal Revenue Code. 

“Event of Default”: As defined in Section 7.01. 

“Excluded Taxes”: Any of the following Taxes imposed on or with respect to the Lender or required to be withheld or deducted
from a payment to the Lender (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (a) imposed as a result of the Lender being organized under the laws of, or having
its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) that are Other Connection Taxes, (ii) Federal withholding Taxes imposed on amounts payable
to or for the account of the Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (a) the Lender acquires such interest in the Loan or Commitment or (b) the Lender changes
its lending office, except in each case to the extent that, 

  
 6 

 
pursuant to Section 3.11, amounts with respect to such Taxes were payable either to the Lender’s assignor immediately before the Lender became a party hereto or to the Lender
immediately before it changed its lending office, (iii) Taxes attributable to such recipient’s failure to comply with Section 3.11(f), and (iv) any Federal withholding Taxes under FATCA. 

“Excluded Swap Obligation”: With respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the
Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act and the regulations thereunder at the time the guaranty of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more
than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guaranty or security interest is or becomes illegal. 

“Existing Credit Agreement”: The Credit Agreement dated as of August 27, 2013 among the Borrower, the Existing Lender,
as administrative agent, collateral agent and lender, and the other lenders party thereto (as amended, supplemented or otherwise modified from time to time). 

“Existing Lender”: Credit Suisse AG, Cayman Islands Branch. 

“FATCA”: Sections 1471 through 1474 of the Internal Revenue 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
Internal Revenue Code. 
 “FCPA”: As defined in Section 5.01(z). 

“Federal Funds Rate”: On any day, a fluctuating interest 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 as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of
New York, or if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Lender from three Federal funds brokers of recognized standing selected by it. 

“Fiscal Quarter”: A fiscal quarter of any Fiscal Year. 

“Fiscal Year”: The fiscal year of the Borrower ending on January 31 of each year. 

“Foreign Subsidiary”: Any Subsidiary that is organized under the laws of any jurisdiction other than the United States, any
state, territory, protectorate or commonwealth thereof or the District of Columbia. 
 “GAAP”: Generally accepted
accounting principles, standards and practices in the United States, applied on a consistent basis. 
 “Grantor”: As
defined in the Security Agreement. 

  
 7 

 “Guarantor”: Each Domestic Subsidiary that is a Material Subsidiary (or, at the
election of the Borrower, any other Subsidiary) that is or becomes a party to a Subsidiary Guarantee. 
 “Guaranty”: As to
any Person, (i) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Debt 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, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation, (b) to purchase or
lease property, securities or services for the purpose of assuring the obligee in respect of such Debt or other obligation of the payment or performance of such Debt or other obligation, (c) to maintain working capital, equity capital or any
other financial statement or condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Debt or other obligation, or (d) entered into for the purpose of assuring in any other
manner the obligee in respect of such Debt 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 (ii) any Lien on any assets of such Person securing Debt
or other obligation of any other Person, whether or not such Debt or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Debt to obtain any such Lien). The amount of any Guaranty 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 Guaranty 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. Notwithstanding anything herein to the contrary, the term “Guaranty” shall not include endorsements for collection or deposit, in either case in the ordinary course of
business, or customary and reasonable indemnity obligations (A) in effect on the Closing Date, (B) entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with
respect to Debt), or (C) set forth in customer or vendor agreements entered into by the Borrower or any Subsidiary in the ordinary course of business consistent with past practices (other than such obligations with respect to Debt). 

“Hazardous Materials”: All chemicals, materials, substances, wastes, pollutants, contaminants, compounds, in any form,
including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas or mold, subject to regulation under or which give rise to liability pursuant to any Environmental Law. 

“Hedge Agreement”: (i) Any and all agreements in respect of rate swaps, 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 or floor transactions, collar transactions, currency-swaps, cross-currency rate swaps, currency options, spot contracts or any similar transactions or any combinations
of the foregoing (including any options to enter into any of the foregoing), whether or not any such transactions is governed by or subject to any master agreement, and (ii) any and all agreements which are governed by, or subject to the terms
and conditions of, 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. 

“Hedging Obligations”: With respect to any Person, all net liabilities of such Person under any Hedge Agreement. 

“Indemnified Liabilities”: As defined in Section 8.06. 

“Indemnified Parties”: As defined in Section 8.06. 

  
 8 

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

“Interest Payment Date”: As to any LIBOR Loan with an Interest Period of three months or less, the last day of such Interest
Period and the Maturity Date; and as to any LIBOR Loan with an Interest Period in excess of three months, (i) each day prior to the last day of such Interest Period that occurs at intervals of three months following the beginning of such
Interest Period, (ii) the last day of such Interest Period and (iii) the Maturity Date; and as to any Prime Rate Loan, the last day of each calendar quarter, commencing on the first such date to occur after such Prime Rate Loan is made,
and the Maturity Date. 
 “Interest Period”: With respect to any LIBOR Loan: 

(i) initially, the period commencing on, as the case may be, the Borrowing date with respect to such LIBOR Loan and ending one,
three or six months thereafter as selected by the Borrower in its notice of Borrowing as provided in Section 2.01(b); and 

(ii) thereafter, each period commencing on (a) in the case of a continuation of a LIBOR Loan, the last day of the next
preceding Interest Period applicable to such LIBOR Loan and (b) in the case of a conversion to a LIBOR Loan, the effective date of such conversion, and in each case, ending one, three or six months thereafter as selected by the Borrower in its
notice of continuation or conversion as provided in Section 2.04; 
 provided that all of the foregoing provisions relating to Interest Periods are
subject to the following: 
 (a) if any Interest Period for a LIBOR Loan would otherwise end on a day which is not a LIBOR Business Day,
that Interest Period shall be extended to the next succeeding LIBOR Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately
preceding LIBOR Business Day; 
 (b) if any Interest Period for a LIBOR Loan begins on the last LIBOR 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) that Interest Period shall, subject to clause (c), end on the last LIBOR Business Day of the relevant calendar month at the end of
such Interest Period; 
 (c) Borrower may not select an Interest Period with respect to any portion of principal of a LIBOR Loan which
extends beyond the Maturity Date; and 
 (d) there shall be no more than three (3) Interest Periods with respect to LIBOR Loans
outstanding at any time. 
 “Internal Revenue Code”: The Internal Revenue Code of 1986, as amended to the date hereof and
from time to time hereafter, including any regulations of the U.S. Department of the Treasury. 
 “Landlord Subordination
Agreement”: A landlord subordination agreement in form and substance reasonably satisfactory to the Lender, executed by a landlord of any leased real property. 

“Lender”: As defined in the introductory paragraph of this Agreement. 

  
 9 

 “LIBOR”: With respect to any LIBOR Loan, the London interbank offered rate
administered by ICE Benchmark Administration Limited (or any other successor thereto which takes over administration of such rate) appearing on Bloomberg Page BBAM1 screen (or on any successor or substitute page of such Bloomberg screen providing
rate quotations comparable to those currently provided on such page of such Bloomberg screen, as determined by the Lender from time to time for purposes of providing quotations of interest rate applicable to Dollar deposits in the London interbank
market) at approximately 11:00 a.m., London time, three (3) LIBOR Business Days prior to the making of such LIBOR Loan, as the rate of the offering of Dollar deposits with a maturity comparable to the Interest Period of such LIBOR Loan, in each
case as adjusted for Applicable Reserve Requirements; provided, that if LIBOR is less than zero, LIBOR shall be deemed to be zero. 

“LIBOR Business Day”: A day which is a Business Day and on which dealings in Dollar deposits may be carried out in the London
interbank market. 
 “LIBOR Loans”: Loans hereunder at such time as they accrue interest at a rate based upon LIBOR. 

“Lien”: Any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any
conditional sale or other title retention agreement, any financing lease in the nature thereof, and any agreement to give any security interest). 

“Loans”: All advances made to the Borrower pursuant to Section 2.01. 

“Loan Documents”: This Agreement, the Note, the Security Documents, the Subsidiary Guarantee, and each other agreement or
certificate delivered to the Lender in connection with this Agreement and/or the credit extended hereunder (but excluding any Hedge Agreement with the Lender or its Affiliates or any agreements relating to Cash Management Obligations owing to the
Lender or its Affiliates). 
 “Loan Party”: The Borrower and the Guarantors. 

“Management and Services Agreement”: Management and Services Agreement dated as of August 26, 2013 between Borrower and
Box.com (UK) Ltd. 
 “Material Adverse Effect”: (i) A material adverse change in, or a material adverse effect upon,
the business, general affairs, assets, liabilities, properties, operations, financial condition or results of operations of the Loan Parties, taken as a whole, (ii) (a) an impairment of the ability of any Loan Party to comply with or perform
any of its payment obligations under any Loan Document or (b) a material impairment of the ability of any Loan Party to comply with or perform any of its other obligations under any Loan Document or (iii) a material adverse effect upon the
legality, validity, binding effect or enforceability against any Loan Party of any Loan Document. 
 “Material Subsidiary”:
Any Subsidiary that, on a consolidated basis for such Subsidiary and its Subsidiaries, (i) for the most recent Fiscal Quarter for which financial statements have been delivered or required to be delivered pursuant to Section 6.01(a)(i) or
(ii) accounted for more than 10% of the consolidated revenues of the Borrower and its Subsidiaries or (ii) as at the end of such Fiscal Quarter, was the owner of more than 10% of the consolidated assets of the Borrower and its
Subsidiaries. 
 “Maturity Date”: December 4, 2017. 

“Moody’s”: Moody’s Investors Service, Inc., or any successor thereto. 

  
 10 

 “Multiemployer Plan”: A “multiemployer plan” as defined in
Section 3(37) of ERISA. 
 “Non-U.S. Lender Party”: As defined in Section 3.11(f)(ii)(B). 

“Note”: A promissory note in the form of Exhibit C, as supplemented, amended, modified, amended and restated or
replaced in writing from time to time. 
 “Obligations”: All advances to, debts, liabilities, obligations (monetary
(including post-petition interest, allowed or not) or otherwise) of every nature of any Loan Party from time to time arising under any Loan Document or otherwise with respect to any Loan, in each case, whether direct or indirect, absolute or
contingent, due or to become due, now existing or hereafter arising, and including principal, interest, fees, expenses and indemnification obligations. 

“OFAC”: The Office of Foreign Assets Control, Department of the Treasury. 

“Other Connection Taxes”: With respect to any recipient (including the Lender), Taxes imposed as a result of a present or
former connection between such recipient (including the Lender) and the jurisdiction imposing such Tax (other than connections arising from such recipient (including the Lender) 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). 

“Other Taxes”: 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. 
 “Patriot Act”: The USA Patriot Act (Title III of Pub. L.
107-56), as amended. 
 “Pension Plan”: Any employee benefit plan as defined in Section 3(3) of ERISA, other than a
Multiemployer Plan, which is subject to Section 412 of the Internal Revenue Code or Section 302 of ERISA. 
 “Permitted
Acquisition”: Any acquisition by the Borrower or any of its Subsidiaries of all or substantially all of the stock, assets or any business line or division of a U.S. or foreign Person, whether by merger, consolidation or otherwise, in any
transaction or a series of related transactions, provided that: 
 (i) no less than one (1) day prior to the proposed
closing date of such acquisition, the Borrower shall have delivered written notice of such Permitted Acquisition to the Lender, which notice shall include the proposed closing date of such Permitted Acquisition; 

(ii) for any acquisition in which the aggregate amount of consideration exceeds $10,000,000, the Borrower shall have furnished
to the Lender at least one (1) day prior to the consummation thereof copies of such agreements, instruments and other documents as the Lender shall reasonably request, including any term sheet and/or commitment letter and other documents in
connection with such acquisition; 

  
 11 

 (iii) the Borrower shall have furnished to the Lender such documentation and
other information that the Lender reasonably requests as to the target of such acquisition in order to comply with its ongoing due diligence pursuant to regulatory requirements and its internal policies, including its obligations under applicable
“know your customer” and anti-money laundering rules and regulations, including the Patriot Act; 
 (iv) if
required under Regulation S-X of the SEC, the Borrower shall have furnished to the Lender within the time period prescribed under Regulation S-X, a pro-forma balance sheet of the Borrower and each of its Subsidiaries (including any Subsidiary formed
or acquired in connection therewith) after giving effect to the consummation of such Permitted Acquisition and any incurrence of Loans to finance such Permitted Acquisition; 

(v) both before and immediately after giving effect to the consummation thereof, no Potential Event of Default or Event of
Default shall have occurred and be continuing; 
 (vi) the target of such Permitted Acquisition shall be engaged in a
business engaged in by the Borrower or any of its Subsidiaries on the Closing Date or (a) a related, ancillary, supplementary or complementary business line, (b) a reasonable expansion or extension thereof or (c) such other lines of
business as may be consented to in writing by the Lender (which consent shall not be unreasonably withheld or delayed); and 

(vii) the Borrower shall have furnished to the Lender (a) a Compliance Certificate duly executed by its Chief Financial
Officer that, among other things, (x) shows in reasonable detail the calculations used in determining the financial covenants set forth in Sections 6.03(a) and 6.03(b) as of the date of such Compliance Certificate, and (y) states that no
Potential Event of Default or Event of Default is continuing as of the date of delivery of such Compliance Certificate or, if a Potential Event of Default or Event of Default is continuing, states the nature thereof and the action that the Borrower
proposes to take with respect thereto and (b) a certificate duly executed by an authorized officer of the Borrower demonstrating compliance with the requirements of clauses (i) through (vi) above and stating that, to the knowledge of
the Borrower, such Permitted Acquisition has been approved by the board of directors (or equivalent governing body) of the Person to be acquired. 

“Permitted Investors”: The Persons listed on Schedule 1.01(a)(ii). 

“Permitted Lien”: As defined in Section 6.02(a). 

“Permitted Refinancing”: With respect to any Person, any amendment, modification, replacement, refinancing, refunding,
renewal or extension of any Debt of such Person, provided that the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Debt so amended, modified, replaced,
refinanced, refunded, renewed or extended except by an amount equal to unpaid accrued interest and premium, make whole amounts and penalties thereon plus other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with
such amendment, modification, replacement, refinancing, refunding, renewal or extension and by an amount equal to any existing commitments unutilized thereunder. 

  
 12 

 “Person”: An individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature, whether in an individual, fiduciary or other capacity. 

“Platform Contribution Transaction License Agreement”: Platform Contribution Transaction License Agreement dated
June 25, 2013, between the Borrower and Box Intl Technology Ltd. 
 “Pledged Shares”: As defined in the Security
Agreement. 
 “Potential Event of Default”: A condition or event which, after notice or lapse of time or both, would
constitute an Event of Default. 
 “Prime Rate”: At any time, the higher of (i) the rate of interest announced from
time to time by the Lender as its prime lending rate, as in effect from time to time or (ii) the rate which is  1⁄2 of 1% in excess of the Federal Funds
Rate. The Lender may make loans priced at, above or below its “prime lending rate”. 
 “Prime Rate Loans”: Loans
hereunder at such time as they accrue interest at a rate based upon the Prime Rate. 
 “Quick Assets”: At any time of
determination, the sum of (i) the amount (without duplication) of Eligible Accounts Receivable at such time and (ii) the amount of Unrestricted Cash at such time. 

“Qualified Equity Interests”: Any Equity Interests that are not Disqualified Equity Interests. 

“Regulations T, U and X”: Regulations T, U and X, respectively, promulgated by the Board, as amended from time to time, and
any successors thereto. 
 “Replacement Assets”: With respect to any properties or assets subject to an existing Lien, any
replacements, substitutions, attachments and accessions of or to such properties or assets subject to such Lien under the terms of the documentation creating such Lien at the time such properties or assets are acquired (or, with respect to the
acquisition of a Person that owns such assets, the time such Person becomes a Subsidiary) and proceeds and products of the properties or assets subject to such Lien. 

“Requirement”: As defined in Section 3.06. 

“Restricted Payment”: any dividend or other distribution (whether in cash, securities or other property) with respect to any
Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any Equity Interests in the Borrower or any Subsidiary. 
 “S&P”: Standard & Poor’s
Ratings Service, or any successor thereto. 
 “Sanctions”: As defined in Section 5.01(y). 

“SEC”: The Securities and Exchange Commission, or any governmental authority succeeding to any or all of its functions. 

  
 13 

 “Secured Obligations”: Collectively, (i) the Obligations, (ii) all
Hedging Obligations owing to the Lender or any of its Affiliates and (iii) all Cash Management Obligations owing to the Lender or any of its Affiliates, provided that “Secured Obligations” shall not, as to any Loan Party, include any
Excluded Swap Obligations of such Loan Party. 
 “Security Agreement”: The Security Agreement dated as of December 4,
2015 among the Lender, the Borrower and the Guarantors from time to time party thereto, as supplemented, amended, modified, amended and restated or replaced in writing from time to time. 

“Security Documents”: Collectively, the Security Agreement, and each other security agreement or other instrument or
document, in each case in form and substance reasonably satisfactory to the Lender, delivered from time to time in favor of the Lender pursuant to the terms of this Agreement to secure any of the Secured Obligations. 

“Solvent”: With respect to the Loan Parties on a consolidated basis, that as of the date of determination, both
(i) (a) the sum of the Loan Parties’ debts (including contingent liabilities) does not exceed the present fair saleable value of the Loan Parties’ present assets, (b) the Loan Parties’ capital is not unreasonably small
in relation to their business as contemplated on the Closing Date or with respect to any transaction contemplated to be undertaken after the Closing Date, and (c) the Loan Parties have not incurred and do not intend to incur, or believe (nor
should they reasonably believe) that they will incur, debts beyond their ability to pay such debts as they become due (whether at maturity or otherwise) and (ii) the Loan Parties are “solvent” (within the meaning given that term and
similar terms under the Bankruptcy Code and applicable laws related to fraudulent transfers and conveyances). For purposes of this definition, the amount of any contingent liability 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”: A corporation, partnership or other entity of which the relevant Loan Party owns, directly or through another
Subsidiary, at the date of determination, more than 50% of the outstanding capital stock or membership interests (or other shares of beneficial interest) having ordinary voting power for the election of directors or other governing body or Person,
irrespective of whether or not at such time stock of any other class or classes might have voting power by reason of the happening of any contingency, or holds at least a majority of partnership or similar interests, or is a general partner of such
a partnership. 
 “Subsidiary Guarantee”: The Subsidiary Guarantee, in the form of Exhibit D, made by the Guarantors
party thereto in favor of the Lender, as supplemented, amended, modified, amended and restated or replaced in writing from time to time. 

“Swap Obligation”: With respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

“Taxes”: All present or future taxes, levies, imposes, duties, deductions, withholding (including backup withholding),
assessments, fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto. 

“U.S. Person”: Any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal
Revenue Code. 
 “U.S. Tax Compliance Certificate”: As defined in Section 3.11(f)(ii)(B)(iii). 

  
 14 

 “UCC”: The Uniform Commercial Code as in effect from time to time in the State
of New York. 
 “UK Bribery Act”: As defined in Section 5.01(z). 

“Unrestricted Cash”: As of any date of determination, the amount (without duplication) of unrestricted cash and Cash
Equivalents of the Borrower or any other Loan Party that is in deposit accounts or in securities accounts, or any combination thereof, that are held in an account with (i) the Lender or any of its Affiliates, or (ii) with any other
financial institution, with respect to which, in the case of any account with any Affiliate of the Lender or another financial institution, the Lender has received an account control agreement over such account, executed by such Affiliate or
financial institution, the Lender and the Borrower or such other Loan Party, in form and substance satisfactory to the Lender, and in each case, classified as a “current asset” in accordance with GAAP. 

Section 1.02 Other Definitional Provisions. 

(a) As used herein and in any certificate or other document made or delivered pursuant hereto, accounting terms not defined in
Section 1.01, and accounting terms partly defined in Section 1.01 to the extent not defined, shall have the respective meanings given to them under GAAP. Notwithstanding the foregoing, for purposes of determining compliance with any
covenant contained herein, Debt of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be
disregarded. 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 Borrower or the Lender shall so request, the Borrower and the Lender shall negotiate in
good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP, 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 Borrower shall provide Lender financial statements and other documents required under this Agreement or as reasonably requested herein 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. 

(b) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement, and section, subsection, schedule and exhibit references are to this Agreement unless otherwise specified. 

(c) Any certificate or other writing required hereunder or under any other Loan Document to be certified by any officer or other authorized
representative of any Person shall be deemed to be executed and delivered by such officer or other authorized representative solely in such individual’s capacity as an officer or other authorized representative of such Person and not in such
officer’s or other authorized representative’s individual capacity. 
 (d) Unless the context requires otherwise any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein or in any other Loan Document). 

  
 15 

 ARTICLE II. 

THE LOANS 

Section 2.01 The Loans. 

(a) The Commitment. The Lender agrees, on the terms and conditions hereinafter set forth, to make Loans to the Borrower from time to
time during the period from the date hereof to but excluding the Maturity Date in an aggregate amount not to exceed the Commitment at any time outstanding. Within the limits of the Commitment, the Borrower may borrow, repay pursuant to
Section 2.02(b) and reborrow under this Section 2.01(a). 
 (b) Making the Loans. Each borrowing under this
Section 2.01 (a “Borrowing”) shall be in a minimum amount of $100,000 or an integral multiple of $100,000 above such amount. Subject to Section 3.08, each Borrowing shall be comprised entirely of Prime Rate Loans or LIBOR
Loans, as the Borrower may request in accordance herewith. The Borrower may borrow under the Commitment on any Business Day (or for LIBOR Loans, any LIBOR Business Day), provided that the Borrower shall give the Lender irrevocable written notice
substantially in the form of Exhibit A hereto (which notice must be received by the Lender prior to 3:00 p.m., New York time) (1) in the case of Prime Rate Loans, on such requested Borrowing date, and (2) in the case of LIBOR
Loans, three (3) LIBOR Business Days prior to the requested Borrowing date, in each case specifying (A) the amount of the proposed Borrowing, (B) the requested date of the Borrowing, (C) whether such Borrowing is to be a Prime
Rate Loan or a LIBOR Loan (and if no election is indicated, such Borrowing shall be a Prime Rate Loan) and (D) if such Borrowing is a LIBOR Loan, the length of the Interest Period therefor. Upon satisfaction or waiver of the applicable
conditions set forth in Article IV, the Lender will make available the proceeds of all such Loans to the Borrower by crediting the account of the Borrower on the books of the Lender, or as otherwise directed by the Borrower. The Lender’s
failure to receive any written notice of a particular Borrowing shall not relieve the Borrower of its obligations to repay the Borrowing made and to pay interest thereon. The Lender shall not incur any liability to the Borrower in acting upon any
notice of Borrowing which the Lender believes in good faith to have been given by a Person duly authorized to borrow on behalf of the Borrower. 

(c) Note. The Loans made by the Lender pursuant hereto shall be evidenced by a Note payable to the Lender and representing the
obligation of the Borrower to pay the aggregate unpaid principal amount of all outstanding Loans, with interest thereon as prescribed in Section 2.03. The Lender is hereby authorized to record in its books and records and on any schedule
annexed to the Note the date and amount of each Loan made by the Lender, and the date and amount of each payment of principal thereof, and any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded,
provided that failure by the Lender to effect such recordation shall not affect the Borrower’s obligations hereunder. Prior to the transfer of a Note, the Lender shall record such information on any schedule annexed to and forming a part of
such Note. 
 Section 2.02 Repayment. 

(a) Mandatory Repayment. The aggregate principal amount of the Loans outstanding on the Maturity Date, together with accrued but unpaid
interest thereon, shall be due and payable in full on the Maturity Date. 
 (b) Optional Prepayment. Subject to Section 3.07,
the Borrower may at its option prepay the Loans, in whole or in part, at any time and from time to time without premium or penalty, provided that the Lender shall have received from the Borrower notice of any such prepayment no later than 2:00 p.m.
New York time (i) three (3) LIBOR Business Days prior to any date of prepayment of any 

  
 16 

 
LIBOR Loan and (ii) on the date of prepayment of any Prime Rate Loan, in each case specifying the date and the amount of prepayment. Partial prepayments hereunder shall be in an aggregate
principal amount of the lesser of (a) a minimum of $100,000 and in an integral multiple of $100,000 and (b) the outstanding balance of the Loan being paid. 

(c) Reduction or Termination of Commitment. At any time, the Borrower may, upon not less than five (5) Business Days’ prior
written notice to the Lender, terminate or permanently reduce the Commitment without premium or penalty by an aggregate minimum amount of $5,000,000 or any integral multiple of $5,000,000 in excess thereof; unless, after giving effect thereto and to
any prepayments of Loans made pursuant to Section 2.02(b), the outstanding principal amount of all Loans would exceed the amount of the Commitment sought to be in effect after such reduction. Once reduced in accordance with this
Section 2.02(c), the Commitment may not be increased. 
 Section 2.03 Interest Payment Dates and Interest
Rate. 
 (a) Payment of Interest. Interest with respect to each Loan shall be payable in arrears on each Interest Payment Date
for such Loan. 
 (b) Prime Rate Loans. Loans which are Prime Rate Loans shall bear interest on the unpaid principal amount thereof
at a rate per annum equal to the Prime Rate plus the Applicable Margin. 
 (c) LIBOR Loans. Loans which are LIBOR Loans shall bear
interest for each Interest Period with respect thereto on the unpaid principal amount thereof at a rate per annum equal to LIBOR determined for such Interest Period in accordance with the terms hereof plus the Applicable Margin. 

Section 2.04 Continuation; Conversion. 

The Borrower may elect from time to time to (a) continue any outstanding LIBOR Loan upon the expiration of the Interest Period applicable
thereto as a LIBOR Loan by giving to the Lender at least three (3) LIBOR Business Days’ prior irrevocable written notice of continuation and the succeeding Interest Period of such continued Loan will commence on the last day of the
Interest Period of the Loan to be continued, (b) convert any outstanding LIBOR Loan upon expiration of the Interest Period applicable thereto to a Prime Rate Loan by giving to the Lender at least one (1) Business Day’s prior
irrevocable written notice of conversion and (c) convert any outstanding Prime Rate Loan to a LIBOR Loan by giving to the Lender at least three (3) LIBOR Business Days’ prior irrevocable written notice of conversion, provided that no
Loan may be continued as a Loan other than a Prime Rate Loan if an Event of Default or Potential Event of Default has occurred and is continuing. Each such irrevocable written notice electing to continue or convert a Loan shall specify: (i) the
proposed continuation or conversion date, (ii) the amount of the Loan to be continued or converted, (iii) the nature of the proposed continuation or conversion (including whether the converted Loan will be a LIBOR Loan or a Prime Rate
Loan) and (iv) for Loans being continued as or converted to LIBOR Loans, the requested Interest Period, and shall certify that no Event of Default or Potential Event of Default has occurred and is continuing. On the date on which such
continuation or conversion is being made, the Lender shall take such action as is necessary to effect such continuation or conversion. In the event that no notice of continuation or conversion, or an incomplete notice of continuation or conversion,
is received by the Lender with respect to outstanding LIBOR Loans, or if an Event of Default or Potential Event of Default has occurred and is continuing, then upon expiration of the Interest Period(s) applicable thereto, such Loans shall
automatically convert to Prime Rate Loans. 

  
 17 

 Section 2.05 Fees. The Borrower agrees to pay to the Lender, an
annual fee equal to the Commitment multiplied by 0.20%. Such fee will be fully earned and shall be due and payable in advance in full in cash on the Closing Date and on each annual anniversary thereof. 

Section 2.06 Cash Collateralization. 

(a) Hedging Obligations. Upon the request of the Lender during the continuance of any Event of Default or Potential Event of Default,
the Borrower shall immediately Cash Collateralize the outstanding Hedging Obligations owing to the Lender or any of its Affiliates in an amount equal to 105% of the aggregate amount of such Hedging Obligations. 

(b) Cash Management Obligations. Upon the request of the Lender during the continuance of any Event of Default or Potential Event of
Default, the Borrower shall immediately Cash Collateralize the outstanding Cash Management Obligations owing to the Lender or any of its Affiliates in an amount equal to 105% of the aggregate amount of such Cash Management Obligations. 

(c) Security Interest. The Borrower hereby grants to the Lender a security interest in all cash, deposit accounts and all balances in
such cash or deposit accounts and all proceeds of the foregoing deposited as cash collateral pursuant to this Section 2.06 or Section 7.01. 

(d) Return of Cash Collateral. Cash Collateral provided under this Section 2.06 shall be returned to the Borrower within five
(5) Business Days after all Events of Default or Potential Events of Default have been cured or waived. Any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to,
any other Lien conferred under the Loan Documents and the other applicable provisions of the Loan Documents. 
 ARTICLE III. 

GENERAL PROVISIONS CONCERNING THE LOANS 

Section 3.01 Use of Proceeds. The proceeds of the Loans hereunder shall be used by the Borrower (i) to repay
all outstanding Debt owed to the Existing Lender and the other lenders under the Existing Credit Agreement; (ii) to pay fees and expenses incurred in connection with this Agreement and the other Loan Documents, and (iii) for working
capital and general corporate purposes of the Borrower and its Subsidiaries (including, to finance any Permitted Acquisition). 

Section 3.02 Default Interest. Notwithstanding anything to the contrary contained in Section 2.03, any
amounts payable hereunder which are not paid when due shall bear interest at a rate per annum which is equal to 3.00% above the rate which would otherwise be applicable pursuant to Section 2.03(b) or otherwise under this Agreement from the date
of such nonpayment until paid in full (after as well as before judgment), payable on demand. 
 Section 3.03
Computation of Interest. 
 (a) Calculations. All computations of interest for Prime Rate Loans when the Prime Rate is
determined by the Lender’s prime lending rate shall be made on the basis of the year of 365 or 366 days, as the case may be, and the actual number of days elapsed. All other interest and fees hereunder shall be calculated on the basis of a 360
day year for the actual days elapsed. Any change in the interest rate on a Prime Rate Loan resulting from a change in the Prime Rate shall become effective as of the opening of business on the day on which such change in the Prime Rate shall become
effective. 

  
 18 

 (b) Determination by Lender. Each determination of an interest rate by the Lender pursuant
to any provision of this Agreement shall be conclusive and binding on the Borrower in the absence of manifest error. 

Section 3.04 Payments. The Borrower shall make each payment of principal, interest and fees hereunder and under
the Note, without set-off or counterclaim, not later than 3:00 p.m., New York time, on the day when due in lawful money of the United States of America to the Lender at the office of the Lender designated from time to time in immediately available
funds. Subject to the provisions set forth in the definition of “Interest Period”, if any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and
such extension of time shall in such case be included in the computation of interest or fees, as the case may be. 

Section 3.05 Delay in Requests. Failure or delay on the part of the Lender to demand compensation pursuant to
Section 3.06, 3.07 or 3.09 shall not constitute a waiver of the Lender’s right to demand such compensation, except that the Borrower shall not be required to compensate the Lender pursuant to those Sections for any increased costs incurred
or reductions suffered more than 180 days prior to the date that the Lender notifies the Borrower of the change in law giving rise to such increased costs or reductions and of the Lender’s intention to claim compensation therefor, unless the
change in law giving rise to such increased costs or reduction is retroactive, in which case the 180 day period referred to above shall be extended to include the period of retroactive effect thereof. 

Section 3.06 Reduced Return. If the Lender shall have determined that any Change in Law (each, a
“Requirement”) regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on the Lender’s or its holding company’s capital as a consequence of its Commitment, Loans and
obligations hereunder (and which has not been taken into account in computing LIBOR or the Applicable Reserve Requirement) to a level below that which would have been achieved but for such Requirement or compliance therewith (taking into
consideration the Lender’s policies with respect to capital or liquidity requirements) by an amount deemed by the Lender to be material (which amount shall be determined by the Lender’s reasonable allocation of the aggregate of such
reductions resulting from such events), then from time to time, within ten (10) Business Days after demand (accompanied by a statement setting forth and explaining the change in such requirement and including all relevant calculations relating
thereto) by the Lender, the Borrower shall pay to the Lender such additional amount or amounts as will compensate the Lender for such reduction. The determination of such amount by the Lender shall be presumed correct absent manifest error. This
covenant shall survive termination of this Agreement and the payment of the Obligations. 
 Section 3.07 Funding
Losses. The Borrower hereby agrees to indemnify the Lender and to hold the Lender harmless from any loss or expense, including, but not limited to, any such loss or expense arising from interest or fees payable by the Lender to lenders of funds
obtained by it in order to maintain its LIBOR Loans hereunder, in each case, which the Lender actually sustains or incurs (in each case, excluding loss of anticipated profits or margin) as a consequence of (i) the Borrower failing to borrow or
continue any LIBOR Loan after notice has been given to the Lender in accordance with this Agreement (whether or not withdrawn by the Borrower), (ii) if for any reason a LIBOR Loan must be converted to a Prime Rate Loan in accordance with this
Agreement, (iii) default by the Borrower in making any prepayment of a LIBOR Loan on any date specified in a prepayment notice thereof in accordance with Section 2.02(b) or (iv) the Borrower making any payment of a LIBOR Loan on a day
other than the last day of the Interest Period for such Loan. For purposes of this Section 3.07, it shall be assumed that the Lender had funded or would have funded 100%, as the case may be, of a LIBOR Loan in the London interbank market for a
corresponding amount and term. The determination of such amount by the Lender shall be presumed correct in the absence of manifest error. This covenant shall survive termination of this Agreement and the payment of the Obligations. 

  
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 Section 3.08 Inability to Determine Interest Rate. In the event that
the Lender shall have determined (which determination shall be conclusive and binding upon the Borrower) that by reason of circumstances affecting the London interbank market, adequate and reasonable means do not exist for ascertaining LIBOR
applicable pursuant to Section 2.03 for any Interest Period with respect to a LIBOR Loan that will result from a requested LIBOR Loan or that such rate of interest does not adequately cover the cost of funding such Loan, the Lender shall
forthwith give notice of such determination to the Borrower not later than 4:00 p.m. New York time, on the requested Borrowing date or the last day of an Interest Period of a Loan which was to have been continued as a LIBOR Loan. If such notice is
given and has not been withdrawn, (i) any requested LIBOR Loan shall be made as a Prime Rate Loan, or, at the Borrower’s option, such Loan shall not be made, and (ii) any outstanding LIBOR Loan shall be converted, on the last day of
the then current Interest Period with respect thereto, to a Prime Rate Loan. Until such notice has been withdrawn by the Lender, no further LIBOR Loans shall be made. The Lender will review the circumstances affecting the London interbank market
from time to time and the Lender will withdraw such notice at such time as it shall determine that the circumstances giving rise to said notice no longer exist. 

Section 3.09 Requirements of Law. In the event that any Change in Law: 

(a) does or shall subject the Lender to any Taxes with respect to this Agreement, the Note or any Loan made, or change the basis of taxation
of payments to the Lender of principal, interest, fee or any other amount payable hereunder (except for (A) Indemnified Taxes, (B) Excluded Taxes and (C) Connection Income Taxes, or changes in the rates thereof); 

(b) does or shall impose, modify or hold applicable any reserve, assessment rate, special deposit, compulsory loan or other requirement
against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended with respect to any Loan Document or any Loan by, or any other acquisition of funds by, any office of the Lender which
are not otherwise included in the determination of LIBOR at the last Borrowing or continuation date of a Loan; 
 (c) does or shall impose,
modify or hold applicable any reserve, special deposit, compulsory loan or other requirement against the Commitment to extend credit; or 

(d) does or shall impose on the Lender any other condition with respect to any Loan Document or any Loan; 

and the result of any of the foregoing is to increase the cost to the Lender of making, renewing or maintaining its Commitment or the LIBOR Loans or to reduce
any amount receivable thereunder (which increase or reduction shall be determined by the Lender’s customary allocation of the aggregate of such cost increases or reduced amounts receivable resulting from such events), then, in any such case,
the Borrower shall pay to the Lender, within ten (10) Business Days of its demand, any additional amounts necessary to compensate the Lender for such additional cost or reduced amount receivable as determined by the Lender with respect to this
Agreement. If the Lender becomes entitled to claim any additional amounts pursuant to this Section 3.09, it shall notify the Borrower of the event by reason of which it has become so entitled. A statement incorporating the calculation as to any
additional amounts payable pursuant to the foregoing sentence submitted by the Lender to the Borrower shall be presumed correct in the absence of manifest error. This covenant shall survive termination of this Agreement and the payment of the
Obligations. 

  
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 Section 3.10 Illegality. Notwithstanding any other provisions herein,
if any Change in Law shall make it unlawful, impossible, or impracticable for the Lender to make or maintain LIBOR Loans as contemplated by this Agreement, (a) the commitment of the Lender hereunder to make LIBOR Loans shall forthwith be
cancelled and (b) the Lender’s Loans then outstanding as LIBOR Loans, if any, shall be converted automatically to Prime Rate Loans on the last day of the then current Interest Period with respect thereto or within such earlier period as
required by law. The Borrower hereby agrees to pay the Lender, within three (3) Business Days of its demand, any additional amounts necessary to compensate the Lender for any actual costs incurred by the Lender in making any conversion in
accordance with this Section 3.10, including, but not limited to, any interest or fees payable by the Lender to lenders of funds obtained by it in order to make or maintain its LIBOR Loans hereunder (the Lender’s notice of such costs, as
certified to the Borrower, to be presumed correct absent manifest error). 
 Section 3.11 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and
clear of and without deduction for any Taxes, except as required by applicable law. If the Borrower shall be required by law to deduct or withhold any Taxes from such payments, then (i) the Borrower shall make all required deductions,
(ii) the Borrower shall pay the full amount deducted to the relevant governmental authority in accordance with applicable law, and (iii) if such tax is an Indemnified Tax, the sum payable shall be increased as necessary so that after
making all required deductions (including deductions applicable to additional sums payable under this Section 3.11) the Lender receives an amount equal to the sum it would have received had no such deductions been made. 

(b) Payment of Other Taxes by the Borrower. In addition, the Borrower shall pay all Other Taxes in accordance with applicable law or,
at the election of the Lender, timely reimburse it for the payment of such Other Taxes. 
 (c) Indemnification by the Borrower. The
Borrower shall indemnify the Lender, within ten (10) Business Days after written demand therefor, for the full amount of any Indemnified Taxes paid by the Lender on or with respect to any payment by or on account of any obligation of the
Borrower hereunder (including any such Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.11) and any 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. A certificate as to the amount of such payment or liability delivered to the Borrower by the Lender shall be presumed correct absent manifest error. 

(d) Evidence of Payments. As soon as practicable after any payment of any Taxes by the Borrower to a governmental authority pursuant to
this Section 3.11, the Borrower shall deliver to the Lender the original or a certified copy of a receipt issued by such governmental authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Lender. 
 (e) Refunds. If the Lender 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 the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 3.11, it shall pay over such refund to the Borrower
(but only to the extent of indemnification payments made, or additional amounts paid, by the Borrower under this Section 3.11 with respect to such Taxes giving rise to such refund), net of all out-of-pocket expenses of the Lender and without
interest (other than any interest paid by the relevant governmental authority with respect to such refund), provided that the Borrower, upon the 

  
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request of the Lender, shall repay the amount paid over to the Borrower to the Lender in the event the Lender is required to repay such refund to such governmental authority. This
Section 3.11 shall not be construed to require the Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person. 

(f) Status of Lenders. (i) The Lender or other relevant party 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 Borrower, at any time reasonably requested by the Borrower such properly completed and executed documentation reasonably requested by the Borrower as will permit such
payments to be made without withholding or at a reduced rate of withholding. In addition, the Lender or other relevant party if reasonably requested by the Borrower shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrower as will enable the Borrower to determine whether or not the Lender or other relevant party is subject to United States 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 3.11(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject the Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Lender. 

(ii) Without limiting the generality of the foregoing: 

(A) the Lender or other relevant party that is a U.S. Person shall deliver to the Borrower on or prior to the date of this Agreement or the
date on which such other relevant party becomes the Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed originals of IRS Form W-9 certifying that Lender or other relevant party is
exempt from Federal backup withholding tax; 
 (B) the Lender or other relevant party that is not a U.S. Person (a “Non-U.S. Lender
Party”) shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall be requested by the Borrower) on or prior to the date on which such Non-U.S. Lender Party becomes the Lender or other
relevant party under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), whichever of the following is applicable; 

(i) in the case of a Non-U.S. Lender Party 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 originals of IRS Form W-8BEN establishing an exemption from, or reduction of, 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-8BEN establishing an exemption from, or reduction of, Federal withholding Tax pursuant to the “business profits” or “other income” article
of such tax treaty; 
 (ii) executed originals of IRS Form W-8ECI; 

(iii) in the case of a Non-U.S. Lender Party claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Internal Revenue Code, (x) a certificate to the effect that such Non-U.S. Lender Party is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent

  
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shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or 

(iv) to the extent a Non-U.S. Lender Party is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by
IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable, provided that if the Non-U.S. Lender Party is a partnership and one or more direct or
indirect partners of such Non-U.S. Lender party are claiming the portfolio interest exemption, such Non-U.S. Lender Party may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; 

(C) any Non-U.S. Lender Party shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall
be requested by the Borrower) on or prior to the date on which such Non-U.S. Lender Partner becomes the Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower) executed originals of any other form
prescribed by applicable law as a basis for claiming exemption from or a reduction in Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine
the withholding or deduction required to be made; and 
 (D) if a payment made to the Lender (or other relevant party) under any Loan
Document would be subject to Federal withholding Tax imposed by FATCA if the Lender (or other relevant party) were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Internal Revenue Code, as applicable), the Lender (or other relevant party) shall deliver to the Borrower at the time or times prescribed by law and at such time or times reasonably requested by the Borrower such documentation prescribed by
applicable law (including as prescribed by Section 1471(b)(3)(C)(1) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower as may be necessary for the Borrower to comply with its obligations under
FATCA and to determine that the Lender (or other relevant party) has complied with the Lender’s (or other relevant party’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. 
 If any form or
certification previously delivered expires or becomes obsolete or inaccurate in any respect, the Lender (or other relevant party) shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so.

 ARTICLE IV. 

CONDITIONS OF LENDING 

Section 4.01 Conditions Precedent to Credit Facility. The effectiveness of this Agreement and the obligations of
the Lender to make Loans hereunder on the Closing Date are subject to the conditions precedent that: 

  
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 (a) The Lender shall have received the following, each in form and substance satisfactory to the
Lender in its sole discretion: 
 (i) executed copies of this Agreement, the Note, the Security Agreement and each other Loan
Document; 
 (ii) a copy of the certificate of incorporation of the Borrower, certified as of a recent date by the Secretary
of State of the State of Delaware; 
 (iii) a copy of the bylaws of the Borrower, certified by the Secretary or an Assistant
Secretary or other authorized person of the Borrower; 
 (iv) a copy of resolutions of the Board of Directors or other
authorizing documents of the Borrower approving the Loan Documents and the Borrowings hereunder; 
 (v) an incumbency
certificate executed by the Secretary or an Assistant Secretary or other authorized person of the Borrower or equivalent document, certifying the names and signatures of the officers of the Borrower or other Persons authorized to sign the Loan
Documents and the other documents to be delivered hereunder; 
 (vi) a certificate of good standing or its equivalent and
evidence of good standing as to payment of any applicable franchise or similar taxes with respect to the Borrower from the Secretary of State of the State of Delaware; 

(vii) evidence that all governmental, regulatory and other third party consents and approvals required in connection with the
Loan Documents and the Borrowings hereunder have been obtained and are in full force and effect; 
 (viii) a favorable
opinion or opinions of counsel for the Borrower addressing issues under California, New York and Delaware law, dated the Closing Date; 

(ix) evidence of payment of all costs, expenses, fees and other compensation (including reasonable, documented and
out-of-pocket attorneys’ fees and expenses) required to be paid to the Lender by the Borrower pursuant to this Agreement or any other written agreement on or prior to the Closing Date; 

(x) a certificate from the Chief Financial Officer of the Borrower or other authorized officer with knowledge of the financial
position of the Borrower dated the Closing Date certifying as to the matters set forth in Section 5.01(q) of this Agreement as to Solvency; 

(xi) such documentation and other information that the Lender requests as to the Borrower in order to comply with its ongoing
due diligence pursuant to regulatory requirements and its internal policies, including its obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act; 

(xii) evidence that the Lender shall have a valid and perfected first priority security interest in the Collateral (subject to
Permitted Liens, except with respect to the Collateral that is required to be physically delivered to the Lender pursuant to the 

  
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Security Documents) (including (w) any documents reasonably requested by the Lender or as required by the terms of the Security Documents to evidence its security interest in the Collateral
(including, without limitation, any Landlord Subordination Agreements, bailee letters, control agreements and filings evidencing a security interest in any intellectual property included in the Collateral); (x) copies of lien search reports and
of all effective prior filings listed therein, together with evidence of the termination of such prior filings, in each case as may be requested by the Lender, (y) such documents duly executed by the Borrower as the Lender may request with
respect to the perfection of its security interests in the Collateral (including financing statements under the UCC and other applicable documents under the laws of any jurisdiction with respect to the perfection of Liens created by the Security
Documents) and (z) all certificates, instruments and other documents representing the Collateral and related undated powers or endorsements duly executed in blank; 

(xiii) a completed perfection certificate as to the Borrower, dated the Closing Date and signed by an authorized officer of the
Borrower, together with all attachments contemplated thereby; 
 (xiv) an executed payoff letter from the Existing Lender
which shall, among other things, authorize the Lender to discharge all Liens over the property of the Borrower in favor of the Existing Lender in connection with the Existing Credit Agreement; 

(xv) account control agreements, in form and substance satisfactory to the Lender, and executed by the financial institution or
securities intermediary at which the Borrower’s deposit account(s) or securities account(s), as the case may be, are maintained; 

(xvi) evidence of insurance coverage, in form, substance, amounts, covering risks and issued by companies satisfactory to the
Lender, and where required by the Lender, with lender loss payable endorsements in favor of the Lender; 
 (xvii) such other
certificates and documents as the Lender shall reasonably request; 
 (b) all corporate and legal proceedings and all instruments and
documents in connection with the transactions contemplated by this Agreement shall be reasonably satisfactory in content, form and substance to the Lender and its counsel, and the Lender and the Lender’s counsel shall have received any and all
further information and documents which the Lender or such counsel may reasonably have requested in connection therewith, such documents where appropriate to be certified by proper corporate or governmental authorities; 

(c) completion by the Lender of a due diligence investigation of the Borrower in scope, and with results, satisfactory to the Lender in its
reasonable discretion; 
 (d) neither the Borrower nor any of its Subsidiaries shall be in default in the performance of any agreement or
instrument to which it may be a party or by which its properties may be bound, or in violation of any law, in any case which defaults and violations, individually or in the aggregate, have had or could reasonably be expected to have a Material
Adverse Effect; 

  
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 (e) the representations and warranties contained in this Agreement and the other Loan Documents
shall be true, correct and complete in all material respects (or, in the case of any such representation or warranty already qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of the Closing Date as though
made on and as of the Closing Date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true, correct and complete in all material respects (or, in
the case of any such representation or warranty already qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of such earlier date; 

(f) no event or condition shall have occurred and be continuing that would constitute an Event of Default or Potential Event of Default; and

 (g) since the date of the most recent audited financial statements received by the Lender prior to the Closing Date, no Material Adverse
Effect shall have occurred. 
 Section 4.02 Conditions Precedent to Each Borrowing. The obligation of the Lender
to make a Loan on the occasion of each Borrowing (including the initial Borrowing) shall be subject to the further condition precedent that on the date of such Borrowing, the following statements shall be true and the Lender shall have received the
notice required by Section 2.01(b), which notice shall be deemed to be a certification by the Borrower that: 
 (a) the representations
and warranties contained in this Agreement and the other Loan Documents are true, correct and complete in all material respects (or, in the case of any such representation or warranty already qualified by materiality or reference to Material Adverse
Effect, in all respects) on and as of such date as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true,
correct and complete in all material respects (or, in the case of any such representation or warranty already qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of such earlier date; 

(b) no event or condition has occurred and is continuing, or would result from such Borrowing that would constitute an Event of Default or
Potential Event of Default; and 
 (c) all Loan Documents are in full force and effect. 

ARTICLE V. 

REPRESENTATIONS AND WARRANTIES 

Section 5.01 Representations and Warranties. The Borrower represents and warrants as follows: 

(a) Organization. Each Loan Party and each of its Subsidiaries is duly incorporated, formed or organized, as applicable, validly
existing and in good standing under the laws of the jurisdiction of its incorporation, formation or organization (to the extent such concept is relevant or applicable in such jurisdiction) and each jurisdiction where such Loan Party is required to
be qualified to do business unless the failure to so qualify is not likely to have a Material Adverse Effect, and has all requisite corporate, limited liability company or partnership power and authority to own and operate its properties and to
carry out its business. 
 (b) Authorization. The execution, delivery and performance by each Loan Party of the Loan Documents
executed by it, and the making of Borrowings hereunder in the case of the Borrower, are within such Loan Party’s corporate, limited liability or partnership powers, as applicable, and have been duly authorized by all necessary corporate,
limited liability or partnership action, as applicable. 

  
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 (c) No Conflict. The execution, delivery and performance by each Loan Party of the Loan
Documents executed by it do not (i) violate such Person’s charter, by-laws or other organizational document, (ii) violate any law or regulation (including Regulations T, U and X) applicable to such Person or any order, judgment or
decree of any court or governmental agency body binding on such Person, (iii) result in a breach of or a default under, or result in or require the imposition of a Lien pursuant to any contract binding on such Person, except to the extent the
foregoing could not reasonably be expected to have a Material Adverse Effect, or (iv) violate any material agreement as to which such Person is a party, except to the extent such violation could not reasonably be expected to result in the
termination of such material agreement or otherwise have a Material Adverse Effect. 
 (d) Governmental Consents. No authorization or
approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by any Loan Party of the Loan Documents, except for filings and recordings with
respect to the Collateral to be made under the Loan Documents. 
 (e) Validity. Each Loan Document has been duly executed and
delivered by each Loan Party that is a party thereto and constitutes the binding obligations of each Loan Party that is a party thereto, each enforceable in accordance with their respective terms, except in each case as such enforceability may be
limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

(f) Financial Condition. The unaudited consolidated balance sheet and related statements of income, stockholders equity and cash flows
of the Borrower and its Subsidiaries for the Fiscal Quarter ended July 31, 2015 and the audited consolidated balance sheet and related statements of earnings, changes in stockholders equity and cash flows of the Borrower and its Subsidiaries
for the Fiscal Year ended January 31, 2015 (which audit report and opinion is unqualified as to going concern and scope of audit), copies of each of which have been furnished to the Lender, fairly present in all material respects the financial
condition of the Borrower and its Subsidiaries, as at such dates and the results of the operations of the Borrower and its Subsidiaries for the respective periods ended on such dates, all in accordance with GAAP (subject in the case of quarterly
financials to changes resulting from normal year-end adjustments and the absence of footnotes). Since the date of the most recent audited financial statements of the Borrower and its Subsidiaries delivered to the Lender, no event or change has
occurred that has caused or evidences, either in any case or the aggregate, a Material Adverse Effect. 
 (g) Litigation. Except as
set forth on Schedule 5.01(n), there is no action or proceeding pending (or threatened in writing) affecting any Loan Party or any of its Subsidiaries before any court, governmental agency or arbitrator, which could reasonably be expected to
have a Material Adverse Effect. 
 (h) Employee Benefit Plans. No Loan Party or any of its Subsidiaries, including any ERISA
Affiliate of the Loan Party, (i) sponsors, maintains or contributes to (or is required to contribute to) any Pension Plans or (ii) contributes to a Multiemployer Plan or has been required to contribute to a Multiemployer Plan or Pension
Plan in the past six years. 
 (i) Disclosure. No information, report, financial statement, exhibit or schedule furnished to the
Lender by or on behalf of any Loan Party or any of its Subsidiaries for use in connection with the transactions contemplated by this Agreement, taken as a whole, contains any untrue statement of a material fact or omits to state a material fact
necessary in order to make the statements contained therein 

  
 27 

 
(taken as a whole) not misleading in any material respect in the light of the circumstances in which the same were made; provided that, to the extent any such information, report, financial
statement, exhibit or schedule was based upon or constitutes a forecast or projection, the Borrower represents and warrants only that it acted in good faith and utilized reasonable assumptions (based upon accounting principles consistent with the
historical audited financial statements of the Borrower) and due care in the preparation of such information, report, financial statement, exhibit or schedule. 

(j) Environmental Matters. Each Loan Party and its Subsidiaries are in compliance with all Environmental Laws and no event or condition
has occurred or is occurring with respect to such Loan Party or any of its Subsidiaries relating to any Environmental Law that has resulted in or could reasonably be expected to result in claims alleging potential liability or responsibility for
violation of any Environmental Law or release or injury to the environment, or is or could reasonably be expected to be the subject of any investigation, proceeding, settlement, except in each case violations and claims that, individually or in the
aggregate, have not had and could not reasonably be expected to have a Material Adverse Effect. Such Loan Party and its Subsidiaries have all Environmental Permits necessary for the ownership and operation of their respective properties and
businesses as presently owned and operated and as presently proposed to be owned and operated, except for those which are not yet necessary or the absence of which, individually, or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect. Neither such Loan Party nor its Subsidiaries has transported or arranged for the transport of any Hazardous Materials or any other materials subject to Environmental Laws to any environmental clean-up site which has not been
in compliance with Environmental Laws, except for any noncompliance that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(k) Title to Properties; Liens; Location of Real Property and Leased Premises. (i) Each Loan Party and its Subsidiaries have
(A) good, sufficient and legal title to (in the case of fee interests) the real property owned by it, (B) valid leasehold interests in (in the case of leasehold interests in real property) the real property leased by it or (C) good
title to all of their respective material personal property. Except as permitted by Section 6.02(a), all such properties are free and clear of Liens. (ii) Schedule 5.01(k)(ii) lists, as of the Closing Date, all real property owned
by the Borrower and its Subsidiaries and the addresses thereof. (iii) Schedule 5.01(k)(iii) lists, as of the Closing Date, each parcel of real property leased, subleased, licensed or sublicensed by the Borrower and its Subsidiaries, the
address and the owner thereof, and the expiration date of the related lease, sublease, license or sublicense. 
 (l) Payment of
Taxes. All income and other material tax returns and reports of each Loan Party and its Subsidiaries required to be filed by any of them have been timely filed (or an extension has been obtained for the filing thereof), and all taxes shown on
such tax returns to be due and payable and all assessments, fees and other governmental charges upon such Loan Party and its Subsidiaries and upon their respective properties, assets, income, businesses and franchises that are due and payable have
been paid when due and payable, except any of the foregoing that are being contested in good faith by appropriate proceedings and with respect to which reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP
have been made or provided therefor. 
 (m) Governmental Regulation. Neither any Loan Party nor any of its Subsidiaries is subject to
regulation under the Investment Company Act of 1940 or under any other Federal or state statute or regulation which may limit its ability to incur Debt or which may otherwise render all or any portion of the Obligations unenforceable. The Borrower
is not engaged nor will the Borrower engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System
of the United States of America) in violation of Regulation T, U or X. 

  
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 (n) Licenses and Permits; Intellectual Property. Each Loan Party and its Subsidiaries own
or possess all licenses, permits, franchises, authorizations, patents, copyrights, service marks, trademarks and trade names, or rights thereto, necessary for the operation of their businesses, free and clear of all Liens (other than Permitted
Liens) and, except (i) as set forth on Schedule 5.01(n), or (ii) as could not reasonably be expected to have a Material Adverse Effect, without known conflict with the rights of others. Except (A) as set forth on Schedule
5.01(n), or (B) as could not reasonably be expected to have a Material Adverse Effect, (i) to the knowledge of such Loan Party, no product of such Loan Party or its Subsidiaries infringes in any material respect any license, permit,
franchise, authorization, patent, copyright, service mark, trademark, trade name or other right owned by any other Person and (ii) to the knowledge of such Loan Party, there is no material violation by any Person of any right of such Loan Party
or any of its Subsidiaries with respect to any patent, copyright, service mark, trademark, trade name or other right owned or used by such Loan Party or any of its Subsidiaries. 

(o) Labor Disputes; Casualties. Neither any Loan Party nor any of its Subsidiaries is affected by any fire, explosion, accident,
strike, lockout, or other labor dispute, drought, storm, hail, earthquake, embargo, act of public enemy or other casualty (whether or not covered by insurance) which, individually or in the aggregate, has had or could be reasonably expected to have
a Material Adverse Effect. 
 (p) Compliance. Neither any Loan Party nor any of its Subsidiaries is in default in the performance of
any agreement or instrument to which it is a party or by which its properties are bound, or in violation of any law, in any case which defaults and violations, individually or in the aggregate, have had or could reasonably be expected to have a
Material Adverse Effect. 
 (q) Solvency. The Loan Parties on a consolidated basis are, and, upon the incurrence of, and after giving
effect to, any Obligations under the Loan Documents by the Loan Parties, will be, Solvent. 
 (r) Investments. No Loan Party has any
investments in other Persons except investments which would be permitted under Section 6.02(e). 
 (s) Debt. No Loan Party has
any Debt except Debt which would be permitted under Section 6.02(b). 
 (t) Equity Ownership; Subsidiaries. Schedule
5.01(t) correctly sets forth the ownership interest of each Subsidiary of the Borrower as of the Closing Date. As of the Closing Date, the capitalization of the Borrower’s Subsidiaries consists of the number of Equity Interests, authorized,
issued and outstanding, of such classes and series, with or without par value, described on Schedule 5.01(t). All outstanding Equity Interests of the Borrower’s Subsidiaries have been duly authorized and validly issued and are fully paid
and nonassessable, in the case of Equity Interests issued by a corporation, or duly issued and outstanding, in the case of Equity Interests issued by any other entity, and not subject to any preemptive or similar rights, except as described on
Schedule 5.01(t). As of the Closing Date, there are no outstanding stock purchase warrants, subscriptions, options, securities, instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or
otherwise provide for or require the issuance of Equity Interests of any Subsidiary of the Borrower, except as described on Schedule 5.01(t). As of December 3, 2015, the issued and outstanding capital stock of the Borrower consists of
the number of shares of such classes and series, with or without par value, described on Schedule 5.01(t), and all such outstanding shares have been duly authorized and validly issued and are fully paid and nonassessable. 

  
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 (u) OFAC. Neither any Loan Party nor any of its Subsidiaries (i) is a person whose
property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2011 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism (66 Fed. Reg. 49079 (2001)), (ii) engages in dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such person in a manner violative of Section 2 or (iii) is a
person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of Treasury’s OFAC regulation or executive order. 

(v) Insurance. Each Loan Party and its properties and businesses, and the properties and businesses of its Subsidiaries, are insured
with financially sound and reputable insurance companies (which are not Loan Parties or Affiliates of the Loan Parties) against loss or damage as required by Section 6.01(e). 

(w) Negative Pledge. Neither the Borrower nor any of its Subsidiaries is a party to or bound by any agreement or undertaking or
security which prohibits the creation or existence of any Lien upon any of its properties or assets or which requires the grant of security for an obligation if security is granted for the Obligations, except for (i) this Agreement and the
other Loan Documents, (ii) covenants in Capital Leases and documents creating Liens permitted by Section 6.02(a) which prohibit further Liens on the properties encumbered thereby and (iii) any other agreement or undertaking permitted
by Section 6.02(j). 
 (x) Security Documents. The Security Documents are effective to create in favor of the Lender a legal,
valid and enforceable security interest in the Collateral described therein (including any proceeds of any item of such Collateral). In the case of (i) the Pledged Shares described in the Security Agreement, when any stock certificates or
notes, as applicable, representing such Pledged Shares are delivered to the Lender and (ii) the other Collateral described in the Security Documents, when a financing statement in appropriate form is filed in the applicable filing office (which
financing statement has been duly completed and delivered to the Lender), the Lender shall have a fully perfected first priority Lien on, and security interest in, all right, title and interest of the applicable Loan Party in such Collateral
(including any proceeds of any item of such Collateral) (in each case, to the extent a security interest in such Collateral and proceeds can be perfected through the filing of a financing statement in such filing office or through the delivery of
such Pledged Shares), as security for the Secured Obligations, in each case prior and superior in right to any other Person, except Liens expressly permitted by Section 6.02(a). 

(y) Sanctions. None of the Borrower or any of its Subsidiaries nor, to the knowledge of the Borrower, any director, officer, employee,
agent or Affiliate of the Borrower or any of its Subsidiaries is a Person that is, or is owned or controlled by Persons that are, (i) the subject of any sanctions administered or enforced by the OFAC, the US Department of State, the United
Nations Security Council, the European Union, Her Majesty’s Treasury or the Hong Kong Monetary Authority (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory that is, or whose
government is, the subject of Sanctions, including, without limitation, currently, the Crimea Region, Cuba, Iran, North Korea, Sudan and Syria. 

(z) Anti-Bribery. None of the Borrower, nor to the knowledge of the Borrower, any director, officer, agent, employee, Affiliate or
other person acting on behalf of the Borrower or any of its Subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of any applicable anti-bribery law, including but not limited to,
the United Kingdom Bribery Act 2010 (the “UK Bribery Act”) and the U.S. Foreign Corrupt Practices Act of 1977 (the “FCPA”). Furthermore, the Borrower and, to the knowledge of the Borrower, its Affiliates have
conducted their businesses in compliance with the UK Bribery Act, the FCPA and similar laws, rules or regulations and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith. 

  
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 ARTICLE VI. 

COVENANTS 

Section 6.01 Affirmative Covenants. So long as the Note or any Obligation hereunder and under the other Loan
Documents shall remain unpaid or the Lender shall have any Commitment hereunder, unless the Lender shall otherwise consent in writing: 

(a) Financial Information. The Borrower will furnish to the Lender: 

(i) as soon as available, but in any event within ninety (90) days after the end of each Fiscal Year, a copy of the
audited consolidated financial statements of the Borrower and its Subsidiaries as at the end of such Fiscal Year, including a balance sheet and related statements of income and cash flows, accompanied by a report and opinion thereon (prepared in
accordance with generally accepted auditing standards) of Ernst & Young LLP or other independent certified public accountants reasonably acceptable to the Lender (which report and opinion shall be unqualified as to going concern and scope
of audit); 
 (ii) as soon as available, but in any event within forty-five (45) days after each Fiscal Quarter, a copy
of the unaudited consolidated financial statements of the Borrower and its Subsidiaries for such period; 
 all such financial statements referred to in
clauses (i) – (ii) to fairly present in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries and to be in reasonable detail and in accordance with GAAP (subject in the case of
quarterly financials to changes resulting from normal year-end adjustments and the absence of footnotes); and 
 (iii) as
soon as available, but in any event within thirty (30) days after the end of each calendar month, a complete and accurate Accounts Receivable agings report in form satisfactory to the Lender, calculated as of the last day of such month; and

 (iv) as soon as available, but in any event within sixty (60) days after the beginning of each Fiscal Year,
management projected year-end consolidated financial statements of the Borrower and its Subsidiaries for such Fiscal Year, including a projected balance sheet and related statements of income and cash flows and a statement of all the material
assumptions on which such projections are based. 
 (b) Notices and Information. The Borrower shall deliver to the Lender: 

(i) promptly upon any senior officer of the Borrower obtaining actual knowledge (w) of any condition or event which
constitutes an Event of Default or Potential Event of Default, (x) that any Person has given any notice to any Loan Party or any of its Subsidiaries or taken any other action with respect to a claimed default or event or condition of the type
referred to in Section 7.01(e), (y) of the institution of any litigation involving an alleged liability (including possible forfeiture of property) of any Loan Party or any of its Subsidiaries equal to or greater than $5,000,000 with
respect to any such Person, or any adverse determination in any litigation involving a potential liability of any Loan Party or any of its Subsidiaries equal to or greater than $5,000,000 

  
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with respect to any such Person, in each case to the extent not covered by insurance, or (z) of a condition or events that could reasonably be expected to cause a Material Adverse Effect, an
officers’ certificate specifying the nature and period of existence of any such condition or event, or specifying the notice given or action taken by such holder or Person and the nature of such claimed default, Event of Default, Potential
Event of Default, event or condition, and what action the Borrower or the applicable Subsidiary has taken, is taking and proposes to take with respect thereto; 

(ii) promptly, and in any event within thirty (30) days after receipt thereof, a copy of any notice, summons, citation,
directive, letter or other form of communication from any governmental authority or court in any way concerning any action or omission on the part of such Loan Party or any of its Subsidiaries in connection with any Hazardous Material or any waste
or by product thereof, or concerning the filing of a Lien upon, against or in connection with such Loan Party or such Subsidiary, or any of their leased or owned real or personal property, in connection with a Hazardous Substance Superfund or a
Post-Closure Liability Fund as maintained pursuant to Section 9507 of the Internal Revenue Code, in each case which could be reasonably be expected to have a Material Adverse Effect; 

(iii) as soon as available, but in any event within thirty (30) days after the end of each calendar month, a Compliance
Certificate duly executed by the Chief Financial Officer of the Borrower that, among other things, (x) shows in reasonable detail the calculations used in determining the financial covenants set forth in Section 6.03(a) as of the end of
such calendar month and in Section 6.03(b) as of the end of such calendar month that is also the end of a Fiscal Quarter and (y) states that no Potential Event of Default or Event of Default is continuing as of the date of delivery of such
Compliance Certificate or, if a Potential Event of Default or Event of Default is continuing, states the nature thereof and the action that the Loan Parties propose to take with respect thereto; 

(iv) as soon as available, but in any event within thirty (30) days after the end of each calendar month, cause any
brokerage firm and any other financial institution (other than the Lender and its Affiliates) with which the Borrower maintains deposit account(s), securities account(s), investment account(s) or other accounts, in the name of or used by the
Borrower, that are subject to an account control agreement in favor of Lender, to deliver a copy of the account statement for such calendar month, directly to the Lender; provided, however, that if the Lender has timely received such account
statements directly from such brokerage firm or other financial institution under the terms of the applicable account control agreement, then this Section 6.01(b)(iv) shall not apply with respect to the accounts covered thereby; 

(v) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other
materials filed by the Borrower or any Subsidiary with the SEC, or with any national securities exchange, or distributed to its stockholders, as the case may be; 

(vi) promptly upon receipt thereof, copies of all material reports submitted to the Borrower by its independent certified
public accountants in connection with each annual audit examination of the Borrower and its Subsidiaries made by such accountants, including the “management letter” submitted by such accountants to the Borrower in connection with their
annual audit and any written management responses thereto, and copies of each notice or other correspondence received from the SEC (or comparable 

  
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agency in any applicable non-U.S. jurisdiction) concerning any actual investigation or indicating a likely investigation by such agency regarding financial or other operational results of the
Borrower or any Subsidiary thereof; and 
 (vii) promptly, and, to the extent practicable, within ten (10) Business Days
after request by the Lender, such other information and data with respect to the Borrower or any of its Subsidiaries as from time to time may be reasonably requested by the Lender. 

Documents required to be delivered pursuant to Section 6.01(a)(i) or (ii) or Section 6.01(b)(v) (to the extent any such documents are included
in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s
website on the Internet at the website address listed on the Borrower’s signature page hereto; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which the Lender has
access; provided that: (x) the Borrower shall deliver paper copies of such documents to the Lender if the Lender so requests until a written request to cease delivering paper copies is given by the Lender and (y) the Borrower shall notify
the Lender (by facsimile, electronic mail, automatic electronic notification or other form of notification acceptable to the Lender) of the posting of any such documents. 

(c) Corporate Existence. Except as otherwise permitted under Section 6.02(d) or 6.02(f), each Loan Party shall, and shall cause
each of its Subsidiaries to, at all times, preserve and keep in full force and effect (i) its corporate, limited liability company or partnership, as applicable, existence and (ii) rights and franchises material to its business. 

(d) Payment of Taxes and Claims. Each Loan Party shall, and shall cause each of its Subsidiaries to, pay all taxes, assessments and
other governmental charges imposed upon it or any of its properties or assets or in respect of any of its franchises, business, income or property before any penalty or fine accrues thereon, except for any of the foregoing that are being contested
in good faith by appropriate proceedings promptly instituted and diligently conducted and (i) with respect to which reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP have been made or provided
therefor and (ii) in the case of a tax, assessment, or charge which has or may become a Lien against any of the Collateral, such proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such tax, assessment,
or charge. 
 (e) Maintenance of Properties; Insurance. Except as could not reasonably be expected to have a Material Adverse Effect,
each Loan Party shall, and shall cause each of its Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition (other than wear and tear occurring in the ordinary course of business) all properties used in the
business of such Loan Party and its Subsidiaries and from time to time will make or cause to be made all appropriate repairs, renewals and replacements thereof which in the exercise of its reasonable business judgment are required for the
continuation of its business. Each Loan Party will, and will cause each of its Subsidiaries to, maintain or cause to be maintained, with financially sound and reputable insurance companies (which are not Affiliates of the Loan Parties), insurance
with respect to its properties and business and the properties and businesses of its Subsidiaries against loss or damage of the kinds customarily insured against by corporations of established reputation engaged in the same or similar businesses and
similarly situated, of such types and in such amounts (and with such deductibles) as are customarily carried under similar circumstances by such other corporations. 

(f) Use of Proceeds. The Borrower shall only use the proceeds of the Loans as permitted under Section 3.01. 

  
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 (g) Compliance with Laws, Etc. Each Loan Party shall exercise, and cause each of its
Subsidiaries to exercise, all due diligence in order to comply with the requirements of all applicable laws, rules, regulations and orders of any governmental authority, including, without limitation, all Environmental Laws, noncompliance with which
could reasonably be expected to cause, either individually or in the aggregate, a Material Adverse Effect. 
 (h) Books and Records.
Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain proper records and accounts in which full, true and correct entries in conformity with GAAP, consistently applied, shall be made of its financial transactions and matters
involving the assets and business of such Loan Party and its Subsidiaries. 
 (i) OFAC, Etc. Without limiting clause (g) above,
each Loan Party shall, and shall cause each of its Subsidiaries to, (i) ensure that no Person who owns a controlling interest in or otherwise controls a Loan Party is or shall be (x) listed on the Specially Designated Nationals and Blocked
Person List maintained by OFAC and/or any other similar lists maintained by OFAC pursuant to any authorizing statute, Executive Order or regulation or (y) a person designated under Section 1(b), (c) or (d) of Executive Order
No. 13224 (September 23, 2001), any related enabling legislation or any other similar Executive Orders, and (ii) comply with all applicable Bank Secrecy Act and anti-money laundering laws and regulations. 

(j) Payment of Obligations. Each Loan Party shall, and shall cause each of its Subsidiaries to, pay all obligations and lawful claims
(including, without limitation, claims for labor, services, materials and supplies) that, if unpaid, would become a Lien for a material amount against any of its properties or assets, except for any such obligations being contested in good faith by
appropriate proceedings diligently conducted and against which adequate reserves, if any required under GAAP, have been established, and so long as any Lien resulting therefrom has not become enforceable or is the subject of proceedings that operate
to stay the enforcement of such Lien. 
 (k) Material Licenses. Each Loan Party shall, and shall cause each of its Subsidiaries to,
maintain and preserve all licenses, permits (including Environmental Permits), authorizations and consents from any Person and all registrations, notices and filings with any Person (i) which if not obtained, held or made would have a Material
Adverse Effect or (ii) that is necessary for the execution or performance by such Loan Party or such Subsidiary, or the validity or enforceability against such party, of this Agreement or any other Loan Document. 

(l) Environmental Matters. Except as could not, individually or in the aggregate, reasonably be expected to result in Material Adverse
Effect, each Loan Party shall, and shall cause each of its Subsidiaries to, (i) comply, and cause all lessees and other Persons operating or occupying properties owned or leased by it to comply, with all Environmental Laws and Environmental
Permits, (ii) obtain and renew all Environmental Permits necessary for its operations and properties and (iii) conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary
to address Hazardous Materials at, on, under or emanating from any properties owned or leased by it in accordance with the requirements of all Environmental Laws. 

(m) Subsidiaries. (i) From and after the Closing Date, if the Borrower or any of its Subsidiaries acquires or creates any Domestic
Subsidiary that is a Material Subsidiary (and, at the election of the Borrower, any other Domestic Subsidiary), promptly, and in no event later than ten (10) Business Days after such acquisition or creation, notify the Lender of that fact and
cause such Domestic Subsidiary (A) to execute and deliver to the Lender a counterpart of the Subsidiary Guarantee and the Security Agreement and to take all such further actions and execute all such further documents and instruments as may be
reasonably requested by the Lender to create in favor of the Lender a valid and perfected first 

  
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priority Lien in all of the Collateral of such Domestic Subsidiary (subject to Permitted Liens), and (B) to execute and deliver to the Lender such documents and instruments and to take
actions comparable to those described in clauses (ii), (iii), (iv), (v) (vi), (vii), (xi), (xii), (xiii) and (xv) of Section 4.01(a) as the Lender may reasonably request. (ii) For each Subsidiary acquired or created after
the Closing Date, each Loan Party shall have complied with its obligations under the Security Agreement in respect of the Equity Interests of such Subsidiary. For the avoidance of doubt, no Foreign Subsidiary shall be required to execute and deliver
a Guaranty or Security Agreement, and no equity interests of a Foreign Subsidiary shall be required to be pledged pursuant to the provisions of the Security Agreement or otherwise, in each case to the extent material adverse tax consequences to the
Borrower could reasonably be expected to result therefrom, it being understood and agreed that a pledge by the Borrower or its Domestic Subsidiary of 65% of the voting power and 100% of the non-voting power of all classes of the Equity Interests of
a Foreign Subsidiary will not cause material adverse tax consequences to Borrower and a pledge by the Borrower or its Domestic Subsidiary of more than 65% of the voting power of all classes of the Equity Interests of a Foreign Subsidiary will be
deemed to cause material adverse tax consequences to Borrower. 
 (n) Employee Benefit Plans. No Loan Party shall, and shall not
permit any of its Subsidiaries or any ERISA Affiliate of the Loan Party to, (i) establish a Pension Plan or (ii) contribute to or become required to contribute to a Multiemployer Plan. 

(o) Access to Property and Inspections. Each Loan Party shall, and shall cause its Subsidiaries to, at the Borrower’s sole cost
and expense, permit the Lender and each of its duly authorized representatives or agents to visit (but only during normal business hours when no Event of Default has occurred and is continuing) any of its properties and inspect any of its assets or
books and records, to conduct appraisals and valuations, to examine and make copies of its books and records, and to discuss its affairs, finances and accounts with, and to be advised as to the same by, its officers and employees at any such
reasonable times and intervals as the Lender may reasonably request and, so long as no Event of Default or Potential Event of Default has occurred and is continuing, with reasonable prior notice to the Borrower; provided that, so long as no
Event of Default or Potential Event of Default has occurred and is continuing, the Lender shall not request more than one field visit and examination during any Fiscal Year. 

(p) Business Locations. Each Loan Party shall, and shall cause each of its Subsidiaries to, promptly (but in no event more than thirty
(30) days) after adding any new leased business location in the United States containing any assets of any Loan Party or its Subsidiaries with a book value in excess of $1,000,000 individually for any location or $5,000,000 for all locations
with respect to which the applicable landlord has not executed and delivered a Landlord Subordination Agreement, notify the Lender of such fact, and, if requested by the Lender, use its reasonable best efforts to cause the applicable landlord to
enter into a Landlord Subordination Agreement with respect to each such location as requested by the Lender. For the avoidance of doubt, this Section 6.01(p) shall not apply to data centers utilized by the Borrower or its Subsidiaries solely as
data centers for its server equipment. 
 (q) Aggregate Deposited Cash. If, at any time, the Borrower or any other Loan Party desires
to make a withdrawal or any other disposition of all or any part of the Aggregate Deposited Cash, and such withdrawal or disposition would cause the Aggregate Deposited Cash to be less than 105% of the Commitment then in effect, the Borrower, prior
to such proposed withdrawal or disposition, shall deliver to the Lender a Compliance Certificate duly executed by its Chief Financial Officer that, among other things, (i) shows in reasonable detail the calculations used in determining the
financial covenants set forth in Sections 6.03(a) and 6.03(b) as of the date of such Compliance Certificate, and (ii) states that no Potential Event of Default or Event of Default is continuing as of the date of delivery of such Compliance
Certificate. 

  
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 (r) Post-Closing Matters. Execute and deliver the documents and complete the tasks set
forth on Schedule 6.01(r), in each case within the time limits specified on such schedule. 
 (s) Further Assurances. Each
Loan Party shall execute any and all further documents, financing statements, agreements and instruments, and take all such further actions, which the Lender may reasonably request, to cause the Lender to have at all times a first priority,
perfected Lien in the Collateral (other than Permitted Liens). 
 Section 6.02 Negative Covenants. So long as any
Note or Obligation hereunder and under the other Loan Documents shall remain unpaid or the Lender shall have any Commitment hereunder, without the written consent of the Lender: 

(a) Liens, Etc. Borrower shall not, and shall not permit any of its Subsidiaries to, create or suffer to exist any Lien upon or with
respect to any of its assets or properties, whether now owned or hereafter acquired, or assign any right to receive income, in each case to secure any Debt of any Person, other than (in each case, a “Permitted Lien”): 

(i) Liens in favor of the Lender; 

(ii) Liens existing on the Closing Date and listed on Schedule 6.02(a) and any modifications, replacements, renewals,
refinancings or extensions thereof; provided that the Lien does not extend to any additional property other than (A) Replacement Assets, and (B) proceeds and products thereof; 

(iii) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in
the ordinary course of business or by operation of law, and Liens incurred by the Borrower or such Subsidiary in the ordinary course of business in connection with worker’s compensation, unemployment insurance and other types of social
security, or to secure the performance of surety and appeal bonds, deeds, leases (other than Debt), government contracts, bids, trade contracts, statutory obligations, performance and return of money bonds and other similar obligations; 

(iv) Liens or charges arising in favor of governmental authorities by operation of law for which no default exists in the
payment of the obligations secured thereby or which are being contested in compliance with Section 6.01(d); 
 (v) Liens
arising under (A) the security documents in respect of Hedge Agreements permitted under Section 6.02(b)(iii) in favor of the Lender or its Affiliates and (B) agreements relating to Cash Management Obligations in favor of the Lender or
its Affiliates; 
 (vi) Capital Leases of, and security interests in, assets acquired, constructed or improved (whether real
or personal, tangible or intangible) by the Borrower or such Subsidiary after the date hereof, provided that such Liens and the Debt secured thereby (A) are incurred prior to or within 180 days after such acquisition or the completion of such
construction or improvement, (B) the Debt secured thereby does not exceed the cost of acquiring, constructing or improving such assets and is otherwise permitted by Section 6.02(b)(ii), and (C) such Liens shall not apply to any other
property or assets of the Borrower or such Subsidiary (other than Replacement Assets); 
 (vii) Liens of landlords and
mortgagees of landlords arising by statute; 

  
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 (viii) judgment Liens securing judgments and other proceedings not constituting
an Event of Default hereunder; 
 (ix) Liens existing on (A) property acquired by such Loan Party or Subsidiary at the
time of such acquisition or (B) assets of a Person at the time such Person is acquired, so long as (1) the Lien was not created in contemplation of such acquisition, (2) the amount of the obligations secured thereby has not been
increased in connection with such acquisition or at any time thereafter (except in connection with any Permitted Refinancing), (3) any such Lien does not extend to property not subject to such Lien at the time of such acquisition (other than
improvements thereon and Replacement Assets), any such Lien is applicable only to specific property, and such Liens are not “blanket” or all asset Liens, and (4) such Lien secures only (x) those obligations which it secures on
the date of such acquisition or the date such Person is acquired, as the case may be, and such obligations are otherwise permitted by Section 6.02(b)(vii) and (y) any Permitted Refinancing of such obligations; 

(x) to the extent constituting a Lien, any interest or title of a lessor under any personal property operating lease entered
into in the ordinary course of business of the Borrower or any Subsidiary and precautionary financing statement filings relating thereto; 

(xi) zoning restrictions, easements, rights-of-way, restrictions on use of real property and other similar encumbrances
incurred in the ordinary course of business which, in the aggregate, are not substantial in amount and do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the
Borrower or any of its Subsidiaries; 
 (xii) Liens on assets of Foreign Subsidiaries; provided that (A) such
Liens do not extend to, or encumber, assets that constitute Collateral or the Equity Interests of the Borrower or any of the Subsidiaries, and (B) such Liens extending to the assets of any Foreign Subsidiary secure only Debt incurred by such
Foreign Subsidiary pursuant to Section 6.02(b)(vi), (vii) or (xi); 
 (xiii) (A) Liens of a collecting
bank arising in the ordinary course of business under Section 4-210 of the Uniform Commercial Code in effect in the relevant jurisdiction and (B) Liens arising in the ordinary course of business of any depositary bank or securities
intermediary in connection with statutory, common law and customary contractual rights of set-off and recoupment with respect to any deposit account or securities account of the Borrower or any Subsidiary thereof; 

(xiv) Liens on cash pledged to secure obligations in respect of letters of credit or banker’s acceptances permitted under
Section 6.02(b)(x); and 
 (xv) other Liens not specifically listed above securing obligations not to exceed $5,000,000 in
the aggregate at any time outstanding. 
 (b) Debt. Borrower shall not, and shall not permit any of its Subsidiaries to, create or
suffer to exist any Debt, other than: 
 (i) Debt owed to the Lender; 

  
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 (ii) Capital Leases and Debt incurred to finance the acquisition, construction or
improvement of any equipment or capital assets in an aggregate principal amount not to exceed $25,000,000 at any time outstanding; 

(iii) obligations (contingent or otherwise) existing or arising under any Hedge Agreement, provided that if such obligations
are not with the Lender or any of its Affiliates, (x) such obligations are (or were) entered into by such Loan Party in the ordinary course of business for the purpose of directly mitigating risks associated with fluctuations in interest rates
or foreign exchange rates and (y) such Hedge Agreement does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party; 

(iv) to the extent constituting Debt, investments permitted under Section 6.02(e), including intercompany Debt of the
Borrower and the Subsidiaries to the extent permitted by Section 6.02(e); provided that any such Debt that is owed by a Loan Party to a Subsidiary that is not a Loan Party is subordinated to the Obligations on the terms satisfactory to
the Lender; 
 (v) Cash Management Obligations, provided that if such Cash Management Obligations are not with the
Lender or any of its Affiliates, to the extent incurred in the ordinary course of business in a manner consistent with this Agreement; 

(vi) Debt existing on the date of this Agreement and set forth on Schedule 6.02(b), together with any Permitted
Refinancing; 
 (vii) Debt assumed in connection with a Permitted Acquisition, so long as such Debt (A) does not exceed
$2,500,000 in the aggregate at any time outstanding and (B) was not incurred in contemplation of such Permitted Acquisition; 

(viii) Debt under performance bonds, surety bonds, release, appeal and similar bonds, statutory obligations or with respect to
workers’ compensation claims, in each case incurred in the ordinary course of business; 
 (ix) Guaranties with respect
to Debt permitted pursuant to clauses (i), (ii), (iii), (vi) and (vii) of this Section; 
 (x) Debt in respect of
letters of credit or bankers’ acceptances supporting facility leases in an aggregate principal or face amount not exceeding $5,000,000 at any time; and 

(xi) Debt not otherwise permitted under this Section 6.02(b) in an aggregate principal amount not to exceed $5,000,000 at
any time outstanding for such Loan Parties and their Subsidiaries taken as a whole. 
 (c) Restricted Payments. Borrower shall not,
and shall not permit any of its Subsidiaries to, declare or make, or agree to declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so; except: 

(i) any Subsidiary may declare and pay dividends or make other distributions ratably to its equity holders; 

  
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 (ii) payments made or expected to be made by the Borrower in respect of
withholding or similar Taxes payable by any future, present or former employee, director, manager or consultant and any repurchases of Equity Interests in consideration of such payments including deemed repurchases in connection with the exercise of
stock options or the vesting of restricted stock awards or restricted stock units; and 
 (iii) so long as no Event of
Default or a Potential Event of Default shall have occurred and be continuing or would result therefrom, the Borrower may repurchase its Equity Interests owned by employees of the Borrower or the Subsidiaries or make payments to employees of the
Borrower or the Subsidiaries upon termination of employment in connection with the exercise of stock options, stock appreciation rights or similar equity incentives or equity based incentives pursuant to management or employee incentive plans or in
connection with the death or disability of such employees in an aggregate amount not to exceed $2,000,000 in any Fiscal Year. 
 (d)
Consolidation, Merger. The Borrower shall not, and shall not permit its Subsidiaries to, consolidate with or merge into any other corporation or entity, except that (i) if at the time thereof and immediately after giving effect thereto
no Event of Default or Potential Event of Default shall have occurred and be continuing, (x) any Subsidiary may merge into the Borrower in a transaction in which the Borrower is the surviving corporation, and (y) any Subsidiary may merge
into or consolidate with any other Subsidiary (provided that if any party to any such transaction is a Loan Party, the surviving entity of such transaction shall be a Loan Party) and (ii) in connection with a Permitted Acquisition, any
corporation or entity may consolidate with or merge into any Loan Party or any Loan Party (other than the Borrower) may merge into any other corporation or entity, provided that such Loan Party shall be the surviving entity of such merger or
consolidation or the surviving entity of such merger or consolidation shall become a Loan Party promptly following the consummation thereof, and provided, further, that immediately after the consummation of such consolidation or merger there shall
exist no condition or event which constitutes an Event of Default or a Potential Event of Default. 
 (e) Loans, Investments, Contingent
Liabilities. The Borrower shall not, and shall not permit its Subsidiaries to, make or permit to remain outstanding any loan or advance to, or guarantee or otherwise become contingently liable, directly or indirectly, in connection with the
obligations, stock or dividends of, or own, purchase or acquire any stock, obligations or securities of or any other interest in, or make any capital contribution to, any other Person or make any acquisition of all or substantially all of the stock
or assets of any business or division of a Person through a merger, consolidation or any other combination with such Person in any transaction or a series of related transactions, except that the Borrower and such Subsidiary may: 

(i) acquire any Cash Equivalents; 

(ii) acquire and own stock, obligations, securities and other investments received from customers and suppliers in connection
with debts created in the ordinary course of business owing to such Loan Party or such Subsidiaries; 
 (iii) endorse
negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; 
 (iv)
consummate a Permitted Acquisition, provided that the aggregate amount of consideration (other than consideration payable in Qualified Equity Interests) expended to acquire Persons or assets that do not become Loan Parties or Collateral,
respectively, shall not exceed $10,000,000 during the term of this Agreement; 

  
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 (v) maintain the loans, investments and/or liabilities in existence on the date
of this Agreement and set forth on Schedule 6.02(e)(v); 
 (vi) invest in the Equity Interests of the Subsidiaries,
provided that (A) any such investment in the form of Equity Interests held by a Loan Party shall be pledged pursuant to the Security Agreement (subject to any limitations applicable to voting stock of a Foreign Subsidiary referred to
therein), (B) no part of any such investment by a Loan Party to a non-Loan Party shall take the form of a contribution of intellectual property (other than any contribution or transfer to a Foreign Subsidiary of intellectual property that is
necessary to, or useful in, the business of such Foreign Subsidiary pursuant to the Management and Services Agreement, the Cost Sharing Agreement or the Platform Contribution Transaction License Agreement), and (C) the aggregate amount of
investments by the Loan Parties in Subsidiaries that are not Loan Parties (determined without regard to any write-downs or write-offs of such investments) shall not exceed $25,000,000 per Fiscal Year; 

(vii) make customary and reasonable indemnity obligations (A) in effect on the Closing Date, (B) entered into in
connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Debt), or (C) set forth in customer or vendor agreements entered into by the Borrower or any Subsidiary in the
ordinary course of business consistent with past practices (other than such obligations with respect to Debt); 
 (viii) make
loans or advances made by the Borrower to any Subsidiary and made by the Borrower or any Subsidiary to the Borrower or any other Subsidiary; provided that (A) any such loans and advances made by a Loan Party shall be evidenced by a promissory
note pledged to the Lender pursuant to the Security Agreement, (B) such loans and advances shall be unsecured and, to the extent owed by a Loan Party to a Person that is not a Loan Party, subordinated to the Obligations pursuant to a
subordination agreement in form and substance satisfactory to the Lender, and (C) the amount of such loans and advances made by Loan Parties to Subsidiaries that are not Loan Parties shall be subject to the limitation set forth in clause (vi)
of this Section; 
 (ix) make investments, loans or advances constituting non-cash consideration received by the Borrower or
any Subsidiary in respect of any Dispositions permitted under Section 6.02(f); 
 (x) make Guaranties to the extent permitted
under Section 6.02(b)(ix); and 
 (xi) make other investments, loans or advances in an aggregate amount not to exceed
$3,000,000 during the term of this Agreement. 
 For purposes of compliance with this Section 6.02(e), the amount of any investment (whether an equity
investment, loan, guarantee or other investment governed by this Section 6.02(e)) of any Person shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such investment less (x) any
returns or distributions of capital or repayment of principal actually received in cash by such Person with respect thereto, whether by disposition, return on capital, dividend or otherwise or (y) in the case of any investment by a Loan Party
in any Foreign Subsidiary, as reduced by any cash payments received by such Loan Party from any Foreign Subsidiary pursuant to the Management and Services Agreement, the Cost Sharing Agreement or the Platform Contribution Transaction License
Agreement. 

  
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 (f) Asset Sales. Borrower shall not, and shall not permit its Subsidiaries to, convey,
sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any part of its business, property or assets outside the ordinary course of business (including stock or other equity of a Subsidiary), whether now
owned or hereafter acquired (a “Disposition”), except that any Loan Party and any Subsidiary may convey, sell, lease, transfer or otherwise dispose of business, property or assets (i) that are surplus, obsolete or
otherwise not used or useful in the business of such Loan Party or such Subsidiary, provided that not less than 75% of the aggregate sale price from such Disposition shall be paid in cash, (ii) consisting of cash or Cash Equivalents
(A) in exchange for cash or other Cash Equivalents, (B) to a Person that is not an Affiliate of any Loan Party or such Subsidiary, or (C) to a Person that is an Affiliate of any Loan Party or such Subsidiary, to the extent permitted
by Sections 6.02(e) and (g) and not prohibited by any other provision of the Credit Agreement, (iii) in exchange for other assets comparable or superior as to type, value and quality, as determined in good faith by Borrower,
(iv) between and among the Borrower and its Subsidiaries, provided that if the transferor in such a transaction is a Loan Party, then either (x) the transferee must be a Loan Party or (y) the portion of any such Disposition
made for less than fair market value and any non-cash consideration received in exchange for such Disposition shall in each case constitute an investment in such Subsidiary restricted by Section 6.02(e) and must be permitted thereunder;
(v) resulting from any casualty, taking or condemnation of any property of the Borrower or any Subsidiary; (vi) constituting subleases of office space, for fair market value as determined by the Borrower in good faith, in the ordinary
course of business not interfering with the ordinary conduct of the business of the Borrower or any of its Subsidiaries; or (vii) for aggregate consideration not exceeding $5,000,000 in the aggregate during any Fiscal Year so long as
(A) at the time of such Disposition, no Event of Default or Potential Event of Default shall have occurred and be continuing or would result from such Disposition; (B) not less than 75% of the aggregate sale price from such Disposition
shall be paid in cash, and (C) all such Dispositions shall be for at least fair market value of the assets or property subject to such Disposition. 

(g) Transactions with Affiliates. Except as otherwise permitted by the Loan Documents, Borrower shall not, and shall not permit its
Subsidiaries to, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of such Loan Party or its Subsidiaries on terms that are less
favorable to such Loan Party or such Subsidiary than those that could reasonably be expected to be obtained at the time from Persons who are not such an Affiliate. 

(h) Conduct of Business. Borrower shall not, and shall not permit its Subsidiaries to, engage in any business, other than (i) the
businesses engaged in by such Loan Party or such Subsidiaries on the Closing Date; (ii) any related, ancillary, supplementary or complementary business line; (iii) any reasonable expansion or extension of any of the foregoing; or
(iv) such other lines of business as may be consented to in writing by the Lender. 
 (i) Modification of Organizational Documents;
Etc. No Loan Party shall permit its or any of its Subsidiaries’ charter, by-laws or other organizational documents to be amended or modified in any way unless (i) copies of such amendment or modification are promptly provided to the
Lender, or have been previously provided to the Lender in accordance with Section 6.01(b), (ii) such amendment or modification does not adversely affect in any material respect the interests of the Lender hereunder or at law and
(iii) such amendment or modification is not reasonably likely to have Material Adverse Effect. No Loan Party shall, and shall not permit any of its Subsidiaries to, change its jurisdiction of incorporation, formation or organization, as
applicable, name or corporate form without providing thirty (30) days’ prior written notice to the Lender. 
 (j) Inconsistent
Agreements; Negative Pledge. No Loan Party shall, or shall permit any of its Subsidiaries to, enter into any agreement containing any provision which would be violated or 

  
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breached by any Borrowing by the Borrower hereunder or by the performance by any Loan Party of any of its Obligations hereunder or under any other Loan Document (including the grant of the Liens
in the Collateral pursuant to the Security Documents). No Loan Party shall or shall allow any of its Subsidiaries to create or permit to exist or become effective any encumbrance or restriction on the ability of such Loan Party or any of its
Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its properties or revenues or which requires the grant of any security for an obligation if security is granted for the Secured Obligations, except for (i) this
Agreement and the other Loan Documents, (ii) covenants in capital leases and documents creating Liens permitted by Section 6.02(a) prohibiting further Liens on the properties encumbered thereby and Replacement Assets, (iii) customary
restrictions in leases and other contracts restricting the assignment or pledge thereof, (iv) any encumbrance or restriction existing under or by reason of applicable law, regulation or rule, (v) any encumbrance or restriction with respect
to the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract or similar property or asset and (vi) any encumbrance or restriction existing by virtue of any transfer of, agreement to
transfer, option or right with respect to, or Lien on, any property or assets of any Loan Party or any Subsidiary thereof not otherwise prohibited by this Agreement. Notwithstanding the foregoing, the Borrower and its Domestic Subsidiaries shall not
grant any Person, or suffer to exist, control over any deposit accounts or securities accounts, other than (x) pursuant to control agreements in favor of the Lender or (y) in connection with Liens permitted pursuant to
Section 6.02(a)(ii) and (xiv) limited solely to deposits and pledges so permitted. 
 (k) Amendments to Certain Agreements.
The Borrower shall not, and shall not permit any of its Subsidiaries to, amend or otherwise modify, or waive any rights under, the Management and Services Agreement, the Cost Sharing Agreement or the Platform Contribution Transaction License
Agreement to which such Person is a party in any manner adverse to the Lender. 
 (l) Fiscal Year. The Borrower shall not change its
Fiscal Year end to a date other than January 31. 
 (m) Prepayment and Cancellation of Debt. No Loan Party shall, or shall
permit any of its Subsidiaries to, (i) voluntarily prepay any Debt other than (x) the Obligations in accordance with the terms of the Loan Documents, (y) Debt permitted under Section 6.02(b) (provided that any prepayment
of Debt that is subordinated to the Obligations must also be permitted under the terms of the applicable subordination or intercreditor agreement) and (z) trade payables in the ordinary course of business, or (ii) cancel any claim or debt
owing to it, except for reasonable consideration determined by the Borrower in good faith. 
 (n) Certain Equity Securities; Equity
Ownership. Neither the Borrower nor any Subsidiary shall issue any Equity Interest that is not Qualified Equity Interest. The Borrower shall not cause or suffer to exist a Change in Control. 

(o) New Subsidiaries. The Borrower shall not acquire, organize or create any Subsidiary unless (i) the Borrower complies with
Section 6.01(m) hereunder, (ii) such Subsidiary is wholly owned by the Borrower, directly or indirectly, and (iii) such Borrower shall have complied with its obligations under the Security Agreement in respect of the Shares (as
defined in the Security Agreement) of such Subsidiary. 
 (p) Employee Benefit Plans. No Loan Party or any of its Subsidiaries or any
ERISA Affiliate of the Loan Party shall establish (i) a Pension Plan or (ii) contribute to or become required to contribute to a Multiemployer Plan. 

  
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 (q) Sale and Lease-Back Transactions. No Loan Party shall, and shall not permit any of
their Subsidiaries to, enter into any arrangement, directly or indirectly, with any Person whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent
or lease such property or other property which it intends to use for substantially the same purpose or purposes as the property being sold or transferred unless (a) the sale or transfer of such property is permitted by Section 6.02(f) and
(b) any obligations in connection with any Capital Lease or Liens arising in connection therewith are permitted by Sections 6.02(a) and 6.02(b), as the case may be. 

(r) Sanctions; Anti-Bribery. Borrower will not, directly or, to the Borrower’s knowledge, indirectly, use the proceeds of the
Loans or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of
such funding, is, or whose government is, the subject of Sanctions or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor,
investor or otherwise). The Borrower will not directly, or to the Borrower’s knowledge, indirectly, permit any part of the proceeds of the Loans to be used for any payments that would constitute a violation of any applicable anti-bribery law.

 (s) Capital Expenditures. Borrower shall not, and shall not permit any of its Subsidiaries to, make any Capital Expenditures if at
the time of making of such Capital Expenditure, an Event of Default shall have occurred and is continuing or would result from such Capital Expenditure. 

(t) Deposit Accounts and Securities Accounts. Borrower shall not, and shall not allow any of the Loan Parties to, permit any deposit
accounts or securities accounts (as each such term is defined in the UCC) of the Borrower or any other Loan Party at any time to have a principal balance in excess of $500,000 individually or $1,500,000 in the aggregate unless Borrower or such Loan
Party, as the case may be, has (i) executed and delivered to the Lender a control agreement executed by the financial institution where such account is maintained, the Lender and the Borrower or such Loan Party, in form and substance
satisfactory to the Lender, and (ii) taken all other steps necessary or, in the opinion of the Lender, desirable to ensure that the Lender has a perfected security interest in such account (it being understood and agreed that payroll accounts
shall not be required to be subject to control agreements and other requirements in clause (ii) of this Section 6.02(t) so long as the aggregate amount of funds on deposit in all such payroll accounts does not materially exceed estimated
payroll for the next payroll period); provided that, if the Borrower or such Loan Party is unable to obtain a control agreement from the financial institution at which such deposit account or securities account is maintained, the Borrower
shall, or shall cause such Loan Party to, transfer all amounts in the applicable account to an account maintained at a financial institution from which the Borrower or such Loan Party has obtained a control agreement that satisfies the requirements
of this Section 6.02(t). For the avoidance of doubt, (A) any funds held by the Borrower or any other Loan Party in trust for another Person that is not the Borrower or such Loan Party and (b) cash deposits secured by Liens permitted
pursuant to Section 6.02(a)(ii) or (xiv), shall not be considered deposit accounts or securities accounts for purposes of this Section 6.02(t). 

Section 6.03 Financial Covenants. So long as the Note or any Obligation hereunder and under the other Loan
Documents shall remain unpaid or the Lender shall have any Commitment hereunder: 
 (a) Minimum Quick Assets. The Borrower shall not
permit the Quick Assets to be less than $120,000,000 at any time, measured as of the last day of any calendar month; and 

  
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 (b) Asset Retention. The Borrower shall not permit the Asset Retention Ratio to be less
than 65% at any time, measured as of the last day of any Fiscal Quarter. 
 ARTICLE VII. 

EVENTS OF DEFAULT 

Section 7.01 Events of Default. If any of the following events (each, an “Event of Default”)
shall occur and be continuing: 
 (a) any Loan Party shall (i) fail to pay any principal hereunder when due, (ii) fail to pay any
interest or other amount payable hereunder or under any other Loan Documents within three (3) Business Days of the date when due, or (iii) fail to Cash Collateralize any obligations as required hereunder; or 

(b) any representation or warranty made by a Loan Party herein or in any other Loan Document or by a Loan Party (or any of its officers) in
connection with this Agreement or any other Loan Document shall prove to have been incorrect in any material respect when made; or 

(c) (i) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in Sections 6.01(b)(i), 6.01(c),
6.01(f), 6.01(q), 6.01(r), 6.02 or 6.03; or (ii) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in Sections 4.01 or 4.02 of the Security Agreement on its part to be performed or observed and any such
failure shall remain unremedied for fifteen (15) days after the earlier to occur of (A) such Loan Party obtaining actual knowledge of such failure and (B) such Loan Party’s receipt of written notice from Lender of such failure;
or 
 (d) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in this Agreement or any other Loan
Document other than those referred to in clauses (a), (b) and (c) above on its part to be performed or observed and any such failure shall remain unremedied for thirty (30) days after the earlier to occur of (i) such Loan Party
obtaining actual knowledge of such failure and (ii) such Loan Party’s receipt of written notice from Lender of such failure; or 

(e) any Loan Party or any of its Subsidiaries shall fail to pay any principal of, or premium or interest on, any Debt (excluding Debt
evidenced by the Loan Documents) (i) in any amount with respect to any Hedging Obligations or Cash Management Obligations owing to the Lender or any of its Affiliates, or (ii) in an aggregate principal amount exceeding $5,000,000 in any
other case, when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt,
or an event of default shall occur and be continuing under any agreement or instrument relating to any such Debt, in each case which shall accelerate the maturity of such Debt or permit the holder thereof or any trustee or agent for such holder to
cause such Debt to become due and payable prior to its expressed maturity, provided that this clause shall not apply to secured Debt that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Debt, if such
sale or transfer is permitted hereunder; or 
 (f) (i) the Borrower, any other Loan Party or any Material Subsidiary of the Borrower
shall commence any case, proceeding or other action (x) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief
entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or
(y) seeking appointment of a receiver, trustee, 

  
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custodian or other similar official for it or for all or substantially all of its assets, or the Borrower, any other Loan Party or any Material Subsidiary of the Borrower shall make a general
assignment for the benefit of its creditors, or (ii) there shall be commenced against the Borrower, any other Loan Party or any Material Subsidiary of the Borrower any case, proceeding or other action of a nature referred to in clause
(i) above which (x) results in the entry of an order for relief or any such adjudication or appointment or (y) remains undismissed or undischarged for a period of sixty (60) days; or 

(g) one or more final, non-appealable judgments, attachments or decrees shall be entered against any Loan Party or any of its Subsidiaries
involving in the aggregate a liability equal to or greater than $5,000,000 (or, in the case of any litigation or other proceedings described on Schedule 5.01(n), $7,500,000) with respect to such Loan Party or such Subsidiary in excess of
insurance (as to which a solvent and unaffiliated insurance company has not denied coverage) or third-party indemnities (as to which the indemnitor has not denied responsibility) and such judgments, attachments or decrees shall not have been
satisfied, vacated, dismissed, discharged, or stayed or bonded pending appeal within ninety (90) days from the entry thereof; or 
 (h)
any Loan Document, for any reason other than satisfaction in full of all Obligations, ceases to be in full force and effect, is declared null and void, or any Loan Party denies that it has any further liability under such Loan Document or gives
notice to such effect; or 
 (i) any Loan Document purporting to grant a Lien to secure any Obligation shall, at any time after the delivery
of such Loan Document, fail to create a valid and enforceable Lien on any Collateral purported to be covered thereby (except to the extent terminated in accordance with the terms of this Agreement or any other Loan Document), or such Lien shall fail
or cease to be a perfected Lien on any Collateral with the priority required in the relevant Loan Document or any Loan Party shall state in writing that any of the events described in this clause (i) shall have occurred, except, in each case,
if such failure is a result of the Lender’s action or omission; or 
 (j) any part of the property of any Loan Party is nationalized,
expropriated, seized or otherwise appropriated, or custody or control of such property or of such Loan Party is assumed by any governmental authority, unless the same (i) is not likely to have a Material Adverse Effect or (ii) is being
contested in good faith by appropriate proceedings diligently pursued and a stay of enforcement is in effect; 
 THEN (i) upon the occurrence of any
Event of Default described in clause (f) above, the Commitment shall immediately terminate and all Loans hereunder together with accrued interest thereon and all other Obligations owing under this Agreement, the Note and the other Loan
Documents shall automatically become due and payable and (ii) upon the occurrence of any other Event of Default, the Lender may, by notice to the Borrower, declare the Commitment to be terminated forthwith, whereupon the Commitment shall
immediately terminate, and/or, by notice to the Borrower, declare the Loans hereunder, with accrued interest thereon and all other Obligations owing under this Agreement, the Note and the other Loan Documents to be due and payable forthwith,
whereupon the same shall immediately become due and payable, and in each case the Borrower shall be required to immediately Cash Collateralize (x) the outstanding Hedging Obligations owing to the Lender or any of its Affiliates in an amount
equal to 105% of the aggregate net amount of such Hedging Obligations and (y) the outstanding Cash Management Obligations owing to the Lender or any of its Affiliates in an amount equal to 105% of the aggregate amount of such Cash Management
Obligations. Except as expressly provided above in this Section 7.01, presentment, demand, protest and all other notices of any kind are hereby expressly waived. 

  
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 ARTICLE VIII. 

MISCELLANEOUS 

Section 8.01 Amendments, Etc. No amendment or waiver of any provision of any Loan Documents, nor consent to any
departure by any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Lender and the applicable Loan Party and then such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given. 
 Section 8.02 Notices, Etc. Except as otherwise set forth in this
Agreement, all notices and other communications provided for hereunder and under the other Loan Documents shall be in writing (including email or facsimile communication) and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by facsimile or email, (i) if to a Loan Party, to the attention of the Borrower at the Borrower’s address set forth on the signature page hereof and (ii) if to the Lender, at its address set forth
on the signature page hereof or, as to each party, at such other address as shall be designated by such party in a written notice to the other parties. All such notices and communications shall be effective as follows: notices and other
communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications 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); and notices delivered by email shall be deemed to have been given
when received. Notwithstanding the foregoing, notices and communications to the Lender pursuant to Article II shall not be effective until received by the Lender. 

Section 8.03 Right of Set-off. Upon the occurrence and during the continuance of any Event of Default, the Lender
and each of its Affiliates are hereby authorized by each Loan Party, at any time and from time to time, without notice, to the fullest extent permitted by applicable law (a) to set off against, and to appropriate and apply to the payment of,
the obligations and liabilities of such Loan Party under the Loan Documents (whether matured or unmatured) any and all amounts owing by the Lender to such Loan Party (whether payable in Dollars or any other currency, whether matured or unmatured,
and, in the case of deposits, whether general or special, time or demand, provisional or final and however evidenced), irrespective of whether or not the Lender or any of its Affiliates shall have made any demand under this Agreement or any other
Loan Document and although such obligations and liabilities of such Loan Party are owed to a branch, office or Affiliate of the Lender different from the branch, office or Affiliate holding such deposit or obligated on such amounts, and
(b) pending any such action, to the extent necessary, to hold such amounts as collateral to secure such obligations and liabilities and to return as unpaid for insufficient funds any and all checks and other items drawn against any deposits so
held as the Lender in its sole discretion may elect. Each Loan Party hereby grants to the Lender a security interest in all deposits and accounts maintained with the Lender or any of its Affiliates to secure the Secured Obligations. The rights of
the Lender and its Affiliates under this Section 8.03 are in addition to other rights and remedies (including other rights of set-off) which the Lender or its Affiliates may have. 

Section 8.04 No Waiver; Remedies. No failure on the part of the Lender to exercise, and no delay in exercising,
any right under any of the Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right under any of the Loan Documents preclude any other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

  
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 Section 8.05 Costs and Expenses. The Borrower hereby agrees to pay on
demand (a) all reasonable and documented out-of-pocket costs and expenses of the Lender (including reasonable and documented out-of-pocket attorneys’ fees and costs) in connection with the preparation, negotiation, execution and delivery
of this Agreement and the other Loan Documents or (b) all costs and expenses of the Lender (including attorneys’ fees and costs) in connection with the administration of the Loan Documents or any amendments, modifications, or waivers of
the provisions hereof or thereof, enforcement (including, without limitation, in appellate, bankruptcy, insolvency, liquidation, reorganization, moratorium or other similar proceedings) or restructuring of the Loan Documents (including any
amendment, modification or waiver with respect thereto). This covenant shall survive termination of this Agreement and the payment of the Obligations. 

Section 8.06 Indemnity. Whether or not the transactions contemplated hereby shall be consummated, the Borrower
hereby agrees to indemnify, pay and hold the Lender, its Affiliates and their respective shareholders, officers, directors, employees and agents of the Lender (collectively, the “Indemnified Parties”), harmless from and against any
and all claims, liabilities, losses, damages, penalties, costs and expenses (whether or not any of the foregoing Persons is a party to any litigation), including, without limitation, attorneys’ fees and costs and costs of investigation,
document production, attendance at a deposition, or other discovery, with respect to or arising out of this Agreement or the other Loan Documents or any use of proceeds hereunder, or any exercise by the Lender of its rights and remedies under this
Agreement or, any other Loan Document, or any claim, demand, action or cause of action being asserted against any Loan Party, including without limitation with respect to violation of any Environmental Law or other Law (collectively, the
“Indemnified Liabilities”), provided that the Borrower shall have no obligation hereunder with respect to Indemnified Liabilities arising from (i) the gross negligence or willful misconduct of any such Persons or its employees
or representatives or (ii) any breach in bad faith by such Indemnified Party of any Loan Document. No Indemnified Party shall assert, and each Indemnified Party hereby waives, any claim based on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in
any way related to, this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds
thereof or any act or omission or event occurring in connection therewith, and each Indemnified Party hereby waives, releases and covenants not to sue upon any such claim or seek any such damages, whether or not accrued and whether or not known or
suspected to exist in its favor. This covenant shall survive termination of this Agreement and the payment of the Obligations. 

Section 8.07 Assignments and Participations. The Lender may sell, assign, transfer, negotiate or grant
participations to other financial institutions in all or part of its right and obligations under the Loan Documents (including all or a portion of its Commitment and the Loans at the time owing to the Lender), (i) in the case of a sale,
assignment or transfer, with the consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed), provided, that the Borrower’s consent shall not be required (A) at any time that an Event of Default
has occurred and is continuing or (B) in the case of a sale, assignment or transfer to an Affiliate of the Lender or an Approved Fund of the Lender, and (ii) in the case of a participation, without the consent of, or notice to, the
Borrower, provided, further, that in each case, any assignee or transferee agrees to be bound by the terms and conditions of this Agreement; and provided even further, that, in the case of a participation, (x) the Lender’s
obligations under this Agreement shall remain unchanged, (y) the Lender shall remain solely responsible to the Borrower for the performance of such obligations, and (z) the Borrower shall continue to deal solely and directly with the
Lender in connection with the Lender’s rights and obligations under this Agreement. The Lender may, in connection with any actual or proposed 

  
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assignment or participation, disclose to the actual or proposed assignee or participant, any information relating to the Loan Parties, so long as such potential participants or assignees comply
with the provisions of Section 8.09 related to participants and assignees. No Loan Party shall have the right to assign its rights hereunder or under any Loan Document or any interest herein or therein without the prior written consent of the
Lender, which consent can be withheld in the sole discretion of the Lender. “Approved 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 its activities and that is administered or managed by the Lender or an Affiliate of the Lender. 

Section 8.08 Limitation on Payments. The parties hereto intend to conform to all applicable laws limiting the
maximum rate of interest that may be charged or collected by the Lender from the Borrower. Accordingly, notwithstanding any other provision hereof, the Borrower shall not be required to make any payment to or for the account of the Lender, and the
Lender shall refund any payment made by the Borrower, to the extent that such requirement or such failure to refund would violate or conflict with mandatory and nonwaivable provisions of applicable law limiting the maximum amount of interest which
may be charged or collected by the Lender from the Borrower. To the fullest extent permitted by law, in any action, suit or proceeding pertaining to this Agreement, the burden of proof, by clear and convincing evidence, shall be on the Borrower to
demonstrate that this Section 8.08 applies to limit any obligation of the Borrower under this Agreement or to require the Lender to make any refund, or claiming that this Agreement conflicts with any applicable law limiting the maximum rate of
interest that may be charged or collected by the Lender from the Borrower, as to each element of such claim. 

Section 8.09 Disclosure of Information. The Lender may disclose information relating to any Loan Party or any of
their respective businesses, including information regarding the financial condition and property, and the amount of Debt owed to the Lender and the terms, conditions and other provisions applicable thereto to its Affiliates and to any of its
partners, directors, officers, employees, agents, trustees, advisors and representatives, regulatory authorities (including self-regulatory), assignees or participants or prospective assignees or participants, provided that each such Person
shall be informed of the confidential nature of such information and instructed to keep such information confidential, and in the case of assignees or participants or prospective assignees or participants, such Persons shall have executed and
delivered in favor of the Borrower a confidentiality agreement in reasonable and customary form. 
 Section 8.10
Limitation of Liability. TO THE FULLEST EXTENT PERMITTED BY LAW, NO CLAIM MAY BE MADE BY ANY PARTY TO ANY LOAN DOCUMENT AGAINST THE OTHER PARTY HERETO OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, ATTORNEY OR AGENT OF SUCH OTHER PARTY FOR
ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM ARISING FROM OR RELATING TO THIS AGREEMENT OR, ANY OTHER LOAN DOCUMENT OR ANY STATEMENT, COURSE OF CONDUCT, ACT, OMISSION OR EVENT IN CONNECTION WITH ANY OF THE
FOREGOING (WHETHER BASED ON BREACH OF CONTRACT, TORT OR ANY OTHER THEORY OF LIABILITY); AND EACH PARTY HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE UPON ANY CLAIM FOR ANY SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO
EXIST. 
 Section 8.11 Effectiveness; Binding Effect; Governing Law. This Agreement shall become effective when
it shall have been executed by the Borrower and the Lender and thereafter shall be binding upon and inure to the benefit of the Borrower, the Lender and their respective successors and assigns (subject to Section 8.07). THIS AGREEMENT AND THE
NOTE SHALL BE 

  
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GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS CHOICE OF LAW PRINCIPLES WHICH WOULD RESULT IN THE APPLICATION OF THE LAW OF ANOTHER
JURISDICTION. 
 Section 8.12 Waiver of Jury Trial. THE BORROWER HEREBY AGREES TO WAIVE ITS RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR ANY DEALINGS BETWEEN THE BORROWER AND THE LENDER RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER
RELATIONSHIP THAT IS BEING ESTABLISHED. 
 Section 8.13 Consent to Jurisdiction; Venue. All judicial proceedings
brought against a Loan Party with respect to this Agreement or the other Loan Documents may be brought in any state or federal court of competent jurisdiction in the State of New York in and for the County of New York, or of the United States for
the Southern District of New York (in each case sitting in the Borough of Manhattan), and by execution and delivery of this Agreement, each Loan Party hereby accepts for itself and in connection with its properties, generally and unconditionally,
the exclusive jurisdiction of the aforesaid courts, and each Loan Party hereby irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement and the other Loan Documents. Each Loan Party hereby irrevocably waives
any right it may have to assert the doctrine of forum non conveniens or to object to venue to the extent any proceeding is brought in accordance with this Section 8.13. Nothing in this Agreement or in any other Loan Document shall affect any
right that the Lender may otherwise have to bring any action or proceeding relating to any Loan Document against any Loan Party or its property in the courts of any jurisdiction. 

Section 8.14 Entire Agreement. This Agreement with all Exhibits and Schedules hereto and the other Loan Documents
embody the entire agreement and understanding by and among the parties hereto and thereto relating to the subject matter hereof and thereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject
matter hereof and thereof. 
 Section 8.15 Separability of Provisions; Headings. In case any one or more of the
provisions contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. Section
headings in this Agreement are included for convenience of reference only and shall not be given any substantive effect. 

Section 8.16 Execution in Counterparts; Etc. This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Agreement by
facsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. 

Section 8.17 USA Patriot Act. The Lender hereby notifies the Loan Parties that pursuant to the requirements of the
Patriot Act it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow the Lender to identify the Loan Parties
in accordance with the Patriot Act. 

  
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 Section 8.18 English Language. This Agreement and each of the other
Loan Documents has been negotiated and executed in the English language. Except as specified otherwise herein all certificates, reports, notices and other documents and communications given or delivered pursuant to this Agreement and the other Loan
Documents (including any modifications or supplements hereto or thereto) shall be in the English language, or accompanied by an English translation. 

Section 8.19 Service of Process. Each party hereto irrevocably consents to service of process in the manner
provided for notices in Section 8.02. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable laws. 

[remainder of page intentionally left blank] 

  
 50 

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

			
	BORROWER:
	
	BOX, INC.
		
	By:	 	 /s/ Dylan Smith

	Name: Dylan Smith
	Title: Chief Financial Officer

 [Signature Page to Credit Agreement] 

 
			
	LENDER:
	
	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Vanessa Printz

	Name:  Vanessa Printz
	Title:    Vice President

 [Signature Page to Credit Agreement]

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