Document:

Exhibit

Exhibit 10.1

THIRD AMENDMENT TO CREDIT AGREEMENT
THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), is entered into as of December 15, 2016, by and among GRACO INC. (the “Company”), the Banks (as defined in the Credit Agreement) signatory hereto and U.S. Bank National Association, as administrative agent for the Banks (in such capacity, the “Agent”).  Capitalized terms used herein but not defined herein shall have the meaning given such terms in the Credit Agreement (as defined below).
W I T N E S S E T H
WHEREAS, the Company, the Borrowing Subsidiaries party thereto from time to time, the Banks and the Agent are party to that certain Credit Agreement, dated as of May 23, 2011 (as amended, restated, supplemented, or otherwise modified prior to the date hereof, the “Credit Agreement”);
WHEREAS, the Company has requested that certain modifications be made to the Credit Agreement; and
WHEREAS, the Banks have agreed to amend the Credit Agreement on the terms and conditions set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend the Credit Agreement as follows:
SECTION 1.Amendments.      Effective as of the Third Amendment Effective Date (as defined in Section 2 below), but subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as set forth in the marked terms on Exhibit A-1 attached hereto (the “Amended Credit Agreement”).  In Exhibit A-1 hereto, deletions of text in the Amended Credit Agreement are indicated by struck-through text, and insertions of text are indicated by bold, double-underlined text. Exhibit A-2 attached hereto sets forth a clean copy of the Amended Credit Agreement, after giving effect to such amendments.  This Amendment shall constitute a Loan Document.
SECTION 2.Conditions of Effectiveness.  This Amendment shall become effective as of the date hereof (the “Third Amendment Effective Date”) when, and only when:
(a)    the Agent shall have received counterparts of (i) this Amendment duly executed by the Company, the Banks and the Agent and (ii) a reaffirmation of each Guaranty by each applicable Guarantor; 
(b)    A certificate or certificates of the Secretary or an Assistant Secretary of each Borrower and each Guarantor, attesting to and attaching (i) a copy of the corporate resolution of such Person authorizing the execution, delivery and performance of this Amendment and the Credit Agreement as amended hereby, if applicable, and the other Loan Documents to which it is a party (ii) an incumbency certificate showing the names and titles, and bearing the signatures of, the officers of such Borrower or Guarantor 

authorized to execute this Amendment, if applicable, and the other Loan Documents to which it is a party and (iii) a copy of the Organizational Documents of such Borrower or Guarantor with all amendments thereto;
(c)    a Certificate of Good Standing for the Company and each Guarantor certified by the Secretary of State or equivalent body in the applicable jurisdiction of incorporation;
(d)    an opinion of counsel to the Company, the Guarantors and any Borrowing Subsidiary, addressed to the Agent and the Banks, in form and substance acceptable to the Agent;
(e)    a certificate signed by a Responsible Officer that the conditions specified in Section 6.3 of the Credit Agreement have been satisfied;
(f)    all of the Agent’s accrued costs, fees and expenses through the date hereof and all fees set forth in the Fee Letters shall be fully paid; and
(g)    the Senior Note Agreements shall have been amended in a manner satisfactory to the Agent.
SECTION 3.Representations and Warranties.  Each of the parties hereto represents and warrants that this Amendment and the Credit Agreement, as amended by this Amendment, constitute legal, valid and binding obligations of such party enforceable against such party in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles.
SECTION 4.Reaffirmation.  The Company hereby ratifies and reaffirms the Pledge Agreement and its pledge of stock or Ownership Interests of Foreign Subsidiaries thereunder.
SECTION 5.Departing Banks; Reallocation.  Certain Banks have agreed that, subject to the terms hereof, they shall no longer constitute Banks under the Credit Agreement as of the Third Amendment Effective Date (each, a “Departing Bank”).  Each Bank that executes and delivers a signature page hereto that identifies it as a Departing Bank shall constitute a Departing Bank as of the Third Amendment Effective Date.  On the Third Amendment Effective Date, (a) no Departing Bank shall have a Commitment, (b) each Departing Bank shall cease to be a party to the Credit Agreement, and no Departing Bank shall have any rights, duties or obligations thereunder (other than those rights that expressly survive payment of the Obligations and termination of the Credit Agreement), (c) all accrued and unpaid interest, fees and other amounts, if any, due and owing to a Departing Bank under the Loan Documents (prior to the Third Amendment Effective Date) and, in the case of such other amounts, of which the Borrowers have been notified, other than outstanding Loans owed to or held by such Departing Bank (which shall be reallocated as set forth below), shall be paid by the Borrowers to such Departing Bank, (d) each Departing Bank hereby assigns its Commitments and Loans to the remaining Banks such that the new Commitments of each remaining Bank after giving effect to such assignment shall be in the amounts set forth on Schedule 1.1 of the Credit Agreement, as amended hereby, and the Agent is hereby authorized to take such steps under the Credit 

2

Agreement as reasonably required to give effect to the departure of the Departing Banks, including, without limitation, reallocating outstanding obligations among the Banks ratably based on the Commitments set forth on Schedule 1.1 of the Credit Agreement, as amended hereby and (e) each remaining Bank receiving an assignment pursuant to clause (d) above shall pay to the Agent, for the respective accounts of the assigning Departing Banks, an amount equal to the aggregate principal amount of Loans so assigned to it, and the Agent shall remit the funds so received ratably to such assigning Departing Banks.  The remaining Banks and the Borrowers agree with and consent to the foregoing assignments and authorization as described in the immediately preceding sentence.  Each Departing Bank joins in the execution of this Amendment solely for the purposes of evidencing its agreement to this Section 5 and for no other purpose.
SECTION 6.Reference to and the Effect on the Credit Agreement.
(a)    On and after the Third Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement and each reference to the Credit Agreement in any certificate delivered in connection therewith, shall mean and be a reference to the Credit Agreement as amended hereby.
(b)    Each of the parties hereto hereby agrees that, except as specifically amended above, the Credit Agreement is hereby ratified and confirmed and shall continue to be in full force and effect and enforceable, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and general equitable principles.  
(c)    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Banks, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.
SECTION 7.Headings.  Section headings in this Amendment are included herein for convenience only and shall not constitute a part of this Amendment for any other purpose.
SECTION 8.Execution in Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Amendment by signing any such counterpart.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by e-mail transmission of a PDF or similar copy shall be equally as effective as delivery of an original executed counterpart of this Amendment.
SECTION 9.Governing Law.  The validity, construction and enforceability of this Amendment shall be governed by the internal laws of the State of Minnesota, without giving effect to conflict of laws principles thereof, but giving effect to federal laws of the United States applicable to national banks.
SECTION 10.Expenses.  The Company agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Agent (including, without limitation, the reasonable fees and 

3

expenses of outside counsel to the Agent) incurred in connection with the preparation, negotiation and execution of this Amendment and any other document required to be furnished herewith.
SECTION 11.Severability.    Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.
SECTION 12.Successors; Enforceability.  The terms and provisions of this Amendment shall be binding upon the Borrowers, the Agent and the Banks and their respective successors and assigns, and shall inure to the benefit of the Borrowers, the Agent and the Banks and the successors and assigns of the Agent and the Banks.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized signatories as of the day and year first above written.
GRACO INC. 

By:  /s/ Christian E. Rothe 
Name: Christian E. Rothe  
Title: Chief Financial Officer and Treasurer 

Signature Page to
Amendment No. 3 to Graco Credit Agreement

U.S. BANK NATIONAL ASSOCIATION 
as Agent and a Bank 
 
 
By:  /s/ Mila Yakovlev 
Name: Mila Yakovlev 
Title: Vice President 

Signature Page to
Amendment No. 3 to Graco Credit Agreement

JPMORGAN CHASE BANK, N.A. 
as a Bank 

By:  /s/ Suzanne Ergastolo  
Name: Suzanne Ergastolo  
Title: Executive Director 

Signature Page to
Amendment No. 3 to Graco Credit Agreement

WELLS FARGO BANK, NATIONAL ASSOCIATION 
as a Bank 

By:  /s/ Mark H. Halldorson 
Name: Mark H. Halldorson 
Title: Director 

Signature Page to
Amendment No. 3 to Graco Credit Agreement

BANK OF AMERICA, N.A. 
as a Bank 

By:  /s/ Haya Saiyed 
Name: Haya Saiyed  
Title: Officer 

Signature Page to
Amendment No. 3 to Graco Credit Agreement

PNC BANK, NATIONAL ASSOCIATION 
as a Bank 

By:  /s/ Joseph McElhinny 
Name: Joseph McElhinny 
Title: Vice President 

Signature Page to
Amendment No. 3 to Graco Credit Agreement

CITIZENS BANK, N.A. 
as a Bank 

By:  /s/ Thomas Lass 
Name: Thomas Lass 
Title: Senior Vice President 

Signature Page to
Amendment No. 3 to Graco Credit Agreement

ING BANK N.V., DUBLIN BRANCH 
as a Bank 

By:  /s/ Sean Hassett 
Name: Sean Hassett 
Title: Director 
By:  /s/ Shaun Hawley 
Name: Shaun Hawley  
Title: Director 

Signature Page to
Amendment No. 3 to Graco Credit Agreement

THE NORTHERN TRUST COMPANY 
as a Bank 

By:  /s/ Molly Drennan 
Name: Molly Drennan 
Title: Senior Vice President 

Signature Page to
Amendment No. 3 to Graco Credit Agreement

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,  
as a Departing Bank 

By:  /s/ Eric Hill  
Name: Eric Hill  
Title: Authorized Signatory 

Signature Page to
Amendment No. 3 to Graco Credit Agreement

EXHIBIT A-1
Amended Credit Agreement

[Omitted. See Exhibit A-2]

EXHIBIT A-2
Clean Amended Credit Agreement

Attached.

CREDIT AGREEMENT
Dated as of May 23, 2011,
and as amended as of March 27, 2012, June 26, 2014 and December 15, 2016,
among
GRACO INC.,
THE BORROWING SUBSIDIARIES, 
as defined herein,
THE BANKS, 
as defined herein,
U.S. BANK NATIONAL ASSOCIATION, 
as Administrative Agent,
JPMORGAN CHASE BANK, N.A., 
as Syndication Agent, 
WELLS FARGO BANK, NATIONAL ASSOCIATION, BANK OF AMERICA, N.A., CITIZENS BANK, N.A. and PNC BANK, NATIONAL ASSOCIATION,
as Co-Documentation Agents, and

U.S. BANK NATIONAL ASSOCIATION and JPMORGAN CHASE BANK, N.A., 
as Joint Lead Arrangers and Joint Bookrunners

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TABLE OF CONTENTS

	
			
	 
	 
	Page

	ARTICLE I DEFINITIONS, CONSTRUCTION, ACCOUNTING TERMS AND 
ALTERNATIVE CURRENCIES
	1

	Section 1.1
	Defined Terms
	1

	Section 1.2
	Accounting Terms and Calculations
	23

	Section 1.3
	Computation of Time Periods
	23

	Section 1.4
	Other Definitional Terms
	23

	 
	 
	 

	ARTICLE II TERMS OF LENDING
	24

	 
	 
	 

	Section 2.1
	The Commitments
	24

	Section 2.2
	Advance Options
	24

	Section 2.3
	Borrowing Procedures
	25

	Section 2.4
	Continuation or Conversion of Loans
	26

	Section 2.5
	Evidence of Loans; Request for Note
	27

	Section 2.6
	Funding Losses
	27

	Section 2.7
	Letters of Credit.
	27

	Section 2.8
	Refunding of Swing Line Loans
	30

	Section 2.9
	Borrowing Subsidiaries
	31

	Section 2.10
	Increase to Commitments
	32

	Section 2.11
	Defaulting Banks
	33

	Section 2.12
	Purpose of Loans
	37

	Section 2.13
	Replacement of Bank
	37

	Section 2.14
	Extensions of Commitments
	38

	 
	 
	 

	Article III INTEREST AND FEES
	40

	 
	 
	 

	Section 3.1
	Interest
	40

	Section 3.2
	Commitment Fee
	41

	Section 3.3
	Computation
	41

	Section 3.4
	Fees
	41

	Section 3.5
	Limitation of Interest
	41

	 
	 
	 

	Article IV PAYMENTS, PREPAYMENTS, REDUCTION OR TERMINATION OF THE CREDIT AND SETOFF
	42

	 
	 
	 

	Section 4.1
	Repayment
	42

	Section 4.2
	Prepayments
	42

	Section 4.3
	Optional Reduction or Termination of Commitments
	43

	Section 4.4
	Payments
	43

	Section 4.5
	Proration of Payments
	43

	 
	 
	 

	Article V ADDITIONAL PROVISIONS RELATING TO LOANS
	44

	Section 5.1
	Yield Protection
	44

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TABLE OF CONTENTS 
(Continued)

	
			
	 
	 
	Page

	 
	 
	 

	Section 5.2
	Changes in Capital Adequacy Regulations
	45

	Section 5.3
	Deposits Unavailable or Interest Rate Unascertainable or Inadequate; Impracticability
	45

	Section 5.4
	Illegality
	46

	Section 5.5
	Discretion of the Banks as to Manner of Funding
	46

	Section 5.6
	Taxes
	47

	Section 5.7
	Selection of Lending Installation; Mitigation Obligations; Bank Statements; Survival of Indemnity
	50

	Section 5.8
	Judgment Currency
	50

	Section 5.9
	Mitigation
	51

	Section 5.10
	No Advisory or Fiduciary Responsibility
	51

	 
	 
	 

	Article VI CONDITIONS PRECEDENT
	52

	 
	 
	 

	Section 6.1
	Conditions to Effectiveness
	52

	Section 6.2
	Conditions Precedent to Initial Loans
	53

	Section 6.3
	Conditions Precedent to all Loans
	53

	 
	 
	 

	Article VII REPRESENTATIONS AND WARRANTIES
	54

	 
	 
	 

	Section 7.1
	Organization, Standing, Etc.
	54

	Section 7.2
	Authorization and Validity
	54

	Section 7.3
	No Conflict; No Default
	54

	Section 7.4
	Government Consent
	55

	Section 7.5
	Financial Statements and Condition
	55

	Section 7.6
	Litigation
	55

	Section 7.7
	Compliance
	55

	Section 7.8
	Environmental, Health and Safety Laws
	55

	Section 7.9
	ERISA
	56

	Section 7.10
	Regulation U
	56

	Section 7.11
	Ownership of Property; Liens
	56

	Section 7.12
	Taxes
	56

	Section 7.13
	Trademarks, Patents
	56

	Section 7.14
	Investment Company Act
	57

	Section 7.15
	Subsidiaries
	57

	Section 7.16
	Solvency
	57

	Section 7.17
	Disclosure
	57

	Section 7.18
	Sanctions; Anti-Terrorism Laws
	58

	Section 7.19
	EEA Financial Institutions
	58

	 
	 
	 

	Article VIII AFFIRMATIVE COVENANTS
	58

	 
	 
	 

	Section 8.1
	Financial Statements and Reports
	58

	Section 8.2
	Corporate Existence
	60

	 
	 
	 

	 
	 
	 

	 
	 
	 

-ii-

TABLE OF CONTENTS 
(Continued)

	
			
	 
	 
	Page

	 
	 
	 

	Section 8.3
	Insurance
	60

	Section 8.4
	Payment of Taxes and Claims
	60

	Section 8.5
	Inspection
	61

	Section 8.6
	Maintenance of Properties
	61

	Section 8.7
	Books and Records
	61

	Section 8.8
	Compliance
	61

	Section 8.9
	ERISA
	61

	Section 8.10
	Environmental Matters
	62

	Section 8.11
	Subsidiaries
	62

	Section 8.12
	Most Favored Lender
	62

	Section 8.13
	[Reserved]
	63

	Section 8.14
	[Reserved]
	63

	Section 8.15
	PATRIOT Act Compliance
	63

	 
	 
	 

	Article IX NEGATIVE COVENANTS
	64

	 
	 
	 

	Section 9.1
	Merger
	64

	Section 9.2
	Sale of Assets
	64

	Section 9.3
	Plans
	65

	Section 9.4
	Change in Nature of Business
	65

	Section 9.5
	Other Agreements
	65

	Section 9.6
	Investments
	65

	Section 9.7
	Use of Proceeds
	66

	Section 9.8
	Secured Indebtedness
	66

	Section 9.9
	Cash Flow Leverage Ratio
	66

	Section 9.10
	Interest Coverage Ratio
	66

	Section 9.11
	Material Subsidiaries
	67

	 
	 
	 

	Article X EVENTS OF DEFAULT AND REMEDIES
	67

	 
	 
	 

	Section 10.1
	Events of Default
	67

	Section 10.2
	Remedies
	69

	Section 10.3
	Letters of Credit
	69

	Section 10.4
	Security Agreement in Accounts and Setoff
	69

	 
	 
	 

	Article XI GUARANTY
	70

	 
	 
	 

	Section 11.1
	Unconditional Guaranty
	70

	Section 11.2
	Guaranty Absolute
	70

	Section 11.3
	Waivers
	71

	Section 11.4
	Subrogation
	71

	Section 11.5
	Survival
	71

	 
	 
	 

	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

-iii-

TABLE OF CONTENTS 
(Continued)

	
			
	 
	 
	Page

	 
	 
	 

	Article XII THE AGENTS
	72

	 
	 
	 

	Section 12.1
	Appointment and Grant of Authority
	72

	Section 12.2
	Non Reliance on Agent
	72

	Section 12.3
	Responsibility of the Agent and Other Matters
	72

	Section 12.4
	Action on Instructions
	73

	Section 12.5
	Indemnification
	73

	Section 12.6
	U.S. Bank National Association and Affiliates
	74

	Section 12.7
	Notice to Holder of Notes
	74

	Section 12.8
	Successor Agent
	74

	Section 12.9
	Syndication Agent; Co-Documentation Agents; Lead Arrangers
	74

	 
	 
	 

	Article XIII MISCELLANEOUS
	74

	 
	 
	 

	Section 13.1
	No Waiver and Amendment
	74

	Section 13.2
	Amendments, Etc.
	75

	Section 13.3
	Assignments and Participations
	75

	Section 13.4
	Costs, Expenses and Taxes; Indemnification
	78

	Section 13.5
	Notices
	78

	Section 13.6
	Successors
	79

	Section 13.7
	Severability
	79

	Section 13.8
	Captions
	79

	Section 13.9
	Entire Agreement
	79

	Section 13.10
	Counterparts
	79

	Section 13.11
	Governing Law
	79

	Section 13.12
	Consent to Jurisdiction
	79

	Section 13.13
	Waiver of Jury Trial
	80

	Section 13.14
	Patriot Act
	80

	Section 13.15
	Confidentiality
	80

	Section 13.16
	Release of Borrowing Subsidiary, Guaranty or Pledge Agreement
	81

	Section 13.17
	Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	81

EXHIBITS
Exhibit A    –    Form of Borrowing Subsidiary Agreement 
Exhibit B    –    Form of Compliance Certificate 
Exhibit C    –    Form of Guaranty 
Exhibit D    –    [Reserved] 
Exhibit E    –    Form of Pledge Agreement 
Exhibit F    –    Form of General Counsel’s Opinion and Form of Special Counsel’s Opinion              
Exhibit G    –    Form of Assignment Agreement

-iv-

TABLE OF CONTENTS 
(Continued)

Exhibit H    --    Form of Intercreditor Agreement

SCHEDULES
Schedule 1.1    –    Commitments and Percentages 
Schedule 1.2    --    Existing Letters of Credit
     
Schedule 7.6    --     Litigation
Schedule 7.15    –    Subsidiaries 
Schedule 9.6    –    Investments

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CREDIT AGREEMENT
THIS CREDIT AGREEMENT, dated as of May 23, 2011, is by and between GRACO INC., a Minnesota corporation (the “Company”), the subsidiaries of the Company listed on the signature pages hereof or which from time to time become parties hereto pursuant to Section 2.9 (each a “Borrowing Subsidiary” and collectively the “Borrowing Subsidiaries”), the banks or financial institutions listed on the signature pages hereof or which hereafter become parties hereto by means of assignment and assumption as hereinafter described (individually referred to as a “Bank” or collectively as the “Banks”), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Administrative Agent (in such capacity, the “Agent”), JPMORGAN CHASE BANK, N.A., as Syndication Agent (in such capacity, the “Syndication Agent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, BANK OF AMERICA, N.A., CITIZENS BANK, N.A. and PNC BANK, NATIONAL ASSOCIATION, as Co-Documentation Agents (in such capacities, the “Co-Documentation Agents”), and U.S. BANK NATIONAL ASSOCIATION and  JPMORGAN CHASE BANK, N.A. as Joint Lead Arrangers and Joint Bookrunners (the “Lead Arrangers”).

 ARTICLE I
DEFINITIONS, CONSTRUCTION, 
ACCOUNTING TERMS AND ALTERNATIVE CURRENCIES

Section 1.1    Defined Terms.  In addition to the terms defined elsewhere in this Agreement, the following terms shall have the following respective meanings (and such meanings shall be equally applicable to both the singular and plural form of the terms defined, as the context may require):
“Account Subsidiary” shall have the meaning set forth in Section 11.1.
“Additional Covenant” means any affirmative or negative covenant or similar restriction applicable to the Company or any Subsidiary (regardless of whether such provision is labeled or otherwise characterized as a covenant) the subject matter of which either (i) is similar to that of any covenant in Articles VIII or IX of this Agreement, or related definitions in Article I of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive than those set forth herein or more beneficial to the lender or creditor under any Material Financing (and such covenant or similar restriction shall be deemed an Additional Covenant only to the extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any covenants in Articles VIII or IX of this Agreement, or related definitions in Article I of this Agreement.
“Additional Default” means any provision contained in any agreement with respect to any Material Financing which permits the holders of such Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Company or any Subsidiary to purchase the Indebtedness thereunder prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Article X of this Agreement, or related definitions in Article I of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive or has a shorter grace period than those set forth herein or is more beneficial to the lender under any Material Financing (and such 

provision shall be deemed an Additional Default only to the extent that it is more restrictive, has a shorter grace period or is more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Article X of this Agreement, or related definitions in Article I of this Agreement.
“Advance” means the portion of the outstanding Loans bearing interest at an identical rate for an identical Interest Period, provided that all Base Rate Advances shall be deemed a single Advance.  An Advance may be a “LIBOR Advance” or “Base Rate Advance”, and a LIBOR Advance may be a “Fixed LIBOR Advance” or a “Floating LIBOR Advance” (each, a “type” of Advance).
“Adverse Event” means the occurrence of any event that could have a material adverse effect on the business, operations, property, assets, liabilities (actual or contingent) or condition (financial or otherwise) of the Company and the Subsidiaries as a consolidated enterprise or on the ability of the Company or any Subsidiary obligated thereunder to perform its obligations under the Loan Documents.
“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person, including, without limitation, such Person’s Subsidiaries.  A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise.
“Agent” means U.S. Bank National Association, as Agent for the Banks hereunder and each successor, as provided in Section 12.8, who shall act as Agent.
“Agreement” means this Credit Agreement, as it may be amended, modified, supplemented, restated or replaced from time to time.
“Alternative Currency” means any currency other than Dollars consisting of Yen, Euros, Canadian Dollars, Sterling, Swiss Francs and other freely-traded and transferable currencies, consistently obtainable in sufficient amounts, that are approved by the Agent and the Banks from time to time at their discretion at the request of the Company as Alternative Currencies.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Company or its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Applicable Margin”; “Applicable Commitment Fee Rate” shall mean the percentages set forth below corresponding to the Cash Flow Leverage Ratios shown below for the most recent fiscal quarter end for which financial statements have been delivered:

2

	
							
	Cash Flow Leverage Ratio:
	Applicable Margin for Fixed LIBOR Advances:
	Applicable Margin for Base Rate Advances
	Applicable Commitment Fee Rate:

	Less than or equal to 1.00 to 1.00
	1.000
	%
	0.000
	%
	0.125
	%

	Greater than 1.00 to 1.00 but less than or equal to 1.75 to 1.00
	1.125
	%
	0.125
	%
	0.150
	%

	Greater than 1.75 to 1.00 but less than or equal to 2.50 to 1.00
	1.250
	%
	0.250
	%
	0.175
	%

	Greater than 2.50 to 1.00 but less than or equal to 3.25 to 1.00
	1.500
	%
	0.500
	%
	0.200
	%

	Greater than 3.25 to 1.00
	1.750
	%
	0.750
	%
	0.250
	%

Until delivery of the Company’s quarterly financial statements for the first quarter ending after the Third Amendment Effective Date, the Applicable Margin for Fixed LIBOR Advances shall be 1.000%, the Applicable Margin for Base Rate Advances shall be 0.000%, and the Applicable Commitment Fee Rate shall be 0.125%.  Thereafter, the Applicable Margin shall be determined on a quarterly basis, and shall be effective from and after the first day of the first fiscal month immediately following the due date of the Company’s annual or quarterly financial statements as required by Section 8.1(a) or (b) based on the Cash Flow Leverage Ratio as demonstrated by the annual or quarterly financial statements of the Borrowers delivered for the fiscal quarter or year most recently ended, and as certified on behalf of the Company by the Company’s financial officer.  In the event that such financial statements are not delivered as required by Section 8.1(a) or (b), the Applicable Margin shall be the highest percentages set forth above until such time as such financial statements are delivered, after which time the Applicable Margin shall be readjusted to the rate applicable to the Cash Flow Leverage Ratio applicable to such statements.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“Bank” is defined in the preamble hereto, and shall include the Agent in its capacity as issuer of Letters of Credit, as the context may require.
“Base Rate” means the highest on any day of (a) the Prime Rate, (b) the Federal Funds Effective Rate (each determined each Business Day and applicable from and including such Business Day to, but not including, the next following Business Day) plus 0.50% or (c) the LIBOR Rate for Floating LIBOR Advances plus 1.50%.

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“Base Rate Advance” means an Advance designated as such in a notice of borrowing under Section 2.3 or a notice of continuation or conversion under Section 2.4, or that otherwise accrues interest with reference to the Base Rate.
“Borrowers” means the Company and each Borrowing Subsidiary.
“Borrowing Subsidiary Agreement” means each agreement, in the form of Exhibit A executed by each Foreign Subsidiary proposed to be a Borrowing Subsidiary and the Company.
“Business Day” means any day (other than a Saturday, Sunday or legal holiday in the State of Minnesota) on which national banks are permitted to be open in Minneapolis, Minnesota and New York, New York and, with respect to the following types of Advances, the following days:
(a)    for LIBOR Advances, a day on which dealings in Dollars or any other relevant Alternative Currency may be carried on by the Agent and the Banks in the interbank eurocurrency market; and
(b)    for Advances in Euros, a TARGET Day.
“Canadian Dollar” and “C$” means the lawful currency of Canada.
“Capitalized Lease” means any lease which is or should be capitalized on the books of the lessee in accordance with GAAP (subject to the GAAP conventions set forth in Section 1.2).
“Cash Collateralize” means to deposit in a cash collateral account or to pledge and deposit with or deliver to the Agent, for the benefit of one or more of the Agent or the Banks, as collateral for Letter of Credit Obligations or obligations of Banks to fund participations in respect of Letter of Credit Obligations, cash or deposit account balances or, if the Agent shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Agent.  “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 
“Cash Flow Leverage Ratio” means, as of any date, the ratio, calculated for the period of four consecutive fiscal quarters then ended, of consolidated Indebtedness of the Company and its Subsidiaries as of the last day of such period to EBITDA for such period.
“CDOR Rate” means, with respect to the relevant Interest Period, the greater of (a) zero percent (0.0%) and (b) the per annum rate equal to the arithmetic average of the annual yield rates applicable to Canadian dollar bankers’ acceptances for such Interest Period (or if such Interest Period is not equal to a number of months, for a term equivalent to the number of months closest to such Interest Period) on the “CDOR Page” (or any display substituted therefor) of Reuters Monitor Money Rates Services (or such other page or commercially available source displaying Canadian interbank bid rates for Canadian dollar bankers’ acceptances as may be designated by the Agent from time to time) at or about 10:00 a.m. (Toronto, Ontario time) two (2) Business Days prior to the commencement of such Interest Period; provided, that if such Canadian dollar CDOR rate is unavailable at any time pursuant to the foregoing methodology, 

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the Agent may select, using its reasonable judgment, an alternative published interest rate in order to determine such rate.
“Change of Control” means:
(a)    either (i) the acquisition by any “person” or “group” (as those terms are used in Sections 13(d) and 14(d) of the Exchange Act) of beneficial ownership (as defined in Rules 13d-3 and 13d-4 of the Securities and Exchange Commission, except that a Person shall be deemed to have beneficial ownership of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 30% or more of the voting power of the then-outstanding voting capital stock of the Company; or (ii) a change in the composition of the board of directors of the Company such that continuing directors cease to constitute more than 50% of such board of directors.  As used in this definition, “continuing directors” means, as of any date, (i) those members of the board of directors of the Company who assumed office prior to such date, and (ii) those members of the board of directors of the Company who assumed office after such date and whose appointment or nomination for election by the Company’s shareholders was approved by a vote of at least 50% of the directors of the Company in office immediately prior to such appointment or nomination; or
(b)    a “change of control” or any similar event shall occur under, and as defined in documents pertaining to, any Indebtedness in excess of $10,000,000 in the aggregate (other than the Obligations) of the Company or any Material Subsidiary.
“Change in Law” means the adoption of or change in any law, governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law) or in the interpretation, promulgation, implementation or administration thereof by any Governmental or quasi-Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, including, notwithstanding the foregoing, all requests, rules, guidelines or directives (x) in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or (y) promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or the United States or foreign financial regulatory authorities, in each case of clauses (x) and (y), regardless of the date enacted, adopted, issued, promulgated or implemented, or compliance by any Bank or applicable Lending Installation with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency.
“Code” means the Internal Revenue Code of 1986, as amended, or any successor statute, together with regulations thereunder.
“Collateral Agent” means U.S. Bank National Association, as collateral agent under the Pledge Agreement and under the Intercreditor Agreement.
“Commitment” means the maximum unpaid principal amount of the Loans and Letter of Credit Obligations of all Banks which may from time to time be outstanding hereunder, being as of the Third Amendment Effective Date $500,000,000, as the same may be increased from time

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 to time pursuant to Section 2.10 or reduced from time to time pursuant to Section 4.3, or, if so indicated, the maximum unpaid principal amount of Loans and participation in Letters of Credit and Swing Line Loans of any Bank which may from time to time be outstanding hereunder (which amounts are set forth on Schedule 1.1 hereto or in the relevant Assignment and Assumption Agreement for such Bank) and, as the context may require, the agreement of each Bank to make Loans to the Borrowers and to issue (for the Agent) or participate in (for the Banks) the Letters of Credit subject to the terms and conditions of this Agreement up to its Commitment.
“Commitment Fees” is defined in Section 3.2.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and any successor statute.
“Compliance Certificate” means a certificate in the form of Exhibit B, duly completed and signed by a Responsible Officer of the Company, which certificate shall include, without limitation, supporting detail evidencing compliance with the applicable covenants addressed therein.
“Consolidated Assets” means the book value of the assets, net of reserves, of the Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP (subject to the GAAP conventions set forth in Section 1.2) (but after giving effect, without duplication, to the elimination of the asset component of minority interests, if any, in such Subsidiaries).
“Contingent Obligation” means, with respect to any Person at the time of any determination, without duplication, any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or otherwise:  (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any direct or indirect security therefor, (b) to purchase property, securities, Ownership Interests or services for the purpose of assuring the owner of such Indebtedness of the payment of such Indebtedness, (c) to maintain working capital, equity capital or other financial statement condition of the primary obligor so as to enable the primary obligor to pay such Indebtedness or otherwise to protect the owner thereof against loss in respect thereof, or (d) entered into for the purpose of assuring in any manner the owner of such Indebtedness of the payment of such Indebtedness or to protect the owner against loss in respect thereof; provided, that the term “Contingent Obligation” shall not include endorsements for collection or deposit, in each case in the ordinary course of business, and shall not include earn-outs in connection with Permitted Acquisitions and other acquisitions not prohibited hereby.
“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.

    

    

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“Default” means any event which, with the giving of notice to the Company or lapse of time, or both, would constitute an Event of Default.
“Defaulting Bank” means, subject to Section 2.11(b), any Bank that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days after the date such Loans were required to be funded hereunder unless such Bank notifies the Agent and the Company in writing that such failure is the result of such Bank’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied or waived, or (ii) pay to the Agent, the Swing Line Bank or any other Bank any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two (2) Business Days after the date when due, (b) has notified any Borrower, the Agent or the Swing Line Bank in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Bank’s obligation to fund a Loan hereunder and states that such position is based on such Bank’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Agent or any Borrower, to confirm in writing to the Agent and such Borrower that it will comply with its prospective funding obligations hereunder (provided that such Bank shall cease to be a Defaulting Bank pursuant to this clause (c) upon receipt of such written confirmation by the Agent and such Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets (other than an Undisclosed Administration), including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Bank shall not be a Defaulting Bank solely by virtue of the ownership or acquisition of any equity interest in that Bank or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Bank with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Bank (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Bank.  Any determination by the Agent that a Bank is a Defaulting Bank under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Bank shall be deemed to be a Defaulting Bank (subject to Section 2.11(b)) upon delivery of written notice of such determination to the Company, the Swing Line Bank and each Bank.
“Dollar” and “$” mean lawful currency of the United States.
“Dollar Equivalent” means (a) for any amount denominated in Dollars, such amount, and (b) for any amount denominated in an Alternative Currency at any date, the equivalent in such currency of such amount of Dollars, calculated on the basis of the arithmetic mean of the buy and sell spot rates of exchange of the Agent in the London interbank market (or other market where the Agent’s foreign exchange operations in respect of such Alternative Currency are then being conducted) for such Alternative Currency at or about 11:00 a.m. (local time) two (2) Business 

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Days prior to the date on which such amount is to be determined, rounded up to the nearest amount of such Alternative Currency as determined by the Agent from time to time; provided, however, that if at the time of any such determination, for any reason, no such spot rate is being quoted by the Agent, the Agent may use any reasonable method it deems appropriate to determine such amount, including without limitation quotations by other financial institutions, and such determination shall be conclusive absent manifest error.
“Domestic Subsidiary” means a Subsidiary organized under the laws of the United States, one of the States of the United States or the District of Columbia.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EBITDA” means, for any period of determination, the consolidated net income of the Company and its Subsidiaries, plus, to the extent subtracted in determining consolidated net income and without duplication, (i) Interest Expense, (ii) depreciation, (iii) amortization, (iv) income tax expense, (v) extraordinary, non-operating or non-cash charges and expenses (including but not limited to non-cash stock compensation expense, non-cash pension expense, work force reduction or other restructuring charges, and transaction costs, fees, and charges incurred in connection with the acquisition of any substantial portion of the Ownership Interests or assets of, or a line of business or division of, another Person, including any merger or consolidation with such Person), minus (a) extraordinary, non-operating or non-cash gains and income (including, without limitation, extraordinary or nonrecurring gains, gains from the discontinuance of operations and gains arising from the sale of assets other than inventory) and (b) required cash contributions to pension plans, all as determined in accordance with GAAP (subject to the GAAP conventions set forth in Section 1.2).  For purposes of calculating EBITDA, with respect to any period of determination, (i) Permitted Acquisitions that have been made by the Company and its Subsidiaries, including through mergers or consolidations and including any related financing transactions, during the period of determination shall be deemed to have occurred on the first day of the period of determination; provided that only the actual historical results of operations of the Persons so acquired, without adjustment for pro forma expense savings or revenue increases, shall be used for such calculation; and provided, further, that the EBITDA of the Person so acquired attributable to discontinued operations, as determined in accordance with GAAP (subject to the GAAP conventions set forth in Section 1.2), and operations or businesses disposed of prior to the end of such period of determination, shall be excluded, and (ii) dispositions that have been made by the Company and its Subsidiaries during

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the period of determination shall be deemed to have occurred on the first day of the period of determination; provided that the EBITDA for such period shall be reduced by an amount equal to the EBITDA (if positive) attributable to the property that is the subject of such disposition for such period or increased by an amount equal to the EBITDA (if negative) attributable thereto for such period.  
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute, together with regulations thereunder.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that is a member of a group of which the Company is a member and which is treated as a single employer under Section 414 of the Code.
“ERISA Event” means one of the following that, alone or together with any other event described in clauses (i) through (vii) that have occurred, could reasonably be expected to result in an Adverse Event or the imposition of a Lien under Title IV of ERISA:  (i) the institution by the Company or any ERISA Affiliate of steps to terminate any Plan if in order to effectuate such termination, the Company or any ERISA Affiliate would be required to make a contribution to such Plan, or would incur a liability or obligation to such Plan, if such contribution or such liability or obligation would constitute an Adverse Event, (ii) the institution by the PBGC of steps to terminate any Plan, (iii) the Company or any ERISA Affiliate fails to make a contribution payment to a Plan on or before the applicable due date which could result in the imposition of a Lien under Section 430(k) of the Code or Section 303(k) of ERISA, (iv) the occurrence of any Reportable Event, (v) the failure of any Plan to satisfy the “minimum funding standard”, as defined in Section 412(a) of the Code or Section 302(a) of ERISA for a plan year, whether or not waived, (vi) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, or (vii) the incurrence by the Company or any ERISA Affiliates of any withdrawal liability under ERISA, or the receipt by the Company or any ERISA Affiliate of any notice that a multiemployer plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“Euro” and “EUR” means the single currency of the participating member states of the European Union.
“Event of Default” means any event described in Section 10.1.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and only to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof), including by virtue of such Guarantor’s failure for any reason to 

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constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee 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 guarantee or security interest is or becomes illegal.
“Excluded Taxes” means, in the case of each Bank or applicable Lending Installation and the Agent, (i) Taxes imposed on its overall net income, franchise Taxes, and branch profits Taxes imposed on it, by the respective jurisdiction under the laws of which such Bank or the Agent is incorporated or is organized or in which its principal executive office is located or, in the case of a Bank, in which such Bank’s applicable Lending Installation is located, (ii) in the case of a Non-U.S. Bank, any withholding tax that is imposed on amounts payable to such Non-U.S. Bank pursuant to the laws in effect at the time such Non-U.S. Bank becomes a party to this Agreement or designates a new Lending Installation, except in each case to the extent that, pursuant to Section 5.6(a), amounts with respect to such Taxes were payable either to such Bank’s assignor immediately before such Bank became a party hereto or to such Bank immediately before it changed its Lending Installation, (iii) Taxes attributable to the Non-U.S. Bank’s failure to comply with Section 5.6(f), and (iv) any U.S. federal withholding taxes imposed by FATCA.
“Existing Letters of Credit” means the Letters of Credit set forth on Schedule 1.2 hereto, which were issued under the credit agreement described under Section 6.2(b), but from and after the date upon which the conditions precedent to initial Loans set forth in Section 6.2 are satisfied, shall be deemed to be outstanding under this Agreement.
“Extended Termination Date” is defined in Section 2.14(a).
“Extension” is defined in Section 2.14(a).
“Extension Amendments” is defined in Section 2.14(d).
“Extension Offer” is defined in Section 2.14(a).
“FATCA” means Sections 1471 through 1474 of the Code, as of the Omnibus Amendment Effective Date (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 agreement entered into pursuant to Section 1471(b)(1) of the Code. 
“Federal Funds Effective Rate” means, for any day, the greater of (a) zero percent (0.0%) and (b) the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 10:00 a.m. (Minneapolis time) on such day on such transactions received by the Agent from three (3) Federal funds brokers of recognized standing selected by the Agent in its sole discretion.

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 “Fee Letters” has the meaning set forth in Section 3.4.
“First-Tier Foreign Subsidiary” means a Foreign Subsidiary, the stock or other Ownership Interests of which are held by the Company or by a Domestic Subsidiary.
“Fixed LIBOR Advance” means an Advance designated as such in a notice of borrowing under Section 2.3 or a notice of continuation or conversion under Section 2.4.
“Fixed Termination Date” means December 15, 2021.
“Floating LIBOR Advance” means an Advance designated as such in a notice of borrowing under Section 2.3 or a notice of continuation or conversion under Section 2.4.
“Foreign Subsidiary” means a Subsidiary other than a Domestic Subsidiary.
“Fronting Exposure” means, at any time there is a Defaulting Bank, (a) with respect to the Letters of Credit, such Defaulting Bank’s ratable share of the Letter of Credit Obligations with respect to Letters of Credit issued by the Agent other than Letter of Credit Obligations as to which such Defaulting Bank’s participation obligation has been reallocated to other Banks or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Bank, such Defaulting Bank’s ratable share of outstanding Swing Line Loans made by the Swing Line Bank other than Swing Line Loans as to which such Defaulting Bank’s participation obligation has been reallocated to other Banks. 
“GAAP” means generally accepted accounting principles as in effect from time to time in the United States.
“Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including, without limitation, any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervisory Practices or any successor or similar authority to any of the foregoing).
“Guarantors” means each Subsidiary of the Company that executes and delivers a Guaranty in favor of the Agent and the Banks either at the time of execution of this Agreement or at any time hereafter pursuant to Section 8.11.
“Guarantied Obligations” is defined in Section 11.1.
“Guaranty” means a Guaranty of a Guarantor in favor of the Agent and the Banks, in the form of Exhibit C hereto duly completed for each Guarantor, as the same may be amended, supplemented or restated from time to time.

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“Hedging Obligations” means any and all obligations and exposure of the Company and its Subsidiaries under (a) any and all agreements, devices or arrangements designed to protect the Company or any Subsidiary from the fluctuations of interest rates or currencies, including interest rate or foreign exchange agreements, interest rate or currency cap or collar protection agreements, and interest rate and currency options, puts and warrants, determined on a net, mark-to-market basis, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any of the foregoing. 
“Highest Lawful Rate” shall mean, on any day, the maximum non-usurious rate of interest permitted for that day by applicable federal or state law stated as a rate per annum.
“Incremental Term Loan” is defined in Section 2.10.
“Indebtedness” means, with respect to any Person at the time of any determination, without duplication:  (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid or accrued, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person, (e) all obligations of such Person issued or assumed as the deferred purchase price of property or services, except trade accounts payable and accrued expenses arising in the ordinary course of business and except earn-outs and similar obligations, (f) all Indebtedness of others secured by any Lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (g) all Capitalized Lease obligations of such Person, (h) all Hedging Obligations of such Person, (i) all obligations of such Person, actual or contingent, as an account party in respect of letters of credit or bankers’ acceptances, except for letters of credit and bankers’ acceptances supporting the purchase or sale of goods in the ordinary course of business, (j) all Indebtedness of any partnership or joint venture as to which such Person is or may become personally liable, (k) all obligations of such Person under any Ownership Interests issued by such Person which cease to be considered Ownership Interests in such Person, and (1) all Contingent Obligations (except for letters of credit, bankers’ acceptances, performance bonds and similar instruments supporting the purchase or sale of goods in the ordinary course of business) of such Person.  Non-recourse Indebtedness of such Person shall be deemed Indebtedness, but only to the extent of the lower of the book value of such Indebtedness or the fair market value of the property securing such Indebtedness.  In no event shall obligations under operating leases (as determined by GAAP as in effect on the date hereof, without regard to any change to FASB ASC 840) be deemed Indebtedness.
“Indemnified Taxes” means Taxes imposed on or with respect to any payment made by or on account of any obligation of any Borrower or Guarantor under any Loan Document, other than Excluded Taxes and Other Taxes.
“Intercreditor Agreement” means the Intercreditor and Collateral Agency Agreement, dated as of the date hereof, by and among the Collateral Agent, the Agent, on behalf of the Banks, the Senior Noteholders, and such other Senior Creditors as may from time to time become parties thereto, in the form of Exhibit H hereto duly completed, as the same may be amended, supplemented or restated from time to time.

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“Interest Coverage Ratio” means, as of any date, the ratio, calculated for the period of four consecutive fiscal quarters then ended on a consolidated basis for the Company and its Subsidiaries in accordance with GAAP (subject to the GAAP conventions set forth in Section 1.2), of (a) EBITDA for such period to (b) Interest Expense for such period.
“Interest Expense” means, for any period of determination, the aggregate consolidated amount, without duplication, of interest expense determined in accordance with GAAP (subject to the GAAP conventions set forth in Section 1.2), excluding amortization of financing fees to the extent included in interest expense, but specifically including (a) all but the principal component of payments in respect of conditional sale contracts, Capitalized Leases and other title retention agreements, (b) commissions, discounts and other fees and charges with respect to letters of credit and bankers’ acceptance financings and (c) Hedging Obligations, in each case determined in accordance with GAAP (subject to the GAAP conventions set forth in Section 1.2).  Notwithstanding the foregoing, for the first four fiscal quarters following the consummation of a Material Acquisition, Interest Expense shall be adjusted, on a basis acceptable to the Agent, to give effect to any such acquisition as if it had occurred on the first day of the measurement period.
“Interest Period” means, for any Advance, the period commencing on the borrowing date of such Advance or the last day of the preceding Interest Period for such Advance, as the case may be, and ending on the numerically corresponding day one, two, three or six months, or, if approved by all of the Banks in connection with the applicable notice, twelve months thereafter, as selected by the Borrowers pursuant to Section 2.3 or Section 2.4; provided, that:
(a)    any Interest Period which would otherwise end on a day which is not a Business Day shall end on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;
(b)    any Interest Period which begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and
(c)    no Interest Period shall extend after the Fixed Termination Date.
“Investment” means the acquisition, purchase, making or holding of any stock or other security, any loan, advance, contribution to capital, extension of credit (except for trade and customer accounts receivable for inventory sold or services rendered in the ordinary course of business and payable in accordance with customary trade terms), any acquisitions of real or personal property (other than real and personal property acquired in the ordinary course of business) and any purchase of or commitment or option to purchase stock or other debt or equity securities of or any interest in another Person or any integral part of any business or the assets comprising such business or part thereof.  The amount of any Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment.

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“Investment Policies” means the Company’s Excess Cash Investment Policy, effective as of October 1, 2010, copies of which have been furnished to the Banks, without giving effect to any changes thereto unless such changes have been consented to in writing by the Agent, given with the consent of the Required Banks.
“Lending Installation” means, with respect to a Bank or the Agent, the office, branch, subsidiary or affiliate of such Bank or the Agent listed on the signature pages hereof or otherwise selected by such Bank or the Agent.
“Letters of Credit” has the meaning set forth in Section 2.7.
“Letter of Credit Agreements” has the meaning set forth in Section 2.7.
“Letter of Credit Defeasance Conditions” means, for each Letter of Credit, that the Agent has received from the Company either (i) cash collateral in the full face amount of such Letter of Credit to hold in accordance with the terms of Section 10.3, plus a Fee Reserve to be held by the Agent for application to the items described below (with any excess being returned to the Company upon expiry or final drawing of such Letter of Credit), or (ii) a direct pay letter of credit (and not a standby letter of credit) issued by an issuer reasonably acceptable to the Agent, permitting the Agent to draw the full amount of any drawing under such Letter of Credit (including any amount that might be reinstated for drawing after drawn) and permitting drawing in the amount of the Fee Reserve.  For such purpose, the “Fee Reserve” amount shall equal the sum of (i) routine expenses, such as drawing fees, that the Agent reasonably determines might be applicable to such Letter of Credit, plus (ii) Letter of Credit Fees that would apply to such Letter of Credit if it remained outstanding until its expiry date.
“Letter of Credit Fees” has the meaning set forth in Section 2.7.
“Letter of Credit Obligations” means the aggregate amount of all possible drawings under all Letters of Credit plus all amounts drawn under any Letter of Credit and not reimbursed by the Company under the applicable Letter of Credit Agreement (whether from a borrowing of Loans as provided in Section 2.7(c)(iii) or otherwise).
“LIBOR Advances” means the Fixed LIBOR Advances and Floating LIBOR Advances.
“LIBOR Rate” means, with respect to a LIBOR Advance for the relevant Interest Period, the greater of (a) zero percent (0.0%) and (b) the applicable interest settlement rate for deposits in Dollars or the applicable Alternative Currency (other than Canadian Dollars) administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) appearing on the applicable Reuters Screen (or on any successor or substitute page on such screen) as of 11:00 a.m. (London time) on the Quotation Date for such Interest Period, and having a maturity equal to such Interest Period, provided that, if the applicable Reuters Screen  (or any successor or substitute page) is not available to the Agent for any reason, the applicable LIBOR Rate for the relevant Interest Period shall instead be the applicable interest settlement rate for deposits in Dollars or the applicable Alternative Currency (other than Canadian Dollars)  administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) as reported by any other generally recognized financial information service selected by the Agent as of 11:00 a.m. (London time) on the Quotation Date for such

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 Interest Period, and having a maturity equal to such Interest Period, provided that, if no such interest settlement rate administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) is available to the Agent, the applicable LIBOR Rate for the relevant Interest Period shall instead be the rate determined by the Agent to be the rate at which U.S. Bank or one of its Affiliate banks offers to place deposits in Dollars or the applicable Alternative Currency (other than Canadian Dollars) with first-class banks in the interbank market at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period, in the approximate amount of the relevant LIBOR Advance and having a maturity equal to such Interest Period.  Notwithstanding the foregoing, the LIBOR Rate for Floating LIBOR Advances shall be the greater of (a) zero percent (0.0%) and (b) the rate determined each Business Day based on such quotations for an Interest Period of one month (without regard to the Quotation Date convention generally applicable to such quotations).  The LIBOR Rate for Canadian Dollar Loans shall be the CDOR Rate.
“LIBOR Reserve Rate” means a percentage equal to the daily average during the applicable Interest Period of the aggregate maximum reserve requirements (including all basic, supplemental, marginal and other reserves), as specified under Regulation D of the Federal Reserve Board, or any other applicable regulation that prescribes reserve requirements applicable to Eurocurrency liabilities (as presently defined in Regulation D) or applicable to extensions of credit by the Agent the rate of interest on which is determined with regard to rates applicable to Eurocurrency liabilities; provided, that with respect to the CDOR Rate, such percentage shall include any other maximum reserve, liquid asset, fee or similar requirement established by any central bank, monetary authority, or other governmental authority  for any category of deposits or liabilities customarily used to fund loans in Canadian Dollars.  Without limiting the generality of the foregoing, the LIBOR Reserve Rate shall reflect any reserves required to be maintained by the Agent against (i) any category of liabilities that includes deposits by reference to which the LIBOR Rate is to be determined, or (ii) any category of extensions of credit or other assets that includes LIBOR Advances.
“Lien” means any security interest, mortgage, pledge, lien, hypothecation, judgment lien or similar legal process, charge, encumbrance, title retention agreement or analogous instrument or device (including, without limitation, the interest of the lessors under Capitalized Leases and the interest of a vendor under any conditional sale or other title retention agreement).
“Loan Documents” means this Agreement, the Notes, each Guaranty, each Pledge Agreement, each Letter of Credit Agreement, each Borrowing Subsidiary Agreement, the Fee Letters, the Intercreditor Agreement, and each other instrument, document, guaranty, security agreement, mortgage, or other agreement executed and delivered by any Borrower or any guarantor or party granting security interests, in each case in connection with this Agreement, the Loans or any collateral for the Loans.
“Loans” means the Revolving Loans and the Swing Line Loans.
"Material Acquisition" means a Permitted Acquisition by the Company or a Subsidiary where total consideration for such acquisition exceeds $25,000,000.

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“Material Domestic Subsidiary” means any Domestic Subsidiary that is a Material Subsidiary.
“Material Financings” means (i) the Senior Notes and the Senior Note Agreements, and (ii) any working capital facility of the Company providing for a revolving line of credit or note offering or note issuance of the Company (including one resulting in Indebtedness held by Senior Creditors) having an aggregate stated principal amount of at least $25,000,000. In no event shall the credit provided pursuant to this Agreement be deemed a Material Financing.
“Material Foreign Subsidiary” means any Foreign Subsidiary that is a Material Subsidiary.
“Material Subsidiary” means any Subsidiary designated as such by the Company to the Agent from time to time, and in any case in each quarterly Compliance Certificate, provided, that if, upon delivery of the annual or quarterly consolidated financial statements of the Company under Section 8.1(a) or (b), the book value (net of reserves) of the assets of all Subsidiaries that are not Material Subsidiaries (determined based on the consolidated quarterly or annual balance sheet of the Company and its Subsidiaries, but after giving effect, without duplication, to the elimination of the asset component of minority interests, if any in such Subsidiaries) shall exceed 10% of Consolidated Assets as determined based on such quarterly or annual balance sheet, the Company shall:  (a) promptly designate an additional Material Subsidiary or additional Material Subsidiaries so that, after giving effect to such designation, such requirement shall have been met, and (b) comply, and cause such additional Material Subsidiary or Material Subsidiaries to comply, with the requirements of Section 8.11 promptly thereafter (and in any case within 45 days after delivery of the relevant annual or quarterly financial statements).  So long as no Event of Default has occurred and is continuing and removal of the Material Subsidiary designation of a Subsidiary will not cause the book value of the assets of all Subsidiaries that are not Material Subsidiaries to exceed 10% of Consolidated Assets as of the date of such removal, the Company may remove the Material Subsidiary designation of such Subsidiary.  No Subsidiary may be designated as a Borrowing Subsidiary that is not a Material Subsidiary, provided, however, that if there are no Loans outstanding to a Subsidiary that had been a Borrowing Subsidiary, the Company is permitted not to designate such Subsidiary as a Material Subsidiary.  Solely for purposes of making any determination under this definition, the book value (net of reserves) of any First-Tier Foreign Subsidiary shall be determined on a combined basis with the book value (net of reserves) of each Second-Tier Foreign Subsidiary in which such First-Tier Foreign Subsidiary directly or indirectly holds stock or other  Ownership Interests, and the book value (net of reserves) of each Second-Tier Foreign Subsidiary shall in all other respects be disregarded.  In no event shall any Second-Tier Foreign Subsidiary itself be deemed a Material Subsidiary.
“Minimum Collateral Amount” means, with respect to a Defaulting Bank, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal to 100% of the Fronting Exposure of the Agent with respect to such Defaulting Bank for all Letters of Credit issued and outstanding at such time and (ii) otherwise, an amount determined by the Agent in its sole discretion.

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“Non-Defaulting Bank” means, at any time, each Bank that is not a Defaulting Bank at such time. 
“Non-U.S. Bank” means a Bank that is not a United States person as defined in Section 7701(a)(30) of the Code. 
“Notes” means the Revolving Notes and the Swing Line Note.
“Obligations” means all obligations and liabilities of each Borrower to the Agent and the Banks under this Agreement and all other Loan Documents, including without limitation obligations to pay principal, interest, fees, expenses and other amounts, all Letter of Credit Obligations, and all Hedging Obligations of each Borrower to any of the Banks or their respective affiliates, including without limitation any such obligations that arise after the filing of a petition by or against any Borrower under the Bankruptcy Code, regardless of whether allowed as a claim in the resulting proceeding, even if the obligations do not accrue because of the automatic stay under Bankruptcy Code Section 362 or otherwise; provided, further, that “Obligations” shall exclude all Excluded Swap Obligations.
“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto.
“Omnibus Amendment Effective Date” means June 26, 2014.
“Organizational Documents” means, for a Person that is (a) a corporation, its articles of incorporation and bylaws, (b) a limited liability company, any articles of formation, membership agreement, member control agreement or equivalent document, (c) limited or general partnership, any partnership agreement, and (d) any other form of entity, the equivalent documents, in each case together with all instruments, documents and agreements filed with any Governmental Authority to establish such legal entity and any material instrument, document or agreement controlling the governance of such Person entered into by such Person.
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document.
“Ownership Interest” means, for a Person that is (a) a corporation, its stock, (b) a limited liability company, its membership interest and any other interest in profits, (c) limited or general partnerships, its partnership interests (limited or general) or partnership (limited or general) accounts, (d) any other form of entity, the equivalent Ownership Interests of such Person.
“Participant” is defined in Section 13.3(c).
“Participant Register” is defined in Section 13.3(c).
“Participation” is defined in Section 13.3(c).

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“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).
“Payment Date” means the Termination Date, plus (a) the last day of each Interest Period for each Fixed LIBOR Advance and, if such Interest Period is in excess of three months, the day three months after the first day of such Interest Period; (b) the first day of each month in respect of the immediately preceding month for each Floating LIBOR Advance, and (c) the first day of each month in respect of the immediately preceding month for each Base Rate Advance and for any fees including, without limitation, Commitment Fees (by way of example, June 1st for the month of May), except that the Letter of Credit Fees and other fees payable to the Agent in respect of Letters of Credit shall be payable as provided in Section 2.7(c)(v).
“PBGC” means the Pension Benefit Guaranty Corporation, established pursuant to Subtitle A of Title IV of ERISA, and any successor thereto or to the functions thereof.
“Percentage” means, as to any Bank, the proportion, expressed as a percentage, that such Bank’s Commitment bears to the total Commitments of all Banks; provided, that when a Defaulting Bank shall exist, “Percentage” shall mean the percentage of the total Commitments (disregarding any Defaulting Bank’s Commitment) represented by such Bank’s Commitment (except that no Bank is required to fund or participate in Revolving Loans, Swing Line Loans or Letters of Credit to the extent that, after giving effect thereto, the aggregate amount of its outstanding Revolving Loans and funded or unfunded participations in Swing Line Loans and Letters of Credit would exceed the amount of its Commitment (determined as though no Defaulting Bank existed)).
“Permitted Acquisition” means the acquisition by the Company or a Subsidiary of all or substantially all of the Ownership Interests or assets of any other Person (including by merger) or of all or substantially all of the assets of a division, business unit, product line or line of business of any other Person, provided that (a) following such acquisition, the Company shall be in compliance with Section 9.4 hereof, (b) such acquisition shall occur at a time that no Event of Default shall have occurred and continued hereunder and no Event of Default shall result therefrom, (c) if it is an acquisition of Ownership Interests and a new Material Subsidiary is thereby created, such Material Subsidiary shall become a Guarantor or the Company or Subsidiary that is the owner thereof shall have pledged the Ownership Interest thereof, if so required by Section 8.11 hereof, (d) such acquisition shall be consummated on a non-hostile basis and shall have been approved by the board of directors (or similar governing body) of any Person acquired, and (e) in connection with any Permitted Acquisition for which the purchase consideration equals or exceeds $200,000,000, the Company shall have furnished to the Agent a certificate signed by a Responsible Officer demonstrating in reasonable detail pro forma compliance with the financial covenants contained in Sections 9.9, 9.10 and 9.11 for the applicable calculation period, in each case, calculated as if such acquisition, including the consideration therefor, had been consummated on the first day of such period.  
“Person” means any natural person, corporation, limited liability company, partnership, joint venture, firm, association, trust, unincorporated organization, government or governmental 

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agency or political subdivision or any other entity, whether acting in an individual, fiduciary or other capacity.
“Plan” means an employee benefit plan or other plan, maintained for employees of the Company or of any ERISA Affiliate, and subject to Title IV of ERISA or Section 412 of the Code.
“Pledge Agreement” means a Pledge Agreement by and among the Company, certain Subsidiaries thereof from time to time parties thereto, and the Collateral Agent, in the form of Exhibit E hereto duly completed, as the same may be amended, supplemented or restated from time to time.
“Prime Rate” means the rate of interest from time to time announced by the Agent as its “prime rate.”  For purposes of determining any interest rate which is based on the Prime Rate, such interest rate shall be adjusted each time that the prime rate changes.
“Quotation Date” means, in relation to any Interest Period for which an interest rate is to be determined, (a) if the related Advance is denominated in Euro, two (2) TARGET Days and two (2) London Business Days (to the extent the two are not the same) before the first day of such period, (b) if the related Advance is denominated in Sterling, the first day of such period and (c) if the related Advance is denominated in any other currency, two (2) Business Days before the first day of that period.
“Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such Section, with respect to a Plan, excluding, however, such events as to which the PBGC by regulations issued and in effect as of the date of this Agreement has waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event, provided that a material failure to meet the minimum funding standard of Section 412 of the Code and Section 302 of ERISA shall be a reportable event regardless of the issuance of any such waivers in accordance with Section 412(c) of the Code.
“Required Banks” means those Banks whose total Percentage exceeds 50%, or if no Commitments remain in effect, whose share of principal of the Loans exceeds 50% of the aggregate outstanding principal of all Loans.  The pro rata portion of the Commitments of any Defaulting Bank shall be disregarded in determining Required Banks at any time.
“Responsible Employee” means any executive officer of the Company or any employee managing treasury functions of the Company. 
“Responsible Officer” means as to the Company, the chief executive officer, chief operating officer, chief accounting officer, president, chief financial officer or treasurer (or any Person designated by any such officer of the Company as a Responsible Officer for purposes hereof and approved in writing by the Agent in its reasonable discretion), but in any event, with respect to financial matters, the chief accounting officer, chief financial officer or treasurer (or any Person designated by any such officer of the Company as a Responsible Officer for purposes hereof and approved in writing by the Agent in its reasonable discretion).

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“Revaluation Date” means with respect to any Revolving Loan denominated in an Alternative Currency: (i) each date of a borrowing of a Revolving Loan denominated in an Alternative Currency, (ii) the last day of the Interest Period of each Advance in an Alternative Currency, and if so requested by the Agent, if such Interest Period shall exceed 3 months, days falling on 3 month intervals after the first day of such Interest Period, and (iii) after the occurrence and during the continuance of an Event of Default, such additional dates as the Agent shall determine or the Required Banks shall require.
“Revolving Loans” has the meaning set forth in Section 2.1(a).
“Revolving Notes” means any promissory note evidencing Revolving Loans delivered under Section 2.5.
“Risk-Based Capital Guidelines” means (i) the risk-based capital guidelines in effect in the United States on the date of this Agreement, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States, including transition rules, and, in each case, any amendments to such regulations.
“Sanctioned Country” means a region, country or territory subject to Sanctions.
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any EU member state or Her Majesty’s Treasury of the United Kingdom, (b) an agency of the government of a Sanctioned Country, (c) any Person operating, organized or resident in a Sanctioned Country or (d) any Person controlled by any such Person.
“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.
“Second-Tier Foreign Subsidiary” means a Foreign Subsidiary other than a First-Tier Foreign Subsidiary.
“Secured Indebtedness” means Indebtedness secured by a Lien on the assets or revenues of the Company or any Subsidiary; provided, however, that Secured Indebtedness shall not include (i) the Obligations, (ii) Indebtedness evidenced by the Senior Notes and the Senior Note Agreements for so long as such Indebtedness and the Senior Noteholders remain subject to the Intercreditor Agreement and (iii) Indebtedness owing to Senior Creditors for so long as such Indebtedness and the holders thereof remain subject to the Intercreditor Agreement.
“Senior Creditor” means any Person that (i) from time to time extends credit to the Company that is not subordinate or junior in right of payment or Lien priority to the Obligations, (ii) extends credit that constitutes a Material Financing and (iii) becomes a party to and is bound by the terms of the Intercreditor Agreement (including, without limitation, all limitations set forth therein).

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“Senior Note Agreements” (i) the Note Agreement, dated as of March 11, 2011, evidencing a $300,000,000 note facility, by and among the Company and the Senior Noteholders from time to time party thereto, and (ii) one or more other Note Agreements executed from time to time by and among the Company and the Senior Noteholders party thereto, so long as the aggregate principal amount of the loans advanced under such Note Agreements does not exceed $75,000,000, in each case together with the agreements, documents and instruments delivered together therewith, and in each case as each of the same may be amended, restated, supplemented, or modified from time to time, or as the same may be refinanced or replaced from time to time.
“Senior Noteholders” means the holders of the Senior Notes.
“Senior Notes” means the notes from time to time issued pursuant to a Senior Note Agreement.
“Stated Rate” is defined in Section 3.5.
“Sterling” means the lawful currency of the United Kingdom.
“Subsidiary” means any Person of which or in which the Company and its other Subsidiaries own directly or indirectly 50% or more of:  (a) the combined voting power of all classes of stock having general voting power under ordinary circumstances to elect a majority of the board of directors of such Person, if it is a corporation, (b) the capital interest or profit interest of such Person, if it is a partnership, joint venture or similar entity, or (c) the beneficial interest of such Person, if it is a trust, association or other unincorporated organization.  Each Borrowing Subsidiary shall be deemed a “Subsidiary” hereunder at all times that it is a Borrower hereunder and has not been excluded from the Material Subsidiaries by the Company (as provided in the definition of “Material Subsidiaries”), even if at any time it shall cease to be a Subsidiary under the foregoing sentence.
“swap” means any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.
“Swap Counterparty” means, with respect to any swap with the Agent or any other Bank or any affiliate of any of the foregoing, any Person or entity that is or becomes a party to such swap.
“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any swap between the Agent or any other Bank or any affiliate of any of the foregoing and one or more Swap Counterparties.
“Swing Line Bank” means U.S. Bank National Association.
“Swing Line Loans” means the Loans described in Section 2.1(b).
“Swing Line Note” means any promissory note of the Company evidencing Swing Line Loans delivered under Section 2.5.

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“Swing Line Participation Amount” is defined in Section 2.8(b).
“Swing Line Sublimit” means the maximum unpaid principal amount of the Swing Line Loans which may from time to time be borrowed hereunder, being initially $50,000,000, and, as the context may require, the agreement of the Swing Line Bank to make the Swing Line Loans to the Company subject to the terms and conditions of this Agreement.
“TARGET Day” means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system is open for the settlement of payments in Euros.
“Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, fees, assessments, charges or withholdings, and any and all liabilities with respect to the foregoing, including interest, additions to tax and penalties applicable thereto.
“Termination Conditions” means that (a) the Commitments are irrevocably terminated in full, (b) the Company and any relevant Borrowing Subsidiary has irrevocably paid in full all Obligations and any other amount payable hereunder for which a claim has been made, (c) Letter of Credit Defeasance Conditions shall exist in respect of each Letter of Credit outstanding hereunder, and (d) neither the Company nor any Borrowing Subsidiary shall have any unpaid obligations or liabilities to the Agent or the Banks hereunder except for obligations and liabilities in respect of any indemnities or other provisions that survive termination of this Agreement and for which no claim shall have been made by the Agent or any Bank.
“Termination Date” means the earliest of (a) the Fixed Termination Date, (b) the date on which the Commitments are terminated pursuant to Section 10.2 hereof or (c) the date on which the Commitments are reduced to zero pursuant to Section 4.3 hereof.
“Third Amendment” means the Third Amendment to Credit Agreement dated as of the Third Amendment Effective Date among the Company, the Banks and the Agent.
“Third Amendment Effective Date” means December 15, 2016.
“Undisclosed Administration” means in relation to a Bank the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Bank is subject to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed. 
“United States Person” means any citizen, national or resident of the United States, any corporation or other entity created or organized in or under the laws of the United States or any political subdivision hereof or any estate or trust, in each case that is not subject to withholding of United States Federal income taxes or other taxes on payment of interest, principal or fees hereunder.
“U.S. Bank” means U.S. Bank National Association, in its individual capacity and not as Agent hereunder.

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“Wholly-owned Subsidiary” means a Subsidiary of which all of the issued and outstanding Ownership Interests (other than nominal Ownership Interests required as a matter of law to be held by directors, officers or other Persons) are owned by the Company and/or one or more other Wholly-owned Subsidiaries within the meaning of this definition.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
“Yen” means the lawful currency of Japan.
Section 1.2    Accounting Terms and Calculations.  Except as may be expressly provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder (including, without limitation, determination of compliance with financial ratios and restrictions in Articles VIII and IX hereof) shall be made in accordance with GAAP.  To the extent that any change in GAAP or the application thereof from the financial statements referred to in Section 7.5 hereof affects any computation or determination required to be made pursuant to this Agreement, such computation or determination shall be made as if such change in GAAP had not occurred unless the Company and the Required Banks agree in writing on an adjustment to such computation or determination to account for such change in GAAP or the application thereof.  In the instance of such change, the Agent, Banks and Company shall negotiate in good faith to promptly agree to such adjustment.  Any reference to “consolidated” financial terms shall be deemed to refer to those financial terms as applied to the Company and its Subsidiaries in accordance with GAAP.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having similar result or effect) to value any Indebtedness or other liabilities of the Company or any of its Subsidiaries at “fair value”, as defined therein. 
Section 1.3    Computation of Time Periods.  In this Agreement, in the computation of a period of time from a specified date to a later specified date, unless otherwise stated the word “from” means “from and including” and the word “to” or “until” each means “to but excluding.”
Section 1.4    Other Definitional Terms.  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.  References to Sections, Exhibits, schedules and like references are to this Agreement unless otherwise expressly provided.  Unless the context requires otherwise (a) 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, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein) and (b) any definition of or reference to any 

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statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws).
ARTICLE II 
TERMS OF LENDING

Section 2.1    The Commitments.  Subject to the terms and conditions hereof and in reliance upon the warranties of the Borrowers herein:
(a)    each Bank agrees, severally and not jointly, to make loans (each, a “Revolving Loan” and, collectively, the “Revolving Loans”) in Dollars and Alternative Currencies to the applicable Borrower from time to time from the date hereof until the Termination Date, during which period the Borrowers may repay and reborrow in accordance with the provisions hereof, provided, that the aggregate unpaid principal amount of the Revolving Loans of any Bank at any one time outstanding plus such Bank’s Percentage of the Letter of Credit Obligations plus such Bank’s Percentage of the outstanding Swing Line Loans shall not exceed its Commitment, and the total Revolving Loans, Letter of Credit Obligations and Swing Line Loans outstanding shall not exceed the total Commitment of all of the Banks.  The Revolving Loans shall be made by the Banks on a pro rata basis, calculated for each Bank based on its Percentage.  At no time shall the Dollar Equivalent of Revolving Loans made in Alternative Currencies exceed $200,000,000.  For purposes of this Section and all calculations herein, the principal of Revolving Loans in Alternative Currencies shall be calculated using the Dollar Equivalent of such Revolving Loans as determined by the Agent on each Revaluation Date; and
(b)    the Swing Line Bank agrees to make loans (each a “Swing Line Loan” and, collectively, the “Swing Line Loans”) to the Company from time to time from the date hereof until the Termination Date, during which period the Company may repay and reborrow in accordance with the provisions hereof, provided, that the aggregate unpaid principal amount of the Swing Line Loans at any one time outstanding shall not exceed the Swing Line Sublimit.  Swing Line Loans shall only be made in Dollars.
Section 2.2    Advance Options.  Revolving Loans (a) in Dollars shall be composed of Fixed LIBOR Advances and Base Rate Advances, as shall be selected by the Company, and (b) in Alternative Currencies shall be composed of Fixed LIBOR Advances, all except as otherwise provided herein.  Swing Line Loans shall be Floating LIBOR Advances or Base Rate Advances, as shall be selected by the Company.  Any combination of types of Advances may be outstanding at the same time, except that the total number of outstanding Fixed LIBOR Advances shall not exceed 8 at any one time.  Each Fixed LIBOR Advance in Dollars shall be in a minimum amount of $1,000,000 or in an integral multiple of $500,000 above such amount.  Each Base Rate Advance of the Revolving Loans shall be in a minimum amount of $500,000 or in an integral multiple of $100,000 above such amount.  Each Floating LIBOR Advance or Base Rate Advance of the Swing Line Loans shall be in a minimum amount of $5,000 or an integral multiple thereof above such amount.  Each Fixed LIBOR Advance in Alternative Currencies shall be in a minimum amount and integrals designated by the Agent from time to time for various Alternative Currencies, which minimum amounts and integrals 

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shall be substantially equivalent (subject to rounding) to the comparable minimum amount and integral amounts provided for Fixed LIBOR Advance in Dollars (unless otherwise agreed between the Agent and the Company upon addition of any Alternative Currency).
Section 2.3    Borrowing Procedures.
(a)    Request by Borrowers.  Any request by the Borrowers for a Loan or Letter of Credit shall be in writing, or by telephone promptly confirmed in writing or by e-mail, and must be given so as to be received by the Agent not later than:
(i)    2:00 p.m., Minneapolis time, on the date of any requested Swing Line Loan;
(ii)    11:00 a.m., Minneapolis time, on the date of any Revolving Loan requested as a Base Rate Advance;
(iii)    11:00 a.m., Minneapolis time, three Business Days prior to the date of any Revolving Loan requested as a Fixed LIBOR Advance in Dollars; or
(iv)    11:00 a.m., Minneapolis time, four Business Days prior to the date of any requested Revolving Loan in Alternative Currencies or any Letter of Credit.
Each request for a Loan shall specify (1) the borrowing date (which shall be a Business Day), (2) the amount of such Loan and the type or types of Advances comprising such Loan, and (3) the initial Interest Periods for such Advances if applicable, and (4) the Alternative Currency, if applicable.  Each request for a Letter of Credit shall be accompanied by the form of the Letter of Credit, the name of the beneficiary, and other information requested by the Agent.
(b)    Funding of Agent.  The Agent shall promptly notify each other Bank of the receipt of the request for Revolving Loans, the matters specified therein, and of such Bank’s Percentage of the requested Revolving Loans.  On the date of the requested Revolving Loans, each Bank shall provide its share of the requested Revolving Loans to the Agent in Dollars or the applicable Alternative Currency in immediately available funds not later than 2:00 p.m., Minneapolis time.  Unless the Agent determines that any applicable condition specified in Article VI has not been satisfied, the Agent will make the requested Revolving Loans available to the Borrowers at the Agent’s principal office in Minneapolis, Minnesota in immediately available funds not later than 3:00 p.m. (Minneapolis time) on the lending date so requested.  If the Agent has made a Revolving Loan to the Borrowers on behalf of a Bank but has not received the amount of such Revolving Loan from such Bank by the time herein required, such Bank shall pay interest to the Agent on the amount so advanced from the date of such Revolving Loan to the date funds are received by the Agent from such Bank at the Federal Funds Effective Rate for Dollars or the applicable LIBOR Rate for Alternative Currencies, such interest to be payable with such remittance from such Bank of the principal amount of such Revolving Loan (provided, however, that the Agent shall not be required to make any Revolving Loan on behalf of a Bank if the Agent has received prior notice from such Bank that it will not make such Loan).  If the Agent does not receive payment from such Bank by the 

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next Business Day after the date of any Revolving Loan, the Agent shall be entitled to recover such Revolving Loan, with interest thereon at the rate then applicable to such Revolving Loan, on demand, from the Borrowers, without prejudice to the Agent’s and the Borrowers’ rights against such Bank.  If such Bank pays the Agent the amount herein required with interest as provided above before the Agent has recovered from the Borrowers, such Bank shall be entitled to the interest payable by the Borrowers with respect to the Loan in question accruing from the date the Agent made such Revolving Loan.
Section 2.4    Continuation or Conversion of Loans.  The Borrowers may elect to (i) continue any outstanding Advance from one Interest Period into a subsequent Interest Period to begin on the last day of the earlier Interest Period, or (ii) convert any outstanding Advance into another type of Advance, on the last day of an Interest Period only for a Fixed LIBOR Advance, by giving the Agent notice in writing, or by telephone promptly confirmed in writing or by e-mail, given so as to be received by the Agent not later than:
(a)    11:00 a.m., Minneapolis time, on the day of the requested continuation or conversion, if the continuing or as-converted Advance shall be a Floating LIBOR Advance or a Base Rate Advance;
(b)    11:00 a.m., Minneapolis time, three Business Days prior to the date of the requested continuation or conversion, if the continuing or as-converted Advance shall be a Fixed LIBOR Advance in Dollars; or
(c)    11:00 a.m., Minneapolis time, four Business Days prior to the date of the requested continuation or conversion, if the continuing or as-converted Advance shall be a Fixed LIBOR Advance in Alternative Currencies.
Each notice of continuation or conversion of an Advance shall specify (i) the effective date of the continuation or conversion (which shall be a Business Day), (ii) the amount and the type or types of Advances following such continuation or conversion (subject to the limitation on amount set forth in Section 2.2), and (iii) the Interest Periods for such Advances.  Absent timely notice of continuation or conversion, following expiration of an Interest Period unless a Fixed LIBOR Advance is paid in full, the Agent may convert such Fixed LIBOR Advance into an Advance which shall bear interest at either (1) the Base Rate, for an Advance in Dollars, or (2) the rate established for a new Interest Period of one month for an Advance in an Alternative Currency (and the Borrowers shall be deemed to have selected such Interest Period for such Advance).  At the option of the Agent, until such time as such Advance is so converted by the Agent or the Borrowers or is continued as a Fixed LIBOR Advance with a new Interest Period by notice by the Borrowers as provided above, such Fixed LIBOR Advance shall continue to accrue interest at a rate equal to the interest rate applicable during the expired Interest Period.  Each Floating LIBOR Advance and Base Rate Advance shall continue as a Floating LIBOR Advance or Base Rate Advance (as the case may be) until notice of conversion shall be given as provided above.  At the option of the Agent, no Revolving Loan in Dollars shall be continued as, or converted into, a Fixed LIBOR Advance if a Default or Event of Default shall exist.

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Section 2.5    Evidence of Loans; Request for Note.  The Banks and the Agent shall enter in their respective records the amount of each Loan and Advance, the rate of interest borne by each Advance and the payments made on the Revolving Loans, and such records shall be deemed conclusive evidence of the subject matter thereof, absent demonstrable error and may be introduced to prove such amounts in lieu of a promissory note.  At the request of any Bank or the Swing Line Bank, the Company shall execute and deliver to such Bank or Swing Line Bank a promissory note to evidence the Loans of such Bank or the Swing Line Bank to the Company.  In the event that a Borrowing Subsidiary shall be the borrower of any Revolving Loan, the Company and such Borrowing Subsidiary shall, upon request of any Bank, execute and deliver a promissory note denominated in the Alternative Currency of such Loan to evidence such Loans, which shall be a joint and several promissory note of the Company and such Borrowing Subsidiary.
Section 2.6    Funding Losses.  The Company hereby agrees that upon demand by any Bank (which demand shall be accompanied by a statement setting forth the basis for the calculations of the amount being claimed) the Company will indemnify such Bank against any loss (other than loss of Applicable Margin) or expense which such Bank may have sustained or incurred (including, without limitation, any net loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Bank to fund or maintain Fixed LIBOR Advances) or which such Bank may be deemed to have sustained or incurred, as reasonably determined by such Bank, (i) as a consequence of any failure by any Borrower to make any payment when due of any amount due hereunder in connection with any Fixed LIBOR Advances, (ii) due to any failure of any Borrower to borrow or convert any Fixed LIBOR Advances on a date specified therefor in a notice thereof, other than as a result of such Bank’s failure to fund such borrowing, or (iii) due to any payment or prepayment of any Fixed LIBOR Advance on a date other than the last day of the applicable Interest Period for such Fixed LIBOR Advance.  For this purpose, all notices under Sections 2.3 and 2.4 shall be deemed to be irrevocable.
Section 2.7    Letters of Credit.
(a)    Letters of Credit.  Subject to the terms and conditions of this Agreement, and on the condition that aggregate Letter of Credit Obligations shall never exceed $100,000,000, and the sum of Letter of Credit Obligations plus Loans shall never exceed the aggregate Commitments of the Banks, the Company may, in addition to Loans, request that the Agent issue letters of credit for the account of the Company or a Material Subsidiary, by making such request to the Agent (such letters of credit as any of them may be amended, supplemented, extended or confirmed from time to time, being herein collectively called the “Letters of Credit”).  The Agent shall issue the requested Letters of Credit, subject to (i) compliance by the Company with all conditions precedent set forth in Article VI hereof, (ii) entry by the Company into applications, agreements and other documents deemed appropriate by the Bank for the issuance of such Letters of Credit (the “Letter of Credit Agreements”), (iii) reasonable satisfaction of the Agent with the form and substance of such Letter of Credit, (iv) absence of any legal or regulatory prohibition of issuance of any letter of credit to the proposed beneficiary, and reasonable satisfaction of the Agent with the beneficiary of such Letter of Credit, and (v) the absence of any other statutory or regulatory change or directive adversely affecting the issuance by the 

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Agent of letters of credit.  Upon the date of the issuance of a Letter of Credit, the Agent shall be deemed, without further action by any party hereto, to have sold to each Bank, and each Bank shall be deemed without further action by any party hereto, to have purchased from the Agent, a participation, in its Percentage, in such Letter of Credit and the related Letter of Credit Obligations.  All Letters of Credit shall expire not later than one year after the Fixed Termination Date, provided, that the Company shall be obligated to cause Letter of Credit Defeasance Conditions to apply to any Letter of Credit that has not expired or been terminated (x) within three days prior to the Fixed Termination Date, or (y) by any other date that the Company shall terminate all Commitments hereunder.  Each Existing Letter of Credit shall for all purposes be deemed to be a Letter of Credit issued under this Agreement on the date on which the conditions precedent to initial Loans set forth in Section 6.2 are satisfied.
(b)    Each Bank’s purchase of a participating interest in a Letter of Credit pursuant to Section 2.7(a) shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (i) any setoff, counterclaim, recoupment, defense or other right which such Bank or the Company may have against the Agent, the Company or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions precedent in Article VI; (iii) any adverse change in the condition (financial or otherwise) of the Company; (iv) any breach of this Agreement or any other Loan Document by the Company or any Bank; (v) the expiry date of any Letter of Credit occurring after such Bank’s Commitment has terminated or (vi) any other circumstance, happening or event whatsoever, whether or not similar or any of the foregoing.
(c)    Additional Provisions.  The following additional provisions shall apply to each Letter of Credit:
(i)    Upon receipt of any request for a Letter of Credit, the Agent shall notify each Bank of the contents of such request and of such Bank’s Percentage of the amount of such proposed Letter of Credit.
(ii)    Upon receipt from the beneficiary of any Letter of Credit of any demand for payment thereunder, Agent shall promptly notify the Company and each Bank as to the amount to be paid as a result of such demand and the payment date.  If at any time the Agent shall have made a payment to a beneficiary of such Letter of Credit in respect of a drawing or in respect of an acceptance created in connection with a drawing under such Letter of Credit, each Bank will pay to Agent immediately upon demand by the Agent at any time during the period commencing after such payment until reimbursement thereof in full by the Company, an amount equal to such Bank’s Percentage of such payment, together with interest on such amount for each day from the date of demand for such payment (or, if such demand is made after 2:00 a.m. Minneapolis time on such date, from the next succeeding Business Day) to the date of payment by such Bank of such amount at the Federal Funds Effective Rate.

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(iii)    The Company shall be irrevocably and unconditionally obligated forthwith to reimburse the Agent for any amount paid by the Agent upon any drawing under any Letter of Credit, including any Letter of Credit issued for the account of a Material Subsidiary, without presentment, demand, protest or other formalities of any kind, all of which are hereby waived.  Such reimbursement may, subject to satisfaction of the conditions in Article VI hereof and to the available Commitment (after adjustment in the same to reflect the elimination of the corresponding Letter of Credit Obligation), be made by the borrowing of Loans.  The Agent will pay to each Bank such Bank’s Percentage of all amounts received from the Company for application in payment, in whole or in part, of a Letter of Credit Obligation, but only to the extent such Bank has made payment to the Agent in respect of such Letter of Credit pursuant to clause (ii) above.
(iv)    The Company’s obligation to reimburse the Agent for any amount paid by the Agent upon any drawing under any Letter of Credit shall be performed strictly in accordance with the terms of this Agreement and the applicable Letter of Credit Agreement under any and all circumstances notwithstanding any lack of validity or enforceability of any Letter of Credit, or any draft or other document presented under a Letter of Credit proving to be forged or fraudulent or any statement therein being untrue or inaccurate in any respect.  Neither the Agent nor any Bank shall have any liability or responsibility by reason of or in connection with any payment or failure to make any payment thereunder, or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit, any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Agent; provided that the foregoing shall not be construed to excuse the Agent from liability to the Company to the extent of any direct damages suffered by the Company that are caused by the Agent’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit substantially comply with the terms thereof (unless the Agent has received approval from the Company to honor a particular non-conforming drawing).  The parties hereto expressly agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of the Letter of Credit, the Agent may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.
(v)    The Company will pay to Agent for the account of each Bank in accordance with its Percentage letter of credit fees (the “Letter of Credit Fees”) with respect to each Letter of Credit equal to an amount, calculated on the basis of face amount of each Letter of Credit, in each case for the period from and including the date of issuance of such Letter of Credit to and including the date of expiration or termination thereof at a per annum rate equal to the Applicable Margin for Fixed LIBOR Advances, provided, that if the rate of interest provided in Section 3.1(d) is applicable to the Loans, the rate of the Letter of Credit Fees 

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shall be increased by 2.00% per annum.  The Agent will pay to each Bank, promptly after receiving any payment in respect of Letter of Credit Fees, an amount equal to the product of such Bank’s Percentage times the amount of such Letter of Credit Fees.  The Company will pay to the Agent for its own account other fees in respect of Letters of Credit in accordance with the Agent’s standard fee schedule as in effect from time to time.  The Company will also pay to the Agent for its own account a fronting fee (“Fronting Fee”) of 0.125% per annum of the amount of any Letter of Credit.  The Letter of Credit Fees and Fronting Fee shall be payable quarterly, in arrears, on the last day of March, June, September and December of each year.  
(d)    Indemnification; Release.  The Company hereby indemnifies and holds harmless the Agent and each Bank from and against any and all claims and damages, losses, liabilities, and costs and expenses determined on a reasonable basis which the Agent or such Bank may incur (or which may be claimed against the Agent or such Bank) in connection with the execution and delivery of any Letter of Credit or transfer of or payment or failure to pay under any Letter of Credit; provided that the Company shall not be required to indemnify any party seeking indemnification for any claims, damages, losses, liabilities, costs or expenses to the extent caused by the gross negligence or willful misconduct of the party seeking indemnification or to the extent caused by Agent’s failure to exercise care as described in the proviso to Section 2.7(c)(iv).
(e)    In the instance of issuance of any Letter of Credit for the account of any Material Subsidiary, the Company shall be deemed a joint applicant for such Letter of Credit, whether or not the Company shall have signed the relevant application or other Letter of Credit Agreement applying to such Letter of Credit, and shall be deemed to guaranty payment of all Letter of Credit Obligations in respect of such Letter of Credit under Article XI.
Section 2.8    Refunding of Swing Line Loans.
(a)    The Swing Line Bank, at any time, at its sole and absolute discretion may, on behalf of the Company (which hereby irrevocably directs the Swing Line Bank to act on its behalf), upon notice given by the Swing Line Bank no later than 11:00 a.m., Minneapolis time, on the relevant refunding date, request each Bank to make, and each Bank hereby agrees to make, a Revolving Loan (which initially shall be a Base Rate Advance), in an amount equal to such Bank’s Percentage of the aggregate amount of the Swing Line Loans (the “Refunded Swing Line Loans”) outstanding on the date of such notice, to refund such Swing Line Loans.  Each Bank shall make the amount of such Revolving Loan available to the Agent in immediately available funds, no later than 1:00 p.m., Minneapolis time, on the date of such notice.  The proceeds of such Revolving Loans shall be distributed by the Agent to the Swing Line Bank and immediately applied by the Swing Line Bank to repay the Refunded Swing Line Loans.
(b)    Upon the date any Swing Line Loan is made, the Agent shall be deemed, without further action by any party hereto, to have sold to each Bank, and each Bank shall be deemed without further action by any party hereto, to have purchased from the 

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Agent, a participation, in its Percentage, in such Swing Line Loan.  Each Bank will immediately transfer to the Agent, upon the Agent’s demand, in immediately available funds, the amount of its participation (the “Swing Line Participation Amount”), and the proceeds of such participation shall be distributed by the Agent to the Swing Line Bank in such amount as will reduce the amount of the participating interest retained by the Swing Line Bank in its Swing Line Loans.
(c)    Whenever, at any time after the Swing Line Bank has received from any Bank such Bank’s Swing Line Participation Amount, the Swing Line Bank receives any payment on account of the Swing Line Loans, the Swing Line Bank will distribute to such Bank its Swing Line Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Bank’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Bank’s pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swing Line Loans then due); provided, however, that in the event that such payment received by the Swing Line Bank is required to be returned, such Bank will return to the Swing Line Bank any portion thereof previously distributed to it by the Swing Line Bank.
(d)    Each Bank’s obligation to make the Loans referred to in Section 2.8(a) and to purchase participating interests pursuant to Section 2.8(b) shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (i) any setoff, counterclaim, recoupment, defense or other right which such Bank or the Company may have against the Swing Line Bank, the Company or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions precedent specified in Article VI; (iii) any adverse change in the condition (financial or otherwise) of the Company; (iv) any breach of this Agreement or any other Loan Document by the Company or any Bank; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.
Section 2.9    Borrowing Subsidiaries.
(a)    The Company, with the consent of the Agent (which shall not be unreasonably withheld), may designate any Material Foreign Subsidiary as a Borrowing Subsidiary; provided that (i) the laws and regulations of the jurisdictions in which such Material Foreign Subsidiary is organized and is located permit extensions of credit and other financial accommodations from the United States of America into such jurisdictions, and each Bank has all licenses, permits and other approvals necessary to make such extensions of credit and other financial accommodations and (ii) no Bank shall be subject to any regulatory or legal limitation or restriction or any material financial disadvantage arising out of or attributable to the location or jurisdiction of organization of such Material Foreign Subsidiary or the nature of its activities.  Upon not less than five (5) Business Days’ prior notice, and upon the receipt and execution by the Agent of a duly executed Borrowing Subsidiary Agreement, such Subsidiary shall be a Borrowing Subsidiary and a party to this Agreement.

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(b)    The obligation of each Bank to make its first Loan to any Borrowing Subsidiary is subject to the satisfaction of the condition that the Agent shall have received the following:
(i)    all documents as shall reasonably demonstrate the existence of such Borrowing Subsidiary, the corporate power and authority of such Borrowing Subsidiary to enter into, and the validity with respect to such Borrowing Subsidiary of, this Agreement and the other Loan Documents to which it is a party and any other matters relevant hereto (including an opinion of counsel), all in form and substance satisfactory to the Agent; and
(ii)    any governmental and third party approvals necessary or advisable in connection with the execution, delivery and performance of this Agreement by the Borrowing Subsidiary and any documents that any Bank is required to obtain under any governmental law, rule or regulation, including the Patriot Act.
(c)    Each Borrowing Subsidiary hereby irrevocably appoints and authorizes the Company to take such action and deliver and receive notices hereunder as agent on its behalf and to exercise such powers under this Agreement as delegated to it by the terms hereof, together with all such powers as are reasonably incidental thereof.  In furtherance of and not in limitation of the foregoing, for administrative convenience of the parties hereto, the Agent and the Banks shall send all notices and communications to be sent to any Borrowing Subsidiary solely to the Company and may rely solely upon the Company to receive all such notices and other communications for and on behalf of each Borrowing Subsidiary.  No Person other than the Company (and its authorized officers and employees) may act as agent for any Borrowing Subsidiary hereunder without the written consent of the Agent.
(d)    Each Loan made to a Borrowing Subsidiary and interest thereon shall be the Obligation of such Borrowing Subsidiary and the Company, guarantied by the Company pursuant to Article XI hereof.  Notwithstanding anything to the contrary in this Agreement, unless expressly so provided in a Loan Document other than this Agreement entered by any Borrowing Subsidiary, no Borrowing Subsidiary shall have any obligations or liabilities in respect of any Obligations of any other Borrowing Subsidiary or the Company.  The Company, the Agent and the Banks agree that due to difficulties of apportionment thereof, all Obligations other than principal and interest on Loans made to a Borrowing Subsidiary shall be Obligations of the Company only, and not of any Borrowing Subsidiary (whether or not such Obligations are related to Loans made to a Borrowing Subsidiary).
Section 2.10    Increase to Commitments.  The Company may, from time to time, increase the Commitments hereunder or enter into one or more tranches of term loans (each an “Incremental Term Loan”), by giving notice to the Agent, specifying the dollar amount of the increase (which shall be in integral multiples of $5,000,000, and the aggregate amount of all of which increases and Incremental Term Loans shall not exceed $250,000,000); provided, however, that an increase in the Commitments or incurrence of Incremental Term Loans hereunder may only be made at a time when no Default or Event of Default shall have occurred 

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and be continuing.  As of the Third Amendment Effective Date, after giving effect to the Third Amendment, the full aggregate amount of $250,000,000 is available to the Company for such increases to the Commitments and Incremental Term Loans, subject to the provisions of this Section 2.10.  The Company may increase the Commitments or incur the Incremental Term Loans by either increasing a Commitment or incurring an Incremental Term Loan with an existing Bank or obtaining a Commitment or Incremental Term Loan from a new financial institution, the selection of which shall require the consent of the Agent, not to be unreasonably withheld.  The Company, the Agent and each Bank or other financial institution that is increasing its Commitment or extending a new Commitment or Incremental Term Loan shall enter into an amendment to this Agreement, and, as appropriate, the other Loan Documents, setting forth the amounts of the Commitments and Incremental Term Loans, as so increased or extended, and providing that any new financial institution extending a new Commitment or new Incremental Term Loan shall be a Bank for all purposes under this Agreement.  Such amendment may effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Agent, to effect the provisions of this Section 2.10, including, without limitation, to reflect the addition of Incremental Term Loans throughout this Agreement and the Loan Documents, as appropriate.  No such amendment shall require the approval or consent of any Bank whose Commitment is not being increased or who is not extending an Incremental Term Loan and no Bank shall be required to increase its Commitment or extend an Incremental Term Loan unless it shall so agree in writing.  Upon the execution and delivery of such amendment as provided above, this Agreement shall be deemed to be amended accordingly and, in the case of any new or increased Commitments, the Agent shall adjust the funded amount of the Advances of the Banks so that each Bank (including the Banks with new or increased Commitments) shall hold their respective Percentages (as amended by such amendment) of the Advances outstanding and the unfunded Commitments (and each Bank shall so fund any increased amount of Advances).  The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving Loans, (b) shall not mature earlier than the Fixed Termination Date (but may have amortization prior to such date) and (c) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans; provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Fixed Termination Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Fixed Termination Date and (ii) the Incremental Term Loans may be priced differently than the Revolving Loans.  On the effective date of the issuance of any Incremental Term Loans, each Bank that has agreed to extend such an Incremental Term Loan shall make its ratable share thereof available to the Agent, for remittance to the Borrowers, on the terms and conditions specified by the Agent at such time.
Section 2.11    Defaulting Banks.  
(a)    Defaulting Bank Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Bank becomes a Defaulting Bank, then, until such time as such Bank is no longer a Defaulting Bank, to the extent permitted by applicable law:

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(i)    Waivers and Amendments.  Such Defaulting Bank’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Banks.
(ii)    Defaulting Bank Waterfall. Any payment of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting Bank (whether voluntary or mandatory, at maturity, pursuant to Article X or otherwise) or received by the Agent from a Defaulting Bank pursuant to Section 10.4 shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by such Defaulting Bank to the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Bank to the Agent in its capacity as issuer of the Letters of Credit and Swing Line Bank hereunder; third, to Cash Collateralize the Fronting Exposure of the Agent in its capacity as issuer of the Letters of Credit with respect to such Defaulting Bank in accordance with Section 2.11(d); fourth, as the Company may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Bank has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and the Company, to be held in a deposit account (including the cash collateral account) and released pro rata in order to (x) satisfy such Defaulting Bank’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the future Fronting Exposure of the Agent in its capacity as issuer of the Letters of Credit with respect to such Defaulting Bank with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.11(d); sixth, to the payment of any amounts owing to the Banks, the Agent in its capacity as issuer of the Letters of Credit or Swing Line Bank as a result of any judgment of a court of competent jurisdiction obtained by any Bank, the Agent in its capacity as issuer of the Letters of Credit or Swing Line Bank against such Defaulting Bank as a result of such Defaulting Bank’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by any Borrower against such Defaulting Bank as a result of such Defaulting Bank's breach of its obligations under this Agreement; eighth, if so determined by the Agent, distributed to the Banks other than the Defaulting Bank until the ratio of the outstanding credit exposure of such Banks to the aggregate outstanding exposure of all Banks equals such ratio immediately prior to the Defaulting Bank’s failure to fund any portion of any Loans or participations in Letters of Credit or Swing Line Loans; and ninth, to such Defaulting Bank or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or Letter of Credit issuances in respect of which such Defaulting Bank has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 6.3 were satisfied or waived, such payment shall be applied solely to pay the Loans and Letter of Credit Obligations of all Non-Defaulting Banks on a pro rata basis prior to being applied to the payment of any Loans or Letter of Credit 

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Obligations of such Defaulting Bank until such time as all Loans and funded and unfunded participations in Letter of Credit Obligations and Swing Line Loans are held by the Banks pro rata in accordance with the Commitments without giving effect to Section 2.11(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Bank that are applied (or held) to pay amounts owed by a Defaulting Bank or to post Cash Collateral pursuant to this Section 2.11(a)(ii) shall be deemed paid to and redirected by such Defaulting Bank, and each Bank irrevocably consents hereto.
(iii)    Certain Fees.
(A)    No Defaulting Bank shall be entitled to receive any commitment fee for any period during which that Bank is a Defaulting Bank (and no Borrower shall be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Bank).  
(B)    Each Defaulting Bank shall be entitled to receive Letter of Credit Fees for any period during which that Bank is a Defaulting Bank only to the extent allocable to its ratable share of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.11(d).  
(iv)    Reallocation of Participations to Reduce Fronting Exposure.  All or any part of such Defaulting Bank’s participation in Letter of Credit Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Banks in accordance with their respective Percentages (calculated without regard to such Defaulting Bank’s Commitment) but only to the extent that (x) the conditions set forth in Section 6.3 are satisfied at the time of such reallocation (and, unless the Company shall have otherwise notified the Agent at such time, the Company shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate outstanding Loans and Letter of Credit Obligations of any Non-Defaulting Bank to exceed such Non-Defaulting Bank’s Commitment.  Subject to Section 13.17, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Bank arising from that Bank having become a Defaulting Bank, including any claim of a Non-Defaulting Bank as a result of such Non-Defaulting Bank’s increased exposure following such reallocation.
(v)    Cash Collateral, Repayment of Swing Line Loans.  If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Bank’s Fronting Exposure and (y) second, Cash Collateralize the Fronting Exposure of the Agent in its capacity as issuer of the Letters of Credit in accordance with the procedures set forth in Section 2.11(d).

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(b)    Defaulting Bank Cure.  If the Company, the Agent and the Swing Line Bank agree in writing that a Bank is no longer a Defaulting Bank, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Banks or take such other actions as the Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held pro rata by the Banks in accordance with the Commitments (without giving effect to Section 2.11(a)(iv)), whereupon such Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Bank was a Defaulting Bank; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.
(c)    New Swing Line Loans/Letters of Credit.  So long as any Bank is a Defaulting Bank, (i) the Swing Line Bank shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) the Agent in its capacity as issuer of the Letters of Credit shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.
(d)    Cash Collateral.  At any time that there shall exist a Defaulting Bank, within one (1) Business Day following the written request of the Agent the Borrowers shall Cash Collateralize the Fronting Exposure of the Agent in its capacity as issuer of the Letters of Credit with respect to such Defaulting Bank (determined after giving effect to Section 2.11(a)(iv) and any Cash Collateral provided by such Defaulting Bank) in an amount not less than the Minimum Collateral Amount.
(i)    Grant of Security Interest.  The Borrowers, and to the extent provided by any Defaulting Bank, such Defaulting Bank, hereby grant to the Agent, for the benefit of the Agent in its capacity as issuer of the Letters of Credit, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Bank’s obligation to fund participations in respect of Letter of Credit Obligations, to be applied pursuant to clause (ii) below.  If at any time the Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Agent (whether in its capacity as Agent generally, as the issuer of Letters of Credit hereunder, or otherwise) as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrowers will, promptly upon demand by the Agent, pay or provide to the Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Bank).
(ii)    Application.  Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 2.11 in respect of 

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Letters of Credit shall be applied to the satisfaction of the Defaulting Bank’s obligation to fund participations in respect of Letter of Credit Obligations (including, as to Cash Collateral provided by a Defaulting Bank, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.
(iii)    Termination of Requirement.  Cash Collateral (or the appropriate portion thereof) provided to reduce the Fronting Exposure of the Agent in its capacity as issuer of the Letters of Credit shall no longer be required to be held as Cash Collateral pursuant to this Section 2.11(d) following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Bank status of the applicable Bank), or (ii) the determination by the Agent that there exists excess Cash Collateral; provided that, subject to this Section 2.11 the Person providing Cash Collateral and the Agent in its capacity as issuer of the Letters of Credit may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations.
Section 2.12    Purpose of Loans.  
The Loans shall be used by the Company and its Subsidiaries for working capital purposes, capital expenditures, Permitted Acquisitions, prepayment of existing Indebtedness, share repurchases and other corporate purposes of the Company and its Subsidiaries.
Section 2.13    Replacement of Bank.
If (i) any Bank requests any additional payment pursuant to Section 5.1 or 5.2 or (ii) the Borrowers are required to make any additional payment to any Bank pursuant to Section 5.6 or (iii) any Bank’s obligation to make or continue, or to convert Base Rate Advances into LIBOR Advances shall be suspended pursuant to Section 5.3 or (iv) any Bank defaults in its obligation to make a Loan, reimburse the Agent pursuant to Section 2.7 or the Swing Line Bank pursuant to Section 2.5 or (v) any Bank declines to approve an amendment or waiver required to be approved by the Required Banks (or by all of the Banks, or by each affected Bank) that is otherwise approved by the Required Banks or otherwise becomes a Defaulting Bank (any Bank so affected an “Affected Bank”), the Borrowers may elect, if such request remains outstanding, such amounts continue to be charged, such suspension is still effective or such approval is still withheld, to replace such Affected Bank as a Bank party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrowers and the Agent shall agree, as of such date, to purchase for cash at par the Advances and other Obligations due to the Affected Bank under this Agreement and the other Loan Documents pursuant to an assignment substantially in the form of Exhibit G and to become a Bank for all purposes under this Agreement and to assume all obligations of the Affected Bank to be terminated as of such date and to comply with the requirements of Section 13.3 applicable to assignments, and (ii) the Borrowers shall pay to such Affected Bank in same day funds on the day of such replacement (A) all interest, fees and other amounts then accrued but unpaid to such Affected Bank by the Borrowers hereunder to and including the date of termination, including without limitation payments due to such Affected Bank under Sections 5.1, 5.2 and 5.6, and (B) an amount, if any, equal to the payment which would have been due to 

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such Bank on the day of such replacement under Section 2.6 had the Loans of such Affected Bank been prepaid on such date rather than sold to the replacement Bank.
Section 2.14    Extensions of Commitments.
(a)    The Company may from time to time, but not more than twice during the term of this Agreement, pursuant to the provisions of this Section 2.14, agree with one or more Banks holding Commitments to extend the Fixed Termination Date by one (1) year, and otherwise modify the terms of such Commitments or any portion thereof (including, without limitation, by increasing the interest rate or fees payable in respect of such Commitments or any portion thereof) (each such modification, an “Extension”) pursuant to one or more written offers (each, an “Extension Offer”) made from time to time by the Company to all Banks, in each case on a pro rata basis (based on their respective Percentages) and on the same terms to each such Bank.  In connection with each Extension, the Company will provide notification to the Agent (for distribution to the Banks), no later than thirty (30) days prior to the Fixed Termination Date of the requested new termination date for the extended Commitments (each an “Extended Termination Date”) and the due date for Bank responses.  In connection with any Extension, each Bank wishing to participate in such Extension shall, prior to such due date, provide the Agent with a written notice thereof in a form reasonably satisfactory to the Agent.  Any Bank that does not respond to an Extension Offer by the applicable due date shall be deemed to have rejected such Extension.  
(i)    Each Extension shall be subject to the following:
(A)    no Default or Event of Default shall have occurred and be continuing at the time any Extension Offer is delivered to the Banks or at the time of such Extension;
(B)    except as to interest rates, fees and termination date, the Commitment of any Bank extended pursuant to any Extension shall have the same terms as the Commitments of the Banks that did not agree to the Extension Offer;
(C)    the Fixed Termination Date of the Commitments to be extended pursuant to an Extension shall be later than the Fixed Termination Date of the Commitments of the Banks that did not agree to the Extension Offer;
(D)    if the aggregate amount of Commitments in respect of which Banks shall have accepted an Extension Offer exceeds the maximum aggregate amount of Commitments offered to be extended by the Company pursuant to the relevant Extension Offer, then such Commitments shall be extended ratably up to such maximum amount based on the relative Commitments of the Banks that accepted such Extension Offer;

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(E)    all documentation in respect of such Extension shall be consistent with the foregoing, and all written communications by the Company generally directed to the applicable Banks in connection therewith shall be in form and substance consistent with the foregoing and otherwise reasonably satisfactory to the Agent;
(F)    any applicable Minimum Extension Condition shall be satisfied; and
(G)    no Extension shall become effective unless, on the proposed effective date of such Extension, the conditions set forth in Section 6.3 shall be satisfied (with all references in such Section to a request for a Loan being deemed to be references to the Extension on the applicable date of such Extension), and the Agent shall have received a certificate to that effect dated the applicable date of such Extension and executed by a Responsible Officer of the Company.
(b)    If at the time any Extension of Commitments (as so extended, “Current Extension Commitments”) becomes effective, there will be Commitments or Revolving Loans attributable to a prior Extension that will remain outstanding (collectively, the “Prior Extension Commitments”), then, if the interest rate spread applicable to any such Current Extension Commitments exceeds the interest rate spread applicable to such Prior Extension Commitments by more than 0.25%, then the interest rate spread applicable to such Prior Extension Commitments shall be increased so that it equals the interest rate spread applicable to the Current Extension Commitments (calculated as provided above).
(c)    The consummation and effectiveness of any Extension will be subject to a condition set forth in the relevant Extension Offer (a “Minimum Extension Condition”) that a minimum amount be agreed to by the Banks subject to such Extension (to be determined in the Company’s discretion and specified in the relevant Extension Offer, but in no event less than $250,000,000, unless another amount is agreed to by the Agent).  For the avoidance of doubt, it is understood and agreed that the provisions of this Agreement requiring proceeds of repayment of the Loans or funded participations in Letters of Credit to be transferred by the Agent to the Banks ratably in accordance with their respective Percentages will not apply to Extensions of Commitments pursuant to Extension Offers made pursuant to and in accordance with the provisions of this Section 2.14, including to any payment of interest or fees in respect of any Commitments or Loans that have been extended or made pursuant to an Extension at a rate or rates different from those paid or payable in respect of Commitments or Loans of Banks that did not extend their Commitments, in each case as is set forth in the relevant Extension Offer.
(d)    The Banks hereby irrevocably authorize the Agent to enter into amendments (collectively, “Extension Amendments”) to this Agreement and the other Loan Documents as may be necessary in order to establish new classes of Commitments and Revolving Loans created pursuant to an Extension, in each case on terms consistent with this Section 2.14.  Notwithstanding the foregoing, the Agent shall have the right (but 

39

not the obligation) to seek the advice or concurrence of the Required Banks with respect to any matter contemplated by this Section 2.14 and, if the Agent seeks such advice or concurrence, the Agent shall be permitted to enter into such amendments with the Borrowers in accordance with any instructions received from such Required Banks and shall also be entitled to refrain from entering into such amendments with the Borrowers unless and until it shall have received such advice or concurrence; provided, however, that whether or not there has been a request by the Agent for any such advice or concurrence, all such Extension Amendments entered into with the Borrowers by the Agent hereunder shall be binding on the Banks. Without limiting the foregoing, in connection with any Extension, the Company, the Borrowing Subsidiaries and any other Subsidiary shall execute such agreements, confirmations or other documentation as the Agent shall reasonably request to accomplish the purposes of this Section 2.14.   
(e)    In connection with any Extension, the Company shall provide the Agent at least ten (10) Business Days’ (or such shorter period as may be agreed by the Agent) prior written notice thereof, and shall agree to such procedures, if any, as may be reasonably established by, or acceptable to, the Agent to accomplish the purposes of this Section 2.14.
(f)    This Section 2.14 shall supersede any provision in Section 13.2 to the contrary.  
ARTICLE III
 INTEREST AND FEES

Section 3.1    Interest.  The Loans shall bear interest as follows, all payable on the applicable Payment Dates for the type of Advances:
(a)    Fixed LIBOR Advances.  The unpaid principal amount of each Fixed LIBOR Advance shall bear interest prior to maturity at a rate per annum equal to the sum of (i) the LIBOR Rate in effect for the Interest Period for such Fixed LIBOR Advance, plus (ii) the Applicable Margin for Fixed LIBOR Advances.
(b)    Floating LIBOR Advances.  The unpaid principal amount of each Floating LIBOR Advance shall bear interest prior to maturity at a rate per annum equal to the LIBOR Rate in effect for each day plus the Applicable Margin for Fixed LIBOR Advances.
(c)    Base Rate Advances.  The unpaid principal amount of each Base Rate Advance shall bear interest prior to maturity at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Advances.
(d)    Interest After Default.  After notice by the Agent to the Company (which may be given by the Agent and shall, upon direction by the Required Banks be given) following occurrence and during continuance of an Event of Default, the Loans shall bear interest until paid in full at a rate per annum equal to 2.00% in excess of the rate otherwise applicable to the Loans and the Letter of Credit Fees shall be increased by 2.00% per annum, as provided in the proviso in the first sentence of Section 2.7(c)(v).

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Section 3.2    Commitment Fee.  The Company shall pay fees (the “Commitment Fees”) to the Agent for the account of the Banks in an amount per annum determined by applying the Applicable Commitment Fee Rate to the average daily unused amount of the Commitments of the respective Banks for the period from the date of satisfaction of the conditions set forth in Section 6.2 to the Termination Date, payable on the applicable Payment Dates for Commitment Fees.  Swing Line Loans shall not count as usage of the Commitments for the purpose of calculating the Commitment Fees.
Section 3.3    Computation.  Interest on Base Rate Advances, interest computed using the CDOR Rate and interest on borrowings denominated in Sterling shall be computed on the basis of actual days elapsed and a year of 365 or 366 days, as applicable.  All other interest, Commitment Fees and other periodic fees (including Letter of Credit Fees) shall be computed on the basis of actual days elapsed and a year of 360 days.
Section 3.4    Fees.  The Company shall pay the fees to the Agent in amounts and at times provided in the letter agreement dated as of November 18, 2016 (as amended, restated, supplemented or otherwise modified, renewed or replaced from time to time, the “Agent’s Fee Letter”) between the Agent and the Company.  The Company shall also pay the fees agreed to in the letter agreement dated as of November 18, 2016 between the Company and the Syndication Agent (as amended, restated, supplemented or otherwise modified, renewed or replaced from time to time, the “Syndication Agent Fee Letter”, and together with the Agent’s Fee Letter, the “Fee Letters”).
Section 3.5    Limitation of Interest.  The Borrowers, the Agent and the Banks intend to strictly comply with all applicable laws, including applicable usury laws.  Accordingly, the provisions of this Section 3.5 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 3.5, even if such provision declares that it controls.  As used in this Section 3.5, the term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, provided that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, charged or received shall be amortized, prorated, allocated and spread, in equal parts during the full term of the Obligations.  In no event shall a Borrower or any other Person be obligated to pay, or any Bank have any right or privilege to reserve, receive or retain, (a) any interest in excess of the maximum amount of nonusurious interest permitted under the applicable laws (if any) of the United States or of any applicable state, or (b) total interest in excess of the amount which such Bank could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the Obligations at the Highest Lawful Rate.  On each day, if any, that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence.  Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the immediately 

41

preceding sentence shall again automatically operate to limit the interest accrual rate.  The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made.  None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 3.5, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate.  If the term of any Obligation is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that (or any other) reason any Bank at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any such excess interest shall be canceled automatically as of the date of such acceleration, prepayment or other event which produces the excess, and, if such excess interest has been paid to such Bank, it shall be credited pro tanto against the then-outstanding principal balance of the Borrowers’ obligations to such Bank, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any remaining balance of such excess shall be promptly refunded to its payor.
ARTICLE IV
PAYMENTS, PREPAYMENTS, REDUCTION OR TERMINATION 
OF THE CREDIT AND SETOFF

Section 4.1    Repayment.  Principal of the Loans, together with all accrued and unpaid interest thereon, shall be due and payable on the Termination Date.
Section 4.2    Prepayments.
(a)    The Borrowers may, upon at least one Business Day’s prior written or telephonic notice received by the Agent, prepay the Loans denominated in Dollars, in whole or in part, at any time subject to the provisions of Section 2.6, without any other premium or penalty.  Any prepayment of a Fixed LIBOR Advance must be accompanied by accrued and unpaid interest on the amount prepaid.  Each partial prepayment of a Revolving Loan that is a Base Rate Advance shall be in an amount of $500,000 or an integral multiple of $100,000 above such amount, or if less, the remaining principal balance of such Loan.  Each partial prepayment of a Swing Line Loan that is a Floating LIBOR Advance or Base Rate Advance shall be in an amount of $5,000 or an integral multiple thereof above such amount, or if less, the remaining principal balance.  Each partial prepayment of a Fixed LIBOR Advance shall be in an amount of $1,000,000 or an integral multiple of $500,000 above such amount, or, if less, the remaining principal balance of such Advance.
(b)    The Borrowers may, upon at least three Business Days’ prior written or telephonic notice received by the Agent, prepay the Revolving Loans denominated in Alternative Currencies.  Any prepayment of a Revolving Loan in an Alternative Currency shall be in the full amount of such Revolving Loan initially borrowed or in such portion 

42

of such amount as the Agent shall approve in its reasonable discretion, and shall be subject to the provisions of Section 2.6, without any other premium or penalty.
(c)    If on any Revaluation Date, the Agent shall determine that the outstanding Dollar Equivalent of the Revolving Loans, Swing Line Loans and Letter of Credit Obligations shall exceed the aggregate Commitments of the Banks, the Borrowers shall, upon notice of such excess by the Agent, repay the Revolving Loans or Swing Line Loans in the amount of any such excess.  For purposes of this Section and all calculations herein, the principal of Revolving Loans in Alternative Currencies shall be calculated using the Dollar Equivalent of such Revolving Loans as determined by the Agent on such Revaluation Date.  Such payment shall be applied first, to any Swing Line Loans outstanding, second, to any Revolving Loans in Dollars (first to Base Rate Advances, then Floating LIBOR Advances in a manner reasonably calculated to minimize payments under Section 2.6), third, to any Revolving Loans in Alternative Currencies, and fourth, to be held as cash collateral for Letter of Credit Obligations as provided in Section 10.3.
Section 4.3    Optional Reduction or Termination of Commitments.  The Company may, at any time, upon no less than three (3) Business Days prior written or telephonic notice received by the Agent, reduce the Commitments of all Banks, such reduction to be in a minimum amount of $5,000,000 or an integral multiple thereof and to be applied ratably to the Commitments of the respective Banks.  Upon any reduction in the Commitments pursuant to this Section, the Company shall pay to the Agent for the account of the Banks the amount, if any, by which the aggregate unpaid principal amount of outstanding Loans exceeds the total Commitments of all Banks as so reduced.  Amounts so paid cannot be reborrowed.  The Company may, at any time, upon not less than three (3) Business Days prior written notice to the Agent, terminate the Commitments in their entirety.  Upon termination of the Commitments pursuant to this Section, the Company shall pay to the Agent for the account of the Banks the full amount of all outstanding Loans and shall cause all other Termination Conditions to exist.  All payment described in this Section is subject to the provisions of Section 2.6.
Section 4.4    Payments.  Payments and prepayments of principal of, and interest on, the Notes and all fees, expenses and other obligations under the Loan Documents shall be made without set-off or counterclaim in immediately available funds not later than 3:00 p.m., Minneapolis time, on the dates due at the main office of the Agent in Minneapolis, Minnesota.  Funds received on any day after such time shall be deemed to have been received on the next Business Day.  The Agent shall promptly distribute in like funds to each Bank its Percentage share of each such payment of principal, interest and Commitment Fees.  Subject to the definition of the term “Interest Period”, whenever any payment to be made hereunder or on the Notes shall be stated to be due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of any interest or fees.
Section 4.5    Proration of Payments.  If any Bank or other holder of a Loan shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset, pursuant to the guaranty hereunder, or otherwise) on account of principal of, interest on, or fees with respect to any Loan, in any case in excess of the share of payments and other recoveries of other Banks or holders, such Bank or other holder shall purchase from the other 

43

Banks or holders, in a manner to be specified by the Agent, such participations in the Loans held by such other Banks or holders as shall be necessary to cause such purchasing Bank or other holder to share the excess payment or other recovery ratably with each of such other Banks or holders; provided, however, that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Bank or holder, the purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.
ARTICLE V
ADDITIONAL PROVISIONS RELATING TO LOANS

Section 5.1    Yield Protection.  If, after the date of this Agreement, there occurs any Change in Law which:
(a)    imposes, modifies or deems applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Bank or any applicable Lending Installation (except any LIBOR Reserve Rate on Dollars or similar reserve on Alternative Currencies), 
(b)    subjects any Bank or an applicable Lending Installation or the Agent to any Taxes (other than with respect to Indemnified Taxes, Excluded Taxes and Other Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or
(c)    imposes any other condition, cost or expense (other than Taxes) affecting this Agreement, the Commitments, the Loans made by such Bank or any Letter of Credit or participation therein on any Bank, any applicable Lending Installation or the relevant funding markets;   
and the result of any of the foregoing is to increase the cost to such Person of making, converting to, continuing or maintaining its Loans or Commitment or of issuing or participating in Letters of Credit or to reduce the amount received by such Person in connection with such Loans or Commitment, Letters of Credit or participations therein (whether of principal, interest or any other amount), then, the Company shall pay to such Person upon demand such additional amount or amounts as will compensate such Person for such additional costs or reduction.  Determinations by each Person for purposes of this Section 5.1 of the additional amounts required to compensate such Person shall be conclusive in the absence of manifest error.  In determining such amounts, such Person may use any reasonable averaging, attribution and allocation methods.  Each such Person shall use best efforts to notify the Company within 90 days after becoming aware of any application or change that would result in payments by the Company under this Section 5.1.  Failure or delay on the part of any such Person to demand compensation pursuant to this Section 5.1 shall not constitute a waiver of such Person’s right to demand such compensation; provided that the Company shall not be required to compensate any such Person pursuant to this section for any increased costs or reductions incurred more than 90 days prior to the date that such Person notifies the Company of the Change in Law that would result in payments by the Company under this Section 5.1; provided further that, if the Change in 

44

Law giving rise to such increased costs or reductions is retroactive, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof. 
Section 5.2    Changes in Capital Adequacy Regulations.  If a Bank determines that the amount of capital or liquidity required or expected to be maintained by such Bank, any Lending Installation of such Bank, or any corporation or holding company controlling such Bank is increased as a result of (i) a Change in Law after the date of this Agreement or (ii) any change after the date of this Agreement in the Risk-Based Capital Guidelines, then, the Company shall pay such Bank upon demand the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital or liquidity which such Bank determines is attributable to this Agreement, its Loans or its Commitment to make Loans and issue or participate in Letters of Credit, as the case may be, hereunder (after taking into account such Bank’s policies as to capital adequacy or liquidity), in each case that is attributable to such Change in Law or change in the Risk-Based Capital Guidelines, as applicable.  Failure or delay on the part of any such Person to demand compensation pursuant to this Section 5.2 shall not constitute a waiver of such Person’s right to demand such compensation; provided that the Company shall not be required to compensate any such Person pursuant to this section for any increased costs or reductions incurred more than 90 days prior to the date that such Person notifies the Company of the Change in Law or change in the Risk-Based Capital Guidelines that would result in payments by the Company under this Section 5.1; provided further that, if the Change in Law or change in Risk-Based Capital Guidelines giving rise to such increased costs or reductions is retroactive, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof.
Section 5.3    Deposits Unavailable or Interest Rate Unascertainable or Inadequate; Impracticability.  If the Agent determines (which determination shall be conclusive and binding on the parties hereto) that:
(a)    deposits of the necessary amount for the relevant Interest Period for any LIBOR Advance are not available in the relevant markets, or for Alternative Currencies, necessary amounts of the relevant Alternative Currency are not readily obtainable on regular exchange markets available to each Bank, or that, by reason of circumstances affecting such market, adequate and reasonable means do not exist for ascertaining the LIBOR Rate for Dollars or other Alternative Currencies for such Interest Period;
(b)    the LIBOR Rate will not adequately and fairly reflect the cost to the Banks of making or funding the LIBOR Advance for a relevant Interest Period; or
(c)    the making or funding of LIBOR Advances has become impracticable as a result of any event occurring after the date of this Agreement which, in the opinion of the Agent, materially and adversely affects such Advances or any Bank’s Commitment or the relevant market;
the Agent shall promptly give notice of such determination to the Company, and (i) any notice of a new LIBOR Advance in Dollars previously given by the Borrowers and not yet borrowed or converted shall be deemed to be a notice to make a Base Rate Advance; (ii) any notice of a new LIBOR Advance in an Alternative Currency shall, upon notice by the Agent, be withdrawn by 

45

the Borrowers, and (iii) the Borrowers shall be obligated to either prepay in full any outstanding LIBOR Advances (in Dollars or Alternative Currencies), without premium or penalty on the last day of the current Interest Period with respect thereto or, in the instance of a LIBOR Advance in Dollars, convert any such LIBOR Advance to a Base Rate Advance on such last day.
Section 5.4    Illegality.
(a)    If at any time due to a Change in Law after the date of this Agreement, or for any other reason arising subsequent to the date of this Agreement, it shall become unlawful or impossible for any Bank to make or fund any LIBOR Advance in either Dollars or an Alternative Currency, the obligation of such Bank to provide such LIBOR Advance in Dollars or the relevant Alternative Currency shall, upon the happening of such event, forthwith be suspended for the duration of such illegality or impossibility.  If any such event shall make it unlawful or impossible for the Bank to continue any LIBOR Advance previously made by it hereunder, such Bank shall, upon the happening of such event, notify the Agent and the Company thereof in writing, and the Company shall, at the time notified by such Bank, repay such Advance in full, together with accrued interest thereon, subject to the provisions of Section 2.6, in the instance of a LIBOR Advance in Dollars convert each such unlawful Advance to a Base Rate Advance, or in the instance of a LIBOR Advance in an Alternative Currency change the interest rate index to an index that is not unlawful or impossible for such Bank.
(b)    If, in any applicable jurisdiction, the Agent or any Bank determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Agent or any Bank to (i) perform any of its obligations hereunder or under any other Loan Document, (ii) fund or maintain its participation in any Loan or Letter of Credit Obligation or (iii) issue, make, maintain, fund or charge interest with respect to any Loan or Letter of Credit Obligation, in each case, with respect to any Material Foreign Subsidiary designated as a Borrowing Subsidiary, such Person shall promptly notify the Agent and the Agent shall notify the Company.  Upon notice by the Agent to the Company and until such notice by such Person is revoked, any obligation of such Person to issue, make, maintain, fund or charge interest with respect to any such Loan or Letter of Credit Obligation shall be suspended, and to the extent required by applicable law, cancelled.  Upon receipt of such notice to the Company, the Borrowers shall, (A) repay that Person’s participation in the Loans, Letter of Credit Obligations or other applicable Obligations on the last day of the Interest Period for each Loan, Letter of Credit Obligation or other Obligation occurring after the Agent has notified the Company or, if earlier, the date specified by such Person in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by the applicable law) and (B) take all reasonable actions requested by such Person to mitigate or avoid such illegality.
Section 5.5    Discretion of the Banks as to Manner of Funding.  Notwithstanding any provision of this Agreement to the contrary, each Bank shall be entitled to fund and maintain its funding of all or any part of the Loans in any manner it elects; it being understood, however, that for purposes of this Agreement, all determinations hereunder shall be made as if the Banks had actually funded and maintained each LIBOR Advance during the Interest Period for such Advance through the purchase of deposits of Dollars or purchase of 

46

Alternative Currencies on the foreign exchange market, each having a term corresponding to such Interest Period and bearing an interest rate equal to the LIBOR Rate for such Interest Period (whether or not any Bank shall have granted any participations in such Advances).
Section 5.6    Taxes. 
(a)  Any and all payments by or on account of any obligation of any Borrower or Guarantor under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law requires the deduction or withholding of any Tax from any such payment, then the applicable Person shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax or Other Tax, then the sum payable by such applicable Person shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 5.6) the applicable Bank or the Agent receives an amount equal to the sum it would have received had no such deduction or withholding been made.

(b)  The Borrowers and Guarantors shall timely pay to the relevant Governmental Authority in accordance with applicable law or at the option of the Agent timely reimburse it for the payment of, any Other Taxes.

(c)  The Borrowers and Guarantors shall indemnify the Bank or the Agent, within fifteen (15) days after demand therefor, for the full amount of any Indemnified Taxes and Other Taxes (including Indemnified Taxes and Other Taxes imposed or asserted on or attributable to amounts payable under this Section 3.5) payable or paid by such Bank or the Agent or required to be withheld or deducted from a payment to such Bank or the Agent and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes and Other 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 Company by a Bank (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Bank, shall be conclusive absent manifest error.

(d)  Each Bank shall severally indemnify the Agent, within fifteen (15) days after demand therefor, for (i) any Indemnified Taxes and Other Taxes attributable to such Bank (but only to the extent that any Borrower or Guarantor has not already indemnified the Agent for such Indemnified Taxes and Other Taxes and without limiting the obligation of the Borrowers and Guarantors to do so), (ii) any Taxes attributable to such Bank’s failure to comply with the provisions of Section 13.3(c) relating to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Bank, in each case, that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Bank by the Agent shall be conclusive absent manifest error.  Each Bank hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Bank under any Loan Document or otherwise payable by the Agent to the Bank from any other source against any amount due to the Agent under this paragraph (d).

47

(e)  As soon as practicable after any payment of Taxes by any Borrower or Guarantor to a Governmental Authority pursuant to this Section 5.6, such Person shall deliver to the Agent 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 Agent.

(f)(i) Any Bank 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 Company and the Agent, at the time or times reasonably requested by the Company or the Agent, such properly completed and executed documentation reasonably requested by the Company or the Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Bank, if reasonably requested by the Company or the Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Company or the Agent as will enable the Company or the Agent to determine whether or not such Bank is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.6(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Bank’s reasonable judgment such completion, execution or submission would subject such Bank to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Bank.

(ii) Without limiting the generality of the foregoing,

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

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

(1)  in the case of a Non-U.S. Bank 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 or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such Tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such Tax treaty;

48

(2)  executed originals of IRS Form W-8ECI;

(3) in the case of a Non-U.S. Bank claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Non-U.S. Bank is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E; or

(4) to the extent a Non-U.S. Bank is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable.

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

(D) if a payment made to a Bank under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Bank were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Bank shall deliver to the Company and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Company or the Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Agent as may be necessary for the Company and the Agent to comply with their obligations under FATCA and to determine that such Bank has complied with such Bank’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 Omnibus Amendment Effective Date.

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

(g)    If any party 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 pursuant to this Section 5.6 (including by the payment of additional amounts pursuant to this Section 5.6), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity 

49

payments made under this Section 5.6 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

(h)    Each party’s obligations under this Section 5.6 shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Bank, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

(i)    For purposes of determining withholding Taxes imposed under FATCA, from and after the Third Amendment Effective Date, the Borrowers and the Agent shall treat (and the Banks hereby authorize the Agent to treat) the Loans as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
Section 5.7    Selection of Lending Installation; Mitigation Obligations; Bank Statements; Survival of Indemnity.  To the extent reasonably possible, each Bank shall designate an alternate Lending Installation with respect to its LIBOR Advances to reduce any liability of the Borrowers to such Bank under Sections 5.1, 5.2 and 5.6 or to avoid the unavailability of LIBOR Advances under Section 5.3, so long as such designation is not, in the judgment of such Bank, disadvantageous to such Bank.  Each Bank shall deliver a written statement of such Bank to the Company (with a copy to the Agent) as to the amount due, if any, under Section 5.1, 5.2, 5.3 or 5.6.  Such written statement shall set forth in reasonable detail the calculations upon which such Bank determined such amount and shall be final, conclusive and binding on the Borrowers in the absence of manifest error.  Determination of amounts payable under such Sections in connection with a LIBOR Advance shall be calculated as though each Bank funded its LIBOR Advance through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the LIBOR Rate applicable to such Loan, whether in fact that is the case or not.  Unless otherwise provided herein, the amount specified in the written statement of any Bank shall be payable on demand after receipt by the Company of such written statement.  The obligations of the Borrowers under Sections 5.1, 5.2, 5.3 and 5.6 shall survive payment of the Obligations and termination of this Agreement.
Section 5.8    Judgment Currency.  If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due from any Borrower hereunder in the currency expressed to be payable under this Agreement, the Notes or the Fee Letters (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that 

50

they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase the specified currency with such other currency at the Agent’s main office in Minneapolis, Minnesota on the Business Day preceding that on which the final, non-appealable judgment is given.  The obligations of the Borrowers in respect of any sum due to any Bank or the Agent under this Agreement, the Notes and the Fee Letters shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Bank or the Agent (as the case may be) of any sum adjudged to be so due in such other currency such Bank or the Agent (as the case may be) may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency.  If the amount of the specified currency so purchased is less than the sum originally due to such Bank or the Agent, as the case may be, in the specified currency, the Borrowers agree, to the fullest extent that they may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Bank or the Agent, as the case may be, against such loss.
Section 5.9    Mitigation.
(a)    If any Bank requests compensation under Section 5.1 hereof, or the Borrowers are required to pay any additional amount to or for the account of any Bank pursuant to Section 5.6 hereof, then such Bank shall use reasonable efforts to designate a different lending office for the funding or booking of its Loans or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Bank such designation or assignment (i) would eliminate or materially reduce amounts payable pursuant to Section 5.1 or Section 5.6, in the future, (ii) would not subject such Bank to any unreimbursed cost or expense, and (iii) would not otherwise be materially disadvantageous in any way to such Bank.
(b)    The Company hereby agrees to pay all reasonable costs and expenses incurred by any Bank in connection with any designation or assignment pursuant to this Section 5.9.
Section 5.10    No Advisory or Fiduciary Responsibility.   In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Banks are arm’s-length commercial transactions between such Borrower and its Affiliates, on the one hand, and the Banks, on the other hand, (B) each Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Banks is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrowers or any of their Affiliates, or any other Person and (B) no Bank has any obligation to the Borrowers or any of their Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Banks and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from 

51

those of the Borrowers and their Affiliates, and no Bank has any obligation to disclose any of such interests to the Borrowers or their Affiliates.  To the fullest extent permitted by law, each Borrower hereby waives and releases any claims that it may have against each of the Banks with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
ARTICLE VI
CONDITIONS PRECEDENT

Section 6.1    Conditions to Effectiveness.  The effectiveness of this Agreement, as well as the obligation of the Banks to make the initial Loans hereunder and of the Agent to issue Letters of Credit hereunder shall be subject to the satisfaction of the conditions precedent, in addition to the applicable conditions precedent set forth in Sections 6.2 and 6.3 below, that the Agent shall have received all of the following, in form and substance satisfactory to the Agent, each duly executed and certified or dated as of the date of this Agreement or such other date as is satisfactory to the Agent:
(a)    The Notes payable to each Bank executed by a duly authorized officer (or officers) of the Company (or Company and Borrowing Subsidiary, if applicable).
(b)    The Pledge Agreement, together with delivery of any certificate evidencing the stock or Ownership Interest of Foreign Subsidiaries pledged thereby and executed assignments separate from certificate (stock powers) for such certificates.
(c)    The Guaranties required hereunder, executed by a duly authorized officer of each Subsidiary required to be a Guarantor hereunder.
(d)    A certificate or certificates of the Secretary or an Assistant Secretary of each Borrower and each Guarantor, attesting to and attaching (i) a copy of the corporate resolution of the Company authorizing the execution, delivery and performance of the Loan Documents, (ii) an incumbency certificate showing the names and titles, and bearing the signatures of, the officers of such Borrower or Guarantor authorized to execute the Loan Documents, and (iii) a copy of the Organizational Documents of such Borrower or Guarantor with all amendments thereto.
(e)    A Certificate of Good Standing for the Company and each Guarantor certified by the Secretary of State or equivalent body in the applicable jurisdiction of incorporation.
(f)    An opinion of counsel to the Company, the Guarantors and any Borrowing Subsidiary, addressed to the Agent and the Banks, in substantially the form of Exhibit F.
(g)    [Reserved].
(h)    [Reserved].
(i)    The Agent shall have received a copy of the Intercreditor Agreement executed and delivered by the Senior Noteholders.

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(j)    Payment of all fees and expenses due and payable as of the effectiveness of this Agreement under or in connection with the Fee Letters upon the effectiveness of this Agreement.
(k)    [Reserved].
Section 6.2    Conditions Precedent to Initial Loans.  The obligation of the Banks to make the initial Loans hereunder and of the Agent to issue Letters of Credit hereunder shall be subject to the satisfaction of the conditions precedent, in addition to the applicable conditions precedent set forth in Section 6.1 above and Section 6.3 below, that the Agent shall have received all of the following, in form and substance satisfactory to the Agent, each duly executed and certified or dated as of the date of this Agreement or such other date as is satisfactory to the Agent:
(a)    Evidence satisfactory to the Agent that the Company has received not less than $300,000,000 in proceeds from the issuance of the Senior Notes under the Senior Note Agreements with a minimum tenor of seven years, no scheduled amortization prior to the Fixed Termination Date and affirmative, negative and financial covenants, funding conditions and defaults or events of default no more restrictive than those under this Agreement or that would trigger the amendment provisions of Section 8.12.
(b)    Evidence satisfactory to the Agent of payment in full and termination of the Company’s existing revolving credit agreement.
(c)    Intentionally omitted.
(d)    Evidence of all governmental, shareholder and third party consents necessary in connection with the making of the initial Loans hereunder.
(e)    Intentionally omitted.
(f)    Intentionally omitted.
(g)    Payment of all fees and expenses due and payable as of the initial funding under or in connection with the Fee Letters upon the making of the initial Loan.
(h)    A certificate signed by a Responsible Officer that the conditions specified in Section 6.3 have been satisfied.
Section 6.3    Conditions Precedent to all Loans.  The obligation of the Banks to make any Loan hereunder (including the initial Loan) and the obligation of the Agent to issue Letters of Credit hereunder shall be subject to the satisfaction of the following conditions precedent (and any request for a Loan shall be deemed a representation by the Company that the following are satisfied):
(a)    Before and after giving effect to such Loan or Letter of Credit, the representations and warranties contained in Article VII shall be true and correct in all material respects, as though made on the date of such Loan or issuance of such Letter of 

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Credit, except (i) for representations and warranties which by their terms are limited to an earlier date and (ii) for purposes of this Section 6.3, the representations and warranties contained in Section 7.5 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 8.1 (and in the case of the last sentence of Section 7.5, the date of the most recent audited financial statements).  For the avoidance of doubt, to the extent the information disclosed in Schedule 7.15 becomes inaccurate or outdated, the Company shall deliver to the Agent an updated Schedule 7.15 reflecting the most current and accurate information with respect to the disclosures therein, which schedule shall be deemed to be immediately effective and this Agreement shall be immediately amended to replace the existing Schedule 7.15 with the updated Schedule 7.15.
(b)    Before and after giving effect to such Loan or Letter of Credit, no Default or Event of Default shall have occurred and be continuing.
ARTICLE VII
REPRESENTATIONS AND WARRANTIES

To induce the Agent and the Banks to enter into this Agreement, to grant the Commitments and to make Loans and issue Letters of Credit hereunder, the Borrowers represent and warrant to the Agent and the Banks that:
Section 7.1    Organization, Standing, Etc.  The Company and each of its corporate Subsidiaries are corporations duly incorporated and validly existing and in good standing under the laws of the jurisdiction of their respective incorporation and have all requisite corporate power and authority to carry on their respective businesses as now conducted, to (in the instance of the Company) enter into the Loan Documents and to perform its obligations under the Loan Documents.  The Company and each of its Subsidiaries are duly qualified and in good standing as a foreign corporation or other entity in each jurisdiction in which the character of the properties owned, leased or operated by it or the business conducted by it makes such qualification necessary, except where the failure to be so qualified and in good standing would not be reasonably likely to result in an Adverse Event.
Section 7.2    Authorization and Validity.  The execution, delivery and performance by each Borrower and each Guarantor of the Loan Documents to which such Borrower or such Guarantor is a party have been duly authorized by all necessary corporate, limited liability company or partnership action by such Borrower or such Guarantor, and such Loan Documents constitute the legal, valid and binding obligations of such Borrower or such Guarantor, enforceable against such Borrower or such Guarantor in accordance with their respective terms, subject to limitations as to enforceability which might result from bankruptcy, insolvency, moratorium and other similar laws affecting creditors’ rights generally and subject to general principles of equity.
Section 7.3    No Conflict; No Default.  The execution, delivery and performance by each Borrower and each Guarantor of the Loan Documents to which such Borrower or such Guarantor is a party will not (a) violate any provision of any law, statute, rule or regulation or any order, writ, judgment, injunction, decree, determination or award of any 

54

court, governmental agency or arbitrator presently in effect having applicability to such Borrower or such Guarantor, (b) violate or contravene any provisions of the Organizational Documents of such Borrower or such Guarantor, or (c) result in a breach of or constitute a default under any indenture, loan or credit agreement or any other material agreement, lease or instrument to which such Borrower or such Guarantor is a party or by which it or any of its properties may be bound or result in the creation of any Lien on any asset of such Borrower or such Guarantor or any Subsidiary of such Borrower or such Guarantor.  Neither the Company nor any Subsidiary is in default under or in violation of any such law, statute, rule or regulation, order, writ, judgment, injunction, decree, determination or award or any such indenture, loan or credit agreement or other agreement, lease or instrument in any case in which the consequences of such default or violation would be reasonably likely to result in an Adverse Event.  No Default or Event of Default has occurred and is continuing.
Section 7.4    Government Consent.  No order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority is required on the part of any Borrower or any Guarantor to authorize, or is required on the part of any Borrower or any Guarantor in connection with the execution, delivery and performance of, or the legality, validity, binding effect or enforceability of, the Loan Documents.
Section 7.5    Financial Statements and Condition.  The Company’s audited consolidated financial statements as at December 31, 2010, and its unaudited consolidated financial statements as at April 1, 2011, as heretofore furnished to the Banks, have been prepared in accordance with GAAP on a consistent basis and fairly present, in all material respects, the consolidated financial condition of the Company and its Subsidiaries as at such dates and the consolidated results of their operations and cash flows for the respective periods then ended (subject, in the case of such interim financial statements, to the absence of footnotes and normal year-end adjustments).  Since December 31, 2010, no Adverse Event has occurred.
Section 7.6    Litigation.  Except as described in Schedule 7.6, there are no actions, suits or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company or any Subsidiary or any of their properties before any court or arbitrator, or any governmental department, board, agency or other instrumentality which would be reasonably likely to result in an Adverse Event.
Section 7.7    Compliance.  The Company and its Subsidiaries are in compliance with all statutes and governmental rules and regulations applicable to them, except where the failure to be in such compliance would not be reasonably likely to result in an Adverse Event.
Section 7.8    Environmental, Health and Safety Laws.  There does not exist any violation by the Company or any Subsidiary of any applicable federal, state or local law, rule or regulation or order of any government, governmental department, board, agency or other instrumentality relating to environmental, pollution, health or safety matters which is reasonably likely to impose a material liability on the Company or a Subsidiary or which would require a material expenditure by the Company or such Subsidiary to cure.  Neither the Company nor any Subsidiary has received any notice to the effect that any part of its operations or 

55

properties is not in material compliance with any such law, rule, regulation or order or notice that it or its property is the subject of any governmental investigation evaluating whether any remedial action is needed to respond to any release of any toxic or hazardous waste or substance into the environment, the consequences of which non-compliance or remedial action would be reasonably likely to result in an Adverse Event.
Section 7.9    ERISA.  Each Plan complies in all material respects with all applicable requirements of ERISA and the Code and with all applicable rulings and regulations issued under the provisions of ERISA and the Code setting forth those requirements, except for any noncompliance that could not reasonably be expected to result in an Adverse Event.  No Reportable Event that is an Adverse Event has occurred and is continuing with respect to a Plan.  All of the minimum funding standards applicable to such Plans have been satisfied and there exists no event or condition which would permit the institution of proceedings to terminate any Plan under Section 4042 of ERISA (except for immaterial failures).
Section 7.10    Regulation U.  The Company is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System).
Section 7.11    Ownership of Property; Liens.  Each of the Company and the Subsidiaries has good and marketable title to its owned real properties and good and sufficient title to its other owned properties, including all properties and assets referred to as owned by the Company and its Subsidiaries in the audited balance sheet of the Company referred to in Section 7.5 (other than property disposed of since the date of such balance sheet in the ordinary course of business or as otherwise permitted by this Agreement).  None of the properties, revenues or assets of the Company or any of its Subsidiaries is subject to a Lien securing any Indebtedness (other than the Obligations and other Indebtedness excluded from the definition of “Secured Indebtedness” pursuant to the proviso in such definition) except to the extent securing Secured Indebtedness permitted by Section 9.8.
Section 7.12    Taxes.  Each of the Company and the Subsidiaries has filed all federal, state and local Tax returns required to be filed and has paid or made provision for the payment of all Taxes due and payable pursuant to such returns and pursuant to any assessments made against it or any of its property and all other Taxes, fees and other charges imposed on it or any of its property by any Governmental Authority (other than Taxes, fees or charges the amount or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Company).  No Tax Liens have been filed and no material claims are being asserted with respect to any such Taxes, fees or charges.  The charges, accruals and reserves on the books of the Company in respect of Taxes and other governmental charges are adequate.
Section 7.13    Trademarks, Patents.  Each of the Company and the Subsidiaries possesses or has the right to use all of the material patents, trademarks, trade names, service marks and copyrights, and applications therefor, and all technology, know-how, processes, methods and designs used in or necessary for the conduct of its business, without known conflict with the rights of others.

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Section 7.14    Investment Company Act.  Neither the Company nor any Subsidiary is an “investment company” or a company “controlled” by an investment company within the meaning of the Investment Company Act of 1940, as amended.
Section 7.15    Subsidiaries.  Schedule 7.15 sets forth as of the Third Amendment Effective Date a list of all Subsidiaries (excluding Subsidiaries with no assets and no operations) and the number and percentage of the shares of each class of capital stock owned beneficially or of record by the Company or any Subsidiary therein, and the jurisdiction of formation of each such Subsidiary, and designates which Subsidiaries are Material Subsidiaries.
Section 7.16    Solvency.  
(a)    Immediately after the consummation of the transactions to occur on the date hereof and immediately following the making of each Loan or other extension of credit, if any, made on the date hereof and after giving effect to the application of the proceeds of such Loan or extension of credit, (i) the fair value of the assets of the Company and its Subsidiaries on a consolidated basis, on a going-concern basis, will exceed the debts and liabilities, subordinated, contingent or otherwise, of the Company and its Subsidiaries on a consolidated basis; (ii) the present fair saleable value of the property of the Company and its Subsidiaries on a consolidated basis, on a going-concern basis, will be greater than the amount that will be required to pay the probable liability of the Company and its Subsidiaries on a consolidated basis on their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) the Company and its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Company and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted after the date hereof.
(b)    The Company does not intend to, or to permit any of its Material Subsidiaries to, and does not believe that it or any of its Material Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Material Subsidiary and the timing of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such Material Subsidiary.
Section 7.17    Disclosure.  The Company has disclosed to the Banks all agreements, instruments and corporate or other restrictions to which it or any Subsidiary is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in an Adverse Event.  None of the reports, financial statements, certificates or other information furnished by or on behalf of any Borrower, any Guarantor or any Subsidiary to the Agent or any Bank in connection with the negotiation of this Agreement or any other Loan Document (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Company represents only that such 

57

information was prepared in good faith based upon assumptions believed to be reasonable at the time delivered and, if such projected financial information was delivered prior to the date on which the conditions specified in Section 6.1 are satisfied, such date.
Section 7.18    Sanctions; Anti-Terrorism Laws.
(a)    The Company has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Company, its Subsidiaries and their respective officers and employees and to the actual knowledge of the Company its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions, provided, that failure to so comply shall not be a breach of this Section 7.18(a) if such failure has not resulted, and is not reasonably likely to result, in an Adverse Event and the Company or such Subsidiary is acting in good faith and with reasonable dispatch to cure such noncompliance.  No Borrower nor any Subsidiary (i) nor to the actual knowledge of any Borrower or any Subsidiary, any of their respective directors, officers or employees, is a Sanctioned Person, (ii) has assets in Sanctioned Countries, or (iii) to the actual knowledge of any Borrower or Subsidiary, derives any operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned Countries.  No part of the proceeds of any Loan or Letter of Credit Obligations hereunder will be used, directly or indirectly, (i) to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country or (ii) by any Borrower, any Subsidiary, or to the actual knowledge of any Borrower or any Subsidiary, any of their respective directors, officers or employees, in any manner that will violate Anti-Corruption Laws.
(b)    Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the Patriot Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto.  The Borrowers and their Subsidiaries are in compliance in all material respects with the Patriot Act.
Section 7.19    EEA Financial Institutions.  No Borrower and no Guarantor is an EEA Financial Institution.
ARTICLE VIII
AFFIRMATIVE COVENANTS

From the date of this Agreement and thereafter until Termination Conditions exist, the Company will do, and will cause each Subsidiary (except in the instance of Section 8.1) to do, all of the following:
Section 8.1    Financial Statements and Reports.  Furnish to the Banks:
(a)    As soon as practicable and in any event within seventy-five (75) days after the end of each fiscal year of the Company, the annual audit report of the Company and 

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its Subsidiaries prepared on a consolidated basis and in conformity with GAAP, consisting of at least statements of income, cash flow, and stockholders’ equity for such year, and a consolidated balance sheet as at the end of such year, setting forth in each case in comparative form corresponding figures from the previous annual audit, certified without qualification by independent certified public accountants of recognized standing selected by the Company and reasonably acceptable to the Agent.  Delivery within the time period specified above pursuant to paragraph (f) below of copies of the annual report on Form 10-K of the Company for such fiscal year (including all financial statement exhibits and financial statements incorporated by reference therein) prepared in compliance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the requirements of this paragraph (a). The Company shall be deemed to have made such delivery of such Form 10‐K if it shall have timely made such Form 10‐K available on “EDGAR” and on its home page on the worldwide web (at the date of this Agreement located at:  http//www.graco.com) (such availability thereof being referred to as “Electronic Delivery”). 
(b)    As soon as practicable and in any event within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year, a copy of the unaudited financial statements of the Company and its Subsidiaries prepared in the same manner as the audit report referred to in Section 8.1(a), certified on behalf of the Company by its chief financial officer, consisting of at least a consolidated statement of income for the Company and the Subsidiaries for such quarter and for the period from the beginning of such fiscal year to the end of such quarter, a consolidated statement of cash flow for the Company and its Subsidiaries for the period from the beginning of such fiscal year to the end of such quarter, and a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter.  Delivery within the time period specified above pursuant to paragraph (f) below of copies of the quarterly report on Form 10-Q of the Company for such quarterly period (including all financial statement exhibits and financial statements incorporated by reference therein) prepared in compliance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the requirements of this paragraph (a). The Company shall be deemed to have made such delivery of such Form 10‐Q if it shall have timely made Electronic Delivery thereof.
(c)    Together with the financial statements furnished by the Company under Sections 8.1(a) and 8.1(b), a Compliance Certificate stating that as at the date of each such financial statement there did not exist any Default or Event of Default or, if such Default or Event of Default existed, specifying the nature and period of existence thereof and what action the Company proposes to take with respect thereto and confirming compliance with the covenants addressed in the Compliance Certificate.
(d)    Immediately upon a Responsible Employee becoming aware of any Default or Event of Default, a notice describing the nature thereof and what action the Company proposes to take with respect thereto.
(e)    Immediately upon a Responsible Employee becoming aware of the occurrence, with respect to any Plan, of any Reportable Event that is an Adverse Event, a 

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notice specifying the nature thereof and what action the Company proposes to take with respect thereto, and, when received, copies of any notice from PBGC of intention to terminate or have a trustee appointed for any Plan.
(f)    Promptly upon the mailing or filing thereof, copies of all material financial statements, reports and proxy statements mailed by the Company to the Company’s shareholders, and copies of all registration statements, periodic reports and other documents filed by the Company with the Securities and Exchange Commission (or any successor thereto) or any national securities exchange.
(g)    Immediately upon a Responsible Employee becoming aware of the occurrence thereof, notice of the institution of any litigation, arbitration or governmental proceeding, or the rendering of a judgment or decision in such litigation or proceeding, which is material to the Company and its Subsidiaries as a consolidated enterprise, and the steps being taken by the Company or Subsidiary affected by such proceeding.
(h)    Immediately upon a Responsible Employee becoming aware of the occurrence thereof, notice of any violation as to any environmental matter by the Company or any Subsidiary and of the commencement of any judicial or administrative proceeding relating to health, safety or environmental matters (i) in which an adverse determination or result would be reasonably likely to result in the revocation of or have a material adverse effect on any operating permits, air emission permits, water discharge permits, hazardous waste permits or other permits held by the Company or any Subsidiary which are material to the operations of the Company or such Subsidiary as a consolidated enterprise, or (ii) which would be reasonably likely to impose a material liability on the Company or such Subsidiary to any Person or which will require a material expenditure by the Company or such Subsidiary to cure any alleged problem or violation.
(i)    From time to time, such other information regarding the business, operation and financial condition of the Company and the Subsidiaries as any Bank may reasonably request.
Section 8.2    Corporate Existence.  Subject to Section 9.1 in the instance of a Subsidiary, maintain its corporate existence in good standing under the laws of its jurisdiction of formation and its qualification to transact business as a foreign entity in each other jurisdiction in which the character of the properties owned, leased or operated by it or the business conducted by it makes such qualification necessary, unless failure to so qualify would not be reasonably likely to result in an Adverse Event.
Section 8.3    Insurance.  Maintain with financially sound and reputable insurance companies such insurance as may be required by law and such other insurance in such amounts and against such hazards as is customary in the case of reputable corporations engaged in the same or similar business and similarly situated.
Section 8.4    Payment of Taxes and Claims.  File all Tax returns and reports which are required by law to be filed by it and pay before they become delinquent all 

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Taxes, assessments and governmental charges and levies imposed upon it or its property and all claims or demands of any kind (including, without limitation, those of suppliers, mechanics, carriers, warehouses, landlords and other like Persons) which, if unpaid, might result in the creation of a Lien upon its property; provided that the foregoing items need not be paid if they are being contested in good faith by appropriate proceedings, and as long as the Company’s or such Subsidiary’s title to its property is not materially adversely affected, its use of such property in the ordinary course of its business is not materially interfered with and adequate reserves with respect thereto have been set aside on the Company’s or such Subsidiary’s books in accordance with GAAP.
Section 8.5    Inspection.  Permit any Person designated by the Agent (or, so long as any Default or Event of Default is continuing, any Bank) to visit and inspect any of its properties, corporate books and financial records, to examine and to make copies of its books of accounts and other financial records, and to discuss the affairs, finances and accounts of the Company and the Subsidiaries with, and to be advised as to the same by, its officers at such reasonable times and intervals as the Agent (or, if applicable, such Bank) may designate upon reasonable prior notice by the Agent (or, if applicable, such Bank) to the Company.  So long as no Event of Default exists, the expenses of the Agent and the Banks for such visits, inspections and examinations shall be at the expense of the Agent and the Banks, but any such visits, inspections, and examinations made while any Event of Default is continuing shall be at the expense of the Company.
Section 8.6    Maintenance of Properties.  Maintain its properties used or useful in the conduct of its business in good condition, repair and working order (ordinary wear and tear excepted), and supplied with all necessary equipment, and make all necessary repairs, renewals, replacements, betterments and improvements thereto, all as may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times.
Section 8.7    Books and Records.  Keep adequate and proper records and books of account in which full and correct entries will be made of its dealings, business and affairs.
Section 8.8    Compliance.  Comply in all material respects with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, including all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards regarding Sanctions, Sanctioned Persons and Sanctioned Countries, provided, that failure to so comply shall not be a breach of this covenant if such failure has not resulted, and is not reasonably likely to result, in an Adverse Event and the Company or such Subsidiary is acting in good faith and with reasonable dispatch to cure such noncompliance.
Section 8.9    ERISA.  Maintain each Plan in compliance in all material respects with all applicable requirements of ERISA and of the Code and with all applicable rulings and regulations issued under the provisions of ERISA and of the Code, except for any noncompliance that could not reasonably be expected to result in an Adverse Event.

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Section 8.10    Environmental Matters.  Observe and comply with all laws, rules, regulations and orders of any government or government agency relating to health, safety, pollution, hazardous materials or other environmental matters to the extent non-compliance would be reasonably likely to result in a material liability or an Adverse Event
Section 8.11    Subsidiaries.  Upon the formation, designation or acquisition of any Material Subsidiary:
(a)    If it is a Domestic Subsidiary, the Company will cause such Material Subsidiary to become a Guarantor and to, concurrent with such formation or acquisition, execute and deliver a Guaranty to the Agent for the benefit of the Banks, and provide a secretary’s certificate and copies of all documents consistent with Section 6.1(d) for such Material Subsidiary; and
(b)    If it is a Foreign Subsidiary, the Company will pledge, or will cause any Domestic Subsidiary owning such stock or Ownership Interests to pledge to the Collateral Agent for the benefit of the Banks and the other secured parties pursuant to the Intercreditor Agreement, pursuant to a Pledge Agreement subject to the Intercreditor Agreement, the lesser of (i) 65% of the outstanding stock or other Ownership Interests of such Material Foreign Subsidiary, or (ii) all of the stock or other Ownership Interests of such Material Foreign Subsidiary owned by the Company or such Domestic Subsidiary at any time.
To the extent that any action is required by both paragraph (b) of this Section 8.11 and by Section 8.13, the terms of Section 8.13 shall govern.  
Section 8.12    Most Favored Lender.
(a)    If the Company or any Subsidiary (a) amends, restates or otherwise modifies any Material Financing or (b) otherwise enters into, assumes or otherwise becomes bound or obligated under any Material Financing, in each case which tightens existing covenants or defaults or includes one or more Additional Covenants or Additional Defaults, the terms of this Agreement shall, without any further action on the part of the Company, any Subsidiary or the Agent or any Bank, be deemed to be amended automatically and immediately to include each such tightened covenant, tightened default, Additional Covenant and Additional Default contained in such agreement (subject to clause (b) below), and the Company shall provide written notice of such event to the Agent and the Banks providing a fully executed copy of the Material Financing containing such tightened covenant, tightened default, Additional Covenant and Additional Default within ten (10) Business Days of becoming bound or obligated thereby.  Upon written request of the Company or the Agent, the Company and the Agent (on behalf of the Required Banks) shall promptly execute and deliver at the Company’s expense (including the fees and expenses of counsel for the Agent) an amendment to this Agreement in form and substance reasonably satisfactory to the Agent evidencing the amendment of this Agreement to include such tightened covenants, tightened defaults, Additional Covenants and Additional Defaults, provided that the execution and delivery of such amendment shall not be a precondition to the effectiveness of such amendment as 

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provided for in this Section 8.12(a), but shall merely be for the convenience of the parties hereto.
(b)    If after the time this Agreement is amended pursuant to Section 8.12(a) to include in this Agreement any tightened covenant, tightened default, Additional Covenant or Additional Default in any Material Financing and such tightened covenant, tightened default, Additional Covenant or Additional Default ceases to be in effect under such Material Financing or is amended by the requisite lenders under such Material Financing so as to be less restrictive with respect to the Company and its Subsidiaries, then, upon written request of the Company, the Agent, on behalf of the Required Banks, will release or similarly amend, as the case may be, such tightened covenant, tightened default, Additional Covenant or Additional Default as in effect in this Agreement, provided that (a) no Default or Event of Default shall be in existence, and (b) if any waiver or similar fees were paid or other concession given to any lender under such Material Financing with respect to causing such tightened covenant, tightened default, Additional Covenant or Additional Default to cease to be in effect or to be so amended, then the Company shall have paid or given to the Banks the same fees or other concessions on a pro rata basis in proportion to the relative outstanding principal amounts of the Obligations and the principal amount of the Indebtedness outstanding under such Material Financing (plus, in the case of a revolving credit facility, the aggregate principal amount of additional loans that the lenders are legally committed to fund thereunder).  Notwithstanding the foregoing, no release or amendment to this Agreement pursuant to this Section 8.12(b) as the result of any tightened covenant, tightened default, Additional Covenant or Additional Default in any Material Financing ceasing to be in effect or being amended shall cause the covenants or Events of Default in this Agreement to be less restrictive than the covenants or Events of Default as contained in this Agreement as amended as provided herein other than by the amendment to this Agreement under Section 8.12(a) originally caused by such tightened covenant, tightened default, Additional Covenant or Additional Default.
(c)    If the Indebtedness evidenced by the Senior Notes and the Senior Note Agreements, or any Indebtedness held by Senior Creditors, is secured by assets other than Ownership Interests in Foreign Subsidiaries, then the Obligations shall be concurrently secured by such assets, with the collateral documents evidencing the grant or perfection of the applicable Lien being in form and substance acceptable to the Agent.
Section 8.13    [Reserved].
Section 8.14    [Reserved].  
Section 8.15    PATRIOT Act Compliance.  The Company shall, and shall cause each Subsidiary to, provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Agent or any Bank in order to assist the Agent and the Banks in maintaining compliance with the PATRIOT Act.

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ARTICLE IX
NEGATIVE COVENANTS

From the date of this Agreement and thereafter until Termination Conditions exist, the Company will not, and will not permit any Subsidiary to, do any of the following:
Section 9.1    Merger.  Merge or consolidate or enter into any analogous reorganization or transaction with any Person; provided, however, that:
(a)    any Subsidiary may be merged with or dissolved and liquidated into the Company (if the Company is the surviving corporation) or any Wholly-owned Subsidiary; and
(b)    any Subsidiary may be merged with any other Person in the conduct of a Permitted Acquisition, provided that the resulting Person is a Subsidiary, or in the conduct of a disposition of such Subsidiary permitted under Section 9.2 of this Agreement.
Section 9.2    Sale of Assets.  Sell, transfer, lease or otherwise convey any of its assets except for:
(a)    sales, leases and other dispositions of assets in the ordinary course of business;
(b)    sales and other dispositions of equipment that is obsolete or not otherwise useful in the business of the Company or its Subsidiaries;
(c)    sales and other dispositions of equipment to the extent that such equipment is exchanged for credit against the purchase price of similar replacement equipment of equivalent value, or the proceeds of such sale are applied with reasonable promptness to the purchase price of such replacement equipment; 
(d)    sales or other transfers by a Subsidiary to the Company or a Wholly-owned Subsidiary;
(e)    sale and leaseback transactions not otherwise prohibited hereby;
(f)    the endorsement of accounts receivable by Graco K.K. in the ordinary course of business; and
(g)    sales of assets of the Company or any Subsidiary or of the Ownership Interests of any Subsidiary during any fiscal year the aggregate book value (net of reserves) for all such sales of which (determined, with respect to any such sale, in accordance with GAAP as of the end of the fiscal quarter or fiscal year most recently completed prior to the date of such sale for which financial statements have been delivered under Section 8.1(a) or (b) hereof) does not exceed 10.00% of Consolidated Assets as of the end of the prior fiscal year (or, if financial statements for such prior fiscal 

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year have not yet been delivered under Section 8.1(a) hereof, the fiscal year immediately preceding such prior fiscal year).  
Section 9.3    Plans.  Permit any condition to exist in connection with any Plan which might constitute grounds for the PBGC to institute proceedings to have such Plan terminated or a trustee appointed to administer such Plan, permit any Plan to terminate under any circumstances which would cause a Lien under Title IV of ERISA to attach to any property, revenue or asset of the Company or any Subsidiary, or permit any other ERISA Event to occur, that alone or together with any other events described in this Section 9.3 that have occurred, could reasonably be expected to result in an Adverse Event.
Section 9.4    Change in Nature of Business.  Make any material change in the nature of the core business of the Company and its Subsidiaries, as carried on at the date hereof.
Section 9.5    Other Agreements.  Enter into any agreement, bond, note or other instrument with or for the benefit of any Person other than the Banks which would be violated or breached by the Company’s performance of its obligations under the Loan Documents.
Section 9.6    Investments.  Acquire for value, make, have or hold any Investments, except:
(a)    Investments outstanding on the Third Amendment Effective Date and listed on Schedule 9.6;
(b)    Travel advances to officers and employees in the ordinary course of business;
(c)    Investments complying with the Investment Policies;
(d)    extensions of credit in the nature of accounts receivable or notes receivable arising from the sale of goods and services in the ordinary course of business;
(e)    Ownership Interests, obligations or other securities received in settlement of claims arising in the ordinary course of business;
(f)    Investments in Subsidiaries by the Company and other Subsidiaries not involving an acquisition after the date hereof of the assets or Ownership Interests of a Person that is not a Subsidiary;
(g)    Permitted Acquisitions; 
(h)    Arrangements giving rise to Hedging Obligations, and other foreign exchange, interest or other hedging arrangements, so long as each such arrangement is entered into in connection with bona fide hedging operations and not for speculation; and

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(i)    any other Investments, if the aggregate costs thereof, net of any returns with respect thereto, does not exceed $50,000,000 for all such Investments in the aggregate at any time.
Section 9.7    Use of Proceeds.  Permit any proceeds of the Loans to be used, either directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of “purchasing or carrying any margin stock” in any manner that would cause any Bank not to comply with Regulation U or at any time that Section 9.8 shall be reasonably determined by the Agent to cause any Loan to be “indirectly” secured by margin stock as determined under Regulation U, and furnish to any Bank, upon its request, a statement in conformity with the requirements of Federal Reserve Form U-1 referred to in Regulation U.
Section 9.8    Secured Indebtedness.  Either (a) incur, create, issue, assume or permit to exist Secured Indebtedness at any time exceeding 5.00% of Consolidated Assets as of the end of the most-recently completed fiscal quarter or fiscal year for which financial statements have been delivered under Section 8.1(a) or (b), or (b) permit Secured Indebtedness to have a Lien on the Ownership Interests of Foreign Subsidiaries that are Material Subsidiaries; provided, however, that Indebtedness evidenced by the Senior Notes and the Senior Note Agreements, and Indebtedness owing to Senior Creditors shall constitute Secured Indebtedness for purposes hereof if the Indebtedness owing to the Senior Noteholders or the Senior Creditors, as applicable, is not subject to the Intercreditor Agreement.
Section 9.9    Cash Flow Leverage Ratio.  Permit the Cash Flow Leverage Ratio, calculated as provided in the definition thereof for each period of four consecutive fiscal quarters, to exceed 3.50 to 1.00; provided, however, that in connection with any Permitted Acquisition for which the purchase consideration equals or exceeds $200,000,000, the maximum Cash Flow Leverage Ratio, with prior notice to the Agent, shall increase to 4.00 to 1.00 for the four fiscal quarter period beginning with the quarter in which such Permitted Acquisition occurs, so long as (i) the Company is in pro forma compliance herewith at such 4.00 to 1.00 level before and after giving effect to such Permitted Acquisition and (ii) after any such Permitted Acquisition that results in an increase to the 4.00 to 1.00 level, the Cash Flow Leverage Ratio permitted under this Section 9.9 shall decrease to 3.50 to 1.00 for at least one fiscal quarter before becoming eligible to again increase to 4.00 to 1.00 for a new period of four consecutive fiscal quarters (with the understanding that any Permitted Acquisition occurring during such fiscal quarter would be required to comply with the 3.50 to 1.00 ratio). 
Section 9.10    Interest Coverage Ratio.  Permit the Interest Coverage Ratio for any period of four consecutive fiscal quarters to be less than 3.00 to 1.00; provided, however, that in connection with any Permitted Acquisition for which the purchase consideration equals or exceeds $200,000,000, the minimum Interest Coverage Ratio, with prior notice to the Agent, shall decrease to 2.50 to 1.00 for the four fiscal quarter period beginning with the quarter in which such Permitted Acquisition occurs, so long as (i) the Company is in pro forma compliance herewith at such 2.50 to 1.00 level before and after giving effect to such Permitted Acquisition and (ii) after any such Permitted Acquisition that results in a decrease to the 2.50 to 1.00 level, the Interest Coverage Ratio permitted under this Section 9.10 shall increase to 3.00 to 1.00 for at least one fiscal quarter before becoming eligible to again decrease to 2.50 to 1.00 for a new period of four consecutive fiscal quarters (with the understanding that any Permitted 

66

Acquisition occurring during such fiscal quarter would be required to comply with the 3.00 to 1.00 ratio). 
Section 9.11    Material Subsidiaries.  Fail to comply with the terms, conditions and requirements of the definition of “Material Subsidiaries” in Section 1.1.
ARTICLE X
EVENTS OF DEFAULT AND REMEDIES

Section 10.1    Events of Default.  The occurrence of any one or more of the following events shall constitute an Event of Default:
(a)    Any Borrower or any Guarantor shall fail to make when due, whether by acceleration or otherwise, any payment of principal of or interest on any Loan or any fee or other amount required to be made by such Borrower or such Guarantor to the Banks pursuant to any Loan Documents;
(b)    Any representation or warranty made or deemed to have been made by or on behalf of the Company or any Subsidiary in any of the Loan Documents or by or on behalf of the Company or any Subsidiary in any certificate, statement, report or other writing furnished by or on behalf of the Company to the Banks pursuant to the Loan Documents shall prove to have been false or misleading in any material respect on the date as of which the facts set forth are stated or certified or deemed to have been stated or certified;
(c)    The Company shall fail to comply with Section 8.2 hereof or any Section of Article IX hereof;
(d)    Any Borrower or any Guarantor shall fail to comply with any agreement, covenant, condition, provision or term contained in the Loan Documents and applicable to such Borrower or such Guarantor (and such failure shall not constitute an Event of Default under any of the other provisions of this Section 10.1) and such failure to comply shall continue for thirty (30) calendar days after notice thereof to the Company by the Agent;
(e)    The Company or any Material Subsidiary shall become insolvent or shall generally not pay its debts as they mature or shall apply for, shall consent to, or shall acquiesce in the appointment of a custodian, trustee or receiver of the Company or such Material Subsidiary or for a substantial part of the property thereof or, in the absence of such application, consent or acquiescence, a custodian, trustee or receiver shall be appointed for the Company or a Material Subsidiary or for a substantial part of the property thereof and shall not be discharged within 60 days;
(f)    Any bankruptcy, reorganization, debt arrangement or other proceedings under any bankruptcy or insolvency law shall be instituted by or against the Company or a Material Subsidiary, and, if instituted against the Company or a Material Subsidiary, shall have been consented to or acquiesced in by the Company or such Material Subsidiary, or shall remain undismissed for 60 days, or an order for relief shall have been 

67

entered against the Company or such Material Subsidiary, or the Company or any Material Subsidiary shall take any corporate, limited liability or partnership action to approve institution of, or acquiescence in, such a proceeding;
(g)    Any dissolution or liquidation proceeding not permitted by Section 9.1 shall be instituted by or against the Company or a Material Subsidiary and, if instituted against the Company or such Material Subsidiary, shall be consented to or acquiesced in by the Company or such Material Subsidiary or shall remain for 60 days undismissed, or the Company or any Material Subsidiary shall take any corporate action to approve institution of, or acquiescence in, such a proceeding;
(h)    A judgment or judgments for the payment of money in excess of the sum of $25,000,000 in the aggregate shall be rendered against the Company or a Material Subsidiary and the Company or such Material Subsidiary shall not discharge the same or provide for its discharge in accordance with its terms, or procure a stay of execution thereof, prior to any execution on such judgments by such judgment creditor, within 60 days from the date of entry thereof, and within said period of 60 days, or such longer period during which execution of such judgment shall be stayed, appeal therefrom and cause the execution thereof to be stayed during such appeal;
(i)    The occurrence of any ERISA Event that alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in an Adverse Event or the imposition of a Lien under Title IV of ERISA;
(j)    The maturity of any Indebtedness of the Company or a Material Subsidiary (other than Indebtedness under this Agreement) in an aggregate amount outstanding which exceeds $25,000,000 shall be accelerated, or the Company or a Material Subsidiary shall fail to pay any such Indebtedness in excess of such aggregate amount when due or, in the case of such Indebtedness payable on demand, when demanded, or any event shall occur or condition shall exist and shall continue for more than the period of grace, if any, applicable thereto and shall have the effect of causing, or permitting (any required notice having been given and grace period having expired) the holder of any such Indebtedness in excess of such aggregate amount or any trustee or other Person acting on behalf of such holder to cause, such Indebtedness to become due prior to its stated maturity or to realize upon any collateral given as security therefor;
(k)    Except as contemplated by Section 13.16 hereof, any Loan Document shall not be, or shall cease to be, binding on any Borrower or Guarantor (as applicable), enforceable against such Borrower or such Guarantor in accordance with its terms, subject to limitations as to enforceability which might result from bankruptcy, insolvency, moratorium and other similar laws affecting creditors’ rights generally and subject to general principles of equity, or any Guarantor shall disavow, cancel or terminate, or attempt to disavow, cancel or terminate, any Guaranty; or
(l)    Any Change of Control shall occur.

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Section 10.2    Remedies.  If (a) any Event of Default described in Sections 10.1(e), (f) or (g) shall occur, the Commitments shall automatically terminate and the outstanding unpaid principal balance of the Notes, the accrued interest thereon and all other obligations of the Borrowers to the Banks and the Agent under the Loan Documents shall automatically become immediately due and payable; or (b) any other Event of Default shall occur and be continuing, then the Agent may take any or all of the following actions (and shall take any or all of the following actions on direction of the Required Banks):  (i) declare the Commitments terminated, whereupon the Commitments shall terminate, (ii) declare that the outstanding unpaid principal balance of the Notes, the accrued and unpaid interest thereon and all other obligations of the Borrowers to the Banks and the Agent under the Loan Documents to be forthwith due and payable, whereupon the Notes, all accrued and unpaid interest thereon and all such obligations shall immediately become due and payable, in each case without demand or notice of any kind, all of which are hereby expressly waived, anything in this Agreement or in the Notes to the contrary notwithstanding, (iii) exercise all rights and remedies under any other instrument, document or agreement between any Borrower and the Agent or the Banks, and (iv) enforce all rights and remedies under any applicable law.
Section 10.3    Letters of Credit.  In addition to the foregoing remedies, if any Event of Default described in Section 10.1(e), (f) or (g) shall have occurred, or if any other Event of Default shall have occurred and the Agent shall have declared that the principal balance of the Notes is due and payable, the Company shall pay to the Agent an amount equal to all Letter of Credit Obligations.  Such payment shall be in immediately available funds or in similar cash collateral acceptable to the Agent and shall be pledged to the Agent for the ratable benefit of the Banks.  Such amount shall be held by the Agent in a cash collateral account until the outstanding Letters of Credit are terminated without payment or are drawn and Letter of Credit Obligations with respect thereto are paid.  In the event the Company defaults in the payment of any Letter of Credit Obligations, the proceeds of the cash collateral account shall be applied to the payment thereof.  The Company acknowledges and agrees that the Banks would not have an adequate remedy at law for failure by the Company to pay immediately to the Agent the amount provided under this Section, and that the Agent shall, on behalf of the Banks, have the right to require the Company to perform specifically such undertaking whether or not any of the Letter of Credit Obligations are due and payable.  Upon the failure of the Company to make any payment required under this Section, the Agent, on behalf of the Banks, may proceed to use all remedies available at law or equity to enforce the obligation of the Company to pay or reimburse the Agent.  The balance of any payment due under this Section shall bear interest payable on demand until paid in full at a per annum rate equal to the rate of interest applicable to the Loans.
Section 10.4    Security Agreement in Accounts and Setoff.  As additional security for the payment of all of the Obligations, each Borrower grants to the Agent, each Bank and each holder of a Note a security interest in, a lien on, and an express contractual right to set off against, each deposit account and all deposit account balances, cash and any other property of such Borrower now or hereafter maintained with, or in the possession of, the Agent, such Bank or such other holder of a Note.  Upon the occurrence and during the continuance of any Event of Default, upon written direction by the Agent to such effect, the Agent, each such Bank and each such holder of a Note may:  (a) refuse to allow withdrawals from any such deposit account; (b) apply the amount of such deposit account balances and the other assets of such Borrower described above to the Obligations of such Borrower; and (c) offset any other obligation of the 

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Agent, such Bank or such holder of a Note due to such Borrower against the Obligations of such Borrower; all whether or not the Obligations are then due or have been accelerated and all without any advance or contemporaneous notice or demand of any kind to the Company, such notice and demand being expressly waived.
ARTICLE XI
GUARANTY

For valuable consideration, receipt whereof is hereby acknowledged, and to induce each Bank to make Revolving Loans to and on account of each Borrowing Subsidiary and to issue Letters of Credit for the account of Material Subsidiaries:
Section 11.1    Unconditional Guaranty.  The Company unconditionally and irrevocably guaranties to each Bank and the Agent the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of all Obligations of any Borrowing Subsidiary and any other Material Subsidiary for whose account a Letter of Credit has been issued (an “Account Subsidiary”), whether for principal, interest, fees, expenses or otherwise, whether direct or indirect, absolute or contingent or now existing or hereafter arising (such Obligations being the “Guarantied Obligations”).  This is a Guaranty of payment and not of collection.
Section 11.2    Guaranty Absolute.  The Company guaranties that the Guarantied Obligations will be paid strictly in accordance with the terms of this Agreement, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any Bank or the Agent with respect thereto.  The Obligations of the Company under this Article XI are independent of the Guarantied Obligations, and a separate action or actions may be brought and prosecuted against the Company to enforce this Article XI, irrespective of whether any action is brought against any Borrowing Subsidiary or Account Subsidiary or whether any Borrowing Subsidiary or Account Subsidiary is joined in any such action or actions.  The liability of the Company under this Guaranty shall be irrevocable, absolute and unconditional irrespective of, and the Company hereby irrevocably waives any defense it may now or hereafter have in any way relating to, any or all of the following:
(a)    any lack of validity or enforceability of this Agreement or any other agreement or instrument relating thereto;
(b)    any change in the time, manner or place of payment of, or in any other term of, all or any of the Guarantied Obligations, or any other amendment or waiver of or any consent to departure from this Agreement;
(c)    any taking, exchange, release or non-perfection of any collateral or any taking, release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Guarantied Obligations;
(d)    any change, restructuring or termination of the corporate structure or existence of any Borrowing Subsidiary or Account Subsidiary; or
(e)    any other circumstance (including any statute of limitations to the fullest extent permitted by applicable law) which might otherwise constitute a defense available 

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to, or a discharge of, the Company, any Borrowing Subsidiary or Account Subsidiary or other guarantor.
This guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guarantied Obligations is rescinded or must otherwise be returned by any Bank or the Agent upon the insolvency, bankruptcy or reorganization of any Borrowing Subsidiary or Account Subsidiary or otherwise, all as though such payment had not been made.
Section 11.3    Waivers.  The Company hereby expressly waives promptness, diligence, notice of acceptance, presentment, demand for payment, protest, any requirement that any right or power be exhausted or any action be taken against any Borrowing Subsidiary or Account Subsidiary or against any other guarantor of all or any portion of the Guarantied Obligations, and all other notices and demands whatsoever.
(a)    The Company hereby waives any right to revoke this guaranty, and acknowledges that this Guaranty is continuing in nature and applies to all Guarantied Obligations, whether existing now or in the future and regardless of whether the Guarantied Obligations are reduced to zero at any time or from time to time.
(b)    The Company acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated herein and that the waivers set forth in this Article XI are knowingly made in contemplation of such benefits.
Section 11.4    Subrogation.  The Company will not exercise any rights that it may now or hereafter acquire against any Borrowing Subsidiary or Account Subsidiary or any other insider guarantor that arise from the existence, payment, performance or enforcement of the Guarantied Obligations under this Agreement, including any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Agent or any other Bank against a Borrowing Subsidiary or Account Subsidiary or any other insider guarantor or any collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including the right to take or receive from a Borrowing Subsidiary or Account Subsidiary or any other insider guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until all of the Guarantied Obligations and all other amounts payable under this guaranty shall have been paid in full in cash and the Commitments shall have terminated.  If any amount shall be paid to the Company in violation of the preceding sentence at any time prior to the later of the payment in full in cash of the Guarantied Obligations and all other amounts payable under this guaranty and the termination of the Commitments, such amount shall be held in trust for the benefit of the Agent and the other Banks and shall forthwith be paid to the Agent to be credited and applied to the Guarantied Obligations and all other amounts payable under this guaranty, whether matured or unmatured, in accordance with the terms of this Agreement, or to be held as collateral for any Guarantied Obligations or other amounts payable under this guaranty thereafter arising.
Section 11.5    Survival.  This guaranty is a continuing guaranty and shall (a) remain in full force and effect until Termination Conditions exist, (b) be binding upon the Company, its successors and assigns, (c) inure to the benefit of and be enforceable by each Bank 

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(including each assignee Bank pursuant to Section 13.3) and the Agent and their respective successors, transferees and assigns and (d) shall be reinstated if at any time any payment to a Bank or the Agent hereunder is required to be restored by such Bank or the Agent.  Without limiting the generality of the foregoing clause (c), each Bank may assign or otherwise transfer its interest in any Obligation to any other Person in accordance with Section 13.3, and such other Person shall thereupon become vested with all the rights in respect thereof granted to such Bank herein or otherwise.
ARTICLE XII
THE AGENTS

Section 12.1    Appointment and Grant of Authority.  Each Bank hereby appoints the Agent, and the Agent hereby agrees to act, as Agent under this Agreement and the Intercreditor Agreement and Collateral Agent under the Pledge Agreement and the Intercreditor Agreement.  The Agent shall have and may exercise such powers under this Agreement as are specifically delegated to the Agent by the terms hereof and thereof, together with such other powers as are reasonably incidental thereto.  Each Bank hereby authorizes, consents to, and directs each Borrower to deal with the Agent as the true and lawful Agent of such Bank to the extent set forth herein.  Each Bank authorizes the Agent and the Collateral Agent to enter into the Pledge Agreement and the Intercreditor Agreement on behalf of the Banks and to take such actions thereunder as may be required from time to time, including the release of any Collateral pursuant to a restructuring not prohibited hereunder.
Section 12.2    Non Reliance on Agent.  Each Bank agrees that it has, independently and without reliance on the Agent or any other Bank, and based on such documents and information as it has deemed appropriate, made its own credit analysis of the Company and its Subsidiaries and decision to enter into this Agreement and that it will, independently and without reliance upon the Agent, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement.  The Agent shall not be required to keep informed as to the performance or observance by any Borrower of this Agreement and the Loan Documents or to inspect the properties or books of the Borrower.  Except for notices, reports and other documents and information expressly required to be furnished to the Banks by the Agent hereunder, the Agent shall not have any duty or responsibility to provide any Bank with any credit or other information concerning the affairs, financial condition or business of the Company or any Subsidiary (or any of its related companies) which may come into the Agent’s possession.
Section 12.3    Responsibility of the Agent and Other Matters.
(a)    The Agent shall have no duties or responsibilities in its capacity as Agent except those expressly set forth in this Agreement and the other Loan Documents and those duties and liabilities shall be subject to the limitations and qualifications set forth in this Section.  The duties of the Agent shall be mechanical and administrative in nature.
(b)    Neither the Agent nor any of its directors, officers or employees shall be liable to any Bank or holder of the Loans or Notes for any action taken or omitted 

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(whether or not such action taken or omitted is within or without the Agent’s responsibilities and duties expressly set forth in this Agreement) under or in connection with this Agreement, or any other instrument or document in connection herewith, except for gross negligence or willful misconduct.  Without limiting the foregoing, neither the Agent nor any of its directors, officers or employees shall be responsible for, or have any duty to examine:
(i)    the genuineness, execution, validity, effectiveness, enforceability, value or sufficiency of this Agreement or any other Loan Document;
(ii)    the collectibility of any amounts owed by any Borrower; any recitals or statements or representations or warranties in connection with this Agreement or any other Loan Document;
(iii)    any failure of any party to this Agreement to receive any communication sent; or
(iv)    the assets, liabilities, financial condition, results of operations, business or creditworthiness of the Company and its Subsidiaries.
(c)    The Agent shall be entitled to act, and shall be fully protected in acting upon, any communication in whatever form believed by the Agent in good faith to be genuine and correct and to have been signed or sent or made by a proper person or persons or entity.  The Agent may consult counsel and shall be entitled to act, and shall be fully protected in any action taken in good faith, in accordance with advice given by counsel.  The Agent may employ agents and attorneys-in-fact and shall not be liable for the default or misconduct of any such agents or attorneys-in-fact selected by the Agent with reasonable care.  The Agent shall not be bound to ascertain or inquire as to the performance or observance of any of the terms, provisions or conditions of this Agreement or the Notes on any Borrower’s part.
Section 12.4    Action on Instructions.  The Agent shall be entitled to act or refrain from acting, and in all cases shall be fully protected in acting or refraining from acting under this Agreement or the Notes or any other instrument or document in connection herewith or therewith in accordance with instructions in writing from (i) the Required Banks except for instructions which under the express provisions hereof must be received by the Agent from all the Banks, and (ii) in the case of such instructions, from all the Banks.
Section 12.5    Indemnification.  To the extent the Company does not reimburse and save the Agent harmless according to the terms hereof for and from all costs, expenses and disbursements in connection herewith or with the other Loan Documents, such costs, expenses and disbursements to the extent reasonable shall be borne by the Banks ratably in accordance with their Percentages and the Banks hereby agree on such basis (a) to reimburse the Agent for all such reasonable costs, expenses and disbursements on request and (b) to indemnify and save harmless the Agent against and from any and all losses, obligations, penalties, actions, judgments and suits and other reasonable costs, expenses and disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Agent, other 

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than as a consequence of actual gross negligence or willful misconduct on the part of the Agent, arising out of or in connection with this Agreement or the Notes or any instrument or document in connection herewith or therewith, or any request of the Banks, including without limitation the reasonable costs, expenses and disbursements in connection with defending itself against any claim or liability, or answering any subpoena, related to the exercise or performance of any of its powers or duties under this Agreement or the other Loan Documents or the taking of any action under or in connection with this Agreement or the Notes.
Section 12.6    U.S. Bank National Association and Affiliates.  With respect to U.S. Bank National Association’s Commitment and any Loans by U.S. Bank National Association under this Agreement and any Note and any interest of U.S. Bank National Association in any Note, U.S. Bank National Association shall have the same rights, powers and duties under this Agreement and such Note as any other Bank and may exercise the same as though it were not the Agent.  U.S. Bank National Association and its affiliates may accept deposits from, lend money to, and generally engage, and continue to engage, in any kind of business with each Borrower as if U.S. Bank National Association were not the Agent.
Section 12.7    Notice to Holder of Notes.  The Agent may deem and treat the payees of the Notes as the owners thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof has been filed with the Agent.  Any request, authority or consent of any holder of any Note shall be conclusive and binding on any subsequent holder, transferee or assignee of such Note.
Section 12.8    Successor Agent.  The Agent may resign at any time by giving at least 30 days written notice thereof to the Banks and the Company.  Upon any such resignation, the Required Banks shall have the right to appoint a successor Agent, which shall be one of the Banks or if not one of the Banks and no Event of Default shall have occurred and continued shall have been accepted in writing by the Company, which acceptance shall not be unreasonably withheld.  If no successor Agent shall have been appointed by the Required Banks and shall have accepted such appointment within 30 days after the retiring Agent’s giving notice of resignation, then the retiring Agent may, but shall not be required to, on behalf of the Banks, appoint a successor Agent which shall be one of the Banks or if not one of the Banks and no Event of Default shall have occurred and continued shall have been accepted in writing by the Company, which acceptance shall not be unreasonably withheld.
Section 12.9    Syndication Agent; Co-Documentation Agents; Lead Arrangers.  None of the Syndication Agent, the Co-Documentation Agents and the Lead Arrangers shall have any duties, responsibilities, liabilities or obligations under this Agreement except in its capacity as a Bank.
ARTICLE XIII
MISCELLANEOUS

Section 13.1    No Waiver and Amendment.  No failure on the part of the Banks or the holder of the Notes to exercise and no delay in exercising any power or right hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any power or right preclude any other or further exercise thereof or 

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the exercise of any other power or right.  The remedies herein and in any other instrument, document or agreement delivered or to be delivered to the Banks hereunder or in connection herewith are cumulative and not exclusive of any remedies provided by law.  No notice to or demand on any Borrower not required hereunder or under the Notes shall in any event entitle any Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of the Banks or the holder of the Notes to any other or further action in any circumstances without notice or demand.
Section 13.2    Amendments, Etc.  No amendment or waiver of any provision of this Agreement, nor consent to any departure by any Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Company and the Agent upon direction of the Required Banks and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall:
(a)    unless agreed to by the Agent and all of the Banks, (i) reduce the principal of the Notes; (ii) release the guaranty by the Company in Article XI hereof, or release the Guaranty of any Guarantor except as provided in Section 13.16 hereof; (iii) release the pledge of Ownership Interest of any Subsidiary except as provided in Sections 12.1 and 13.16 hereof; (iv) modify any provision requiring proceeds of repayment of the Revolving Loans or funded participations in Letters of Credit to be transferred by the Agent to the Banks ratably, in accordance with their respective Percentages; provided, that the foregoing limitation shall not prohibit each Bank directly affected thereby from consenting to the extension of the final maturity date of its Loans or expiry date of its Letters of Credit beyond the Fixed Termination Date as contemplated by Section 13.2(b) below; or (v) change the definition of Required Banks or amend this Section 13.2; or
(b)    without the consent of each Bank directly affected thereby, except as provided in Section 2.14, (i) extend the final maturity of any Loan; (ii) extend the expiry date of any Letter of Credit to a date later than one year after the Fixed Termination Date; (iii) postpone any regularly scheduled payment of principal of any Loan or forgive all or any portion of the principal amount thereof or any Letter of Credit Obligation related thereto; (iv) reduce the amount or rate or extend the time of payment of interest or fees thereon or Letter of Credit Obligations related thereto; or (v) except as provided in Section 2.10, increase the amounts of or extend the terms of the Commitment of such Bank or subject such Bank to any additional obligations;
provided, further that amendments, waivers or consents affecting the rights of the Agent shall also require the consent of the Agent.”
Section 13.3    Assignments and Participations.
(a)    Assignments.  Each Bank shall have the right, subject to the further provisions of this Sections 13.3, to sell or assign all or any part of its Commitments, Loans, Notes, and other rights and obligations under this Agreement and related documents (such transfer, and “Assignment”) to any commercial lender, other financial institution or other entity (an “Assignee”).  Upon such Assignment becoming effective as 

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provided in Section 13.3(b), the assigning Bank shall be relieved from the portion of its Commitment, obligations to indemnify the Agent and other obligations hereunder (other than obligations under Section 13.15) to the extent assumed and undertaken by the Assignee, and to such extent the Assignee shall have the rights and obligations of a “Bank” hereunder.  Notwithstanding the foregoing, unless otherwise consented to by the Company and the Agent, each partial Assignment shall be in the initial principal amount of not less than $5,000,000 in the aggregate for all Loans and Commitments assigned, or an integral multiple of $1,000,000 if above such amount.  Each Assignment shall be documented by an agreement between the assigning Bank and the Assignee (an “Assignment and Assumption Agreement”) substantially in the form of Exhibit G attached hereto.  Each Assignee agrees to be bound by the terms of the Intercreditor Agreement. 
(b)    Effectiveness of Assignments.  An Assignment shall become effective hereunder when all of the following shall have occurred:  (i) the Agent and the Company (or, following occurrence and during continuance of an Event of Default, the Agent only and not the Company) shall have been given notice of the Assignment and shall, unless the Assignee is already a Bank under this Agreement or an Affiliate thereof, have given prior written consent to such Assignment, which written consent shall not be unreasonably withheld or delayed (provided, that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Agent within five (5) Business Days after having received notice thereof), (ii) either the assigning Bank or the Assignee shall have paid a processing fee of $3,500 to the Agent for its own account, (iii) the Assignee shall have submitted the Assignment and Assumption Agreement to the Agent with a copy for the Company, and shall have provided to the Agent information the Agent shall have reasonably requested to make payments to the Assignee, and (iv) the assigning Bank and the Agent shall have agreed upon a date upon which the Assignment shall become effective.  Upon the Assignment becoming effective, the Agent shall forward all payments of interest, principal, fees and other amounts that would have been made to the assigning Bank, in proportion to the percentage of the assigning Bank’s rights transferred, to the Assignee.
(c)    Participations.  Each Bank shall have the right, subject to the further provisions of this Section 13.3, to grant or sell a participation in all or any part of its Loans, Notes and Commitments (a “Participation”) to any commercial lender, other financial institution or other entity (a “Participant”) without the consent of the Company, the Agent of any other party hereto.  The Company agrees that if amounts outstanding under this agreement and the Notes are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its Participation in amounts owing under this Agreement and any Note to the same extent as if the amount of its Participation were owing directly to it as a Bank under this Agreement or any Note; provided, that such right of setoff shall be subject to the obligation of such Participant to share with the Banks, and the Banks agree to share with such Participant, as provided in Section 4.5 hereof.  The Company also agrees that each Participant shall be entitled to the benefits of Article V with respect to its Participation, provided, that no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor 

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Bank would have been entitled to receive in respect of the amount of the Participation transferred by such transferor Bank to such Participant had no such transfer occurred.  Each Bank that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in any outstanding Loan or Letter of Credit, any Note, any Commitment or any other obligations under the Loan Documents (the “Participant Register”); provided that no Bank shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any outstanding Loan or Letter of Credit, any Note, any Commitment or any other obligations under the Loan Documents) to any Person except to the extent that such disclosure is necessary to establish that such outstanding Loan or Letter of Credit, any Note, any Commitment or any other obligations under the Loan Documents is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Bank shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.
(d)    Limitation of Rights of any Assignee or Participant.  Notwithstanding anything in the foregoing to the contrary, except in the instance of an Assignment that has become effective as provided in Section 13.3(b), (i) no Assignee or Participant shall have any direct rights hereunder, (ii) the Company, the Agent and the Banks other than the assigning or selling Bank shall deal solely with the assigning or selling Bank and shall not be obligated to extend any rights or make any payment to, or seek any consent of, the Assignee or Participant, (iii) no Assignment or Participation shall relieve the assigning or selling Bank from its Commitment to make Loans hereunder or any of its other obligations hereunder and such Bank shall remain solely responsible for the performance hereof, the (iv) no Assignee or Participant, other than an affiliate of the assigning or selling Bank, shall be entitled to require such Bank to take or omit to take any action hereunder, except that such Bank may agree with such Assignee or Participant that such Bank will not, without such Assignee’s or Participant’s consent, take any action which would, in the case of any principal, interest or fee in which the Assignee or Participant has an ownership or beneficial interest:  (w) extend the final maturity of any Loans or extend the Fixed Termination Date, (x) reduce the interest rate on the Loans or the rate of Commitment Fees, (y) forgive any principal of, or interest on, the Loans or any fees, or (z) release all or substantially all of the Collateral for the Loans.
(e)    [Reserved].  
(f)    Information.  Each Bank may furnish any information concerning each Borrower in the possession of such Bank from time to time to Assignees and Participants and potential Assignees and Participants, subject to agreement by such Assignees and Participants and potential Assignees and Participants to a confidentiality restriction substantially similar to Section 13.15.

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(g)    Federal Reserve Bank.  Nothing herein stated shall limit the right of any Bank to assign any interest herein and in any Note to a Federal Reserve Bank or other applicable central bank.
Section 13.4    Costs, Expenses and Taxes; Indemnification.
(a)    The Company agrees, whether or not any Advance is made hereunder, to pay on demand:  (i) all reasonable out-of-pocket costs and expenses of the Agent (including, without limitation, the reasonable fees and expenses of outside counsel to the Agent) incurred in connection with the preparation, execution and delivery of the Loan Documents and the preparation, negotiation and execution of any and all amendments to each thereof, and (ii) all reasonable out-of-pocket costs and expenses of the Agent and each of the Banks incurred after the occurrence of an Event of Default in connection with the enforcement of the Loan Documents or protection of its rights thereunder.  The Company agrees to pay, and save the Banks harmless from all liability for, any stamp or other taxes which may be payable with respect to the execution or delivery of the Loan Documents.  The Company agrees to indemnify and hold the Banks harmless from any loss or expense which may arise or be created by the acceptance in good faith by the Agent of telephonic, e-mail or other instructions for making Advances or disbursing the proceeds thereof.
(b)    The Company agrees to defend, protect, indemnify, and hold harmless the Agent and each and all of the Banks, each of their respective Affiliates and each of the respective officers, directors, employees and agents of each of the foregoing (each an “Indemnified Person” and, collectively, the “Indemnified Persons”) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, out-of-pocket costs and expenses determined on a reasonable basis, and disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of outside counsel to such Indemnified Persons) in connection with this Agreement, any other Loan Document, the capitalization of the Company, the Commitments, the making of, management of and participation in the Loans, the issuance of the Letters of Credit or the use or intended use of the proceeds of the Loans or of the Letters of Credit, provided that the Company shall have no obligation under this Section 13.4(b) to an Indemnified Person with respect to any of the foregoing to the extent resulting from the gross negligence or willful misconduct of such Indemnified Person or arising solely from claims between one such Indemnified Person and another such Indemnified Person.  The indemnity set forth herein shall be in addition to any other obligations or liabilities of the Company to each Indemnified Person under the Loan Documents or at common law or otherwise.
(c)    The obligations of the Company under this Section 13.4 shall survive any termination of this Agreement.
Section 13.5    Notices.  Except when telephonic notice is expressly authorized by this Agreement, any notice or other communication to any party in connection with this Agreement shall be in writing and shall be sent by manual delivery, facsimile transmission, electronic mail, overnight courier or United States mail (postage prepaid) 

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addressed to such party at the address specified on the signature page hereof, or at such other address as such party shall have specified to the other party hereto in writing.  All periods of notice shall be measured from the date of delivery thereof if manually delivered, from the date of sending thereof if sent by facsimile transmission or electronic mail, from the first Business Day after the date of sending if sent by overnight courier, or from four days after the date of mailing if mailed; provided, however, that any notice to the Agent under Article II hereof shall be deemed to have been given only when received by the Agent.
Section 13.6    Successors.  This Agreement shall be binding upon each Borrower, the Banks and the Agent and their respective successors and permitted assigns, and shall inure to the benefit of each Borrower, the Banks and the Agent and the successors and permitted assigns of the Banks.  No Borrower shall assign its rights or duties hereunder without the written consent of the Banks.
Section 13.7    Severability.  Any provision of the Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.
Section 13.8    Captions.  The captions or headings herein and any table of contents hereto are for convenience only and in no way define, limit or describe the scope or intent of any provision of this Agreement.
Section 13.9    Entire Agreement.  The Loan Documents embody the entire agreement and understanding between each Borrower, the Banks and the Agent with respect to the subject matter hereof and thereof.  This Agreement supersedes all prior agreements and understandings relating to the subject matter hereof.
Section 13.10    Counterparts.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and either of the parties hereto may execute this Agreement by signing any such counterpart.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by e-mail transmission of a PDF or similar copy shall be equally as effective as delivery of an original executed counterpart of this Agreement.  Any party delivering an executed counterpart signature page to this Agreement by facsimile or by e-mail transmission shall also deliver an original executed counterpart of this Agreement, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability or binding effect of this Agreement.
Section 13.11    Governing Law.  THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS.
Section 13.12    Consent to Jurisdiction.  AT THE OPTION OF THE BANKS, THIS AGREEMENT AND THE NOTES MAY BE ENFORCED IN ANY FEDERAL 

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COURT OR MINNESOTA STATE COURT SITTING IN MINNEAPOLIS OR ST.  PAUL, MINNESOTA; AND EACH BORROWER CONSENTS TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT.  IN THE EVENT ANY BORROWER COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS AGREEMENT, THE BANKS AT THEIR OPTION SHALL BE ENTITLED TO HAVE THE CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES ABOVE-DESCRIBED, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE.
Section 13.13    Waiver of Jury Trial.  EACH BORROWER, THE BANKS AND THE AGENT EACH WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (a) UNDER THIS AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR (b) ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.
Section 13.14    Patriot Act.  Each Bank hereby notifies the Borrowers that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Borrower, which information includes the name and address of the Borrowers and other information that will allow such Bank to identify the Borrowers in accordance with the Patriot Act.
Section 13.15    Confidentiality.  The Banks and the Agent agree to hold any information which they may receive from the Company or any Subsidiary pursuant to this Agreement in confidence, except for disclosure (a) to other Banks and to participants, assignees, potential participants and potential assignees with respect to the financing (other than pursuant to Section 13.3(g)), each of the foregoing who agree to be bound by confidentiality provisions substantially similar to this Section 13.15; (b) to Affiliates, legal counsel, accountants and other professional advisors to such Bank or the Agent, provided, that the Banks and Agent shall make such Persons aware of this confidentiality requirement, (c) to regulatory officials, (d) to any Person if, in the opinion of counsel to the disclosing party, such disclosure is required by law, regulation or legal process; (e) to any Person in connection with any legal proceeding against the Company or a Subsidiary to which such Bank or the Agent is a party (and in such instance, such Bank or the Agent shall only disclose such information as it deems reasonably necessary for purposes of such legal proceeding); and (f) of conventional information given in response to credit inquiries to credit bureaus, provided, however, that in the instance of disclosure under (d) or (e) unless legally prevented such Bank or the Agent uses best efforts to give the Company prior notice of such disclosure to allow the Company to object (without assuming any liabilities or obligations if the Company is not able to so object).  This Section 13.15 will survive termination of this Agreement and will apply to any Bank notwithstanding its assignment of all of its rights hereunder, provided, that this Section 13.15 shall terminate as to any Bank three 

80

years after the earlier of (x) final assignment by such Bank of all of its rights hereunder, or (y) existence of Termination Conditions.  Information subject to such restriction shall not include (i) information already in any Bank’s possession prior to receipt from the Company or any Subsidiary, or (ii) information which becomes generally available to the public, other than as a result of disclosure by a Bank, or its directors, officers, employees, advisors or agents or becomes available to a Bank on a non-confidential basis from a source other than the Company or any Subsidiary or its advisors, provided that such source is not known by such Bank to be bound by a confidentiality agreement with, or other obligation of confidentiality to, the Company or any Subsidiary or another party.
Section 13.16    Release of Borrowing Subsidiary, Guaranty or Pledge Agreement.  Except at times that an Event of Default shall have occurred and continued, upon request of the Company, if a Subsidiary that is a Guarantor or a Subsidiary the Ownership Interests of which are pledged to the Collateral Agent is sold in a manner permitted by this Agreement, the Agent shall (and the Banks authorize the Agent to) release such Subsidiary from its Guaranty and direct the Collateral Agent to release or terminate the pledge of the Ownership Interests of such Subsidiary, as requested by the Company.  In addition, if a Subsidiary that is a Borrowing Subsidiary is sold in a manner permitted by this Agreement at a time which no Loans to such Borrowing Subsidiary, or accrued interest thereon, remain outstanding, if so requested by the Company, the Agent shall (and the Banks authorize the Agent to) release such Borrowing Subsidiary from this Agreement.  Except at times that an Event of Default shall have occurred and continued, if a Subsidiary is designated by the Company as no longer being a Material Subsidiary in accordance with the definition of Material Subsidiary, the Agent shall (and the Banks authorize the Agent to) release such Subsidiary from its Guaranty; and, if the Ownership Interests in such Subsidiary have been pledged to the Collateral Agent, the Agent shall (and the Banks authorize the Agent to) direct the Collateral Agent to release or terminate the pledge of the Ownership Interests of such Subsidiary, as requested by the Company; and, if such Subsidiary is a Borrowing Subsidiary, the Agent shall (and the Banks authorize the Agent to) release such Borrowing Subsidiary from this Agreement provided no Loans to such Borrowing Subsidiary, or accrued interest thereon, remain outstanding.
Section 13.17    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;

81

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
(signature pages follow)

82

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above.
GRACO INC. 
 
 
 
By:    __________________ 
    Christian E. Rothe 
    Chief Financial Officer and Treasurer 
 
88 11th Avenue N.E. 
Minneapolis, MN  55413 
Attention:  Christian E. Rothe, Chief Financial Officer 
and Treasurer 
Telephone:  (612) 623-6205 
Fax:  (612) 623-6942 
E-mail:  Christian_E_Rothe@graco.com
and
Attention:  Karen Gallivan 
Telephone:  (612) 623-6604 
Fax:  (612) 623-6944 
E-mail:  kgallivan@graco.com

Signature page 1 to Credit Agreement

U.S. BANK NATIONAL ASSOCIATION 
as Agent and a Bank 
 
 
 
By:     __________________ 
Title:  Senior Vice President 
 
800 Nicollet Mall 
Mail Code BC-MN-H03N 
Minneapolis, MN  55402 
Attention:  Mila Yakovlev 
Telephone:  (612) 303-3779   
Fax:  (612) 303-2265 
E-mail:  ludmila.yakovlev@usbank.com

Signature page 2 to Credit Agreement

JPMORGAN CHASE BANK, N.A. 
as Syndication Agent and a Bank 
 
 
 
By:     _____________     
Title:  Vice President 
 
10 S. Dearborn St. 
Mail Code:  IL1-0364 
Chicago, IL  60603 
Attention:  Suzanne Ergastolo 
Telephone:  (312) 325-3221 
Fax:  (312) 794-7682
 

Signature page 3 to Credit Agreement

EXHIBITS
Exhibits
A    Form of Borrowing Subsidiary Agreement
B    Compliance Certificate
C    Guaranty
D    [Reserved]
E    Pledge Agreement
F    Form of Legal Opinion
G    Assignment and Assumption
Schedules
		
	1.1
	Commitments and Percentages

		
	1.2
	Existing Letters of Credit

7.6    Litigation (Section 7.6)
7.15    Subsidiaries (Section 7.15)
9.6    Investments (Section 9.6)

Exhibit A
FORM OF 
BORROWING SUBSIDIARY AGREEMENT
                   , 20_  
U.S. Bank National Association, as Agent
Attention:  
Ladies and Gentlemen:
The undersigned, Graco Inc. (the “Company”), refers to the Credit Agreement dated as of May 23, 2011 (as thereafter amended, the “Credit Agreement”), among the Company, any Borrowing Subsidiary from time to time party thereto, the Banks as defined therein and U.S. Bank National Association, as Agent.  Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.
The Company and                         (the “Designated Borrowing Subsidiary”) make, on and as of the date hereof (except to the extent such representations and warranties are by their terms limited to an earlier date), the representations and warranties as to the Designated Borrowing Subsidiary contained in Article VII of the Credit Agreement.  The Designated Borrowing Subsidiary agrees to be bound in all respects by the terms of the Credit Agreement and to perform all of the obligations of a Borrowing Subsidiary thereunder.  Each reference to a Borrowing Subsidiary in the Credit Agreement shall be deemed to include the Designated Borrowing Subsidiary.
All communications to the Designated Borrowing Subsidiary under the Credit Agreement should be directed to the Company as set forth in the Section 13.5 of the Credit Agreement.
This instrument shall be construed in accordance with and governed by the laws of the State of Minnesota and shall be subject to the consent to jurisdiction and waiver of jury trial provisions of the Credit Agreement.  Loan proceeds should be disbursed as provided in the Credit Agreement.
Upon the execution of this Borrowing Subsidiary Agreement by the Company and the Designated Borrowing Subsidiary and acceptance hereof by the Agent, the Designated Borrowing Subsidiary shall become a Borrowing Subsidiary under the Credit Agreement as though it were an original party thereto and shall be entitled to borrow under the Credit Agreement upon the satisfaction of the conditions precedent set forth in Article VI of the Credit Agreement.

Exh. A‐1

Very Truly Yours, 
GRACO INC. 
 
 
 
By:  __________________ 
 
Title:  __________________ 

[DESIGNATED BORROWING SUBSIDIARY] 
 
 
 
By:  __________________ 
 
Title:  __________________ 

Accepted as of the date first above written: 
 
U.S. BANK NATIONAL ASSOCIATION, as Agent 
 
 
 
By:    __________________ 
 
Title:  __________________ 

Exh. A‐2

EXHIBIT B
[FORM OF COMPLIANCE CERTIFICATE]
To: 
 
[address to each Bank] 
 
U.S. Bank National Association, as Agent 
800 Nicollet Mall 
Mail Code BC-MN-H03P 
Minneapolis, MN  55402 
Attention:  
The undersigned hereby certifies, on behalf of Graco Inc. (the “Company”) that:
(1)    I am the duly elected chief financial officer of the Company;
(2)    I have reviewed the terms of the Credit Agreement dated as of May 23, 2011 (as thereafter amended, the “Credit Agreement”), among the Company, any Borrowing Subsidiary from time to time party thereto, the Banks as defined therein and U.S. Bank National Association, as Agent and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Company during the accounting period covered by the Attachment hereto;
(3)    The examination described in paragraph (2) did not disclose, and I have no knowledge, whether arising out of such examinations or otherwise, of the existence of any condition or event which constitutes a Default or an Event of Default (as such terms are defined in the Credit Agreement) during or at the end of the accounting period covered by the Attachment hereto or as of the date of this Certificate, except as described below (or on a separate attachment to this Certificate).  The exceptions listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Company has taken, is taking or proposes to take, with respect to each such condition or event are as follows:
(4)    No subsidiary has become a Material Subsidiary and no Material Subsidiary has been acquired or formed since the date of the most recent Certificate delivered pursuant to Section 8.1(c), except as described below (or on a separate attachment to this Certificate):
The foregoing certification, together with the computations in the Attachment hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this      day of                       ,          pursuant to Section 8.1(c) of the Credit Agreement.

Exh. B‐1

GRACO INC. 
 
 
 
By:    __________________ 

 
Title:  __________________ 

Exh. B‐2

ATTACHMENT TO COMPLIANCE CERTIFICATE
AS OF                     ,          WHICH PERTAINS 
TO THE PERIOD FROM                      ,             
TO                         ,          
	
		
	Secured Indebtedness (Maximum amount:  5.00% of Consolidated Assets as of the time specified in Section 9.8) (Section 9.8)   ............................................
	$

	Cash Flow Leverage Ratio (Maximum [3.50 to 1.00][4.00 to 1.00]) (Section 9.9)...................................................................................
	 

	Interest Coverage Ratio (Minimum [2.50 to 1.00][3.0 to 1.00]) (Section 9.10)
	to 1.0

	Consolidated Assets as of                             (determine date in accordance with Section 9.8):.....................................................................................................   
	$

	Applicable Margin for Fixed LIBOR Advances:  .............................................................
	%

	Applicable Margin for Base Rate Advances: .......................................................   
	%

	Applicable Commitment Fee Rate (determine as provided in the definition thereof.): ..................................................................................................  
	%

	Book value (net of reserves) of total assets of Subsidiaries that are not Material Subsidiaries (determined as provided in the definition of “Material Subsidiaries” in the Credit Agreement):..............................................................................   
	$

Exh. B‐3

	
	
	___________________________________________

	1 Per Section 9.9, covenant levels may vary based on permitted acquistions. Appropriate level and permitted 
          acquisition reference to be included.

	2 Per Section 9.9, covenant levels may vary based on permitted acquistions. Appropriate level and permitted 
          acquisition reference to be included. 

Exh. B‐4

EXHIBIT C
FORM OF GUARANTY 
(Joint and Several)
FOR VALUE RECEIVED and in consideration of entry by the Banks (as defined in the Credit Agreement) and U.S. BANK NATIONAL ASSOCIATION, as agent for the Banks (in such capacity, together with it successors and assigns, called the “Agent”) into that certain Credit Agreement, dated as of May 23, 2011 (as thereafter amended, modified, extended, renewed, restated or replaced from time to time called the “Credit Agreement”) among the Banks, the Agent, the Borrowing Subsidiaries (as defined in the Credit Agreement) and GRACO INC., a Minnesota corporation (hereinafter called the “Debtor”), the undersigned (the “Guarantors”) JOINTLY AND SEVERALLY hereby unconditionally guarantee the full and prompt payment when due, whether by acceleration or otherwise, and at all times thereafter, of all Obligations, as defined in and determined under, the Credit Agreement, including without limitation all future advances, all obligations to reimburse the Agent for drawings under all Letters of Credit, and all of such Obligations that arise after the filing of a petition by or against the Debtor under the Bankruptcy Code, even if the obligations do not accrue or are not allowed or allowable under the Bankruptcy Code or otherwise (all such obligations being hereinafter collectively called the “Liabilities”), and the Guarantors further jointly and severally agree to pay all expenses (including attorneys’ fees and legal expenses) paid or incurred by the Banks or Agent in endeavoring to collect the Liabilities, or any part thereof, and in enforcing this guaranty.
As additional security for the payment of all of the Liabilities and all obligations of the Guarantors hereunder (collectively, the “Guaranty Obligations”), each Guarantor grants to the Agent for the benefit of itself and the Banks a security interest in, a lien on, and an express contractual right to set off against, each deposit account and all deposit account balances, cash and any other property of such Guarantor now or hereafter maintained with, or in the possession of, the Agent.  Upon the occurrence of any default hereunder (as described in the immediately preceding paragraph), the Agent may:  (a) refuse to allow withdrawals from any such deposit account; (b) apply the amount of such deposit account balances and the other assets of the Guarantors described above to the Guaranty Obligations; and (c) offset any other obligation of the Agent against the Guaranty Obligations; all whether or not the Guaranty Obligations are then due or have been accelerated and all without any advance or contemporaneous notice or demand of any kind to the Guarantor, such notice and demand being expressly waived.
This guaranty shall in all respects be a continuing, absolute and unconditional guaranty, and shall (subject to release by the Agent, as provided in Section 13.16 of the Credit Agreement) remain in full force and effect (notwithstanding, without limitation, the dissolution of any Guarantor or that at any time or from time to time all Liabilities may have been paid in full) until Termination Conditions (as defined in and determined under the Credit Agreement) exist.
The Guarantors further agrees that, if at any time all or any part of any payment theretofore applied by the Agent or the Banks to any of the Liabilities is or must be rescinded or returned by the Agent or the Banks for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of the Debtor), such Liabilities shall, for the purposes of this guaranty, to the extent that such payment is or must be rescinded or returned, be deemed 

Exh. C‐1

to have continued in existence, notwithstanding such application by the Agent or the Banks, and this guaranty shall continue to be effective or be reinstated, as the case may be, as to such Liabilities, all as though such application by the Agent or the Banks had not been made.
The Agent and the Banks may, from time to time, at their sole discretion and without notice to any Guarantor, take any or all of the following actions:  (a) be granted a security interest in any property to secure any of the Liabilities or the Guaranty Obligations, (b) retain or obtain the primary or secondary obligation of any obligor or obligors, in addition to the Guarantors, with respect to any of the Liabilities, (c) extend or renew for one or more periods (whether or not longer than the original period), alter or exchange any of the Liabilities, or release or compromise any obligation of any nature of any other obligor with respect to any of the Liabilities, (d) release its security interest in, or surrender, release or permit any substitution or exchange for, all or any part of any property securing any of the Liabilities or any obligation hereunder, or extend or renew for one or more periods (whether or not longer than the original period) or release, compromise, alter or exchange any obligations of any nature of any other obligor with respect to any such property, and (e) resort to any Guarantor for payment of any of the Liabilities, whether or not the Agent and the Banks (i) shall have resorted to any property securing any of the Liabilities or (ii) shall have proceeded against any other obligor primarily or secondarily obligated with respect to any of the Liabilities including without limitation any other Guarantor (all of the actions referred to in preceding clauses (i) and (ii) being hereby expressly waived by each Guarantor).
Any amounts received by the Agent and the Banks from whatsoever source on account of the Liabilities may be applied by it toward the payment of such of the Liabilities, and in such order of application, as the Agent may from time to time elect.
Until Termination Conditions exist, no payment made by or for the account of the Guarantors pursuant to this guaranty shall entitle the Guarantors by subrogation or otherwise to any payment by the Debtor or from or out of any property of the Debtor and the Guarantors shall not exercise any right or remedy against the Debtor or any property of the Debtor by reason of any performance by the Guarantors of this guaranty.
The Guarantors hereby expressly waive:  (a) notice of the acceptance by the Agent or the Banks of this guaranty, (b) notice of the existence or creation or non-payment of all or any of the Liabilities, (c) presentment, demand, notice of dishonor, protest, and all other notices whatsoever, and (d) all diligence in collection or protection of or realization upon the Liabilities or any part thereof, any obligation hereunder, or any security for, or guaranty of, any of the foregoing.
Notwithstanding any other provision hereof, the obligation of each Guarantor on this guaranty is limited to the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors without this guaranty being held to be avoidable or unenforceable.  Each Guarantor acknowledges and agrees that Obligations may be created and continued in any amount, without affecting or impairing the liability of such Guarantor hereunder, and Agent and the Banks may pay (or allow for the payment of) Obligations out of any sums received by or available to the Agent or the Banks on account of Obligations from the Debtor, the Borrowing Subsidiaries, any other Guarantor or any other 

Exh. C‐2

Person (except the Guarantor), from the properties of the Debtor, the Borrowing Subsidiaries, any other Guarantor or such other Persons, out of collateral security or from any other source and such payment (or allowance) shall not reduce, affect or impair the liability of such Guarantor hereunder.  The liability of each Guarantor shall be a continuing liability and shall not be affected by (nor shall anything herein contained be deemed a limitation upon) the amount of credit which may be extended to the Debtor or the Borrowing Subsidiaries, the number of transactions with the Debtor or the Borrowing Subsidiaries, repayments by the Debtor, the Borrowing Subsidiaries or any other Guarantor, or the allocation by the Agent of repayments by the Debtor or the Borrowing Subsidiaries, it being the understanding of such Guarantor that, subject to the provisions of Section 13.16 of the Credit Agreement, such Guarantor’s liability shall continue hereunder until Termination Conditions (as defined in and determined under the Credit Agreement) exist.  To the extent that any payment to, or realization by, the Agent or the Banks on the Guarantied Obligations exceeds the limitations of this paragraph as to any Guarantor and is subject to avoidance and recovery in any such proceeding, the amount subject to avoidance shall in all events be limited to the amount by which such actual payment or realization exceeds such limitation, and this guaranty as limited shall in all events remain in full force and effect and be fully enforceable against each Guarantor.  This paragraph is intended solely to preserve the rights of the Agent hereunder against each Guarantor and neither any Guarantor, the Debtor, any Borrowing Subsidiary, any other Guarantor of the Obligations nor any Person shall have any right, claim or defense under this paragraph that would not otherwise be available under applicable insolvency laws.  “Person” shall have the meaning set forth in the Credit Agreement.
Each Bank may from time to time without notice to the Guarantors, assign or transfer, in accordance with the terms of the Credit Agreement, its Percentage (as defined in the Credit Agreement) of any or all of the Liabilities or any interest therein; and, notwithstanding any such assignment or transfer or any subsequent assignment or transfer thereof in accordance with the terms of the Credit Agreement, such Liabilities shall be and remain Liabilities for the purposes of this guaranty, and each and every immediate and successive permitted assignee or transferee of any of the Liabilities or of any interest therein shall, to the extent of the interest of such assignee or transferee in the Liabilities, be entitled to the benefits of this guaranty to the same extent as if such assignee or transferee were such Bank.
Unless the Agent shall otherwise consent in writing, the Agent shall have the sole right to enforce this Guaranty, as Agent as provided in the Credit Agreement, for the benefit of the Agent and the Banks (including any transferee, as provided in the prior paragraph).
Each Guarantor hereby warrants to the Agent and the Banks that such Guarantor now has, and will continue to have independent means of obtaining information concerning the affairs, financial condition and business of the Debtor.  Neither the Agent nor the Bank shall have any duty or responsibility to provide the Guarantors with any credit or other information concerning the affairs, financial condition or business of the Debtor which may come into the Agent’s or the Bank’s possession.
No delay on the part of the Agent or any Bank in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by the Agent or any Bank of any right or remedy shall preclude other or further exercise thereof or the exercise of any other right 

Exh. C‐3

or remedy; nor shall any modification or waiver of any of the provisions of this guaranty be binding upon the Agent or any Bank except as expressly set forth in a writing duly signed and delivered on behalf of the Agent and (except in the case of a release required by Section 13.16 of the Credit Agreement) the Required Banks (as defined in the Credit Agreement).  No action of the Agent or the Banks permitted hereunder shall in any way affect or impair the rights of the Agent or the Banks and the obligations of the Guarantors under this guaranty.  For the purposes of this guaranty, Liabilities shall include all obligations of the Debtor to the Agent or the Banks specified as Liabilities, notwithstanding any right or power of the Debtor or anyone else to assert any claim or defense as to the invalidity or unenforceability of any such obligation, and no such claim or defense shall affect or impair the obligations of the Guarantors hereunder, and shall specifically include, without limitation, any and all interest, fees or commissions included in the Liabilities and accruing or payable after the commencement of any bankruptcy or insolvency proceedings, notwithstanding any provision or rule of law which might restrict the rights of the Bank to collect such obligations from the Debtor.  The obligations of the Guarantors under this guaranty shall be absolute and unconditional irrespective of any circumstance whatsoever which might constitute a legal or equitable discharge or defense of any Guarantor.  The Guarantors hereby acknowledge that there are no conditions to the effectiveness of this guaranty.
This guaranty shall be binding upon each Guarantor, and upon the successors and assigns of each Guarantor.
Wherever possible, each provision of this guaranty shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this guaranty.
THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS GUARANTY SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS.
THE AGENT AND THE BANKS (BY ACCEPTING THIS GUARANTY) AND THE GUARANTORS HEREBY EXPRESSLY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS GUARANTY OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.
AT THE OPTION OF THE AGENT, THIS GUARANTY MAY BE ENFORCED IN ANY FEDERAL COURT OR MINNESOTA STATE COURT SITTING IN MINNEAPOLIS OR ST.  PAUL, MINNESOTA; AND THE GUARANTORS CONSENT TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVE ANY ARGUMENT THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT.  IN THE EVENT ANY GUARANTOR COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE 

Exh. C‐4

UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS GUARANTY, THE AGENT, AT ITS OPTION, SHALL BE ENTITLED TO HAVE THE CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES ABOVE DESCRIBED, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE.
(signature page follows)

Exh. C‐5

SIGNED AND DELIVERED as of __________, 2011.
GRACO OHIO INC. 
 
 
 
By:    __________________ 
James A. Graner 
Chief Financial Officer and Treasurer
GRACO MINNESOTA INC. 
 
 
 
By:    __________________ 
James A. Graner 
Chief Financial Officer and Treasurer
GRACO HOLDINGS INC. 
 
 
 
By:    __________________ 
James A. Graner 
Chief Financial Officer and Treasurer

Signature page to Guaranty

Exhibit E
FORM OF PLEDGE AGREEMENT
THIS PLEDGE AGREEMENT (this “Agreement”), dated as of May 23, 2011, is made and given by GRACO INC., a corporation organized under the laws of the State of Minnesota (the “Pledgor”) to U.S. BANK NATIONAL ASSOCIATION as Collateral Agent (in such capacity, and together with any successors in such capacity, the “Secured Party”) for the banks (the “Banks”) from time to time party to the Credit Agreement defined below and the noteholders (the “Noteholders” and collectively with the Banks, the “Creditors”) from time to time holding notes issued under the Note Purchase Agreements defined below.
RECITALS
A.    Graco Inc., a Minnesota corporation (the “Borrower”), the Borrowing Subsidiaries from time to time party thereto, the Banks (as named therein from time to time) and U.S. Bank National Association, as Agent, have entered into a Credit Agreement dated as of May 23, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) pursuant to which the Banks have agreed to extend to the Borrower certain credit accommodations, including loan and letter of credit facilities.
B.    The Borrower and the Noteholders named in the Purchaser Schedule attached thereto have entered into a Note Agreement dated as of March 11, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “March 11, 2011 Note Purchase Agreement”).
C.    It is contemplated that the Borrower will enter into a Note Agreement with one or more affiliates of The Prudential Insurance Company of America as Noteholders named in the Purchaser Schedule attached thereto (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Additional Note Purchase Agreement”, together with the March 2011 Note Agreement, the “Note Purchase Agreements”, and together with the Credit Agreement and the agreements, documents and instruments delivered in connection with any or all of the foregoing (as each may be amended, restated, supplemented or otherwise modified from time to time), the “Senior Indebtedness Documents”).
D.    The Agent, the Secured Party and the Noteholders have entered into an Intercreditor and Collateral Agency Agreement dated as of May 6, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), pursuant to which the Secured Party has been appointed Collateral Agent.
E.    The Pledgor is the owner of the stock or other ownership or membership interests (the “Pledged Interests”) described in Schedule I hereto issued by the issuers named thereon.  The Pledgor may own stock or other ownership or membership interests in such issuers in excess of the percentage set forth on Schedule I, but the term “Pledged Interests” shall be limited to the percentage of stock or other ownership or membership interest listed on Schedule I, and all assets described in Sections 2(b) and (c) hereof consistent therewith.

F.    It is a term and condition of the Senior Indebtedness Documents that Pledgor enter into this Agreement and grant the security interests and pledges provided herein.
G.    The Pledgor finds it advantageous, desirable and in the best interests of the Pledgor to comply with the requirement that this Agreement be executed and delivered to the Secured Party.
H.    The relative rights and priorities of the Creditors in respect of the Collateral (as defined below) are governed by the Intercreditor Agreement.
NOW, THEREFORE, in consideration of the premises and in order to induce the Creditors to continue to extend credit accommodations to the Borrower, the Pledgor hereby agrees with the Secured Party for the benefit of the Secured Party (on behalf of the Creditors) as follows:
Section 1.    Defined Terms.  As used in this Agreement, the following terms shall have the meanings indicated:
“Collateral” shall have the meaning given to such term in Section 2.
“Event of Default” shall have the meaning given to such term in the Intercreditor Agreement.
“Lien” shall mean any security interest, mortgage, pledge, lien, charge, encumbrance, title retention agreement or analogous instrument or device (including the interest of the lessors under capitalized leases), in, of or on any assets or properties of the Person referred to.
“Permitted Lien” shall have the meaning given to such term in Section 4(a).
“Pledged Interests” shall have the meaning given to such term in the Recitals.
“Secured Obligations” shall mean all of the “Obligations” under and as defined in the Credit Agreement and all of the obligations owing to the Noteholders under the Note Purchase Agreements, including, without limitation, all of the “Obligations” under and as defined in the Intercreditor Agreement. 
“Security Interest” shall have the meaning given to such term in Section 2.
(a)    Terms Defined in Uniform Commercial Code.  All other terms used in this Agreement that are not specifically defined herein or the definitions of which are not incorporated herein by reference shall have the meaning assigned to such terms in Article 9 of the Uniform Commercial Code as adopted in the State of Minnesota.
(b)    Singular/Plural, Etc.  Unless the context of this Agreement otherwise clearly requires, references to the plural include the singular, the singular, the plural and “or” has the inclusive meaning represented by the phrase “and/or.”  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The words “hereof,” “herein,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a 

Exh. E-2

whole and not to any particular provision of this Agreement.  References to Sections are references to Sections in this Agreement unless otherwise provided.
Section 2.    Pledge.  As security for the payment and performance of all of the Secured Obligations, the Pledgor hereby pledges to the Secured Party for the benefit of the Secured Party and the Creditors and grants to the Secured Party for the benefit of the Secured Party and the Creditors a security interest (the “Security Interest”) in the following, including any securities account containing a securities entitlement with respect to the following (the “Collateral”):
(a)    The Pledged Interests and the certificates representing the Pledged Interests, and all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Interests.
(b)    All additional shares of stock or ownership or membership interests of any issuer of the Pledged Interests from time to time acquired by the Pledgor in any manner in exchange for, as a dividend on, as a result of stock splits or combinations or otherwise in connection with the initial Pledged Interests, and the certificates representing such additional shares of stock or ownership or membership interests, and all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares of stock or ownership or membership interests.
(c)    All proceeds of any and all of the foregoing (including proceeds that constitute property of types described above).
Section 3.    Delivery of Collateral.  All certificates and instruments representing or evidencing the Pledged Interests shall be delivered to the Secured Party contemporaneously with the execution of this Agreement.  All certificates and instruments representing or evidencing Collateral received by the Pledgor after the execution of this Agreement shall be delivered to the Secured Party promptly upon the Pledgor’s receipt thereof.  All such certificates and instruments shall be held by or on behalf of the Secured Party pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance reasonably satisfactory to the Secured Party.  With respect to all Pledged Interests consisting of uncertificated securities, book-entry securities or securities entitlements, the Pledgor shall either (a) execute and deliver, and cause any necessary issuers or securities intermediaries to execute and deliver, control agreements in form and substance reasonably satisfactory to the Secured Party covering such Pledged Interests, or (b) cause such Pledged Interests to be transferred into the name of the Secured Party.  The Secured Party shall have the right at any time, when an Event of Default has occurred and is continuing, to cause any or all of the Collateral to be transferred of record into the name of the Secured Party or its nominee for the benefit of the Creditors (but subject to the rights of the Pledgor under Section 6) and to exchange certificates representing or evidencing Collateral for certificates of smaller or larger denominations.  If the Collateral is in the possession of a bailee, the Pledgor will join with the Secured Party in notifying the bailee of the interest of the Secured Party and in obtaining from the bailee an acknowledgment that it hold the Collateral for the benefit of the Secured Party.

Exh. E-3

Section 4.    Certain Warranties and Covenants.  The Pledgor makes the following warranties and covenants:
(a)    The Pledgor has title to the Pledged Interests and will have title to each other item of Collateral hereafter acquired, free of all Liens except the Security Interest and liens permitted by the Senior Indebtedness Documents or that arise by operation of law (“Permitted Liens”).  As of the date of this Agreement, the Pledgor is unaware of the existence of any such liens arising by operation of law.
(b)    The Pledgor has full corporate power and authority to execute this Agreement, to perform the Pledgor’s obligations hereunder and to subject the Collateral to the Security Interest created hereby.
(c)    No financing statement covering all or any part of the Collateral is on file in any public office (except for any financing statements filed by the Secured Party or as permitted by the Intercreditor Agreement).
(d)    The Pledged Interests have been duly authorized and validly issued by the issuer thereof and are fully paid and non-assessable.  The certificates representing the Pledged Interests are genuine.
(e)    The Pledged Interests constitute the percentage of the issued and outstanding member interests of the respective issuers thereof indicated on Schedule I (if any such percentage is so indicated).
Section 5.    Further Assurances.  The Pledgor agrees that at any time and from time to time, at the expense of the Pledgor, the Pledgor will promptly execute and deliver all further instruments and documents, and take all further action that may be necessary or that the Secured Party may reasonably request, in order to perfect and protect the Security Interest or to enable the Secured Party to exercise and enforce its rights and remedies hereunder with respect to any Collateral (but any failure to request or assure that the Pledgor execute and deliver such instruments or documents or to take such action shall not affect or impair the validity, sufficiency or enforceability of this Agreement and the Security Interest, regardless of whether any such item was or was not executed and delivered or action taken in a similar context or on a prior occasion).
Section 6.    Voting Rights; Dividends; Etc.
(a)    Subject to paragraph (d) of this Section 6, the Pledgor shall be entitled to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Pledged Interests or any other stock or member interests that becomes part of the Collateral or any part thereof for any purpose not inconsistent with the terms of this Agreement or the other Senior Indebtedness Documents.

Exh. E-4

(b)    Subject to paragraph (e) of this Section 6 and Section 3 hereof, the Pledgor shall be entitled to receive, retain, and use in any manner not prohibited by the Senior Indebtedness Documents any and all interest and dividends paid in respect of the Collateral.
(c)    The Secured Party shall execute and deliver (or cause to be executed and delivered) to the Pledgor all such proxies and other instruments as the Pledgor may reasonably request for the purpose of enabling the Pledgor to exercise the voting and other rights that it is entitled to exercise pursuant to Section 6(a) hereof and to receive the dividends and interest that it is authorized to receive and retain pursuant to Section 6(b) hereof.
(d)    Upon the occurrence and during the continuance of any Event of Default, the Secured Party shall have the right in its sole discretion, and the Pledgor shall execute and deliver all such proxies and other instruments as may be necessary or appropriate to give effect to such right, to terminate all rights of the Pledgor to exercise or refrain from exercising the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 6(a) hereof, and all such rights shall thereupon become vested in the Secured Party who shall thereupon have the sole right to exercise or refrain from exercising such voting and other consensual rights; provided, however, that the Secured Party shall not be deemed to possess or have control over any voting rights with respect to any Collateral unless and until the Secured Party has given written notice to the Pledgor that any further exercise of such voting rights by the Pledgor is prohibited and that the Secured Party and/or its assigns will henceforth exercise such voting rights; and provided, further, that neither the registration of any item of Collateral in the Secured Party’s name nor the exercise of any voting rights with respect thereto shall be deemed to constitute a retention by the Secured Party of any such Collateral in satisfaction of the Secured Obligations or any part thereof.
(e)    Upon the occurrence and during the continuance of any Event of Default following written notice from the Secured Party to the Pledgor of revocation of the Pledgor’s rights under Section 6(b) hereof (provided that no such notice shall be required in the case of an Event of Default under Section 10.1(e) or (f) of the Credit Agreement or Section 7A(viii), (ix) or (x) of the Note Purchase Agreements):
(i)    all rights of the Pledgor to receive the dividends and interest that it would otherwise be authorized to receive and retain pursuant to Section 6(b) hereof shall cease, and all such rights shall thereupon become vested in the Secured Party who shall thereupon have the sole right to receive and hold such dividends as Collateral, and
(ii)    all payments of interest and dividends that are received by the Pledgor contrary to the provisions of paragraph (i) of this Section 6(e) shall be received in trust for the benefit of the Secured Party, shall be segregated from other funds of the Pledgor and shall be forthwith paid over to the Secured Party as Collateral in the same form as so received (with any necessary endorsement).
Section 7.    Transfers and Other Liens; Additional Member Interests.
(a)    Except as may be permitted by the Senior Indebtedness Documents, the Pledgor agrees that it will not (i) sell, assign (by operation of law or otherwise) or otherwise dispose of, 

Exh. E-5

or grant any option with respect to, any of the Collateral, or (ii) create or permit to exist any Lien, upon or with respect to any of the Collateral other than Permitted Liens to the extent that the holder thereof shall not be seeking enforcement thereof in any way.
(b)    The Pledgor agrees that it will (i) cause each issuer of the Pledged Interests not to issue any additional stock or member interests that would cause the percentage of all such stock or membership interest represented by the Pledged Interests to be less than such percentage as of the date of this Agreement, and (ii) pledge hereunder, immediately upon its acquisition (directly or indirectly) thereof, any and all additional shares of stock or member interests or other securities of each issuer of the Pledged Interests issued to or received by the Pledgor, provided, that at no time shall the Pledged Interests be required to exceed, on a percentage basis, 65% of all outstanding stock or membership interest of any issuer.
Section 8.    Secured Party Appointed Attorney-in-Fact.  As additional security for the Secured Obligations, the Pledgor hereby irrevocably appoints the Secured Party the Pledgor’s attorney-in-fact, with full authority in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, from time to time in the Secured Party’s good-faith discretion, to take any action and to execute any instrument that the Secured Party may reasonably believe necessary or advisable to accomplish the purposes of this Agreement (subject to the rights of the Pledgor under Section 6 hereof), in a manner consistent with the terms hereof, including, without limitation, to receive, indorse and collect all instruments made payable to the Pledgor representing any dividend or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same.
Section 9.    Secured Party May Perform.  The Pledgor hereby authorizes the Secured Party to file financing statements with respect to the Collateral.  The Pledgor irrevocably waives any right to notice of any such filing.  If the Pledgor fails to perform any agreement contained herein, the Secured Party may itself perform, or cause performance of, such agreement, and the reasonable expenses of the Secured Party incurred in connection therewith shall be payable by the Pledgor under Section 13 hereof.
Section 10.    The Secured Party’s Duties.  The powers conferred on the Secured Party hereunder are solely to protect its and the Creditors’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers.  The Secured Party shall be deemed to have exercised reasonable care in the safekeeping of any Collateral in its possession if such Collateral is accorded treatment substantially equal to the safekeeping which the Secured Party accords its own property of like kind.  Except for the safekeeping of any Collateral in its possession and the accounting for monies and for other properties actually received by it hereunder, neither the Secured Party nor any Creditor shall have any duty, as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the Secured Party or any Creditor has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any Persons or any other rights pertaining to any Collateral.  The Secured Party will take action in the nature of exchanges, conversions, redemption, tenders and the like requested in writing by the Pledgor with respect to any of the Collateral in the Secured Party’s possession if the Secured Party in its reasonable judgment determines that such action will not impair the Security Interest or the value of the Collateral, but 

Exh. E-6

a failure of the Secured Party to comply with any such request shall not of itself be deemed a failure to exercise reasonable care.
Section 11.    Remedies upon Default.  If any Event of Default shall have occurred and be continuing:
(a)    The Secured Party may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default under Article 9 of the Uniform Commercial Code as adopted in the State of Minnesota (the “Code”) in effect at that time, and may, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Secured Party’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Secured Party may reasonably believe are commercially reasonable.  The Secured Party agrees to give at least ten days’ prior notice to the Pledgor of the time and place of any public sale or the time after which any private sale is to be made, and the Pledgor agrees that such notice shall constitute reasonable notification.  The Secured Party shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.  The Secured Party may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.  The Pledgor hereby waives all requirements of law, if any, relating to the marshalling of assets which would be applicable in connection with the enforcement by the Secured Party of its remedies hereunder, absent this waiver.  The Secured Party may disclaim warranties of title and possession and the like.
(b)    The Secured Party may notify any Person obligated on any of the Collateral that the same has been assigned or transferred to the Secured Party and that the same should be performed as requested by, or paid directly to, the Secured Party, as the case may be.  The Pledgor shall join in giving such notice, if the Secured Party so requests.  The Secured Party may, in the Secured Party’s name or in the Pledgor’s name, demand, sue for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such Collateral or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligation of any such Person.
(c)    Any cash held by the Secured Party as Collateral and all cash proceeds received by the Secured Party in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Secured Party, be held by the Secured Party as collateral for, or then or at any time thereafter be applied in whole or in part by the Secured Party against, all or any part of the Secured Obligations (including any expenses of the Secured Party payable pursuant to Section 13 hereof).
Section 12.    Waiver of Certain Claims.  The Pledgor acknowledges that because of present or future circumstances, a question may arise under the Securities Act of 1933, as from time to time amended (the “Securities Act”), with respect to any disposition of the Collateral permitted hereunder.  The Pledgor understands that compliance with the Securities Act may very strictly limit the course of conduct of the Secured Party if the Secured Party were to attempt to dispose of all or any portion of the Collateral and may also limit the extent to which or the 

Exh. E-7

manner in which any subsequent transferee of the Collateral or any portion thereof may dispose of the same.  There may be other legal restrictions or limitations affecting the Secured Party in any attempt to dispose of all or any portion of the Collateral under the applicable Blue Sky or other securities laws or similar laws analogous in purpose or effect.  The Secured Party may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such Collateral for their own account for investment only and not to engage in a distribution or resale thereof.  The Pledgor agrees that the Secured Party shall not incur any liability, and any liability of the Pledgor for any deficiency shall not be impaired, as a result of the sale of the Collateral or any portion thereof at any such private sale in a manner that the Secured Party reasonably believes is commercially reasonable (within the meaning of Section 9-627 of the Uniform Commercial Code as adopted in the State of Minnesota).  The Pledgor hereby waives any claims against the Secured Party arising by reason of the fact that the price at which the Collateral may have been sold at such sale was less than the price that might have been obtained at a public sale or was less than the aggregate amount of the Secured Obligations, even if the Secured Party shall accept the first offer received and does not offer any portion of the Collateral to more than one possible purchaser.  The Pledgor further agrees that the Secured Party has no obligation to delay sale of any Collateral for the period of time necessary to permit the issuer of such Collateral to qualify or register such Collateral for public sale under the Securities Act, applicable Blue Sky laws and other applicable state and federal securities laws, even if said issuer would agree to do so.  Without limiting the generality of the foregoing, the provisions of this Section would apply if, for example, the Secured Party were to place all or any portion of the Collateral for private placement by an investment banking firm, or if such investment banking firm purchased all or any portion of the Collateral for its own account, or if the Secured Party placed all or any portion of the Collateral privately with a purchaser or purchasers.
Section 13.    Costs and Expenses; Indemnity.  The Pledgor will pay or reimburse the Secured Party on demand for all reasonable out-of-pocket expenses (including in each case all filing and recording fees and taxes and all reasonable fees and expenses of counsel and of any experts and agents) incurred by the Secured Party in connection with the creation, perfection, protection, satisfaction, foreclosure or enforcement of the Security Interest and the preparation, administration, continuance, amendment or enforcement of this Agreement, and all such costs and expenses shall be part of the Secured Obligations secured by the Security Interest.  The Pledgor shall indemnify and hold the Secured Party and each Creditor harmless from and against any and all claims, losses and liabilities (including reasonable attorneys’ fees) growing out of or resulting from this Agreement (including enforcement of this Agreement) or the Secured Party’s actions pursuant hereto, except claims, losses or liabilities resulting from the Secured Party’s gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction.  Any liability of the Pledgor to indemnify and hold the Secured Party and each Creditor harmless pursuant to the preceding sentence shall be part of the Secured Obligations secured by the Security Interest.  The obligations of the Pledgor under this Section shall survive any termination of this Agreement.
Section 14.    Waivers and Amendments; Remedies.  This Agreement can be waived, modified, amended, terminated or discharged, and the Security Interest can be released, only explicitly in a writing signed by the Secured Party and the Pledgor.  A waiver so signed shall be effective only in the specific instance and for the specific purpose given.  Mere delay or failure to 

Exh. E-8

act shall not preclude the exercise or enforcement of any rights and remedies available to the Secured Party.  All rights and remedies of the Secured Party shall be cumulative and may be exercised singly in any order or sequence, or concurrently, at the Secured Party’s option, and the exercise or enforcement of any such right or remedy shall neither be a condition to nor bar the exercise or enforcement of any other.
Section 15.    Notices.  Any notice or other communication to any party in connection with this Agreement shall be sent as provided in the Intercreditor Agreement.
Section 16.    Pledgor Acknowledgments.  The Pledgor hereby acknowledges that (a) the Pledgor has been advised by counsel in the negotiation, execution and delivery of this Agreement, (b) the Secured Party has no fiduciary relationship to the Pledgor, the relationship being solely that of debtor and creditor, and (c) no joint venture exists between the Pledgor and the Secured Party.
Section 17.    Continuing Security Interest; Assignments under Credit Agreement.  This Agreement shall create a continuing security interest in the Collateral and shall (a) subject to release by the Secured Party as provided in Section 13.16 of the Credit Agreement and Section 11V of the Note Purchase Agreements, remain in full force and effect until Termination Conditions (as defined in and determined under the Credit Agreement) and conditions for termination under the Note Purchase Agreements exist, (b) be binding upon the Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of the Secured Party hereunder, to the benefit of, and be enforceable by, the Secured Party and its successors and permitted transferees and assigns.  Without limiting the generality of the foregoing clause (c), the Secured Party may assign or otherwise transfer all or any portion of its rights and obligations under the Senior Indebtedness Documents to any other Person to the extent and in the manner provided in the Senior Indebtedness Documents, and may similarly transfer all or any portion of its rights under this Agreement to such Persons.
Section 18.    Termination of Security Interest.  At such time as Termination Conditions (as defined in and determined under the Credit Agreement) and conditions for termination under the Note Purchase Agreements exist, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to the Pledgor.  Upon any such termination, the Secured Party will return to the Pledgor such of the Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof and execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to evidence such termination.  Any reversion or return of the Collateral upon termination of this Agreement and any instruments of transfer or termination shall be at the expense of the Pledgor and shall be without warranty by, or recourse on, the Secured Party.  As used in this Section, “Pledgor” includes any assigns of Pledgor, any Person holding a subordinate security interest in any part of the Collateral or whoever else may be lawfully entitled to any part of the Collateral.
Section 19.    Governing Law and Construction.  THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MINNESOTA; PROVIDED, HOWEVER, THAT NO EFFECT SHALL BE GIVEN TO CONFLICT OF LAWS PRINCIPLES OF THE STATE OF MINNESOTA, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF 

Exh. E-9

THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE MANDATORILY GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF MINNESOTA.  Whenever possible, each provision of this Agreement and any other statement, instrument or transaction contemplated hereby or relating hereto shall be interpreted in such manner as to be effective and valid under such applicable law, but, if any provision of this Agreement or any other statement, instrument or transaction contemplated hereby or relating hereto shall be held to be prohibited or invalid under such applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement or any other statement, instrument or transaction contemplated hereby or relating hereto.
Section 20.    Consent to Jurisdiction.  AT THE OPTION OF THE SECURED PARTY, THIS AGREEMENT MAY BE ENFORCED IN ANY FEDERAL COURT OR MINNESOTA STATE COURT SITTING IN MINNEAPOLIS OR ST.  PAUL, MINNESOTA; AND THE PLEDGOR CONSENTS TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT.  IN THE EVENT THE PLEDGOR COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS AGREEMENT, THE SECURED PARTY AT ITS OPTION SHALL BE ENTITLED TO HAVE THE CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES ABOVE-DESCRIBED, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE.
Section 21.    Waiver of Jury Trial.  EACH OF THE PLEDGOR AND THE SECURED PARTY, BY ITS ACCEPTANCE OF THIS AGREEMENT, IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Exh. E-10

Section 22.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by e-mail transmission of a PDF or similar copy shall be equally as effective as delivery of an original executed counterpart of this Agreement.  Any party delivering an executed counterpart signature page to this Agreement by facsimile or by e-mail transmission shall also deliver an original executed counterpart of this Agreement, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability or binding effect of this Agreement.
Section 23.    General.  All representations and warranties contained in this Agreement or in any other agreement between the Pledgor and the Secured Party shall survive the execution, delivery and performance of this Agreement and the creation and payment of the Secured Obligations.  The Pledgor waives notice of the acceptance of this Agreement by the Secured Party.  Captions in this Agreement are for reference and convenience only and shall not affect the interpretation or meaning of any provision of this Agreement.
Section 24.    Collateral Agent.  U.S. Bank National Association, in its capacity as Secured Party, has been appointed collateral agent for the Creditors hereunder pursuant to the Intercreditor Agreement.  It is expressly understood and agreed by the parties to this Agreement that any authority conferred upon the Secured Party hereunder is subject to the terms of the delegation of authority made by the Creditors to the Secured Party pursuant to the Intercreditor Agreement, and that the Secured Party has agreed to act (and any successor Secured Party shall act) as such hereunder only on the express conditions contained in such Section 2.  Any successor Secured Party appointed pursuant to the Intercreditor Agreement shall be entitled to all the rights, interests and benefits of the Secured Party hereunder.  For the avoidance of doubt, each Pledgor hereby acknowledges and agrees that it is not a third-party beneficiary of, nor has any rights under, the Intercreditor Agreement.  If the Secured Party or any Creditor shall violate the terms of the Intercreditor Agreement, each Pledgor agrees, by its execution and delivery hereof, that it shall not use such violation as a defense to any enforcement by any such party against such Pledgor nor assert such violation as a counterclaim or basis for setoff or recoupment against any such party.  No such violation shall limit or impair the rights of the Secured Party or any Creditor hereunder.
(signature page follows)

Exh. E-11

IN WITNESS WHEREOF, the Pledgor has caused this Agreement to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written.
PLEDGOR: 
 
GRACO INC. 
 
  
By:  __________________ 
 
    James A. Graner 
    Chief Financial Officer and Treasurer
Address for Pledgor: 
 
88 11th Avenue N.E. 
Minneapolis, MN  55413 
Attention:  Timothy Stoffel, Corporate Tax Director 
Telephone:  (612) 623-___ 
Fax:  (612) ___-____
and
Attention:  Karen Gallivan 
Telephone:  (612) 623-6604 
Fax:  (612) 623-6944
Accepted: 
 
U.S. BANK NATIONAL ASSOCIATION, 
Secured Party 
 
 
 By: __________________ 
Title:  __________________ 

Address for Secured Party: 
800 Nicollet Mall 
Mail Code BC-MN-H03P 
Minneapolis, MN  55402 
Fax Number:  (612) 303-2265

Signature page to Pledge Agreement

SCHEDULE I 
TO 
PLEDGE AGREEMENT 
GRACO INC.
PLEDGED INTERESTS
	
		
	Issuer:
	Graco K.K.

	Jurisdiction of Organization:
	Japan

	Type of Interest:
	Common Stock

	Percentage Ownership:
	65.00%

	Certificate No(s).:
	2B-001 through 2B-009; 3A-001 through 3A-008; 4A-001 through 4A-0034

	Number of Units/Shares:
	429,000

	Issuer:
	Graco Korea Inc.

	Jurisdiction of Organization:
	Korea

	Type of Interest:
	Common Stock

	Percentage Ownership:
	65.00%

	Certificate No(s).:
	10,000-1 through 10,000-8; 1000-01; 100-1 through 100-5

	Number of Units/Shares:
	81,500

	Issuer:
	Graco N.V.

	Jurisdiction of Organization:
	Belgium

	Type of Interest:
	Uncertificated Common Stock

	Percentage Ownership:
	65.00%

	Certificate No(s).:
	N/A

	Number of Units/Shares:
	655,301

EXHIBIT F
Form of General Counsel’s Opinion
May 23, 2011
To:  The Agent and Banks party on the date hereof to the Credit Agreement described below
Ladies and Gentlemen:
I am General Counsel of Graco Inc., a Minnesota corporation (the “Company” and, together with each of its Domestic Subsidiaries who are Guarantors, collectively the “Loan Parties” and individually, a “Loan Party”).  I am delivering to you this opinion letter upon which you may rely in connection with the Credit Agreement, dated as of the date hereof, among the Company, the Borrowing Subsidiaries, as defined therein, the Banks, as defined therein, and U.S. Bank National Association, as Agent (the “Credit Agreement”), the other Loan Documents described therein which are being entered into by any of the Loan Parties concurrently therewith (together with the Credit Agreement, the “Loan Documents”), and the transactions contemplated thereby.  Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings assigned to such terms in the Credit Agreement.
I, as General Counsel for the Company, have made or caused to be made such factual inquiries, and have examined or caused to be examined such questions of law, as I have considered necessary or appropriate for purposes of this opinion letter.  In connection with such examination, I have reviewed originals or facsimile or electronic copies of the following documents, each, to the extent applicable, dated as of the date hereof:
		
	(i)
	the Credit Agreement;

		
	(ii)
	the Notes;

		
	(iii)
	the Guaranty;

		
	(iv)
	the Pledge Agreement;

		
	(v)
	the Intercreditor Agreement; and

		
	(vi) 
	the Fee Letters. 

The documents referred to in clauses (i) through (vi) above are hereinafter collectively called the “Loan Documents” and individually called a “Loan Document”.
Based upon and subject to the foregoing and the assumptions, qualifications and exceptions set forth below, I advise you that, in my opinion:
(1)    Each of the Company, Graco Minnesota Inc. and Graco Holdings Inc. (together with Graco Minnesota Inc., the “Minnesota Guarantors”) is a corporation validly existing and in 

Exh. F‐1

good standing under the laws of the State of Minnesota.  Each of the other Loan Parties is a corporation validly existing and in good standing under the laws of its jurisdiction of incorporation.
(2)    Each of the Company and each of the Minnesota Guarantors has full corporate power and authority to own and operate its properties and assets, carry on its business as presently conducted, and enter into and perform its obligations under the Loan Documents to which it is a party.
(3)    The execution and delivery by each of the Company and each of the Minnesota Guarantors of each of the Loan Documents to which it is a party, the performance by each of the Company and each of the Minnesota Guarantors of its obligations thereunder, and, in the case of the Company, the borrowing by it under the Credit Agreement, have been duly authorized by all necessary corporate action on the part of such Loan Party, and the Loan Documents to which either the Company or a Minnesota Guarantor is a party have been duly executed and delivered on behalf of such Loan Party.
(4)    There is no provision in any Loan Party’s Organizational Documents, or in any material indenture, mortgage, contract or agreement to which any Loan Party is a party or by which it or its properties may be bound and of which I have Actual Knowledge, or in any writ, order or decision of any court or governmental instrumentality binding on any Loan Party and of which I have Actual Knowledge, which would be contravened by the execution and delivery by such Loan Party of the Loan Documents to which it is a party, nor do any of the foregoing prohibit such Loan Party’s performance of any obligation of such Loan Party contained therein.  There is no provision in any statute, rule or regulation of the United States of America or the State of Minnesota applicable to any Loan Party which would be contravened by the execution and delivery by such Loan Party of the Loan Documents to which it is a party, nor do any of the foregoing prohibit such Loan Party’s performance of any obligation of such Loan Party contained therein.
(5)    To my Actual Knowledge, except as described in Schedule 7.6 to the Credit Agreement, there are no actions, suits or proceedings pending or threatened against any Loan Party before any court or arbitrator or by or before any administrative agency which are reasonably likely to constitute an Adverse Event.
(6)    The Company is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System).
ASSUMPTIONS, QUALIFICATIONS AND EXCEPTIONS
In rendering the foregoing opinions, I wish to advise you of the following additional assumptions, qualifications and exceptions to which such opinions are subject:
		
	A.
	I have relied solely on certificates of public officials as to the opinions set forth in paragraph (1) above regarding valid existence and good standing, and such opinions are given as of the respective dates of such certificates.  As to certain relevant facts, I have relied on representations made by the Loan Parties in the 

    

Exh. F‐2

Loan Documents, the assumptions set forth below, and certificates of officers of the Loan Parties reasonably believed by me to be appropriate sources of information, as to the accuracy of factual matters, in each case without independent verification thereof or other investigation; provided, however, that I have no Actual Knowledge concerning the factual matters upon which reliance is placed which would render such reliance unreasonable.  For purposes hereof, the term “Actual Knowledge” means the conscious awareness by me at the time this opinion letter is delivered of facts or other information without any other investigation.
		
	B.
	This opinion letter is limited to the laws of the State of Minnesota and the federal laws of the United States of America.

		
	C.
	I have relied, without investigation, upon the following assumptions: (i) natural persons who are involved on behalf of any Loan Party have sufficient legal capacity to enter into and perform the transaction or to carry out their role in it; (ii) each document submitted to me for review is accurate and complete, each such document that is an original is authentic, each such document that is a copy conforms to an authentic original, and all signatures on each such document are genuine; (iii) there are no agreements or understandings among the parties, written or oral, and there is no usage of trade or course of prior dealing among the parties that would, in either case, define, supplement or qualify the terms of any of the Loan Documents; (iv) all statutes, judicial and administrative decisions, and rules and regulations of governmental agencies, constituting the law of any relevant jurisdiction are generally available (i.e., in terms of access and distribution following publication or other release) to lawyers practicing in such jurisdiction, and are in a format that makes legal research reasonably feasible; (v) the constitutionality or validity of a relevant statute, rule, regulation or agency action is not at issue unless a reported decision in the relevant jurisdiction has specifically addressed but not resolved, or has established, its unconstitutionality or invalidity; (vi) documents reviewed by me (including the Loan Documents) would be enforced as written and would be interpreted in accordance with the laws of the State of Minnesota; (vii) each Loan Party will obtain all permits and governmental approvals required in the future, and will make all filings and take all actions similarly required, relevant to subsequent consummation of the transactions contemplated by the Loan Documents or performance of the Loan Documents; (viii) no Loan Party will in the future take any discretionary action (including a decision not to act) permitted under the Loan Documents that would result in a violation of law or constitute a breach or default under any other agreement or court order; and (ix) all parties to the transaction will act in accordance with, and will refrain from taking any action that is forbidden by, the terms and conditions of the Loan Documents.

		
	D.
	The opinions expressed above are limited to the specific issues addressed and to laws existing on the date hereof.  By rendering my opinions, I do not undertake to advise you with respect to any other matter or of any change in such laws or in the interpretation thereof which may occur after the date hereof.

Exh. F‐3

		
	E.
	I express no opinions as to the effect of any document or instrument that is not itself a Loan Document, notwithstanding any provision in a Loan Document requiring that any Loan Party perform or cause any other Person to perform its obligations under, or stating that any action will be taken as provided in or in accordance with, or otherwise incorporating by reference, such document or instrument.

		
	F.
	In rendering the opinions expressed herein, I have only considered the applicability of statutes, rules and regulations that a lawyer in the State of Minnesota exercising customary professional diligence would reasonably recognize as being directly applicable to the Loan Parties, the transaction or both.

		
	G.
	The opinions expressed above do not address any of the following legal issues:  (i) securities laws and regulations, the rules and regulations of securities exchanges, and laws and regulations relating to commodity (and other) futures and indices and other similar instruments; (ii) except as provided in paragraph (6) above, Federal Reserve Board margin regulations; (iii) pension and employee benefit laws and regulations (e.g., ERISA); (iv) antitrust and unfair competition laws and regulations; (v) laws and regulations concerning filing and notice requirements(e.g., the Hart-Scott-Rodino Antitrust Improvements Act, as amended), other than requirements applicable to charter-related documents such as certificates of merger; (vi) laws, regulations, directives and executive orders restricting transactions with, or freezing or otherwise controlling assets of, designated foreign persons or governing investments by foreign persons in the United States (e.g., the Trading with the Enemy Act, as amended, regulations of the Office of Foreign Asset Control of the United States Treasury Department, and the Foreign Investment and National Security Act of 2007); (vii) compliance with fiduciary duty and conflict of interest requirements; (viii) the statutes and ordinances, administrative decisions and the rules and regulations of counties, towns, municipalities and special political subdivisions (whether created or enabled through legislative action at the federal, state or regional level) and judicial decisions to the extent that they deal with the foregoing; (ix) fraudulent transfer and fraudulent conveyance laws; (x) environmental laws and regulations; (xi) land use and subdivision laws and regulations; (xii) tax laws and regulations; (xiii) intellectual property laws and regulations; (xiv) racketeering laws and regulations (e.g., RICO); (xv) health and safety laws and regulations (e.g., OSHA); (xvi) labor laws and regulations; (xvii) laws, regulations and policies concerning national and local emergency (e.g., the International Emergency Economic Powers Act, as amended), possible judicial deference to acts of sovereign states, and criminal and civil forfeiture laws; and (xviii) other statutes of general application to the extent they provide for criminal prosecution (e.g., mail fraud and wire fraud statutes).

This opinion letter may not be used or relied upon without my prior written consent (i) by any Person who is not an addressee, except for Persons that become Banks or the Agent under the Credit Agreement after the date hereof pursuant to the Credit Agreement (which Persons may rely on this opinion letter to the same extent as the addressees hereof as if this opinion letter were 

Exh. F‐4

addressed and had been delivered to them on the date of this opinion letter, on the condition and understanding that I assume no responsibility or obligation to consider the applicability or correctness of this opinion letter to any Person other than the addressees), or (ii) for any purpose whatsoever other than the transactions contemplated by the Loan Documents.
Very truly yours, 
 
Karen P. Gallivan 
Vice President, General Counsel and Secretary

Exh. F‐5

EXHIBIT F
Form of Special Counsel’s Opinion
May 23, 2011
To:  The Agent and Banks party on the date 
hereof to the Credit Agreement described below
Ladies and Gentlemen:
We have acted as special counsel for Graco Inc., a Minnesota corporation (the “Company” and together, with its Domestic Subsidiaries who are Guarantors, collectively, the “Loan Parties” and individually, a “Loan Party”), and we are delivering to you this opinion letter upon which you may rely, in connection with the Credit Agreement, dated as of the date hereof, among the Company, the Borrowing Subsidiaries, as defined therein, the Banks, as defined therein, and U.S. Bank National Association, as Agent (the “Credit Agreement”), the other Loan Documents described therein which are being entered into by any of the Loan Parties concurrently therewith (together with the Credit Agreement, the “Loan Documents”), and the transactions contemplated thereby.  Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings assigned to such terms in the Credit Agreement.
In so acting, we, as special counsel for the Company, have made such factual inquiries, and have examined such questions of law, as we have considered necessary or appropriate for the purposes of this opinion letter.  In connection with such examination, we have reviewed originals or facsimile or electronic copies of the following documents, each, to the extent applicable, dated as of the date hereof:
		
	(i)
	the Credit Agreement;

		
	(ii)
	the Notes;

		
	(iii)
	the Guaranty;

		
	(iv)
	the Pledge Agreement;

		
	(v)
	the Intercreditor Agreement; and

		
	(vi)
	the Fee Letters.

The documents referred to in clauses (i) through (vi) above are hereinafter collectively called the “Loan Documents” and individually called a “Loan Document”.
Based upon and subject to the foregoing and the assumptions, qualifications and exceptions set forth below, advise you that, in our opinion:

Exh. F‐1

(1)    Each of the Loan Documents to which any of the Loan Parties is a party constitutes a valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms.
(2)    Neither the execution and delivery by any Loan Party of the Loan Documents to which it is a party, nor the performance by such Loan Party of any obligation of such Loan Party contained therein, nor, in the case of the Company, the borrowing by it under the Credit Agreement, requires such Loan Party to obtain the consent or approval of the government of the United States of America or the State of Minnesota or any department, commission or agency thereof or make any filings under any statute, rule or regulation of the United States of America or the State of Minnesota applicable to such Loan Party except for consents which have been obtained or filings which have been made.
(3)    The Company is not an “investment company” or, to our Actual Knowledge, a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.
ASSUMPTIONS, QUALIFICATIONS AND EXCEPTIONS
In rendering the foregoing opinions, we wish to advise you of the following additional assumptions, qualifications and exceptions to which such opinions are subject:
		
	A.
	As to certain relevant facts, we have relied on representations made by the Loan Parties in the Loan Documents, the assumptions set forth below, and certificates of officers of the Loan Parties reasonably believed by us to be appropriate sources of information, as to the accuracy of factual matters, in each case without independent verification thereof or other investigation; provided, however, that our Primary Lawyers have no Actual Knowledge concerning the factual matters upon which reliance is placed which would render such reliance unreasonable.  For purposes hereof, the term “Primary Lawyers” means lawyers in this firm who have given substantive legal attention to representation of the Company in connection with this matter, and the term “Actual Knowledge” means the conscious awareness by such Primary Lawyers at the time this opinion letter is delivered of facts or other information without any other investigation.

		
	B.
	This opinion letter is limited to the laws of the State of Minnesota and the federal laws of the United States of America.  We express no opinion as to whether, or the extent to which, the laws of any particular jurisdiction apply to the subject matter hereof, including without limitation the enforceability of the governing law provisions contained in the Loan Documents.  Without limiting the generality of the foregoing, we do not opine with respect to any foreign law which may govern the collateral subject to the Pledge Agreement, or as to the applicability of any such law.

		
	C.
	We have relied, without investigation, upon the following assumptions:  (i) natural persons who are involved on behalf of any Loan Party have sufficient legal capacity to enter into and perform the transaction or to carry out their role in 

Exh. F‐2

it; (ii) the Company holds the requisite title and rights to the collateral subject to the Pledge Agreement, each party to a Loan Document (other than the Loan Parties) has satisfied those legal requirements that are applicable to it to the extent necessary to make such Loan Document enforceable against it; each party to a Loan Document (other than the Loan Parties) has complied with all legal requirements pertaining to its status (such as legal investment laws, foreign qualification statutes and business activity reporting requirements, including without limitation, to the extent applicable, the provisions of Minnesota Statute Section 290.371) as such status relates to its rights to enforce such Loan Document against the Loan Parties; (v) each document submitted to us for review is accurate and complete, each such document that is an original is authentic, each such document that is a copy conforms to an authentic original, and all signatures on each such document are genuine; (vi) there has not been any mutual mistake of fact or misunderstanding, fraud, duress or undue influence; (vii) the conduct of the parties to the Loan Documents has complied with any requirement of good faith, fair dealing and conscionability; (viii) the Agent, the Banks and any representative acting for any of them in connection with the Loan Documents have acted in good faith and without notice of any defense against the enforcement of any rights created by, or adverse claim to any property or security interest transferred or created as a part of, any of the Loan Documents; (ix) there are no agreements or understandings among the parties, written or oral, and there is no usage of trade or course of prior dealing among the parties that would, in either case, define, supplement or qualify the terms of any of the Loan Documents; (x) all statutes, judicial and administrative decisions, and rules and regulations of governmental agencies, constituting the law of any relevant jurisdiction are generally available (i.e., in terms of access and distribution following publication or other release) to lawyers practicing in such jurisdiction, and are in a format that makes legal research reasonably feasible; (xi) the constitutionality or validity of a relevant statute, rule, regulation or agency action is not at issue unless a reported decision in the relevant jurisdiction has specifically addressed but not resolved, or has established, its unconstitutionality or invalidity; (xii) documents reviewed by us (other than the Loan Documents) would be enforced as written and would be interpreted in accordance with the laws of the State of Minnesota; (xiii) each Loan Party will obtain all permits and governmental approvals required in the future, and will make all filings and take all actions similarly required, relevant to subsequent consummation of the transactions contemplated by the Loan Documents or performance of the Loan Documents; (xiv) no Loan Party will in the future take any discretionary action (including a decision not to act) permitted under the Loan Documents that would result in a violation of law or constitute a breach or default under any other agreement or court order; and (xv) all parties to the transaction will act in accordance with, and will refrain from taking any action that is forbidden by, the terms and conditions of the Loan Documents.
		
	D.
	In rendering the opinions set forth herein, we have also assumed, without investigation, that (i) the Loan Parties are duly organized, validly existing and in good standing under the laws of their respective jurisdictions of organization; (ii) 

Exh. F‐3

each of the Loan Parties has the power and authority to execute, deliver and perform the Loan Documents to which such Loan Party is a party and to consummate the transactions contemplated by such Loan Documents; (iii)  the Loan Documents to which any of the Loan Parties is a party have been duly authorized, executed and delivered by such Loan Party; and (iv) except to the extent expressly opined to under paragraph (2) above, the execution, delivery and performance by each of the Loan Parties of the Loan Documents to which such Loan Party is a party and the consummation by each of the Loan Parties of the transactions contemplated by the Loan Documents to which such Loan Party is a party did not and will not (A) violate or conflict with or require any consent under any statute, rule or regulation or any judgment, order, writ, injunction or decree of any court or governmental authority, or (B) violate or result in a breach of or constitute a default or require any consent under any Organizational Documents of such Loan Party or any other agreement, contract, instrument or obligation to which such Loan Party is a party or by which such Loan Party or any of its assets is bound.  We note that you have, to the extent you deemed advisable, received opinions with respect to certain of the foregoing matters from Karen P. Gallivan, Vice President, General Counsel and Secretary of the Company.
		
	E.
	The opinions expressed above are limited to the specific issues addressed and to laws and facts existing on the date hereof.  By rendering our opinions, we do not undertake to advise you with respect to any other matter or of any change in such laws or in the interpretation thereof, or of any changes in facts, which may occur after the date hereof.

		
	F.
	The opinion expressed in paragraph (3) above (i) is limited by the effect of bankruptcy, reorganization, insolvency, moratorium, fraudulent transfer, fraudulent conveyance, receivership and other similar laws now or hereafter in effect relating to or affecting creditors’ rights generally, and by general principles of equity, and (ii) is subject to the qualification that certain provisions of the Pledge Agreement may be unenforceable in whole or in part, but the inclusion of such provisions does not affect the validity as against the Company of the Pledge Agreement as a whole and the Pledge Agreement contains provisions generally considered adequate for the practical realization in respect of the Company of the principal benefits provided thereby, subject to the other assumptions, qualifications and exceptions contained in this opinion letter.  Without limiting the generality of the foregoing, we have assumed that each of the Agent and the Banks will exercise its rights and remedies under the Loan Documents in good faith and under circumstances and in a manner which are commercially reasonable.

		
	G.
	Without limiting any other qualifications set forth herein, the opinion expressed in paragraph (1) above is subject to the effect of generally applicable laws (including without limitation common law) that (i) provide for the enforcement of oral waivers or modifications where a material change of position in reliance thereon has occurred or provide that a course of performance may operate as a waiver; (ii) limit the enforcement of provisions of a contract that purport to require waiver 

Exh. F‐4

of the obligations of good faith, fair dealing, diligence and reasonableness; (iii) limit the availability of a remedy under certain circumstances where another remedy has been elected; (iv) limit the enforceability of provisions releasing, exculpating or exempting a party from, or requiring indemnification of or contribution to a party for, liability for its own action or inaction, to the extent the action or inaction involves gross negligence, recklessness, willful misconduct or unlawful conduct; may, where less than all of a contract may be unenforceable, limit the enforceability of the balance of the contract to circumstances in which the unenforceable portion is not an essential part of the agreed exchange; (vi) govern and afford judicial discretion regarding the determination of damages and entitlement to attorneys’ fees and other costs; (vii) may permit a party who has materially failed to render or offer performance required by a contract to cure that failure unless either permitting a cure would unreasonably hinder the aggrieved party from making substitute arrangements for performance or it is important under the circumstances to the aggrieved party that performance occur by the date stated in the contract; (viii) may require mitigation of damages; (ix) limit the right of a creditor to use force or cause a breach of the peace in enforcing rights; (x) relate to the sale or disposition of collateral subject to the Pledge Agreement or the requirements of a commercially reasonable sale; (xi) provide a time limitation after which a remedy may not be enforced (i.e., statutes of limitation), or (xii) may limit the enforceability of provisions restricting competition, the solicitation of customers or employees, the use or disclosure of information or other activities in restraint of trade.
		
	H.
	We express no opinion as to the enforceability or effect in the Loan Documents of (i) any provision that provides for the payment of premiums upon mandatory prepayment or acceleration, or of liquidated damages (whether or not denominated as such); (ii) any “usury savings” provision; (iii) any provision that authorizes one party to act as attorney-in-fact for another party; (iv) any agreement to submit to the jurisdiction of any particular court or other governmental authority (either as to personal jurisdiction or subject matter jurisdiction), any provision restricting access to courts (including without limitation agreements to arbitrate disputes), any waivers of the right to jury trial, any waivers of service of process requirements which would otherwise be applicable, any provision relating to evidentiary standards, any agreement that a judgment rendered by a court in one jurisdiction may be enforced in another jurisdiction or any provision otherwise affecting the jurisdiction or venue of courts; (v) any waiver of, or agreement or consent that has the effect of waiving, legal or equitable defenses, rights to damages, rights to counterclaim or set off, the application of statutes of limitations, rights to notice, or the benefits of any other constitutional, statutory or regulatory rights (unless and to the extent the constitution, statute or regulation explicitly allows waiver); any provision that provides that any Person purchasing a participation from a Bank may exercise set-off or similar rights with respect to such participation, or that any Person other than a Bank, including any affiliate of a Bank, may exercise set-off or similar rights with respect to the Obligations due to such Bank, or that the Agent or any Bank may exercise set-off or similar rights other than in accordance with 

Exh. F‐5

applicable law; or (vii) any provision that purports to impose increased interest rates or late payment charges upon overdraft, delinquency in payment or default, or to provide for the compounding of interest or the payment of interest on interest.
		
	I.
	We express no opinions as to the enforceability or effect of any document or instrument that is not itself a Loan Document, notwithstanding any provision in a Loan Document requiring that the Loan Parties perform or cause any other Person to perform its obligations under, or stating that any action will be taken as provided in or in accordance with, or otherwise incorporating by reference, such document or instrument.

		
	J.
	With respect to our opinion in paragraph (1) above, we hereby advise you that (i) in the absence of an effective waiver or consent, a guarantor may be discharged from its guaranty to the extent the guaranteed obligations are modified or other action or inaction by a creditor increases the scope of the guarantor’s risk or otherwise detrimentally affects the guarantor’s interests (such as by impairing the value of collateral securing the guaranteed obligations, negligently administering the guaranteed obligations, or releasing the borrower or a co-guarantor of the guaranteed obligations); and (ii) a guarantor may have the right to revoke a guaranty with respect to obligations incurred after the revocation, notwithstanding the absence of an express right of revocation in the guaranty.

		
	K.
	In rendering the opinions expressed herein, we have only considered the applicability of statutes, rules and regulations that a lawyer in the relevant jurisdiction exercising customary professional diligence would reasonably recognize as being directly applicable to the Loan Parties, the transaction or both.

		
	L.
	The opinions expressed above do not address any of the following legal issues:  (i) securities laws and regulations, the rules and regulations of securities exchanges, and laws and regulations relating to commodity (and other) futures and indices and other similar instruments; (ii) Federal Reserve Board margin regulations; (iii) pension and employee benefit laws and regulations (e.g., ERISA); (iv) antitrust and unfair competition laws and regulations; (v) laws and regulations concerning filing and notice requirements (e.g. ̧ the Hart-Scott-Rodino Antitrust Improvements Act, as amended) other than requirements applicable to charter-related documents such as certificates of merger; (vi) laws, regulations, directives and executive orders restricting transactions with, or freezing or otherwise controlling assets of, designated foreign persons or governing investments by foreign persons in the United States (e.g., the Trading with the Enemy Act, as amended, regulations of the Office of Foreign Asset Control of the United States Treasury Department, and the Foreign Investment and National Security Act of 2007); (vii) compliance with fiduciary duty and conflict of interest requirements; (viii) the statutes and ordinances, administrative decisions and the rules and regulations of counties, towns, municipalities and special political subdivisions (whether created or enabled through legislative action at the federal, state or regional level) and judicial decisions to the extent that they deal with the 

Exh. F‐6

foregoing; (ix) fraudulent transfer and fraudulent conveyance laws; (x) environmental laws and regulations; (xi) land use and subdivision laws and regulations; (xii) tax laws and regulations; (xiii) intellectual property laws and regulations; (xiv) racketeering laws and regulations (e.g., RICO); (xv) health and safety laws and regulations (e.g., OSHA); (xvi) labor laws and regulations; (xvii) laws, regulations and policies concerning national and local emergency (e.g., the International Emergency Economic Powers Act, as amended), possible judicial deference to acts of sovereign states, and criminal and civil forfeiture laws; and (xviii) other statutes of general application to the extent they provide for criminal prosecution (e.g., mail fraud and wire fraud statutes).
		
	M.
	We express no opinion as to the attachment, perfection or relative priority of any security interest created by the Pledge Agreement.

This opinion letter may not be used or relied upon without our prior written consent (i) by any Person who is not an addressee, except for Persons that become Banks or the Agent under the Credit Agreement after the date hereof pursuant to the Credit Agreement (which Persons may rely on this opinion letter to the same extent as the addressees hereof as if this opinion letter were addressed and had been delivered to them on the date of this opinion letter, on the condition and understanding that we assume no responsibility or obligation to consider the applicability or correctness of this opinion letter to any Person other than the addressees), or (ii) for any purpose whatsoever other than the transactions contemplated by the Loan Documents.
Very truly yours, 
 
FAEGRE & BENSON LLP

Exh. F‐7

Exhibit G
Form of Assignment Agreement
ASSIGNMENT AGREEMENT, dated as of                , 20_  , among [        ] (the “Transferor Bank”), [    ] (the “Purchasing Bank”), Graco Inc., a Delaware corporation (the “Company”) and U.S. Bank National Association, as Agent for the Banks under the Credit Agreement described below (in such capacity, the “Agent”).
WITNESSETH
WHEREAS, this Assignment Agreement is being executed and delivered in accordance with Section 13.3 of the Credit Agreement, dated as of May 23, 2011, among the Company, the Borrowing Subsidiaries from time to time party thereto, the Transferor Bank and the other Banks party thereto and the Agent (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the “Credit Agreement” terms defined therein being used herein as therein defined);
WHEREAS, the Purchasing Bank wishes to become a Bank party to the Credit Agreement; and
WHEREAS, the Transferor Bank is selling and assigning to the Purchasing Bank rights, obligations and commitments under the Credit Agreement;
NOW, THEREFORE, the parties hereto hereby agree as follows:
1.    Upon the execution and delivery of this Assignment Agreement by the Purchasing Bank, the Transferor Bank, the Agent and the Company, the Purchasing Bank shall be a Bank party to the Credit Agreement for all purposes thereof.
2.    Effective on [    ] (the “Effective Date”), the Transferor Bank hereby sells and assigns to the Purchasing Bank     % (the “Assigned Percentage”) of its Commitment and of the principal balance of its Loans outstanding under the Credit Agreement.  Together with the Assigned Percentage, the Transferor Bank hereby assigns to the Purchasing Bank the Transferor Bank’s interest as a Bank in the Loan Documents (the Assigned Percentage and such interest in the Loan Documents being hereinafter referred to as the “Assigned Interest”).  The Purchasing Bank hereby assumes the Assigned Interest and the Transferor Bank’s related obligations under the Loan Documents, including without limitation the Transferor Bank’s participation in Letters of Credit and all obligations of the Transferor Bank to fund, refund or purchase participations in Revolving Loans and Swing Line Loans to the extent provided in the Credit Agreement.
3.    On the Effective Date, the Purchasing Bank shall pay to the Transferor Bank a purchase price (the “Purchase Price”) equal to the outstanding principal amount of the Loans included in the Assigned Interest as of the day preceding the Effective Date.  The Transferor Bank acknowledges receipt from the Purchasing Bank of an amount equal to the Purchase Price.
4.    All interest and Commitment Fees and Letter of Credit Fees accrued on the Assigned Interest for the billing period in which the Effective Date falls shall be paid to the 

Exh. G‐1

Agent as provided in the Credit Agreement, and distributed by the Agent (a) with respect to amounts accrued before the Effective Date, to the Transferor Bank and (b) with respect to amounts accrued on or after the Effective Date, to the Purchasing Bank.  The Transferor Bank has made arrangements with the Purchasing Bank with respect to the portion, if any, to be paid by the Transferor Bank to the Purchasing Bank of other fees heretofore received by the Transferor Bank pursuant to the Credit Agreement.
5.    Subject to the provisions of paragraph 4 above, from and after the Effective Date, principal, interest, fees and other amounts that would otherwise be payable to or for the account of the Transferor Bank pursuant to the Credit Agreement and the other Loan Documents in respect of the Assigned Interest shall, instead, be payable to or for the account of the Purchasing Bank pursuant to the Credit Agreement.  Each time the Banks are asked, from and after the Effective Date, to make Loans or otherwise extend credit under the Loan Documents, the Agent shall advise the Purchasing Bank, as provided in the Credit Agreement, of the request, and the Purchasing Bank shall be solely responsible for making a Loan or otherwise extending credit in accordance with its Assigned Interest.
6.    Concurrently with the execution and delivery hereof, (i) as and to the extent provided in the Credit Agreement, the Agent shall prepare and distribute to the Company and the Banks a revised schedule of the Commitments, Loans and Percentages of each Bank, after giving effect to the assignment of the Assigned Interest, and (iii) the Transferor Bank shall pay to the Agent a processing and recordation fee of $3,500.
7.    The Transferor Bank (a) represents and warrants to the Purchasing Bank that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim; (b) represents and warrants to the Purchasing Bank that the copies of the Loan Documents and the related agreements, certificates, opinion and letters previously delivered to the Purchasing Bank are true and correct copies of the Loan Documents and related agreements, certificates, opinion and letters executed by and/or delivered in connection with the closing of the credit facility contemplated by the Credit Agreement; (c) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Loan Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of any of the Loan Documents or any other instrument or document furnished pursuant thereto; and (d) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Company, or the performance or observance by the Company or any other Person of any of their respective obligations under the Loan Documents or any other instrument or document furnished pursuant thereto.
8.    The Purchasing Bank (a) confirms to the Transferor Bank and the Agent that it has received a copy of the Loan Documents together with such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (b) acknowledges that it has, independently and without reliance upon the Transferor Bank, the Agent or any Bank and instead in reliance upon its own review of such documents and information as the Purchasing Bank deemed appropriate, made its own credit analysis and decision to enter into this Agreement and agrees that it will, independently and without reliance upon the Transferor Bank, the Agent or any Bank, and based on such documents and information 

Exh. G‐2

as the Purchasing Bank shall deem appropriate at the time, continue to make its own credit decision in taking or not taking action under the Loan Documents; (c) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by the Purchasing Bank as a Bank under the Credit Agreement, including, without limitation, the provisions of Section 13.15 of the Credit Agreement relating to confidentiality of information; and (d) represents and warrants to the Company and the Agent that it is either (i) a corporation organized under the laws of the United States or any State thereof or (ii) is entitled to complete exemption from United States withholding tax imposed on or with respect to any payments, including fees, to be made pursuant to the Credit Agreement (x) under an applicable provision of a tax convention to which the United States is a party or (y) because it is acting through a branch, agency or office in the United States and any payment to be received by it under the Credit Agreement is effectively connected with a trade or business in the United States.  The Purchasing Bank agrees that it shall be subject to the terms of the Intercreditor Agreement.
9.    The Transferor Bank and the Purchasing Bank each individually represents and warrants that (a) it is validly existing and in good standing and has all requisite power to enter into this Agreement and to carry out the provisions hereof and has duly authorized the execution and delivery of this Agreement; (b) the execution and delivery of this Agreement and the performance of the obligations hereunder do not violate any provision of law, any order, rule or regulation of any court or governmental agency or its charter, articles of incorporation or bylaws or constitute a default under any agreement or other instrument to which it is a party or by which it is bound; and (c) it has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms.
10.    Each of the parties to this Assignment Agreement agrees that at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Assignment Agreement.
11.    The address for notices to the Purchasing Bank as well as administrative information with respect to the Purchasing Bank is as set out below:
THIS ASSIGNMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MINNESOTA.
IN WITNESS WHEREOF, the parties hereto have caused this Assignment Agreement to be executed by their respective duly authorized officers as of the date first set forth above.

Exh. G‐3

[      ], 
Transferor Bank 
 
 
 
By:    __________________  
Name:  __________________ 
Title:    __________________
[      ], 
Purchasing Bank 
 
 
 
By:    __________________
Name:  __________________ 
Title:    __________________
U.S. BANK NATIONAL ASSOCIATION 
as Agent 
 
 
 
 
By:    __________________
Name:  __________________ 
Title:    __________________
CONSENTED AND ACKNOWLEDGED 
GRACO INC. 
 
 
 
By:    __________________
Name:  __________________ 
Title:    __________________
Information on Purchasing Bank: 
Address: 
[      ], 
Attention:  [      ] 
Fax:  [      ]

Exh. G‐4

	
	
	Exhibit H

	 

	Form of Intercreditor Agreement 

	 

	Attached.

Exh. H‐1

INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT

This Intercreditor and Collateral Agency Agreement (this “Agreement”), dated as of May 23, 2011, is entered into by and among U.S. Bank National Association, as the administrative agent under the below-defined Bank Credit Agreement (the “Bank Agent”), U.S. Bank National Association, as the collateral agent appointed pursuant to the terms and conditions hereof (the “Collateral Agent”), and The Prudential Insurance Company of America, Gibraltar Life Insurance Co., Ltd., The Prudential Life Insurance Company, Ltd., Forethought Life Insurance Company, RGA Reinsurance Company, MTL Insurance Company and Zurich American Insurance Company (each, together with its successors and permitted assigns, and any other holder of any Senior Notes, a “Noteholder”, and collectively the “Noteholders”).

WITNESSETH:

WHEREAS, Graco Inc. (the “Company”), the institutions from time to time party thereto as lenders (the “Banks”), and the Bank Agent are parties to a Credit Agreement dated as of May 23, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Bank Credit Agreement”);

WHEREAS, the Company and the Noteholders named in the Purchaser Schedule attached thereto are party to that certain Note Agreement, dated as of March 11, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “March 11, 2011 Note Purchase Agreement”), pursuant to which the Company has issued or expects to issue its 4.00% Series A Senior Notes due March 11, 2018 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Series A Notes”), 5.01% Series B Senior Notes due March 11, 2023 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Series B Notes”), 4.88% Series C Senior Notes due January 26, 2023 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Series C Notes”) and 5.35% Series D Senior Notes due July 26, 2026 (as the case may be amended, restated, supplemented or otherwise modified form time to time, the “Series D Notes”); and

WHEREAS, it is contemplated that the Company will enter into a Note Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Additional Note Purchase Agreement”; and, together with the March 2011 Note Agreement, the “Note Purchase Agreements”) with one or more affiliates of The Prudential Insurance Company of America under which the Company will issue one or more additional series of its senior notes (each as amended, restated, supplemented or otherwise modified from time to time, the “Additional Senior Notes” and, together with the Series A Notes, the Series B Notes, the Series C Notes and the Series D Notes, collectively, the “Senior Notes”) in the aggregate principal amount of $75,000,000 (the Senior Notes, together with the Bank Credit Agreement, the Note Purchase Agreements and the agreements, documents and instruments delivered in connection with any or all of the foregoing (as each may be amended, restated, supplemented or otherwise modified from time to time), the “Senior Indebtedness
Documents”);

Exh. H‐2

WHEREAS, the Banks and the Noteholders (together with the Bank Agent, the “Creditors”) have provided the Company with various loans, extensions of credit and financial accommodations under the Senior Indebtedness Documents (collectively, the “Senior Indebtedness”);

WHEREAS, in order to make and continue making and extending such loans extensions of credit and financial accommodations, the Creditors have required that the Company and certain of its subsidiaries (collectively, the “Grantors”) guaranty and/or secure the Obligations (as hereafter defined);

WHEREAS, the Creditors wish to appoint the Collateral Agent to hold all security interests and liens granted by the Grantors in respect of the Obligations; and

WHEREAS, the Creditors wish to agree upon certain matters in respect of the Senior Indebtedness, including, without limitation, payment priorities and the application of Collateral (as defined below) proceeds;

NOW, THEREFORE, for the above reasons, in consideration of the mutual covenants herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.     Definitions.

For the purposes of this Agreement, the following terms shall have the meanings specified with respect thereto below. Any plural term that is used herein in the singular shall be taken to mean each entity or item of the defined class and any singular term that is used herein in the plural shall be taken to mean all of the entities or items of the defined class, collectively.

“Affiliate” of any Person shall mean any other Person which directly or indirectly controls, is controlled by or is under common control with such first Person. A Person shall be deemed to control a corporation or other entity if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such corporation or other entity, whether through the ownership of voting securities, by contract or otherwise.

“Collateral” shall mean all property and assets, and interests in property and assets, upon or in which the Grantors have granted a lien or security interest to the Collateral Agent to secure all or any part of the Obligations.

“Collateral Agent Expenses” shall mean, without limitation, all costs and expenses incurred by the Collateral Agent in connection with the performance of its duties under this Agreement, including the realization upon or protection of the Collateral or enforcing or defending any lien upon or security interest in the Collateral or any other action taken in accordance with the provisions of this Agreement, expenses incurred for legal counsel (including reasonable allocated costs of staff counsel) in connection with the foregoing, and any other costs, expenses or liabilities incurred by the Collateral Agent for which the Collateral Agent is entitled to be reimbursed or indemnified by any Grantor pursuant to this Agreement or any Collateral Document or by the Creditors pursuant to this Agreement.

Exh. H‐3

“Collateral Documents” shall mean all agreements, documents and instruments (including, without limitation, all pledge agreements, security agreements, mortgages, collateral assignments, financing statements, and other perfection documents) entered into, delivered or authorized from time to time by any Grantor in favor of the Collateral Agent in respect of the Obligations or otherwise entered into, delivered or authorized from time to time by a Grantor to secure all or any part of the Obligations, as each may be amended, restated, supplemented or otherwise modified from time to time.

“Enforcement” shall mean:

(a)     for the Bank Agent or any Bank to make demand for payment of or accelerate the time for payment prior to the scheduled payment date of any loan, extension of credit or other financial accommodation under the Bank Credit Agreement or any agreement, document or instrument delivered in connection therewith or to call for funding of cash collateral for any Letter of Credit prior to being presented with a draft drawn thereunder (or in the event the draft is a time draft, prior to its due date), in each case on account of an “Event of Default” under and as defined in the Bank Credit Agreement;

(b)     for any Noteholder to make demand for payment of or accelerate the time for payment prior to the scheduled payment date of any loan, extension of credit or other financial accommodation under either Note Purchase Agreement, the Senior Notes, or the agreements, documents and instruments delivered in connection therewith;

(c)     for the Bank Agent or any Bank to terminate its commitment to extend loans or other financial accommodations, including issuances of Letters of Credit, to the Company or any other Grantor prior to the final scheduled payment date for all Obligations thereunder or prior to the scheduled termination date for such commitment (as such scheduled termination date is in effect on the date hereof or, if later, such date to which any such scheduled termination date may hereafter be extended) , in each case on account of an “Event of Default” under and as defined in the Bank Credit Agreement;

(d)     for the Bank Agent or any Bank to commence judicial enforcement of any
rights or remedies under or with respect to the Obligations, the Bank Credit Agreement or any
agreement, document or instrument delivered in connection therewith, or to set off against any balances held by the Bank Agent or such Bank for the account of any Grantor or any other property at any time held or owing by the Bank Agent or such Bank to or for the credit or account of any Grantor;

(e)     for any Noteholder to commence judicial enforcement of any rights or remedies under or with respect to the Obligations, either Note Purchase Agreement, the Senior Notes, or any agreement, document or instrument delivered in connection therewith, or, if applicable, to set off against or appropriate any balances held by such Noteholder for the account of any Grantor or any other property at any time held or owing by such Noteholder to or for the credit or account of any Grantor;

(f)     for the Collateral Agent to commence the judicial enforcement of any rights or remedies under any Collateral Document (other than an action solely for the purpose of

Exh. H‐4

establishing or defending the lien or security interest intended to be created by any Collateral Document upon or in any Collateral as against or from claims of third parties on or in such Collateral), to setoff against any balances held by it for the account of any Grantor or any other property at any time held or owing by it to or for the credit or for the account of any Grantor or to otherwise take any action to realize upon the Collateral (provided, however, that “Enforcement” shall not include the Bank Agent’s charging of the Borrower’s deposit account for non-accelerated amounts due in the ordinary course pursuant to the Credit Agreement); or

(g)     the commencement by, against or with respect to any Grantor of any proceeding under any bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law or for the appointment of a receiver for any Grantor or its assets.

“Event of Default” shall mean (i) an “Event of Default” under and as defined in the Bank Credit Agreement, (ii) an “Event of Default” under and as defined in either Note Purchase Agreement or the Senior Notes, or (iii) any event, occurrence or action (or any failure to take any of the foregoing) that permits or automatically results in the acceleration of the repayment of any amount of Obligations under a Senior Indebtedness Document.

“Insolvent Entity” shall mean any entity that has (i) become or is insolvent or has a parent company that has become or is insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment.

“L/C Interests” shall mean, with respect to any Bank, such Bank’s direct or participation interests in all unpaid reimbursement obligations with respect to Letters of Credit, and such Bank’s direct obligations or risk participations with respect to undrawn amounts of all outstanding Letters of Credit; provided, that the undrawn amounts of outstanding Letters of Credit shall be considered to have been reduced to the extent of any amount on deposit with the Collateral Agent at any time as provided in Section 5(b) hereof.

“Letters of Credit” shall mean all letters of credit issued under the Bank Credit Agreement.

“Obligation Share” shall mean, with respect to any Creditor at any time, a fraction (expressed as a percentage), the numerator of which is the amount of Obligations owing to such Creditor at such time, and the denominator of which is the aggregate amount of all Obligations owing to all of the Creditors at such time.

“Obligations” shall mean each and every monetary obligation owed by a Grantor to the Creditors and the Collateral Agent under the Senior Indebtedness Documents, including, without limitation, (1) the outstanding principal amount of, accrued and unpaid interest on, and any unpaid Yield-Maintenance Amount or other breakage or prepayment indemnification due

Exh. H‐5

with respect to Senior Indebtedness, (2) any unpaid reimbursement obligations with respect to any Letters of Credit, (3) any undrawn amounts of any outstanding Letters of Credit, and (4) any other unpaid amounts including amounts in respect of hedging obligations, foreign exchange obligations and treasury and cash management obligations permitted under the Senior Indebtedness Documents, and fees, expenses, indemnifications, and reimbursements due from the Grantors under any of the Senior Indebtedness Documents; provided that the undrawn amounts of any outstanding Letters of Credit shall be considered to have been reduced to the extent of any amount on deposit with the Collateral Agent at any time as provided in Section 5(b) hereof. The term “Obligations” shall include all of the foregoing indebtedness, liabilities and obligations whether or not allowed as a claim in any bankruptcy, insolvency, receivership or similar proceeding.

“Person” shall mean any individual, corporation, partnership, limited liability company, trust or other entity.

“Principal Exposure” shall mean, with respect to any Creditor at any time, (i) if such Creditor is a Bank, the aggregate amount of such Bank’s commitments to extend revolving credit (including letters of credit) under the Bank Credit Agreement plus, to the extent any term loans have been extended, the principal amount of such term loans, or, if the Banks shall then have terminated their commitments to extend credit under the Bank Credit Agreement, the sum of (x) the outstanding principal amount of all of such Bank’s loans under the Bank Credit Agreement and (y) the outstanding face amount and/or principal amount of such Bank’s L/C Interests at such time, and (ii) if such Creditor is a Noteholder, the outstanding principal amount of such Creditor’s Senior Notes at such time.

“Pro Rata Share” shall mean, with respect to any Creditor at any time, a fraction, expressed as a percentage, the numerator of which is the amount of such Creditor’s Principal Exposure at such time, and the denominator of which is the aggregate amount of Principal Exposure of all of the Creditors of the same class (i.e. Banks or Noteholders, as applicable) at such time.

“Pro Rata Expenses Share” shall mean, with respect to any Creditor at any time, a fraction, expressed as a percentage, the numerator of which is the amount of such Creditor’s Principal Exposure at such time, and the denominator of which is the aggregate amount of Principal Exposure of all Creditors at such time.

“Qualified Creditor” shall mean any Creditor which is not an Affiliate of any Grantor.

“Required Creditors” shall mean, at any time, (i) Banks whose Pro Rata Shares represent greater than 50% of the aggregate Principal Exposure of all of the Banks and (ii) Noteholders whose Pro Rata Shares represent greater than 50% of the aggregate Principal Exposure of all of the Noteholders; provided, however, that only Pro Rata Shares of Senior Indebtedness held by Qualified Creditors shall be included in this determination; provided, further, that if at any time Obligations owing to Banks or Noteholders, as the case may be, are less than both (A) $1,000,000, and (B) 10% of the aggregate Obligations (the Banks or the Noteholders, as the case may be, a “Deminimis Group”), then the Required Creditors shall be

Exh. H‐6

determined without regard to clause (i) if the Deminimis Group is the Banks, and clause (ii) if the Deminimis Group is the Noteholders.

“Specified Provisions” shall mean any of the terms relating to (i) amounts or timing of payment of interest or fees, (ii) terms relating to required payments or prepayments of any Obligations, (iii) financial and negative covenants set forth in the Senior Indebtedness Documents (including paragraph 6 of either Note Purchase Agreement and Article IX of the Bank Credit Agreement), (iv) covenants relating to the operations of the Company or its subsidiaries, (v) events of default, and (vi) definitions as used in any of the foregoing.

“Yield-Maintenance Amount” shall mean the “Yield-Maintenance Amount” as defined in either Note Purchase Agreement.

2. Appointment of Collateral Agent.

(a)  Appointment of Collateral Agent. Subject in all respects to the terms and provisions of this Agreement, the Bank Agent, for itself and on behalf of the Banks, and the Noteholders hereby appoint U.S. Bank National Association to act as collateral agent for the benefit of the Creditors (the “Collateral Agent”) with respect to the liens upon and the security interests in the Collateral and the rights and remedies granted under and pursuant to the Collateral Documents, and U.S. Bank National Association hereby accepts such appointment and agrees to act as such collateral agent. The agency created by this Section 2 shall in no way impair or affect any of the rights and powers of, or impart any duties or obligations upon, U.S. Bank National Association in its individual capacity as a lender or creditor under any Senior Indebtedness Document. To the extent legally necessary to enable the Collateral Agent to enforce or otherwise foreclose and realize upon any of the liens or security interests in the Collateral in any legal proceeding which the Collateral Agent either commences or joins as a
party in accordance with the terms of this Agreement, each of the Creditors agrees to join as a party in such proceeding and take such action therein concurrently to enforce and obtain a judgment for the payment of the Obligations held by it.

b)     Duties of Collateral Agent. Subject to the Collateral Agent having been directed to take such action in accordance with the terms of this Agreement, each Creditor hereby irrevocably authorizes the Collateral Agent to take such action on its behalf under the provisions of the Collateral Documents and any other instruments, documents and agreements referred to in the Collateral Documents and to exercise such powers under the Collateral Documents as are specifically delegated to the Collateral Agent by the terms of the Collateral Documents and such other powers as are reasonably incidental thereto. Subject to the provisions of Section 11 of this Agreement, the Collateral Agent is hereby irrevocably authorized to take all actions on behalf of the Creditors to enforce the rights and remedies of the Collateral Agent and the Creditors provided for in the Collateral Documents or by applicable law with respect to the liens upon and security interests in the Collateral granted to secure the Obligations or the other rights and remedies granted to the Collateral Agent pursuant thereto, provided, however, that, notwithstanding any provision to the contrary in any Collateral Documents, (i) the Collateral Agent shall act solely at and in accordance with the written direction of the Required Creditors, (ii) the Collateral Agent shall not, without the written consent of all of the Qualified Creditors, release or terminate by affirmative action or consent any lien upon or security interest in any

Exh. H‐7

Collateral granted under any Collateral Documents (except (x) upon (1) dispositions of Collateral
by a Grantor and (2) removal of the Material Subsidiary (as defined in the Bank Credit Agreement) designation of a Subsidiary (as defined in the Bank Credit Agreement), in each case as permitted in accordance with the terms of all of the Senior Indebtedness Documents and prior to the occurrence of an Event of Default, (y) upon disposition of such Collateral after an Event of Default pursuant to direction given under clause (i) of this Section 2(b) and (x) to the extent authorized under the provisions of the last sentence of Section 12.1 of the Bank Credit Agreement, paragraph 11V of the March 11, 2011 Purchase Note Agreement and the comparable provision of the Additional Note Purchase Agreement), and (iii) the Collateral Agent shall not accept any Obligations in whole or partial consideration for the disposition of any Collateral without the written consent of all of the Qualified Creditors. The Collateral Agent agrees to make such demands and give such notices under the Collateral Documents as may be requested by, and to take such action to enforce the Collateral Documents and to foreclose upon, collect and dispose of the Collateral or of the Collateral Documents as may be directed by, the Required Creditors; provided, however, that the Collateral Agent shall not be required to take any action that is contrary to law or the terms of the Collateral Documents or this Agreement. Once a direction to take any action has been given by the Required Creditors to the Collateral Agent, and subject to any other directions which may be given from time to time by the Required Creditors, decisions regarding the manner in which any such action is to be implemented and
conducted (with the exception of any decision to settle, compromise or dismiss any legal proceeding, with or without prejudice) shall be made by the Collateral Agent, with the assistance and upon the advice of its counsel. Notwithstanding the provisions of the preceding sentence, any decision to settle, compromise or dismiss any legal proceeding, with or without prejudice, which implements, approves or results in or has the effect of causing any release, change or occurrence, where such release, change or occurrence otherwise would require unanimous approval of all of the Qualified Creditors pursuant to the terms of this Agreement, also shall require the unanimous approval of all of the Qualified Creditors.

(c)     Requesting Instructions. The Collateral Agent may at any time request directions from the Creditors as to any course of action or other matter relating to the performance of its duties under this Agreement and the Collateral Documents, and the Creditors shall respond to such request in a reasonably prompt manner.

(d)     Emergency Actions. If the Collateral Agent has asked the Required Creditors for instructions following the receipt of any notice of an Event of Default and if the Required Creditors have not responded to such request within 30 days, the Collateral Agent shall be authorized to take such actions with regard to such Event of Default which the Collateral Agent, in good faith, believes to be reasonably required to protect the Collateral from damage or destruction; provided, however, that once instructions have been received from the Required Creditors, the actions of the Collateral Agent shall be governed thereby and the Collateral Agent shall not take any further action which would be contrary to such instructions.

(e)     Collateral Document Amendments. An amendment, supplement, modification, restatement or waiver of any provision of any Collateral Document, any consent to any departure by any Grantor from any such provision, or the execution or acceptance by the Collateral Agent of any Collateral Document not in effect on the date of this Agreement shall be effective if, and only if, consented to in writing by the Required Creditors (with the

Exh. H‐8

understanding that the Collateral Documents that are identified in Exhibit A hereto are hereby
approved by the Required Creditors); provided, however, that, (i) no such amendment, supplement, modification, restatement, waiver, consent or such Collateral Document not in effect on the date of this Agreement which imposes any additional responsibilities upon the Collateral Agent shall be effective without the written consent of the Collateral Agent, and (ii) no such amendment, supplement, modification, waiver or consent shall release any Collateral from the lien or security interest created by any Collateral Document not subject to the exception in Section 2(b)(ii) of this Agreement or narrow the scope of the property or assets in which a lien or security interest is granted pursuant to any Collateral Document or change the description of the obligations secured thereby without the written consent of all Qualified Creditors.

(f)     Administrative Actions. The Collateral Agent shall have the right to take
such actions under this Agreement and under the Collateral Documents, not inconsistent with the
instructions of the Required Creditors or the terms of the Collateral Documents and this Agreement, as the Collateral Agent deems necessary or appropriate to perfect or continue the perfection of the liens on the Collateral for the benefit of the Creditors.

(g)     Collateral Agent Acting Through Others. The Collateral Agent may perform any of its duties under this Agreement and the Collateral Documents by or through attorneys (which attorneys may be the same attorneys who represent any Creditor), agents or other persons reasonably deemed appropriate by the Collateral Agent. In addition, the Collateral Agent may act in good faith reliance upon the opinion or advice of attorneys selected by the Collateral Agent. In all cases the Collateral Agent may pay reasonable fees and expenses of all such attorneys, agents or other persons as may be employed in connection with the performance of its duties under this Agreement and the Collateral Documents.

(h)     Resignation of Collateral Agent.

(i) The Collateral Agent (A) may resign at any time upon notice to the Creditors, and (B) may be removed at any time upon the written request of the Required Creditors sent to the Collateral Agent and the other Creditors. For the purposes of any determination of Required Creditors under this Section 2(h)(i), the Pro Rata Share of any Insolvent Entity shall be disregarded.

(ii) If the Collateral Agent shall resign or be removed, the Required Creditors shall have the right to select a replacement Collateral Agent by notice to the Collateral Agent and the other Creditors.

(iii) Upon any replacement of the Collateral Agent, the Collateral Agent shall assign all of the liens upon and security interests in all Collateral under the Collateral Documents, and all right, title and interest of the Collateral Agent under all the Collateral Documents, to the replacement Collateral Agent, without recourse to the Collateral Agent or any Creditor and at the expense of the Company.

(iv) No resignation or removal of the Collateral Agent shall become effective until a replacement Collateral Agent shall have been selected as provided in this Agreement and shall have assumed in writing the obligations of the Collateral Agent

Exh. H‐9

under this Agreement and under the Collateral Documents. In the event that a replacement Collateral Agent shall not have been selected as provided in this Agreement or shall not have assumed such obligations within 90 days after the resignation or removal of the Collateral Agent, then the Collateral Agent may apply to a court of competent jurisdiction for the appointment of a replacement Collateral Agent.

(v) Any replacement Collateral Agent shall be a bank, trust company, or insurance company having capital, surplus and undivided profits of at least $250,000,000.

(i)     Indemnification of Collateral Agent. Each Grantor, by its consent to this Agreement, hereby agrees to indemnify and hold the Collateral Agent, its officers, directors, employees and agents (including, but not limited to, any attorneys acting at the direction or on behalf of the Collateral Agent) harmless against any and all costs, claims, damages, penalties, liabilities, losses and expenses (including, but not limited to, court costs and reasonable attorneys’ fees) which may be incurred by or asserted against the Collateral Agent or any such officers, directors, employees and agents by reason of its status as agent under this Agreement or which pertain, whether directly or indirectly, to this Agreement, the Collateral Documents, or to any action or failure to act of the Collateral Agent as agent hereunder, except to the extent any such action or failure to act by the Collateral Agent constitutes gross negligence, willful misconduct or a breach of this Agreement. The obligations of the Grantor under this Section 2(i) shall survive the payment in full of the Obligations and the termination of this Agreement.

(j)     Liability of Collateral Agent. In the absence of gross negligence, willful misconduct or a breach of this Agreement, the Collateral Agent will not be liable to any Creditor for any action or failure to act or any error of judgment, negligence, mistake or oversight on its part or on the part of any of its officers, directors, employees or agents. To the extent not paid by any Grantor, each Creditor hereby severally, and not jointly, agrees to indemnify and hold the Collateral Agent and each of its officers, directors, employees and agents (collectively, “Indemnitees”) harmless from and against any and all liabilities, costs, claims, damages, penalties, losses and actions of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of counsel for any Indemnitee) incurred by or asserted against any Indemnitee arising out of or in relation to this Agreement or the Collateral Documents or its status as agent under this Agreement or any action taken or omitted to be taken by any Indemnitee pursuant to and in accordance with any of the Collateral Documents and this
Agreement, except to the extent arising from the gross negligence, willful misconduct or breach of this Agreement, with each Creditor being liable only for its Pro Rata Expenses Share of any such indemnification liability. The obligations of the Creditors under this Section 2(j) shall survive the payment in full of the Obligations and the termination of this Agreement.

(k)     No Reliance on Collateral Agent. Neither the Collateral Agent nor any of its officers, directors, employees or agents (including, but not limited to, any attorneys acting at the direction or on behalf of the Collateral Agent) shall be deemed to have made any representations or warranties, express or implied, with respect to, nor shall the Collateral Agent or any such officer, director, employee or agent be liable to any Creditor or responsible for (i) any warranties or recitals made by any Grantor in the Collateral Documents or any other agreement, certificate, instrument or document executed by any Grantor in connection with the

Exh. H‐10

Collateral Documents, (ii) the due or proper execution or authorization of this Agreement or any Collateral Documents by any party other than the Collateral Agent, or the effectiveness, enforceability, validity, genuineness or collectability as against any Grantor of any Collateral Document or any other agreement, certificate, instrument or document executed by any Grantor in connection with any Collateral Document, (iii) the present or future solvency or financial worth of any Grantor, or (iv) the value, condition, existence or ownership of any of the Collateral or the perfection of any lien upon or security interest in the Collateral (whether now or hereafter held or granted) or the sufficiency of any action, filing, notice or other procedure taken or to be taken to perfect, attach or vest any lien or security interest in the Collateral. Except as may be required by Section 2(b) of this Agreement, the Collateral Agent shall not be required, either initially or on a continuing basis, to (A) make any inquiry, investigation, evaluation or appraisal respecting, or enforce performance by any Grantor of, any of the covenants, agreements or obligations of any Grantor under any Collateral Document, or (B) undertake any other actions (other than actions expressly required to be taken by it under this Agreement). Nothing in any of the Collateral Documents, expressed or implied, is intended to or shall be so construed as to impose upon the Collateral Agent any obligations, duties or responsibilities except as set forth in this Agreement and in the Collateral Documents. The Collateral Agent shall be protected in acting upon any notice, request, consent, certificate, order, affidavit, letter, telegram, telecopy or other paper or document given to it by any person reasonably and in good faith believed by it to be genuine and correct and to have been signed or sent by such person. The Collateral Agent shall have no duty to inquire as to the performance or observance of any of the terms, covenants or conditions of any of the Senior Indebtedness Documents. Except upon the direction of the Required Creditors pursuant to Section 2(b) of this Agreement, the Collateral Agent shall not be required to inspect the properties or books and records of any Grantor for any purpose, including to determine compliance by any Grantor with its covenants respecting the perfection of security interests.

3.     Lien Priorities. The parties to this Agreement expressly agree that the security interests and liens granted to the Collateral Agent shall secure the Obligations on a pari passu basis for the benefit of the Creditors and that, notwithstanding the relative priority or the time of grant, creation, attachment or perfection under applicable law of any security interests and liens, if any, of the Creditors upon or in any of the Collateral to secure any Obligations, whether such security interests and liens are now existing or hereafter acquired or arising and whether such security interests and liens are in or upon now existing or hereafter arising Collateral, such security interests and liens shall be first and prior security interests and liens (subject to security interests and liens permitted by the Senior Indebtedness Documents) in favor of the Collateral Agent to secure all of the Obligations on a pari passu basis for the benefit of the Creditors.

4.     Certain Notices. Each of the Collateral Agent and each Creditor agrees to use its best efforts to give to the others (a) copies of any notice of the occurrence or existence of an Event of Default sent to any Grantor, simultaneously with the sending of such notice to such Grantor, (b) notice of the occurrence or existence of an Event of Default of which such party has knowledge, promptly after obtaining knowledge thereof, (c) notice of the refusal of any Bank to make any loan or extension of credit pursuant to the terms of any Senior Indebtedness Document, promptly after such refusal, and (d) notice of an Enforcement by such party (excluding an Enforcement approved by the Required Creditors as required by this Agreement),

Exh. H‐11

prior to commencing such Enforcement, but the failure to give any of the foregoing notices shall not affect the validity of such notice of an Event of Default given to a Grantor or create a cause of action against or cause a forfeiture of any rights of the party failing to give such notice or create any claim or right on behalf of any third party. The Collateral Agent agrees to deliver to each Creditor a copy of each notice or other communication received by it under any Collateral Document as soon as practicable after receipt of such notice or communication and a copy of any Collateral Document executed after the date of this Agreement as soon as practicable after the execution thereof.

5.     Distribution of Proceeds of Collateral and Payments and Collections After Enforcement.

(a)     On and after the occurrence of an Event of Default (unless such Event of Default has been waived pursuant to the terms of the Bank Credit Agreement with the consent of the holders of a majority of the outstanding principal amount of the Senior Notes (in the case of an Event of Default under the Bank Credit Agreement) or waived pursuant to the terms of the applicable Note Purchase Agreement with the consent of the Required Lenders as defined in the Bank Credit Agreement (in the case of an Event of Default under a Note Purchase Agreement)), all proceeds of Collateral held or received by the Collateral Agent or any Creditor and any other collections or payments received, directly or indirectly, by the Collateral Agent or any Creditor on or with respect to any Obligations (including, without limitation, any amount of any balances held by the Collateral Agent or any Creditor for the account of any Grantor or any other property held or owing by it to or for the credit or for the account of any Grantor setoff or appropriated by it, any payment under any guaranty constituting a Senior Indebtedness Document, any payment in an insolvency or reorganization proceeding and the proceeds from any sale of any Obligations or any interest therein to any Grantor or any Affiliate of any Grantor, but excluding, except as otherwise provided in paragraph (b) of this Section 5, amounts on deposit in the Special Cash Collateral Account provided for in paragraph (b) of this Section 5) shall be delivered to the Collateral Agent and distributed as follows:
(i)     First, to the Collateral Agent in the amount of any unpaid Collateral Agent Expenses;

(ii) Next, to the extent proceeds remain, to the Creditors in the amount of any unreimbursed amounts paid by the Creditors to any Indemnitee pursuant to Section 2(j) of this Agreement, pro rata in proportion to the respective unreimbursed amounts thereof paid by each Creditor; and

(iii) Next, to the extent proceeds remain, to each Creditor an amount equal to its Obligation Share of such proceeds in respect of Obligations owing to it under the Senior Indebtedness Documents.

Notwithstanding the foregoing, with respect to any collections or payments received by any Creditor on or after the occurrence of an Event of Default but prior to the date of the occurrence of an Enforcement, (1) such collections and payments shall be subject to the distribution provisions of clauses (i) through (iii), above, only to the extent that the principal amount of the Obligations owed to such Creditor on the date of such Enforcement is less than the

Exh. H‐12

principal amount of the Obligations owed to such Creditor on the date of such Event of Default, and (2) the amount of any such collections and payments subject to the distribution provisions of clause (i) through (iii) above, in accordance with clause (1) shall not be so distributed until the date of the occurrence of such Enforcement. For the purposes of the preceding sentence, any collection or payment received by the Bank Agent on behalf of the Banks shall be considered to have been received by the Banks, and applied to pay the Obligations owed to the Banks, to which such payment or collection relates whether or not distributed by the Bank Agent to the Banks.

After the Obligations have been finally paid in full in cash, the balance of proceeds of the Collateral, if any, shall be paid to any Grantor or as otherwise required by law.

(b)     Any payment pursuant to clause (a)(iii) above with respect to undrawn amounts of outstanding Letters of Credit shall be paid to the Collateral Agent for deposit in an account (the “Special Cash Collateral Account”) to be held as collateral for the Obligations and disposed of as provided herein. On each date after the occurrence of an Enforcement on which a payment is made to a beneficiary pursuant to a draw on a Letter of Credit, the Collateral Agent shall distribute from the Special Cash Collateral Account for application to the payment of the reimbursement obligation due to the Banks with respect to such draw an amount equal to the product of (1) the amount then on deposit in the Special Cash Collateral Account, and (2) a fraction, the numerator of which is the amount of such draw and the denominator of which is the aggregate undrawn amount of all outstanding Letters of Credit immediately prior to such draw. On each date after the occurrence of an Enforcement on which a reduction in the undrawn amount of any outstanding Letter of Credit occurs other than on account of a payment made to a beneficiary pursuant to a draw on a Letter of Credit, then the Collateral Agent shall distribute from the Special Cash Collateral Account an amount equal to the product of (1) the amount then on deposit in the Special Cash Collateral Account and (2) a fraction the numerator of which is the amount of such reduction and the denominator of which is the aggregate undrawn amount of all outstanding Letters of Credit immediately prior to such reduction, which amount shall be distributed as provided in clauses (a)(i) through (iii) above. At such time as the undrawn amount of outstanding Letters of Credit is reduced to zero, any amount remaining in the Special Cash Collateral Account, after the distribution therefrom as provided above, shall be distributed as provided in clauses (a)(i) through (iii) above.

(c)     Any re-allocations of any payments or distributions initially made or received on any Obligations due to payments and transfers among the Creditors and the Collateral Agent under this Section 5 shall be deemed to reduce the Obligations of any Creditor receiving any such payment or other transfer under this Section 5 and shall be deemed to restore and reinstate the Obligations of any Creditor making any such payment or other transfer under this Section 5, in each case by the amount of such payment and other transfer; provided that if for any reason such restoration and reinstatement shall not be binding against the Company or any other Grantor, then the Creditors and the Collateral Agent agree to take such actions as shall have the effect of placing them in the same relative positions as they would have been if such restoration and reinstatement had been binding against the Company and the other Grantors.

Exh. H‐13

6.     Certain Credit Extensions and Amendments to Agreements by the Creditors; Actions Related to Collateral; Other Liens, Security Interests and Guaranties.

(a)     The Bank Agent, on its behalf and on behalf of the Banks, agrees that, without the prior written consent of Noteholders holding a majority of the outstanding principal amount of the Senior Notes, it will not (i) amend, modify, supplement or restate, or waive (A) any Specified Provision if the effect of such amendment, modification, supplement, restatement, or waiver causes any Specified Provision to become more restrictive with respect to the Company or any subsidiary thereof or (B) any other provision of the Bank Credit Agreement or any agreement, document or instrument delivered in connection therewith, if any Grantor makes any payment or gives any other financial accommodation (other than reimbursement of out-of-pocket expenses and customary amendment fees) in connection therewith, (ii) except for any guarantees securing all of the Obligations constituting Senior Indebtedness Documents, retain or obtain the primary or secondary obligations of any other obligor or obligors with respect to all or any part of the Obligations evidenced by the Bank Credit Agreement and the agreements, documents and instruments delivered in connection therewith or (iii) from and after the institution of any bankruptcy or insolvency proceeding involving any Grantor, as respects the
Collateral enter into any agreement with any Grantor with respect to post-petition usage of cash collateral, post-petition financing arrangements or adequate protection.

(b)     Each Noteholder agrees that, without the prior written consent of Banks holding a majority of the outstanding principal amount of Obligations under and undrawn commitments to extend credit under the Bank Credit Agreement, it will not (i) amend, modify, supplement, restate, or waive (A) any Specified Provision if the effect of such amendment, modification, supplement, restatement or waiver causes any Specified Provision to become more restrictive with respect to the Company or any subsidiary of the Company or (B) any other provision of a Note Purchase Agreement or Senior Notes if any Grantor makes any payment or gives any other financial accommodation (other than reimbursement of out-of-pocket expenses and customary amendment fees) in connection therewith, (ii) except for any guarantees securing all of the Obligations constituting Senior Indebtedness Documents, retain or obtain the primary or secondary obligations of any other obligor or obligors with respect to all or any part of the Obligations evidenced by a Note Purchase Agreement and the Senior Notes or (iii) from and after the institution of any bankruptcy or insolvency proceeding involving any Grantor, as respects the Collateral enter into any agreement with any Grantor with respect to post-petition usage of cash collateral, post-petition financing arrangements or adequate protection.

(c)     Each Creditor agrees that it will have recourse to the Collateral only through the Collateral Agent, that it shall have no independent recourse to the Collateral and that it shall refrain from exercising any rights or remedies under the Collateral Documents which have or may have arisen or which may arise as a result of an Event of Default or an acceleration of the maturities of the Obligations, except that, upon the direction of the Required Creditors, any Creditor may set off any amount of any balances held by it for the account of any Grantor or any other property held or owing by it to or for the credit or for the account of any Grantor, provided that the amount set off is delivered to the Collateral Agent for application pursuant to Section 5 of this Agreement. Without such direction, no Creditor shall set off any such amount. For the purposes of determining whether such direction to setoff has been given, any Creditor which has not voted in favor of or against such setoff within three business days of receiving

Exh. H‐14

notice from another Creditor of its intent to setoff will be deemed to have voted in favor of such setoff. For the purposes of perfection any setoff rights which may be available under applicable law, any balances held by the Collateral Agent or any Creditor for the account of any Grantor or any other property held or owing by the Collateral Agent or any Creditor to or for the credit or account of any Grantor shall be deemed to be held as agent for all Creditors.

(d)     No Creditor shall take or receive a security interest in or a lien upon any of the property or assets of any Grantor as security for the payment of any Obligations other than liens and security interests granted to the Collateral Agent in the Collateral pursuant to the Collateral Documents. The existence of a common law lien on deposit accounts shall not be prohibited by the provisions of this paragraph (d) provided that any realization on such lien and the application of the proceeds thereof shall be subject to the provisions of this Agreement.

(e)     Nothing contained in this Agreement shall (i) prevent any Creditor from imposing a default rate of interest in accordance with any Senior Indebtedness Document or prevent a Creditor from raising any defenses in any action in which it has been made a party defendant or has been joined as a third party, except that the Collateral Agent may direct and control any defense directly relating to the Collateral or any one or more of the Collateral Documents as directed by the Required Creditors, which shall be governed by the provisions of this Agreement, or (ii) affect or impair the right any Creditor may have under the terms and conditions governing the Obligations to accelerate and demand repayment of such Obligations. Subject only to the express limitations set forth in this Agreement, each Creditor retains the right to freely exercise its rights and remedies as a general creditor of the Grantors in accordance with applicable law and agreements with the Grantors, including without limitation the right to file a lawsuit and obtain a judgment therein against the Grantors and to enforce such judgment against any assets of the Grantors other than the Collateral.

(e)     Subject to the provisions set forth in this Agreement, each Creditor and its affiliates may (without having to account therefor to any Creditor) own, sell, acquire and hold equity and debt securities of the Grantors and lend money to and generally engage in any kind of business with the Grantors (as if, in the case of U.S. Bank National Association, it was not acting as Collateral Agent), and, subject to the provisions of this Agreement, the Creditors and their affiliates may accept dividends, interest, principal payments, fees and other consideration from the Grantors for services in connection with this Agreement or otherwise without having to account for the same to the other Creditors, provided that any such amounts which constitute Obligations are provided for in the applicable Senior Indebtedness Documents.

7.     Accounting; Adjustments.

(a)     The Collateral Agent and each Creditor agrees to render an accounting to any of the others of the amounts of the outstanding Obligations, receipts of payments from the Grantors or from the Collateral and of other items relevant to the provisions of this Agreement upon the reasonable request from one of the others as soon as reasonably practicable after such request, giving effect to the application of payments and collections as hereinbefore provided in this Agreement.

Exh. H‐15

(b)     Each party hereto agrees that to the extent any payment of any Obligations
made to it hereunder is in excess of the amount due to be paid to it hereunder, or in the event any payment of any Obligations made to any party hereto is subsequently invalidated, declared fraudulent or preferential, set aside or required to be paid to a trustee, receiver, or any other party under any bankruptcy act, state or federal law, common law or equitable cause (“Avoided Payments”), then it shall pay to the other parties hereto (or in the case of Avoided Payments the other parties shall pay to it) such amounts so that, after giving effect to the payments hereunder by all parties, the amounts received by all parties are not in excess of the amounts to be paid to them hereunder as though any payment so invalidated, declared to be fraudulent or preferential, set aside or required to be repaid had not been made.

8.     Notices. Except as otherwise expressly provided herein, any notice required or desired to be served, given or delivered hereunder shall be in writing, and shall be deemed to have been validly served, given or delivered three (3) business days after deposit in the United States mails, with proper postage prepaid, one business day after delivery to a courier for next day delivery, upon delivery by courier or upon transmission by telecopy or similar electronic medium (provided that a copy of any such notice sent by such transmission is also sent by one of the other means provided hereunder within one day after the date sent by such transmission) to the addresses set forth below the signatures hereto, with a copy to any person or persons set forth below such signature shown as to receive a copy, or to such other address as any party designates to the others in the manner herein prescribed. Any party giving notice to any other party hereunder shall also give copies of such notice to all other parties. Any notice delivered to the Bank Agent shall be deemed to be delivered to all of the Banks.

9.     Contesting Liens or Security Interests; No Partitioning or Marshaling of Collateral; Contesting Obligations.

(a)     No Creditor shall contest the validity, perfection, priority or enforceability of or seek to avoid, have declared fraudulent or have put aside any lien or security interest granted to the Collateral Agent and each party hereby agrees to cooperate in the defense of any action contesting the validity, perfection, priority or enforceability of such liens or security interests. Each party shall also use its best efforts to notify the other parties of any change in the location of any of the Collateral or the business operations of any Grantor or of any change in law which would make it necessary or advisable to file additional financing statements in another location as against any Grantor with respect to the liens and security interests intended to be created by the Collateral Documents, but the failure to do so shall not create a cause of action against the party failing to give such notice or create any claim or right on behalf of any other party to this Agreement and any third party.

(b)     Notwithstanding anything to the contrary in this Agreement or in any Collateral Document, no Creditor shall have the right to have any of the Collateral, or any security interest or other property being held as security for all or any part of the Obligations by the Collateral Agent, partitioned, or to file a complaint or institute any proceeding at law or in equity to have any of the Collateral or any such security interest or other property partitioned, each Creditor hereby waives any such right. The Collateral Agent and each Creditor hereby waive any and all rights to have the Collateral, or any part thereof, marshaled upon any foreclosure of any of the liens or security interests securing the Obligations.

Exh. H‐16

(c)     Neither the Collateral Agent nor any Creditor shall contest the validity or enforceability of or seek to avoid, have declared fraudulent or have set aside any Obligations (including, without limitation, any guaranty thereof). In the event any Obligations are invalidated, avoided, declared fraudulent or set aside for the benefit of any Grantor, the Collateral Agent and the Creditors agree that such Obligations shall nevertheless be considered to be outstanding for all purposes of this Agreement.

10.     No Additional Rights for Grantors Hereunder.     Each Grantor, by its consent hereto, acknowledges that it shall have no rights under this Agreement. If the Collateral Agent or any Creditor shall violate the terms of this Agreement, each Grantor agrees, by its consent hereto, that it shall not use such violation as a defense to any enforcement by any such party against such Grantor nor assert such violation as a counterclaim or basis for setoff or recoupment against any such party.

11.     Bankruptcy Proceedings. Nothing contained herein shall limit or restrict
the independent right of any Creditor to initiate an action or actions in any bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar proceeding in its individual capacity and to appear or be heard on any matter before the bankruptcy or other applicable court in any such proceeding, including, without limitation, with respect to any question concerning the post-petition usage of Collateral and postpetition financing arrangements, provided such initiating Creditor provides all other Creditors prior notice of the initiation of any such action. The Collateral Agent is not entitled to initiate such actions on behalf of any Creditor or to appear and be heard on any matter before the bankruptcy or other applicable court in any such proceeding as the representative of any Creditor. The Collateral Agent is not authorized in any such proceeding to enter into any agreement for, or give any authorization or consent with respect to, the post-petition usage of Collateral, unless such agreement, authorization or consent has been approved in writing by the Required Creditors. This Agreement shall survive the commencement of any such bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or
liquidation or similar proceeding.

12.     Independent Credit Investigation. Neither the Collateral Agent nor any
Creditor, nor any of its respective directors, officers, agents or employees, shall be responsible to any of the others for the solvency or financial condition of any Grantor or the ability of any Grantor to repay any of the Obligations, or for the value, sufficiency, existence or ownership of any of the Collateral, the perfection or vesting of any lien or security interest, or the statements of any Grantor, oral or written, or for the validity, sufficiency or enforceability of any of the Obligations, any Senior Indebtedness Document, any Collateral Documents, any document or agreement executed or delivered in connection with or pursuant to any of the foregoing, or the liens or security interests granted by the Grantors in connection therewith. Each of the Collateral Agent and each Creditor has entered into its respective financial agreements with the Grantors based upon its own independent investigation, and makes no warranty or representation to the other, nor does it rely upon any representation by any of the others, with respect to the matters identified or referred to in this Section.

13.     Supervision of Obligations. Except to the extent otherwise expressly provided herein, each Creditor shall be entitled to manage, supervise, amend and modify

Exh. H‐17

(including, without limitation, an amendment to increase the amount of such Obligations or waive an Event of Default) the obligations of the Grantors to it in accordance with applicable law and such Creditor’s practices in effect from time to time without regard to the existence of any other Creditor.

14.     Turnover of Collateral. If any Creditor acquires custody, control or possession of any Collateral or any proceeds thereof other than pursuant to the terms of this Agreement, such Creditor shall promptly cause such Collateral or the proceeds of such Collateral to be delivered to or put in the custody, possession or control of the Collateral Agent for disposition and distribution in accordance with the provisions of Section 5 of this Agreement. Until such time as such Creditor shall have complied with the provisions of the immediately preceding sentence, such Creditor shall be deemed to hold such Collateral and the proceeds thereof in trust for the parties entitled thereto under this Agreement.

15.     Options to Purchase.

(a)     After the occurrence of a Purchase Option Trigger Event (as defined below), each Bank shall have the option to purchase all (but not less than all) of the outstanding Obligations owed to the Noteholders at a purchase price equal to 100% of the amount of such Obligations on the date of purchase (including all interest thereon to the date of purchase), plus an amount equal to the Yield-Maintenance Amount which would be payable under the applicable Note Purchase Agreement if the Senior Notes were prepaid pursuant to the optional prepayment provisions of the applicable Note Purchase Agreement on such date of purchase.

(b)     After the occurrence of a Purchase Option Trigger Event, each Noteholder shall have the option to purchase all (but not less than all) of the outstanding Obligations owed to the Banks at a purchase price equal to 100% of the amount thereof on the date of purchase (including all interest thereon to the date of purchase).

(c)     Any Creditor desiring to exercise its option to purchase under this Section 15 may do so by giving notice to the Creditors whose Obligations are to be purchased. The closing of the purchase and sale shall take place on the fifth business day after such notice is given. At the closing, the buyer will pay the sellers the purchase price of the Obligations being purchased except that, with respect to the purchase of exposures in respect of outstanding but undrawn Letters of Credit, the purchase shall be a risk participation therein payable at the same time as the related Letters of Credit are drawn. Payment of such purchase price shall be made in the same manner as specified in the applicable Senior Indebtedness Documents. Any notice of exercise of any such option to purchase shall be irrevocable. In the event more than one notice of exercise of an option to purchase under this Section 15 is given, only the notice first given shall be effective and the other notices given shall be ineffective.

(d)     For the purposes of this Section 15, a “Purchase Option Trigger Event” shall occur when (i) an Event of Default has occurred and is continuing, (ii) any Creditor has notified the Collateral Agent and each other Creditor of its desire to direct the Collateral Agent to take action hereunder, and (iii) within 60 days after the notice specified in clause (ii), the Required Creditors shall not have authorized the Collateral Agent to take such action and the

Exh. H‐18

Creditor giving such notice shall not have withdrawn such notice by notice given to the Collateral Agent and the other Creditors.

16.     Amendment.    This Agreement and the provisions hereof may be amended, modified or waived only by a writing signed by the Collateral Agent, the Bank Agent, on its behalf and on behalf of the Banks, and each of the Noteholders.

17.     Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of each of the parties hereto, including subsequent holders of the Obligations and persons subsequently becoming parties to the Senior Indebtedness Documents as Creditors; provided that (a) neither the Collateral Agent nor any Creditor shall assign or transfer any interest in any Obligations or permit such person to become such a party to the applicable Senior Indebtedness Documents unless such transfer or assignment is made subject to this Agreement and such transferee, assignee or person assumes the obligations of the transferor or assignor or the obligations of a Creditor, as the case may be, hereunder from and after the time of such transfer or assignment or the time such person becomes a party to the applicable Senior Indebtedness Documents, as the case may be, and (b) the appointment of any replacement Collateral Agent shall be subject to the provisions of Section 2 of this Agreement.

18.     Limitation Relative to Other Agreements. Nothing contained in this Agreement is intended to impair (a) as between the Noteholders and the Grantors, the rights of the Noteholders and the obligations of the Grantors under the Note Purchase Agreements and the Senior Notes, or (b) as between the Bank Agent, the Banks and the Grantors, the rights of the Bank Agent and the Banks and the obligations of the Grantors under the Bank Credit Agreement and the agreements, documents and instruments delivered in connection therewith.

19.     Counterparts. This Agreement may be executed in several counterparts and by each party on a separate counterpart, each of which, when so executed and delivered, shall be an original, but all of which together shall constitute but one and the same instrument. In proving this Agreement, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. Any facsimile copy of a signature hereto shall have the same effect as the original thereof.

20.     Governing Law. THIS AGREEMENT SHALL BE GOVERNED AS TO VALIDITY, INTERPRETATIONS, ENFORCEABILITY AND EFFECT BY THE INTERNAL LAWS (AS OPPOSED TO CONFLICT OF LAWS PROVISIONS) OF THE STATE OF ILLINOIS.

21.     Confirmations and Agreements.

(i) The Bank Agent confirms that the Banks have approved this Agreement as of the date hereof.
    
(ii) Each party subject hereto agrees that it will not, and will use commercially reasonable efforts to cause its agents, employees, officers, directors, shareholders, partners, and its representatives associated with or acting on its behalf (collectively, the “Representatives”), and its sub-contractors, if any, not to, directly or indirectly through a third-party intermediary, in

Exh. H‐19

connection with this Agreement and the transactions resulting herefrom, offer, pay, promise to pay, or authorize the giving of money or anything of value to any Government Official (as defined below) for the purpose of inducing such Government Official to use his or her influence or position with the government or instrumentality thereof to affect or influence any act or decision of such government or instrumentality, in order to assist in obtaining or retaining business for, directing business to, or securing an improper advantage for such party.

(b)    Each party subject hereto will, and will use commercially reasonable
efforts to cause its Representatives and sub-contractors, if any, to maintain books and records
that accurately reflect any payment of money or thing of value to a Government Official, directly
or indirectly, in connection with any matter relating to this Agreement.

(c)      The term “Government Official” includes any employee, agent or
representative of a non-US government, and any non-US political party, party official or candidate. Government Official may also include royalty, non-US legislators, representatives or non-US state-owned enterprises, employees of public international organizations (including but not limited to the United Nations, International Monetary Fund, World Bank and other international agencies and organizations), and employees and officers of foreign embassies or trade organizations having offices in the US, regardless of rank or position, and any individuals acting on behalf of a Government Official.

(d)     On any date on which the Obligations or any other amounts need to be determined, the Collateral Agent shall use the rate of exchange specified in Section 5.6 of the Bank Credit Agreement to determine the U.S. Dollar equivalent of any foreign currency (if any) in which such Obligations or other amounts are denominated, and such U.S. Dollar equivalent shall be used for purposes of determining that portion of the Obligations or such other amounts denominated in the applicable foreign currencies on such date.

The remainder of this page is intentionally blank.

            

Exh. H‐20

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

U.S. BANK NATIONAL ASSOCIATION
as Bank Agent and Collateral Agent

By: ____________________________________
Name: __________________________________
Title: ___________________________________

Notice information:

800 Nicollet Mall
Mail Code BC-MN-HO3P
Minneapolis, MN 55402
Attention: Michael J. Staloch
Telephone: (612) 303-3050
Fax: (612) 303-2265
E-mail: Michael.Staloch@usbank.com

THE PRUDENTIAL INSURANCE COMPANY
OF AMERICA, as a Noteholder

By: ____________________________________
Vice President

Notice information:
The Prudential Insurance Company of America
c/o Prudential Capital Group
Two Prudential Plaza, Suite 5600
180 N. Stetson Avenue
Chicago, IL 60601

Attention: Managing Director

Exh. H‐21

GIBRALTAR LIFE INSURANCE CO., LTD.,
as a Noteholder

THE PRUDENTIAL LIFE INSURANCE
COMPANY, LTD., as a Noteholder

By: Prudential Investment Management
(Japan), Inc., as Investment Manager

By: Prudential Investment Management, Inc.,
as Sub-Adviser

By: ____________________________________
Vice President

Notice information:
Pruco Life Insurance Company
c/o Prudential Capital Group
Two Prudential Plaza, Suite 5600
180 N. Stetson Avenue
Chicago, IL 60601

Attention: Managing Director

Exh. H‐22

FORETHOUGHT LIFE INSURANCE
COMPANY, as a Noteholder

RGA REINSURANCE COMPANY,
as a Noteholder

MTL INSURANCE COMPANY,
as a Noteholder

ZURICH AMERICAN INSURANCE
COMPANY, as a Noteholder

By:     Prudential Private Placement Investors, L.P.
(as Investment Advisor)
                        

By:     Prudential Private Placement Investors, L.P. 
(as its General Partner)
                        

                        

By: ____________________________________
Vice President

Notice information:

Prudential Retirement Insurance and Annuity
Company
c/o Prudential Capital Group
Two Prudential Plaza, Suite 5600
180 N. Stetson Avenue
Chicago, IL 60601

Attention: Managing Director

Exh. H‐23

EXHIBIT A

LIST OF COLLATERAL DOCUMENTS

Pledge Agreement, dated as of May 23, 2011, made by Graco Inc.

Exh. H‐24

ACKNOWLEDGMENT OF AND CONSENT AND AGREEMENT
TO INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT

Each of the undersigned, a Grantor described in the Intercreditor and Collateral Agency Agreement set forth above, acknowledges and, to the extent required, consents to the terms and conditions of the Intercreditor and Collateral Agency Agreement. Each of the undersigned Grantors does hereby further acknowledge and agree to its agreements under Sections 2(i), 5(c) and 10 of the Intercreditor and Collateral Agency Agreement and acknowledges and agrees that it is not a third-party beneficiary of, nor has any rights under, the Intercreditor and Collateral Agency Agreement. Each of the undersigned confirms that the signatories to this Acknowledgment of and Consent and Agreement to Intercreditor and Collateral Agency Agreement constitute all of the Grantors in existence as of the date hereof.

This Acknowledgment of and Consent and Agreement to Intercreditor and Collateral Agency Agreement and any amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each of which, when so executed and delivered, shall be an original, but all of which together shall constitute but one of the same instrument. In proving this Acknowledgment of and Consent and Agreement to Intercreditor and Collateral Agency Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought.

The remainder of this page is intentionally blank.

Exh. H‐25

IN WITNESS WHEREOF, each party below has caused this Acknowledgment of and Consent and Agreement to Intercreditor and Collateral Agency Agreement to be executed by its duly authorized officer as of May 23, 2011.

GRACO INC.
GRACO HOLDINGS INC.
GRACO MINNESOTA INC.
GRACO OHIO INC.

By: ____________________________________
Name: James A. Graner
Title: CFO & Treasurer

Exh. H‐26

Schedule 1.1
Commitments and Percentages

	
								
	Bank:
	Commitment:
	Percentage:
	 

	U.S. BANK NATIONAL ASSOCIATION
	$92,500,000
	18.500000000000
	%

	JPMORGAN CHASE BANK, N.A.
	$92,500,000
	18.500000000000
	%

	WELLS FARGO BANK, NATIONAL ASSOCIATION
	$65,000,000
	13.000000000000
	%

	BANK OF AMERICA, N.A.
	$55,000,000
	11.000000000000
	%

	CITIZENS BANK, N.A.
	$55,000,000
	11.000000000000
	%

	PNC BANK, NATIONAL ASSOCIATION
	$55,000,000
	11.000000000000
	%

	ING BANK N.V., DUBLIN BRANCH
	$50,000,000
	10.000000000000
	%

	THE NORTHERN TRUST COMPANY
	$35,000,000
	7.000000000000
	%

	 
	 
	 

	TOTAL COMMITMENTS
	$500,000,000
	100
	%

	 
	 
	 
	 
	 

Schedule 1.2
Existing Letters of Credit 

Schedule 7.6 

Litigation (Section 7.6)

None 

Schedule 7.15

Subsidiaries (Section 7.15)	
					
	Subsidiary
	Jurisdiction
	Number of Shares
	Percentage Owned
	Material Subsidiary?

	Alco Valves Group Limited
	United Kingdom
	503,970 
	100% by Graco Limited
	 

	Alco Valves Inc. 
	Canada
	100
	100% by Alco Valves Group Limited 
	 

	Alco Valves Singapore PTE Limited
	Singapore
	2
	100% by Alco Valves Group Limited
	 

	Alco Valves (US), Inc. 
	United States
	2001
	50.02498750624688% by Alco Valves Group Limited

49.97501249375312% by Alco Valves Inc. 
	 

	Ecoquip Inc.
	Virginia
	100
	100% by the Company
	 

	Gema Europe s.r.l.
	Italy
	1
	100% owned by Graco BVBA
	 

	Gema México Powder Finishing S. de R.L. de C.V.
	Mexico
	13,103,000
	99.9999923682% by Gema USA Inc.

0.0000076318% by the Company
	 

	Gema (Shanghai) Co., Ltd.
	P.R. China
	N/A**
	100% by Graco BVBA
	 

	Gema Switzerland GmbH
	Switzerland
	1
	100% owned by Graco BVBA
	 

	Gema USA Inc.
	Minnesota
	100
	100% by the Company
	Yes

	Geotechnical Instruments (U.K.) Limited 
	United Kingdom
	100,000
	100% by Landtec Europe Limited 
	 

	GFEC Free Zone Uruguay S.A. 
	Uruguay
	10,800
	100% owned by Graco Global Holdings S.à r.l.
	 

	GFEC Uruguay S.A.
	Uruguay
	250,000 
	100% owned by Graco Global Holdings S.à r.l.
	 

	GG Manufacturing s.r.l.
	Romania
	10,000 
	99.99% by Gema Switzerland GmbH

0.01% by Gema Europe s.r.l.
	 

	Graco Australia Pty Ltd.
	Australia
	248
	100% owned by Graco Global Holdings S.à r.l.
	 

	Graco BVBA
	Belguim
	1,798,170
	99.99994438790548% by Graco International Holdings S.à r.l.

0.00005561209452 % by Graco Global Holdings S.à r.l.
	 

	Graco Canada Inc.
	Canada
	10,000 
	100% owned by Graco Global Holdings S.à r.l.
	 

	Graco Chile SpA
	Chile
	100
	100% by the Company
	 

	Graco Colombia S.A.S.
	Colombia
	20,000
	100% by the Company
	 

	Graco Distribution BVBA
	Belgium
	100
	100% by Graco BVBA
	 

	Graco do Brasil Ltda.
	Brazil
	26,006,536
	99.9999961548% by Graco Global Holdings S.à r.l.

0.0000038452% by Graco International Holdings S.à r.l.
	 

	Graco Fluid Equipment (Shanghai) Co., Ltd.
	People’s Republic of China
	N/A**
	100% by the Company
	 

	Graco Fluid Equipment (Suzhou) Co., Ltd.
	People’s Republic of China
	N/A**
	100% by Graco Minnesota Inc.
	 

	Graco Fluid Handling (A) Inc. 
	Minnesota 
	100
	100% by the Company
	Yes

Sched 7.15-1

	
					
	Graco Fluid Handling (B) Inc. 
	Minnesota 
	100
	100% by the Company
	 

	Graco Fluid Handling (D) Inc. 
	Minnesota 
	100
	100% by the Company
	 

	Graco Global Holdings S.à r.l.
	Luxembourg
	20,000
	100% by Graco Luxembourg III Holdings S.à r.l.
	 

	Graco GmbH
	Germany
	500,000 
	100% owned by Graco BVBA
	 

	Graco High Pressure Equipment Inc. 
	Minnesota 
	100
	100% by the Company
	Yes

	Graco Hong Kong Ltd.
	People’s Republic of China (Special Adm Region)
	2,000
	100% owned by Graco Global Holdings S.à r.l.
	 

	Graco India Private Limited 
	India
	1,635,500
	99.99993885661877% by Graco Hong Kong 
.006114338123 by Graco Fluid Handling (A) Inc. 
	 

	Graco International Holding S.à r.l.
	Luxembourg
	17,300
	100% owned by Graco Global Holdings S.à r.l.
	 

	Graco K.K.
	Japan
	660,000
	100% owned by Graco Global Holdings S.à r.l.
	 

	Graco Korea Inc.
	Korea
	125,500
	100% owned by Graco Global Holdings S.à r.l.
	 

	Graco Limited
	United Kingdom
	100,001
	100% owned by Graco BVBA
	 

	Graco Luxembourg III Holdings 
S.à r.l.
	Luxembourg
	20,000
	100% owned by the Company
	Yes

	Graco Minnesota Inc.
	Minnesota
	100
	100% by the Company
	Yes

	Graco Ohio Inc.
	Ohio
	95 Class A 
9,405 Class B 
	100% by the Company
	Yes

	Graco S.A.S.
	France
	24,499
	100% by Graco BVBA
	 

	Graco Trading (Suzhou) Co., Ltd.
	People’s Republic of China
	N/A**
	100% by Graco Minnesota Inc.
	 

	Gusmer Sudamerica S.A.
	Argentina
	12,000*
	100% by the Company*
	 

	Holdings Indemnity Inc. 
	Utah
	100
	100% by the Company
	 

	Landtec Europe Limited 
	United Kingdom
	456,007
	100% by Gema Switzerland GmbH
	 

	Landtec North America, Inc. 
	United Kingdom
	1,000
	100% by Q.E.D. Environmental Systems, Inc.
	Yes

	MULTIMAQ - Pistolas e Equipamentos para Pintura Ltda
	Brazil
	1,425,773
	99.99985972521573% by Graco do Brasil Ltda. 

0.01402748427% by the Company
	 

	Q.E.D. Environmental Systems, Inc.
	Michigan
	500
	100% by the Company
	Yes

	Staffordshire Hydraulic Services Limited
	United Kingdom
	100
	100% by Graco High Pressure Equipment Inc. 
	 

* Shares held by two executive officers of the Company to satisfy the requirements of local law.
**No shares are issued.

Sched 7.15-1

Schedule 9.6
Investments (Section 9.6)
Investment in Corporate Owned Life Insurance (COLI) through establishment of a Rabbi (Grantor) Trust (“Trust”) with Wilmington Trust on June 27, 2007.
The Trust is intended to provide informal funding for the Company’s deferred compensation and executive excess benefit retirement plans.  The Company paid a premium in the amount of $1,498,626 each year for a five year period beginning in 2007, and paid an additional premium in the amount of $1,498,626 in November 2013.

Section 9.6-1EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 FOURTH
AMENDMENT TO THE SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS FOURTH AMENDMENT TO THE SECOND AMENDED AND RESTATED CREDIT
AGREEMENT (this “Amendment”), dated as of December 16, 2016, is among DARLING INGREDIENTS INC., a Delaware corporation (the “Parent Borrower”), the other Loan Parties (as defined in the Credit Agreement
referred to below) party hereto, each of the Lenders which are parties hereto, and JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”). 

RECITALS: 
 Reference is made to
that certain Second Amended and Restated Credit Agreement dated as of January 6, 2014 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), among the
Parent Borrower, the other Borrowers party thereto, the Lenders party thereto from time to time, the Administrative Agent and the other agents party thereto. 

The Borrowers, the Administrative Agent, each Term A Lender and each Revolving Lender continuing as such after the Amendment and the Required
Lenders party hereto now desire to amend the Credit Agreement and certain other Loan Documents as herein set forth. 
 NOW, THEREFORE, in
consideration of the promises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows effective as of the date hereof unless otherwise indicated:

 ARTICLE 1. 

Definitions  
 Section 1.
Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the same meanings as in the Credit Agreement, as amended hereby. 

ARTICLE 2. 
 Amendments
 
 Section 2. Amendments. (a) The Credit Agreement is hereby amended as set forth hereto on Annex I (with stricken
text indicated textually in the same manner as the following example: stricken text and added text indicated textually in the
same manner as the following example: double-underlined text). 

(b) After giving effect to the Amendment, the Revolving Commitments and Term A Loans are deemed to be held by the Lenders as set forth in
Annex II hereto (and, with respect to the Revolving Commitments and Term A Loans, Schedule 2.01 is deemed replaced thereby). Any modifications to such amounts (and any underlying Revolving Loans) are deemed to have been effected by
assignment automatically pursuant to this Amendment, and not subject to any limitations set forth in Section 10.04 of the Credit Agreement. 

ARTICLE 3. 
 Amendments
to Other Loan Documents  
 Section 3. Amendments to other Loan Documents. 

(a) Section 2.1 of the U.S. Security Agreement is hereby amended as follows: 

(i) the “or” at the end of subclause (j) of the second paragraph beginning “Notwithstanding anything herein to the
contrary” describing excluded Collateral (the “Exclusions Paragraph”) shall be deleted; 

 (ii) subclause (k) of the Exclusions Paragraph shall be relettered as subclause
(l) and the reference to “clauses (a) through (j) above” contained in such clause (1) shall be revised to read “clauses (a) through (k)”; and 

(iii) a new subclause (k) shall be inserted into the Exclusions Paragraph as follows: 

“(k) any accounts receivables and related security being sold or transferred by a Debtor in the ordinary course of
business pursuant to any agreement in respect of any incentive, finance or similar program between such Debtor, as supplier or seller, and any finance or other institution a party thereto, as purchaser;” 

(b) The amendments set forth on Annex III are hereby authorized with respect to the Foreign Security Agreements (it being agreed that
the Required Lenders hereby authorize the Administrative Agent to enter into any amendments to the Foreign Security Documents from and after the Fourth Amendment Date (from time to time) to effect changes thereto consistent in substance with to
those made to the U.S. Security Document in Section 3(a) above). 
 Representations and Warranties 

Section 3.1. Representations and Warranties. The Borrowers represent and warrant that: 

(a) at the time of and immediately after giving effect to this Amendment and any extension of credit to be made on the Fourth
Amendment Date (as defined below), the representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects with the same force and effect as if such representations and warranties had been
made on and as of such date except to the extent that such representations and warranties relate specifically to another date; 

(b) at the time of and immediately after giving effect to this Amendment and any extension of credit to be made on the Fourth
Amendment Date, no Default has occurred and is continuing; 
 (c) the execution, delivery and performance of this Amendment
and the transactions contemplated hereby are within each Borrower’s organizational power and have been duly authorized by all necessary corporate or other organizational action. This Amendment has been duly executed and delivered by each
Borrower and constitutes a legal, valid and binding obligation of such Borrower (as the case may be), enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, capital impairment, recognition
of judgments, recognition of choice of law, enforcement of judgments or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; 

(d) the execution, delivery and performance of this Amendment: (a) does not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect and (ii) for immaterial consents, approvals, registrations, filing or other
actions, (b) will not violate (i) any applicable law or regulation or (ii) in any material respect, the charter, by-laws or other 

  
 2 

 
organizational documents of the Parent Borrower or any of its Restricted Subsidiaries or any order of any Governmental Authority binding on such Person, (c) will not violate or result in a
default under any material indenture, agreement or other instrument binding upon the Parent Borrower or any of its Restricted Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Parent Borrower or
any of its Restricted Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the Parent Borrower or any of its Restricted Subsidiaries, except Liens created under and Liens permitted by the Loan
Documents, except to the extent such violation or default referred to in clause (b)(i) or (c) above could not reasonably be expected to result in a Material Adverse Effect. 

ARTICLE 4. 
 Conditions

 Section 4.1. Conditions. This Amendment shall become effective as of the first date (the “Fourth Amendment
Date”) when each of the following conditions shall have been satisfied: 
 (a) the Administrative Agent (or its
counsel) shall have received from each party hereto (including the Required Lenders and each Term A Lender and Revolving Lender continuing as such after the Amendment) either (i) a counterpart of this Amendment signed on behalf of such party or
(ii) written evidence reasonably satisfactory to the Administrative Agent (which may include telecopy, portable document format (.pdf) or email transmission of a signed signature page of this Amendment) that such party has signed a counterpart
of this Amendment; 
 (b) no Default or Event of Default shall have occurred and be continuing or shall result from any
extension of credit requested to be made on the Fourth Amendment Date; 
 (c) the Administrative Agent shall have received a
certificate, dated the Fourth Amendment Date and signed by a Responsible Officer of the Parent Borrower, confirming compliance with the conditions set forth in clause (b) of this Section 4.1 and that each of the
representations and warranties made by any Loan Party contained in Section 3.1 above shall be true and correct on and as of the Fourth Amendment Date after giving effect to the Amendment and to any extension of credit
requested to be made on the Fourth Amendment Date with the same effect as though such representations and warranties had been made on and as of such date; 

(d) the Administrative Agent shall have received, for the benefit of each Term B Lender that is a party hereto on the Fourth
Amendment Date, an amendment fee in an amount equal to 0.05% of the aggregate principal amount of such Lender’s outstanding Term B Loans on the Fourth Amendment Date; 

(e) the Administrative Agent shall have received, for the benefit of each Revolving Lender and Term A Lender that is a party
hereto on the Fourth Amendment Date, the fees separately agreed in writing between the Parent Borrower and the Administrative Agent; 

(f) to the extent invoiced at least one (1) Business Day prior to the Fourth Amendment Date, the Administrative Agent
shall have received all fees and other amounts due and payable to it or its Affiliates on or prior to the Fourth Amendment Date, including, to the extent invoiced, reimbursement or payment of all of such Persons’ reasonable out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party hereunder or under any other Loan
Document; 

  
 3 

 (g) the Administrative Agent shall have received a written opinion or opinions
(addressed to the Administrative Agent and the Lenders and dated the Fourth Amendment Date) of counsel for the Loan Parties covering such matters relating to the Loan Parties and the Loan Documents as of the Fourth Amendment Date as are customary
for financings of this type. The Parent Borrower hereby requests such counsel to deliver such opinions; 
 (h) the
Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of the
Transactions to be consummated in connection with the execution and delivery hereof and any other legal matters relating to the Loan Parties, the Loan Documents or such Transactions as are customary for financings of this type, all in form and
substance reasonably satisfactory to the Administrative Agent and its counsel; 
 (i) the Administrative Agent shall have
received, at least 3 days prior to the Fourth Amendment Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the
PATRIOT Act, with respect to the Loan Parties as of the Fourth Amendment Date that has been reasonably requested by the Administrative Agent at least 10 days prior to the Fourth Amendment Date; 

(k) all actions necessary to establish that the Administrative Agent will have a perfected first priority security interest in
the Collateral (subject to Liens permitted under the Credit Agreement as amended hereby); provided that the items on Annex IV hereto may instead be provided after the Fourth Amendment Date pursuant to the timing set forth on such
Annex (or such later date as the Administrative Agent shall reasonably agree); and 
 (l) the Administrative Agent shall have
received, for the account of the Revolving Lenders and Term A Lenders immediately prior to the Amendment, all accrued interest and fees on the Revolving Commitments, Revolving Loans and Term A Loans outstanding as of the Fourth Amendment date,
and if applicable, the Revolving Lenders and Term A Lenders shall have received any payments of principal on the Revolving Loans anerm A Loans, respectively, from the other applicable Revolving Lenders and Term A Lenders, respectively, to affect the
provisions of Section 2(b) hereto. 
 ARTICLE 5. 

Miscellaneous 

Section 5.1. Confirmation of Guarantees and Security Interests. By signing this Amendment, each Loan Party hereby confirms that
(a) the obligations of the Loan Parties under the Credit Agreement as modified hereby and the other Loan Documents (i) are entitled to the benefits of the guarantees and the security interests set forth or created in the Guaranty
Agreements, the relevant Security Documents delivered prior to the date hereof and the other Loan Documents, and (ii) constitute Obligations for purposes of the Credit Agreement, the Guaranty Agreements and the U.S. Security Agreement and all
other relevant Security Documents delivered prior to the date hereof and (b) notwithstanding the effectiveness of the terms hereof, the Guaranty Agreements, the relevant Security Documents delivered prior to the date hereof and the other Loan
Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects. Each Loan Party ratifies and confirms that all Liens granted, conveyed, or assigned to the Administrative Agent by such Person
pursuant to each relevant Loan Document delivered prior to the date hereof to which it is a party remain in full force and effect, are not released or reduced, and continue to secure full payment and performance of the Obligations, as may be
extended, increased or otherwise modified hereby. Each Loan Party and the 

  
 4 

 
Administrative Agent acknowledge and agree that this Amendment to the Credit Agreement and any modifications or amendments to the other Loan Documents contemplated hereby shall not constitute a
novation of any rights or obligations of any party under the Credit Agreement and/or the other Loan Documents for the purpose of any applicable law. 

Section 5.2. Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms
and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement and the other relevant Loan Documents delivered prior to the date hereof are
ratified and confirmed and shall continue in full force and effect. The Parent Borrower, each other Loan Party, the Lenders party hereto and the Administrative Agent agree that the Credit Agreement as amended hereby and the other relevant Loan
Documents delivered prior to the date hereof shall continue to be legal, valid, binding and enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, capital impairment,
recognition of judgments, recognition of choice of law, enforcement of judgments or other laws affecting creditors rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in law or equity. For
all matters arising prior to the effective date of this Amendment, the terms of the Credit Agreement (as unmodified by this Amendment) shall control and are hereby ratified and confirmed. 

Section 5.3. Reference to Credit Agreement. Each of the Loan Documents, including the Credit Agreement and any and all other
agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement as amended hereby, are hereby amended so that any reference in such Loan Documents to the
Credit Agreement shall mean a reference to the Credit Agreement, as amended hereby. This Amendment is a “Loan Document” as defined in the Credit Agreement. For purposes of determining withholding Taxes imposed under FATCA, from and after
the Fourth Amendment Date, the Lenders and the Borrowers agree that the Administrative Agent shall treat the Credit Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 
 Section 5.4. Severability. Any provision of this Amendment held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 5.5. Applicable Law. This Amendment shall be construed in accordance with and governed by the law of the State of New
York. 
 Section 5.6. Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of the Lenders, the
Administrative Agent and each Loan Party and their respective successors and assigns, except the Loan Parties may not assign or transfer any of their rights or obligations hereunder except in compliance with the Credit Agreement, as amended hereby.

 Section 5.7. Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. THIS AMENDMENT EMBODIES THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND
SUPERSEDES ANY AND ALL PREVIOUS COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER ORAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT
ORAL AGREEMENTS OR 

  
 5 

 
DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO. This Amendment shall become effective when it shall have been executed by the Administrative
Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of the Loan Parties and each of the Required Lenders and each Term A Lender and Revolving Lender continuing as such after
giving effect to the Amendment. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or in “pdf’, “.tif” or similar format by electronic mail shall be effective as delivery of a manually executed
counterpart of this Amendment. 
 Section 5.8. Effect of Waiver. No failure or delay by the Administrative Agent, the Issuing
Bank or any Lender in exercising any right or power under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right
or power, preclude any other or further exercise thereof or the exercise of any other right or power. 
 Section 5.9. Headings.
Article and Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 

[Signature Pages to Follow] 

  
 6 

 Executed as of the date first written above. 

 

			
	BORROWERS:
	
	DARLING INGREDIENTS INC.
		
	By:	 	 /s/ Brad Phillips

	Name:	 	Brad Phillips
	Title:	 	Vice President and Treasurer
	
	DARLING INTERNATIONAL CANADA INC.
		
	By:	 	 /s/ John O. Muse

	Name:	 	John O. Muse
	Title:	 	Executive Vice President and Chief Financial Officer
	
	DARLING INTERNATIONAL NL HOLDINGS B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	DARLING INGREDIENTS INTERNATIONAL HOLDING B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	DARLING INGREDIENTS INTERNATIONAL FINANCIAL SERVICES B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	 Name:
	 	 Martijn van Steenpaal

	 Title:
	 	 Authorized Signatory

	
	DARLING INGREDIENTS GERMANY HOLDING GMBH
		
	By:	 	 /s/ Erwin Werner

	 Name:
	 	 Erwin Werner

	 Title:
	 	 Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	GUARANTORS:
	
	CRAIG PROTEIN DIVISION, INC.
	DARLING AWS LLC
	DARLING GLOBAL HOLDINGS INC.
	DARLING NATIONAL LLC
	DARLING NORTHSTAR LLC
	EV ACQUISITION, INC.
	GRIFFIN INDUSTRIES LLC
	TERRA HOLDING COMPANY
	TERRA RENEWAL SERVICES, INC.
		
	By:	 	 /s/ Brad Phillips

	Name:	 	Brad Phillips
	Title:	 	Vice President and Treasurer
	
	ROUSSELOT DUBUQUE INC.
	ROUSSELOT INC.
		
	By:	 	 /s/ Stephen Smith

	Name:	 	Stephen Smith
	Title:	 	Chief Financial Officer, Treasurer and Director of Finance
	
	SONAC USA LLC
		
	By:	 	 /s/ Stephen Smith

	Name:	 	Stephen Smith
	Title:	 	Vice President – Finance, Treasurer
	
	ROUSSELOT PEABODY INC.
		
	By:	 	 /s/ Stephen Smith

	Name:	 	Stephen Smith
	Title:	 	Chief Financial Officer and Treasurer

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	CTH BELGIË BVBA
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative
	
	DARLING INGREDIENTS BELGIUM HOLDING BVBA
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative
	
	RENDAC TRANSPORT BVBA
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative
	
	ROUSSELOT BVBA
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative
	
	SONAC BELGIË BVBA
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative
	
	VADA BVBA
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	RENDAC UDES SPRL
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative
	
	RENDAC UDES TRANSPORT SPRL
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative
	
	SONAC GENT BVBA
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative
	
	RENDAC BVBA
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative
	
	SONAC TRANSPORT BVBA
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	CTH GMBH
		
	By:	 	 /s/ Heinrich Wilkens

	Name:	 	Heinrich Wilkens
	Title:	 	Director
	
	ECOSON GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	KANZLER GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	LARU GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	MD ENTSORGUN GSGESELLSCHAFT. FÜR SCHLACHTNEBENPRODUKTE MBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	NEVADA DARM – UND SCHLACHTNEBENPRODUKTE HANDELS GMBH
		
	By:	 	 /s/ Heinrich Wilkens

	Name:	 	Heinrich Wilkens
	Title:	 	Director
	
	RENDAC ICKER GMBH & CO. KG represented by its general partner SNP Handels- und Beteiligungsgesellschaft mbH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	RENDAC JAGEL GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	RENDAC LINGEN GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	RENDAC ROTENBURG GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	ROUSSELOT GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	SANREC GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	SNP HANDELS – UND BETEILIGUNGSGESELLSCHAFT MBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	SNP VERWALTUNGS GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	SOBEL GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	SONAC BAD BRAMSTEDT GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	SONAC BRAMSTEDT NORD GMBH
		
	By:	 	 /s/ Stefan Niehaus

	Name:	 	Stefan Niehaus
	Title:	 	Director
	
	SONAC BRÜNEN GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	SONAC ELSHOLZ GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	SONAC EROLZHEIM GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	SONAC GELSENKIRCHEN GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	SONAC KIEL GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	SONAC LINGEN GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	SONAC MERING GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director
	
	SONAC VERSMOLD GMBH
		
	By:	 	 /s/ Erwin Werner

	Name:	 	Erwin Werner
	Title:	 	Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	B.V. CTH GROEP
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	BEST COMMODITY TRADE B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	CTH B.V. (formerly known as Combinatie Teijsen v.d. Hengel (C.T.H.) B.V.)
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	DARLING 5Q B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	DARLING GLOBAL FINANCE B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	DARLING INGREDIENTS NEDERLAND B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	DARLING INGREDIENTS NEDERLAND HOLDING B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	DARLING INTERNATIONAL NETHERLANDS B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	DARLING INTERNATIONAL NL C.V.
		
	By:	 	 /s/ John F. Sterling

	Name:	 	John F. Sterling
	Title:	 	Authorized Signatory
	
	ECOSON B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	ERS HOLDING B.V. (formerly known as Ecoson II B.V.)
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	HARIMEX B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	HEPAC B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	HR-SERVICE NEDERLAND B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	IT SERVICES B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	LIGITAL B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	NEDERLANDSE DARMENHANDEL NEVADA B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	RENDAC B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	SONAC FUNCTIONAL PRODUCTS B.V. (formerly known as Rendac Son II B.V.)
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	RENDAC SON B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	ROUSSELOT B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	SONAC HARLINGEN B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	SONAC B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	SONAC BURGUM B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	SONAC LOENEN B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	SONAC SON B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	SONAC EINDHOVEN B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory
	
	SONAC VUREN B.V.
		
	By:	 	 /s/ Martijn van Steenpaal

	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	CTH DO BRASIL INDÚSTRIA E COMÉRCIO DE SUBPRODUTO ANIMAL LTDA
		
	By:	 	 /s/ Dimas Ribeiro Martins Júnior

	Name:	 	Dimas Ribeiro Martins Júnior
	Title:	 	General Officer
	
	SONAC BRAZIL PROCESSAMENTO DE PRODUTOS DE SANGUE E DE SUBPRODUTOS DO ABATE LTDA
		
	By:	 	 /s/ Dimas Ribeiro Martins Júnior

	Name:	 	Dimas Ribeiro Martins Júnior
	Title:	 	General Manager
	
	 ROUSSELOT GELATINAS
 DO
BRASIL LTDA

		
	By:	 	 /s/ Dimas Ribeiro Martins Júnior

	Name:	 	Dimas Ribeiro Martins Júnior
	Title:	 	General Officer

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender
		
	By:	 	 /s/ Gregory T. Martin

	Name:	 	Gregory T. Martin
	Title:	 	Executive Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A., TORONTO BRANCH
		
	By:	 	 /s/ Michael N. Tam

	Name:	 	Michael N. Tam
	Title:	 	Senior Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	BANK OF MONTREAL
		
	By:	 	 /s/ Marc Maslanka

	Name:	 	Marc Maslanka
	Title:	 	Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	BANK OF MONTREAL
		
	By:	 	 /s/ Sean P. Gallaway

	Name:	 	Sean P. Gallaway
	Title:	 	Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	COMPASS BANK
		
	By:	 	 /s/ Mark Haddad

	Name:	 	Mark Haddad
	Title:	 	Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Allison W. Connally

	Name:	 	Allison W. Connally
	Title:	 	Senior Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	BANK OF AMERICA, N.A., CANADA BRANCH
		
	By:	 	 /s/ Medina Sales de Andrade

	Name:	 	Medina Sales de Andrade
	Title:	 	Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	TD BANK, N.A.
		
	By:	 	 /s/ Alan Garson

	Name:	 	Alan Garson
	Title:	 	Senior Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	CITIBANK, N.A.
		
	By:	 	 /s/ Harold Beattie

	Name:	 	Harold Beattie
	Title:	 	Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH
		
	By:	 	 /s/ Lina A. Garcia

	Name:	 	Lina A. Garcia
	Title:	 	Executive Director
		
	By:	 	 /s/ Pamela Beal

	Name:	 	Pamela Beal
	Title:	 	Executive Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	BANK OF THE WEST
		
	By:	 	 /s/ Temple H. Abney

	Name:	 	Temple H. Abney
	Title:	 	Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	COMERICA BANK
		
	By:	 	 /s/ Jason D. Baker

	Name:	 	Jason D. Baker
	Title:	 	Senior Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Brian Mack

	Name:	 	Brian Mack
	Title:	 	Assistant Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	PNC BANK CANADA BRANCH
		
	By:	 	 /s/ Caroline Stade

	Name:	 	Caroline Stade
	Title:	 	Senior Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	SUMITOMO MITSUI BANKING CORPORATION
		
	By:	 	 /s/ David W. Kee

	Name:	 	David W. Kee
	Title:	 	Managing Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	FIFTH THIRD BANK
		
	By:	 	 /s/ Francisco Gonzalez

	Name:	 	Francisco Gonzalez
	Title:	 	Assistant Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	FIFTH THIRD BANK, Operating Through Its Canadian Branch
		
	By:	 	 /s/ Mauro Spagnolo

	Name:	 	Mauro Spagnolo
	Title:	 	Managing Director & Principal Officer

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Wadie Habiby

	Name:	 	Wadie Habiby
	Title:	 	Senior Vice President Corporate Banking

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	COBANK, ACB
		
	By:	 	 /s/ Zachary Carpenter

	Name:	 	Zachary Carpenter
	Title:	 	Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	REGIONS BANK
		
	By:	 	 /s/ Christine Ferrise

	Name:	 	Christine Ferrise
	Title:	 	Managing Director

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	BRANCH BANKING AND TRUST COMPANY
		
	By:	 	 /s/ Bradford F. Scott

	Name:	 	Bradford F. Scott
	Title:	 	Senior Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	GOLDMAN SACHS LENDING PARTNERS LLC
		
	By:	 	 /s/ Ryan Durkin

	Name:	 	Ryan Durkin
	Title:	 	Authorized Signatory

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 
			
	COMMERCE BANK
		
	By:	 	 /s/ Blair McCoy

	Name:	 	Blair McCoy
	Title:	 	Vice President

  
 [Signature Page to Fourth
Amendment of Darling Credit Agreement] 

 Annex I – Redline Credit Agreement 

See attached. 

 Conformed copy for reference
purposes only incorporating: 
 First
Amendment, dated May 13, 2015 

Second Amendment, dated September 23,
2015 
 Third Amendment, dated October 14, 2015 

Execution
Version 

ANNEX I 

MARKED VERSION REFLECTING
CHANGES 

PURSUANT TO THE FOURTH
AMENDMENT TO THE 

SECOND AMENDED AND RESTATED
CREDIT AGREEMENT 

ADDED TEXT SHOWN
UNDERSCORED 

DELETED TEXT SHOWN
STRIKETHROUGH 
 SECOND AMENDED AND RESTATED CREDIT
AGREEMENT1 

dated as of January 6, 2014 

among 
  
 

 
 The Other Borrowers Party Hereto From Time to Time 

The Lenders Party Hereto 
 and

 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent, 
 GOLDMAN
SACHS BANK USA, 
 BANK OF MONTREAL, 

acting under its trade name BMO CAPITAL MARKETS, 

BBVA COMPASS BANK, 
 COOPERATIEVE
CENTRAL RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK 
 NEDERLAND” NEW YORK BRANCH and 

CITIBANK, N.A., 
 as Syndication
Agents, 
 COBANK, ACB, 

COMERICA BANK, 
 BANK OF AMERICA,
N.A., 

 

	1 	In respect of the Fourth Amendment to the Second Amended and Restated Credit Agreement, the Syndication Agents are BANK OF MONTREAL, BBVA
COMPASS BANK, BANK OF AMERICA, N.A., TD BANK, N.A., CITIBANK, N.A., COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, BANK OF THE WEST, COMERICA BANK, PNC BANK, NATIONAL ASSOCIATION and SUMITOMO MITSUI BANKING CORPORATION, the Documentation Agents
are FIFTH THIRD BANK, HSBC BANK USA, N.A. and COBANK, ACB and the Joint Bookrunners and Co-Lead Arrangers are JPMORGAN CHASE BANK, N.A. and BANK OF MONTREAL, acting under its trade name BMO CAPITAL MARKETS. 

 THE ROYAL BANK OF SCOTLAND PLC, 

HSBC BANK USA, N.A., 
 TD BANK,
N.A., 
 FIFTH THIRD BANK and 

REGIONS BANK, 
 as Documentation
Agents, 
  
  

J.P. MORGAN SECURITIES LLC 
 and

 BANK OF MONTREAL, 
 acting
under its trade name BMO CAPITAL MARKETS, 
 as Joint Bookrunners and Co-Lead Arrangers in respect of
the Term A Facility and Revolving Facility, 
 J.P. MORGAN SECURITIES LLC, 

GOLDMAN SACHS BANK USA and 
 BANK OF
MONTREAL, 
 acting under its trade name BMO CAPITAL MARKETS, 

as Joint Bookrunners and Co-Lead Arrangers in respect of the Term B Facility 

 Table of Contents 

 

							
	 	    	 	  	Page	 
		
	
ARTICLEARTICLE
 I DEFINITIONS
	  	 	1	  
			
	 Section 1.01
	    	 Defined Terms
	  	 	1	  
	 Section 1.02
	    	 Classification of Loans and Borrowings
	  	 	4352	  
	 Section 1.03
	    	 Terms Generally
	  	 	4452	  
	 Section 1.04
	    	 Accounting Terms; GAAP
	  	 	4453	  
	 Section 1.05
	    	 Business Days; Payments
	  	 	4554	  
	 Section 1.06
	    	 Exchange Rates; Currency Equivalents
	  	 	4554	  
	 Section 1.07
	    	 Cashless Rollovers
	  	 	4756	  
	 Section 1.08
	    	 Dutch Terms
	  	 	4756	  
	 Section 1.09
	    	 Agreed Security Principles
	  	 	4857	  
	
Section 1.10
	    	 Certain
Calculations and Tests
	  	 	57	  
		
	
ARTICLEARTICLE
 II THE CREDITS
	  	 	4859	  
			
	 Section 2.01
	    	 Commitments
	  	 	4859	  
	 Section 2.02
	    	 Loans and Borrowings
	  	 	4960	  
	 Section 2.03
	    	 Requests for Borrowings
	  	 	5061	  
	 Section 2.04
	    	 Swingline Loans
	  	 	5062	  
	 Section 2.05
	    	 Letters of Credit
	  	 	5264	  
	 Section 2.06
	    	 Funding of Borrowings
	  	 	5769	  
	 Section 2.07
	    	 Interest Elections
	  	 	5869	  
	 Section 2.08
	    	 Termination and Reduction of Commitments
	  	 	5971	  
	 Section 2.09
	    	 Repayment of Loans; Evidence of Debt
	  	 	6071	  
	 Section 2.10
	    	 Amortization of Term Loans
	  	 	6172	  
	 Section 2.11
	    	 Prepayment of Loans
	  	 	6273	  
	 Section 2.12
	    	 Fees
	  	 	6577	  
	 Section 2.13
	    	 Interest
	  	 	6679	  
	 Section 2.14
	    	 Alternate Rate of Interest
	  	 	6780	  
	 Section 2.15
	    	 Increased Costs
	  	 	6880	  
	 Section 2.16
	    	 Break Funding Payments
	  	 	6982	  
	 Section 2.17
	    	 Taxes
	  	 	7082	  
	 Section 2.18
	    	 Payments Generally; Pro Rata Treatment; Sharing of
Set-Offs; Proceeds of Collateral
	  	 	7386	  
	 Section 2.19
	    	 Mitigation Obligations; Replacement of Lenders
	  	 	7688	  
	 Section 2.20
	    	 Incremental Facilities
	  	 	7789	  
	 Section 2.21
	    	 Defaulting Lenders
	  	 	7993	  
	 Section 2.22
	    	 Specified Refinancing Debt
	  	 	8195	  
	 Section 2.23
	    	 Ancillary Facilities
	  	 	8398	  
		
	
ARTICLEARTICLE
 III REPRESENTATIONS AND WARRANTIES
	  	 	87101	  
			
	 Section 3.01
	    	 Organization; Powers
	  	 	87101	  
	 Section 3.02
	    	 Authorization; Enforceability
	  	 	87101	  
	 Section 3.03
	    	 Governmental Approvals; No Conflicts
	  	 	87101	  
	 Section 3.04
	    	 Financial Condition; No Material Adverse Change
	  	 	88102	  
	 Section 3.05
	    	 Properties
	  	 	88102	  
	 Section 3.06
	    	 Litigation and Environmental Matters
	  	 	88103	  
	 Section 3.07
	    	 Compliance with Laws
	  	 	89103	  

							
			
	 Section 3.08
	    	 Investment Company Act Status
	  	 	89103	  
	 Section 3.09
	    	 Taxes
	  	 	89103	  
	 Section 3.10
	    	 ERISA; Canadian Benefit Plans
	  	 	89103	  
	 Section 3.11
	    	 Disclosure
	  	 	90104	  
	 Section 3.12
	    	 Subsidiaries
	  	 	90104	  
	 Section 3.13
	    	 Labor Matters
	  	 	90105	  
	 Section 3.14
	    	 Solvency
	  	 	91105	  
	 Section 3.15
	    	 Margin Securities
	  	 	91105	  
	 Section 3.16
	    	 Security Documents
	  	 	91105	  
	 Section 3.17
	    	 Use of Proceeds
	  	 	91106	  
	 Section 3.18
	    	 Patriot Act; OFAC; FCPA.
	  	 	92106	  
		
	
ARTICLEARTICLE
 IV CONDITIONS
	  	 	92107	  
			
	 Section 4.01
	    	 Effective Date
	  	 	92107	  
	 Section 4.02
	    	
[RESERVEDReserved
]
	  	 	94108	  
	 Section 4.03
	    	 Vion Acquisition Closing
Date[Reserved]
	  	 	94108	  
	 Section 4.04
	    	 Each Credit Event
	  	 	95109	  
	 Section 4.05
	    	 Action by the Lenders during the Certain Funds
Period
	  	 	96110	  
		
	
ARTICLEARTICLE
 V AFFIRMATIVE COVENANTS
	  	 	96111	  
			
	 Section 5.01
	    	 Financial Statements and Other Information
	  	 	96111	  
	 Section 5.02
	    	 Notices of Material Events
	  	 	98113	  
	 Section 5.03
	    	 Existence; Conduct of Business
	  	 	99114	  
	 Section 5.04
	    	 Payment of Taxes
	  	 	99114	  
	 Section 5.05
	    	 Maintenance of Properties
	  	 	99114	  
	 Section 5.06
	    	 Insurance
	  	 	99114	  
	 Section 5.07
	    	 Books and Records; Inspection and Audit
Rights
	  	 	100114	  
	 Section 5.08
	    	 Compliance with Laws
	  	 	100115	  
	 Section 5.09
	    	 Environmental
Laws[Reserved]
	  	 	100115	  
	 Section 5.10
	    	 Collateral Matters; Guaranty Agreement
	  	 	100115	  
	 Section 5.11
	    	 Maintenance of Ratings
	  	 	103118	  
	 Section 5.12
	    	 Canadian Benefit Plans
	  	 	103118	  
		
	
ARTICLEARTICLE
 VI NEGATIVE COVENANTS
	  	 	103118	  
			
	 Section 6.01
	    	 Indebtedness
	  	 	103118	  
	 Section 6.02
	    	 Liens
	  	 	107123	  
	 Section 6.03
	    	 Fundamental Changes
	  	 	112128	  
	 Section 6.04
	    	 Investments, Loans, Advances, Guarantees and Acquisitions
	  	 	113129	  
	 Section 6.05
	    	 Asset Sales
	  	 	119135	  
	 Section 6.06
	    	 Sale and Leaseback Transactions[Reserved]
	  	 	121138	  
	 Section 6.07
	    	 Swap Agreements
	  	 	121138	  
	 Section 6.08
	    	 Restricted Payments; Certain Payments of Indebtedness
	  	 	121138	  
	 Section 6.09
	    	 Transactions with Affiliates
	  	 	124142	  
	 Section 6.10
	    	 Restrictive Agreements
	  	 	125143	  
	 Section 6.11
	    	 Amendment of Material Debt Documents
	  	 	126144	  
	 Section 6.12
	    	 Change in Fiscal Year
	  	 	127144	  
		
	
ARTICLEARTICLE
 VII FINANCIAL COVENANTS
	  	 	127144	  
			
	 Section 7.01
	    	 Interest Coverage Ratio
	  	 	127144	  

  
 TABLE OF CONTENTS, Page ii of ivvii

  

							
	 Section 7.02
	    	 Total Leverage Ratio
	  	 	127145	  
	 Section 7.03
	    	 Secured Leverage
Ratio[Reserved]
	  	 	127145	  
		
	
ARTICLEARTICLE
 VIII EVENTS OF DEFAULT
	  	 	128145	  
			
	 Section 8.01
	    	 Events of Default; Remedies
	  	 	128145	  
	 Section 8.02
	    	 Performance by the Administrative Agent
	  	 	131148	  
	 Section 8.03
	    	 Adjustment for Ancillary Facilities
	  	 	131149	  
		
	
ARTICLEARTICLE
 IX THE ADMINISTRATIVE AGENT
	  	 	132149	  
			
	 Section 9.01
	    	 Appointment
	  	 	132149	  
	 Section 9.02
	    	 Rights as a Lender
	  	 	132149	  
	 Section 9.03
	    	 Limitation of Duties and Immunities
	  	 	132150	  
	 Section 9.04
	    	 Reliance on Third Parties
	  	 	133150	  
	 Section 9.05
	    	 Sub-Agents
	  	 	133150	  
	 Section 9.06
	    	 Successor Agent
	  	 	133151	  
	 Section 9.07
	    	 Independent Credit Decisions
	  	 
	133151
	  
	 Section 9.08
	    	 Other Agents
	  	 	134151	  
	 Section 9.09
	    	 Powers and Immunities of Issuing Bank
	  	 	134152	  
	 Section 9.10
	    	 Permitted Release of Collateral and Subsidiary Loan Parties
	  	 	134152	  
	 Section 9.11
	    	 Perfection by Possession and Control
	  	 	136154	  
	 Section 9.12
	    	 Lender Affiliates Rights
	  	 	136154	  
	 Section 9.13
	    	 Actions in Concert
	  	 	136154	  
	 Section 9.14
	    	 Certain Canadian Matters
	  	 	137154	  
		
	
ARTICLEARTICLE
 X MISCELLANEOUS
	  	 	137155	  
			
	 Section 10.01
	    	 Notices
	  	 	137155	  
	 Section 10.02
	    	 Waivers; Amendments
	  	 	138156	  
	 Section 10.03
	    	 Expenses; Indemnity; Damage Waiver
	  	 	140158	  
	 Section 10.04
	    	 Successors and Assigns
	  	 	142160	  
	 Section 10.05
	    	 Survival
	  	 	146166	  
	 Section 10.06
	    	 Counterparts; Integration; Effectiveness
	  	 	146167	  
	 Section 10.07
	    	 Severability
	  	 	146167	  
	 Section 10.08
	    	 Right of Setoff
	  	 	147167	  
	 Section 10.09
	    	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	147167	  
	 Section 10.10
	    	 WAIVER OF JURY TRIAL
	  	 	148169	  
	 Section 10.11
	    	 Headings
	  	 	148169	  
	 Section 10.12
	    	 Confidentiality
	  	 	148169	  
	 Section 10.13
	    	 Maximum Interest Rate
	  	 	149170	  
	 Section 10.14
	    	 Limitation of Liability
	  	 
	151171
	  
	 Section 10.15
	    	 No Duty
	  	 
	151172
	  
	 Section 10.16
	    	 No Fiduciary Relationship
	  	 
	151172
	  
	 Section 10.17
	    	 Construction
	  	 
	152172
	  
	 Section 10.18
	    	 USA Patriot Act and Canadian Anti-Money Laundering Legislation
	  	 
	152172
	  
	 Section 10.19
	    	 Parallel Debt (Covenant to pay the Administrative Agent)
	  	 
	152173
	  
	 Section 10.20
	    	 Additional Borrowers
	  	 
	153174
	  
	
Section 10.21
	    	 Acknowledgement
and Consent to Bail-In of EEA Financial Institutions
	  	 	174	  

  
 TABLE OF CONTENTS, Page iii of ivvii

  

							
	
ARTICLEARTICLE
 XI COLLECTION ALLOCATION MECHANISM
	  	 	153175	  
			
	 Section 11.01
	    	 Implementation of CAM
	  	 	153175	  
	 Section 11.02
	    	 Letters of Credit
	  	 	154175	  

  
 TABLE OF CONTENTS, Page iv of ivvii

  

 LIST OF EXHIBITS AND SCHEDULES 

 

					
	EXHIBITS:
			
	Exhibit A	  	–	    	Form of Assignment and Assumption
			
	Exhibit B	  	–	    	Form of Guaranty Agreement
			
	Exhibit C	  	–	    	Form of Security Agreement
			
	Exhibit D1	  	–	    	Form of Compliance Certificate
			
	Exhibit E	  	–	    	Form of Incremental Facility Activation Notice
			
	Exhibit F	  	–	    	Form of Solvency Certificate
			
	Exhibit G	  	–	    	Form of Tax Exemption Certificate
	
	SCHEDULES:
			
	Schedule 1.01	  	–	    	Existing Letters of Credit
			
	Schedule 1.09	  	–	    	Agreed Security Principles
			
	Schedule 2.01	  	–	    	Commitments
			
	Schedule 3.12	  	–	    	Subsidiaries
			
	Schedule 3.13	  	–	    	Labor Matters
			
	Schedule 5.10	  	–	    	Post-Closing Items
			
	Schedule 6.01	  	–	    	Existing Indebtedness
			
	Schedule 6.02	  	–	    	Existing Liens
			
	Schedule 6.04	  	–	    	Investments
			
	Schedule 6.09	  	–	    	Certain Affiliate Transactions

  

	1 	Pursuant to the Second Amendment, clause A(1)(m) of Schedule I to Exhibit D of the Credit Agreement is amended and restated in its entirety as follows: “Line 1 plus or minus, as
applicable, Lines (a) through (l).”

  
 TABLE OF CONTENTS, Page v of vii 
  

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of January 6, 2014 (this
“Agreement”) among DARLING
INTERNATIONALINGREDIENTS INC., a Delaware corporation, the Canadian Borrower, the Dutch Parent Borrower, the German
Subsidiary Borrower, the Dutch Subsidiary Borrowers, the LENDERS party hereto from time to time, and JPMORGAN CHASE BANK, N.A., as Administrative Agent for the Lenders, GOLDMAN SACHS BANK and BANK OF MONTREAL, acting under its trade name
BMO CAPITAL MARKETS, as Syndication Agents (in such capacity, the “Syndication Agents”) and COBANK, ACB, COMERICA BANK, BANK OF AMERICA, N.A., THE ROYAL BANK OF SCOTLAND PLC, HSBC BANK USA, N.A., TD BANK, N.A., FIFTH THIRD BANK and
REGIONS BANK, as Documentation Agents (in such capacity, the “Documentation Agents”). 
 WHEREAS the Parent Borrower is a
party to that certain Amended and Restated Credit Agreement dated as of September 27, 2013 among the Parent Borrower, the lenders from time to time party thereto, the Administrative Agent and the other parties thereto (as amended, restated,
amended and restated, supplemented or otherwise modified immediately prior to the effectiveness hereof, the “Existing Credit Agreement”); 

WHEREAS the parties hereto agree to amend and restate the Existing Credit Agreement in its entirety as set forth herein; 

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as
follows: 
 ARTICLE I 

Definitions 

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

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Additional Borrowers” has the
meaning set forth in Section 10.20 hereto. 

“Additional
Lender” has the meaning set forth in Section 2.20(b). 
 “Adjusted
EBITDA” means, for any period (the “Subject Period”), the total of the following calculated without duplication for such period: (a) the EBITDA of the Parent Borrower and its Restricted Subsidiaries; plus
(b) cash distributions actually received from joint ventures (including the Renewable Diesel Joint Venture); plus (c) on a pro forma
basis calculated in the manner described in Section 1.10, the pro forma
EBITDA and cash distributions of the type set forth in the preceding clause (b) of Rothsay, Vion and each
other Prior Target (or, as applicable, the EBITDA and such cash distributions of any such Prior
Target attributable to the assets acquired from such Prior Target), for any portion of such Subject Period occurring prior to the date of the acquisition of Rothsay, Vion or
such other Prior Target (or the related assets, as the case
may be); plus (d) costs, charges, accruals, reserves or expenses attributable to the undertaking and/or implementation of cost savings, operating expense reductions, product margin synergies and product cost and other synergies
and similar initiatives, integration, transition, reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, facilities opening and pre-opening (including unused
warehouse space costs), business optimization and 

 
other restructuring costs (including those
related to tax restructurings), charges, accruals, reserves, expenses (including those related to tax
restructurings, inventory optimization programs, software development
costs, systems implementation and upgrade expenses and costs related
to, the closure or consolidation of facilities (including
severance, rent termination costs, moving costs and legal costs related thereto) and curtailments
and, costs related to entry into new markets (including unused
warehouse space costs), consulting fees, signing costs, retention or
completion bonuses, relocation expenses, severance payments, modifications to pension and post-retirement employee benefit plans, new systems design and implementation costs and project startup costs)); plus (e) expected cost savings, operating expense reductions, other operating improvements, product margin synergies and
product cost and other synergies (net of the amount of actual amounts realized) reasonably identifiable and factually supportable (in the good faith determination of such Person) related to (A) the Original Transactions and (B) after the Effective Date, permitted asset sales, acquisitions, Investments, Dispositions, operating improvements, restructurings,
cost saving initiatives and certain other similar initiatives and specified transactions (whether occurring before or after the
Fourth Amendment Date); provided that, (x) with respect to clause
(e)(B), such cost savings, operating expense reductions, other
operating improvements, product margin synergies and product cost and other synergies are reasonably expected to be realized within 18 months of the event giving rise thereto;
provided that and (y) the aggregate amount of any increases to Adjusted EBITDA for any Subject Period pursuant to clauses (d) and (e) shall not exceed (x1)
the amount of any such cost savings, operating expense reductions, other operating improvements, product margin synergies and product cost and other synergies of the type that would be permitted to be included in pro forma financial statements
prepared in accordance with Article 11 of Regulation S-X of the Securities Act of 1933 plus (y2)
510% of Adjusted EBITDA for such applicable Subject Period; minus (f) the EBITDA of each Prior Company and, as applicable but without duplication, the EBITDA of the Parent Borrower and each Restricted
Subsidiary attributable to all Prior Assets, in each case for any portion of such Subject Period occurring prior to the date of the disposal of such Prior Companies or Prior
Assets. Notwithstanding the foregoing, the Adjusted EBITDA for the fiscal quarters ending December 31, 2012, March 31, 2013, June 30, 2013 and September 30,
2013 shall be $71,900,000, $80,443,000, $73,709,000 and $73,108,000, respectively ( for the avoidance of
doubt, subject to adjustment as set forth above in clauses (c) and (d)
above).calculated in the manner described in Section 1.10.

 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period or with
respect to the determination of the Alternate Base Rate, an interest rate per annum (rounded upwards, if necessary, to the next 1/16100th of 1%) equal to (a) the LIBO Rate for such Interest Period or, with respect
to the determination of the Alternative Base Rate, for a one month interest period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder,
or, in the case of Loans or Letters of Credit denominated in Canadian Dollars or Euro, JPMorgan Chase Bank, N.A., Toronto Branch or any Affiliate of JPMorgan Chase Bank, N.A. thereof designated by it, in its capacity as administrative agent for the
Lenders hereunder. 
 “Administrative Questionnaire” means an administrative questionnaire in a form supplied by the
Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Affiliated Lender” has the meaning set forth in Section 10.04(e). 

“Agreed Security Principles” means those principles set forth on Schedule 1.09. 

  
 CREDIT AGREEMENT, Page 2 

 “Agreement” has the meaning set forth in the preamble hereto. 

“Agreement
Currency” has the meaning set forth in Section 1.06(h). 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such
day, (b) the Federal Funds
EffectiveNYFRB Rate in effect on such day plus  1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month interest period on such day (or if such day is not a Business Day, the immediately preceding Business
Day) plus 1%; provided that solely with respect to Term B Loans the Alternate Base Rate shall not be less than 1.75%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds EffectiveNYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds
EffectiveNYFRB Rate or the Adjusted LIBO Rate, respectively.

 “Alternative Currencies” means Canadian Dollars,
Euro, Sterling and any other currency reasonably acceptable to the Administrative
Agent and each applicable Revolving Lender that is freely convertible into Dollars and readily available in the London interbank market. 

“Ancillary Commitment” means, with respect to any Ancillary Lender and Ancillary Facility, the maximum amount that such
Ancillary Lender has agreed to make available from time to time prior to the Revolving Maturity Date under such Ancillary Facility pursuant to Section 2.23 by such Ancillary Lender. With respect to any Ancillary Commitment
not denominated in dollars, the amount of such Ancillary Commitment, for purposes of calculations in respect of usage, fees and similar items under this Agreement, shall be the Dollar Equivalent thereof and the Administrative Agent may, on any
Revaluation Date, re-determine the amount of the Ancillary Commitment and provide notice thereof as set forth in Section 1.06(e). 

“Ancillary Facility” means (a) any overdraft, automated payment, check drawing and/or other current account facility,
(b) any short term loan facility, (c) any foreign exchange facility, (d) any letter of credit, suretyship, guarantee and/or bonding facility or any other instrument to provide a contingent liability and/or (e) any other facility
or financial accommodation (other than a Swap Agreement (except as set forth in clause (c) above)) that may be required in connection with the business of the Parent Borrower and/or any of its Subsidiaries, in each case made available in
accordance with Section 2.23. 
 “Ancillary Facility Adjustment Date” has the meaning set forth
in Section 8.03 hereto. 

“Ancillary Facility Document” means, with respect to any Ancillary Facility, each document or instrument between any Borrower
and the applicable Ancillary Lender thereunder governing such Ancillary Facility. 
 “Ancillary Facility Exposure” shall
mean, at any time, with respect to any Ancillary Lender and any Ancillary Facility then in effect, the Dollar Equivalent of the sum of the following amounts outstanding under such Ancillary Facility: 

(a) the principal amount under each overdraft facility and on-demand short term loan
facility (net of any credit balance on any account of any Borrower under any Ancillary Facility with the relevant Ancillary Lender to the extent that such credit balance is freely available to be set-off by
such Ancillary Lender against liabilities owing by such Borrower under such Ancillary Facility); 
 (b) the face amount of
each guarantee, bond, letter of credit or similar instrument under such Ancillary Facility; and 
 (c) the amount fairly
representing the aggregate exposure (excluding interest and similar charges) of such Ancillary Lender under each other type of accommodation provided under such Ancillary Facility, 

  
 CREDIT AGREEMENT, Page 3 

 in each case as determined by such Ancillary Lender, acting reasonably in accordance with its normal banking
practice and in accordance with the relevant Ancillary Facility Document. 
 “Ancillary Lender” shall mean, with respect to
any Ancillary Facility, the Revolving Lender (or an Affiliate of such Revolving Lender) that has made such Ancillary Facility available under Section 2.23. 

“Applicable Fiscal Year has the meaning set forth in Section 2.11(d). 

“Applicable Percentage” means, with respect to any Revolving Lender, subject to Section 2.21, the
percentage of the total Revolving Commitments represented by such Lender’s Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving Commitments most
recently in effect, giving effect to any assignments. 
 “Applicable Rate” means, for any day and with respect to any: 

(a) Term B USD Loan or Term B EUR Loan, the applicable rate per annum set forth below under the caption “Term B USD Loan Eurodollar
Spread”, “Term B EUR Loan Eurodollar Spread” or “Term B USD Loan ABR Spread”, as the case may be, based upon the Total Leverage Ratio as of the most recent determination date; provided that for purposes of this
clause (a), the Total Leverage Ratio shall be deemed to be in Category 1 until the date the financial statements are delivered pursuant to Section 5.01(b) for the third fiscal quarter of the Parent Borrower ending in 2014: 

 

															
	Category	  	 Total

Leverage Ratio
	  	Term B USD
Loan
Eurodollar
Spread	 	 	Term B EUR
Loan
Eurodollar
Spread	 	 	Term B USD
Loan ABR
Spread	 
	1	  	Greater than or equal to 3.00:1.00	  	 	2.50	% 	 	 	2.75	% 	 	 	1.50	% 
	2	  	Less than 3.00:1.00	  	 	2.25	% 	 	 	2.50	% 	 	 	1.25	% 

 and 

  
 CREDIT AGREEMENT, Page 4 

 (b) Term A Loan or Revolving Loan and with respect to any letter of credit fee or any commitment
fee payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread/Canadian Prime Rate Spread/Euro Swingline Rate Spread”, “Eurodollar Spread/CDOR Spread”, “Commitment Fee
Rate” or “Letter of Credit Fee”, as the case may be, based upon the Total Leverage Ratio as of the most recent determination date: 
  

																			
	Category	  	 Total

Leverage Ratio
	  	Eurodollar
Spread/CDOR
Spread	 	 	ABR
Spread/Canadian
Prime Rate
Spread /Euro
Swingline Rate
Spread	 	 	Commitment
Fee Rate	 	 	Letter of
Credit Fee	 
	1	  	Greater than or equal to 5.00:1.00	  	 	3.00	% 	 	 	2.00	% 	 	 	0.50	% 	 	 	3.00	% 
	2	  	Less than 5.00:1.00 but greater than or equal to 4.25:1.00	  	 	2.75	% 	 	 	1.75	% 	 	 	0.50	% 	 	 	2.75	% 
	31	  	Less than 4.25:1.00 but gGreater than or equal to
3.55.00:1.00	  	 	2.50	% 	 	 	1.50	% 	 	 	0.45	% 	 	 	2.50	% 
	42	  	Less than 3.55.00:1.00 but greater than or equal to
3.04.00:1.00	  	 	2.25	% 	 	 	1.25	% 	 	 	0.40	% 	 	 	2.25	% 
	53	  	Less than 3.04.00:1.00 but greater than or equal to
2.53.00:1.00	  	 	2.00	% 	 	 	1.00	% 	 	 	0.35	% 	 	 	2.00	% 
	64	  	Less than 2.53.00:1.00 but greater than or equal to 2.00:1.00	  	 	1.75	% 	 	 	0.75	% 	 	 	0.30	% 	 	 	1.75	% 
	75	  	Less than 2.00:1.00 but greater than or equal to 1.51.00:1.00	  	 	1.50	% 	 	 	0.50	% 	 	 	0.25	% 	 	 	1.50	% 
	86	  	Less than 1.51.00:1.00	  	 	1.25	% 	 	 	0.25	% 	 	 	0.20	% 	 	 	1.25	% 

 For purposes of the foregoing, (i) the Total Leverage Ratio shall be determined as of the end of each
fiscal quarter of the Parent Borrower’s fiscal year based upon the Parent Borrower’s consolidated financial statements most recently delivered pursuant to Section 5.01(a) or (b); provided that the “Applicable
Rate” in clause (a) above shall be subject to the proviso in such clause (a) and provided further that until delivery of the Parent Borrower’s consolidated financial statements for the first full
fiscal quarter ended after the EffectiveFourth
Amendment Date as required by Section 5.01(a) or (b), the “Applicable Rate” in clause (b) above shall be the applicable rate per annum set forth in Category 3 of
clause (b) above and (ii) each change in the Applicable Rate resulting from a change in the Total Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of
such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change; provided that the Total Leverage Ratio shall be deemed to be in Category 1: (A) at any time
that an Event of Default has occurred 

  
 CREDIT AGREEMENT, Page 5 

 
and is continuing or (B) at the option of the Administrative Agent or at the request of the Required Lenders if the Parent Borrower fails to deliver the consolidated financial statements
required to be delivered by it pursuant to Section 5.01(a) or (b), during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered. Notwithstanding anything in this
definition of “Applicable Rate” to the contrary, the modifications to the pricing grid set forth in clause (b) above pursuant to the SecondFourth Amendment shall become effective on the SecondFourth Amendment Effective Date. 

“Approved Electronic Communications” means any notice, demand, communication, information, document or other material that
any Loan Party provides to the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein which is distributed to any agents hereunder or to Lenders by means of electronic communications pursuant to
Section 10.01. 
 “Approved Fund” means a Person (other than a natural person) that is engaged in
making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
Affiliate of an entity that administers or manages a Lender. 
 “Asset Swap” means a concurrent purchase and sale or
exchange of Related Business Assets between the Parent Borrower or any of its Restricted Subsidiaries and another Person; provided that the Parent Borrower or such Restricted Subsidiary, as the case may be, receives consideration at least
equal to the fair market value (such fair market value to be determined on the date of the contractually agreeing to such transaction) as determined in good faith by the Parent Borrower. 

“Assignment and Assumption” means an Assignment and Assumption entered into by a
Lender and an Eligible aAssignee (with
the consent of any party whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A
or any other form approved by the Administrative Agent. 
 “Available Amount” means, at any date, an amount equal to the sum of (i) $340,400,000
plus: 

(i) $340,400,000; plus
 
 (ii) the Net Proceeds actually received by the Parent Borrower from and
after the Effective Date to such date from the sale of Equity Interests of the Parent Borrower (other than (A) Disqualified Equity Interests, (B) Equity Interests issued or sold to a Restricted Subsidiary or an employee stock ownership
plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or Guaranteed by the Parent Borrower or any Restricted Subsidiary unless such loans have been repaid with cash on or prior
to the date of determination and (C) Equity Interests the Net Proceeds of which are used to repay long-term Indebtedness for borrowed money (other than revolving loans) or
to fund any portion of the Vion Acquisition) minus (iii);
plus  
 (iii) an amount equal to (A) the net reduction in Investments made after the Fourth Amendment Date using the Available Amount (not in
excess of the original amount of such Investments) in respect of any returns in cash and cash equivalents (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received
by the Parent Borrower and its Restricted Subsidiaries from such Investments after the Fourth Amendment Date and (B) the net cash proceeds of the Disposition of any Investment after the Fourth Amendment Date made using the Available Amount
actually received by the Parent Borrower and its Restricted Subsidiaries after the Fourth Amendment Date; plus  

  
 CREDIT AGREEMENT, Page 6 

(iv) (A) the amount of any
Investment by the Parent Borrower and its Restricted Subsidiaries that was made after the Fourth Amendment Date using the Available Amount in any Unrestricted Subsidiary that has been re-designated as a Restricted Subsidiary or that has been merged,
amalgamated or consolidated with or into the Parent Borrower or any Restricted Subsidiary and (B) the fair market value of the assets of any Unrestricted Subsidiary that has been transferred, conveyed or otherwise distributed to the Parent Borrower
or any Restricted Subsidiary (net of amounts paid by the Parent Borrower or any Restricted Subsidiary to such Unrestricted Subsidiary for such assets), such amount not to exceed the amount of the Investment made with the Available Amount after the
Fourth Amendment Date by the Parent Borrower and its Restricted Subsidiaries in such Unrestricted Subsidiary; minus 

(v) the aggregate amount of unreimbursed payments made after the EffectiveFourth Amendment Date by the Parent Borrower or any Restricted Subsidiary in respect of
Indebtedness permitted by Section 6.01(w) or the exercise of remedies under any Lien incurred pursuant to Section 6.02(y)(ii). 

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

“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time
which is described in the EU Bail-In Legislation Schedule. 
 “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.) and the regulations issued from
time to time thereunder. 
 “Board” means the Board of
Governors of the Federal Reserve System of the United States of America. 
 “Bona Fide Debt Fund” means any bona fide
(i) debt fund, (i) investment vehicle, (iii) regulated bank entity or (iv) non-regulated lending entity that is, in each case, engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of business that is managed, sponsored or advised by any person Controlling, Controlled by or under common Control with a competitor of the Parent Borrower, its subsidiaries or
Rothsay.Disqualified Institution, but only to the extent that no personnel involved with the investment in the relevant
Disqualified Institution (A) makes (or has the right to make or participate with others in making) investment decisions on behalf of, or otherwise cause the direction of the investment policies of, such debt fund, investment vehicle, regulated
bank entity or unregulated lending entity or (B) has the access to any information (other than information that is publicly available) relating to the Parent Borrower
and/or any entity that forms part of any of its business (including any of its Subsidiaries). 
 “Borrowers” means the Parent Borrower and the Subsidiary Borrowers. 

“Borrowing” means (a) Loans of the same Class and Type, made, converted or continued on the same date and, in the
case of Eurodollar Loans or CDOR Rate Loans, as applicable, as to which a single Interest Period is in effect (it being understood that Loans denominated in dollars made under the USD Only Revolving Commitment and the USD/Multicurrency Revolving
Commitment shall be deemed Loans of the same “Class” for purposes hereof) or (b) a Swingline Loan. 
 “Borrowing
Request” means a request by the applicable Borrower for a Borrowing in accordance with Section 2.03. 

  
 CREDIT AGREEMENT, Page 7 

 “Business Day” means any day that is not a Saturday, Sunday or other day on
which commercial banks in Amsterdam, New York City, Chicago, Illinois or Dallas, Texas, are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan or Ancillary Facility, the term
“Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market; provided further that when used in connection with (i) any Loans or Letters of
Credit or Ancillary Facility denominated in Canadian Dollars, such date shall also exclude any day on which commercial banks in Toronto, Ontario are authorized or required by law to remain closed and,
(ii) any Loans or Letters of Credit or Ancillary Facility denominated in Euro, such date shall also exclude any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment
system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable replacement) is not open for the settlement of payments in
Euro.
and (iii) any Loans or Letters of Credit or Ancillary Facility denominated in Sterling such date shall also exclude any day
on which commercial banks in London are authorized or required by law to remain closed. 

“CAD Term A Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make CAD Term A Loans hereunder,
expressed as an amount representing the maximum principal amount of the CAD Term A Loans to be made by such Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, (b)
reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04 and (c) established or increased from time to time pursuant to an Incremental Assumption Agreement. The
initial amount of each Lender’s CAD Term A Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or Incremental Assumption Agreement pursuant to which such Lender shall have assumed its CAD Term A Commitment,
as applicable. The Dollar Equivalent of the initial aggregate amount of the Lenders’ CAD Term A Commitments is $150,000,000. 

“CAD Term A Facility” means the CAD Term A Commitments and the extensions of credit made thereunder. 

“CAD Term A Lender” means a Lender with a CAD Term A Commitment or an outstanding CAD Term A Loan. 

“CAD Term A Loans” means a Loan made pursuant to clause (b) of Section 2.01 or an
Incremental Term Loan denominated in Canadian Dollars. 
 “CAM Exchange” means the exchange of the Lenders’ interests
provided for in Section 11.01. 
 “CAM Exchange Date” means the date on which (a) any event
referred to in paragraph (g) or (h) of Article VIII shall occur in respect of any Borrower or (b) an acceleration of the maturity of the Loans pursuant to Article VIII shall occur. 

“CAM Percentage” means, as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the
aggregate dollar amount of the sum, without duplication, of (i) the Specified Obligations (including the Dollar Equivalent of any Specified Obligations owing in any currency (other than dollars)) owed to such Lender, (ii) such
Lender’s participation in undrawn amounts of Letters of Credit (including the Dollar Equivalent of the undrawn amount of any Letters of Credit not denominated in dollars) immediately prior to the CAM Exchange Date and (b) the denominator
shall be the aggregate dollar amount of the sum, without duplication, of (i) the Specified Obligations (including the Dollar Equivalent of any Specified Obligations owing in any currency (other than dollars)) owed to all the Lenders and
(ii) the aggregate undrawn amount of outstanding Letters of Credit (including the Dollar Equivalent of the undrawn amount of any Letters of Credit not denominated in dollars) immediately prior to such CAM Exchange Date. 

  
 CREDIT AGREEMENT, Page 8 

 “Canadian Benefit Plans” means any plan, agreement, fund, program, practice or
policy, whether oral or written, formal or informal, funded or unfunded, insured or uninsured, providing employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings
benefits, under which any Canadian Loan Party has any liability with respect to any current or former employee, officer, director or contractor employed in Canada (or any spouses, dependents, survivors or beneficiaries of any such persons),
including any Canadian Pension Plans but excluding any statutory benefit plans which any Canadian Loan Party is required to participate in or comply with, such as the Canada Pension Plan, the Quebec Pension Plan and plans administered pursuant to
applicable health, tax, workplace safety insurance and employment insurance legislation. 
 “Canadian Borrower” means, as of the Canadian Borrower Joinder Date, Darling Canada. 

“Canadian Borrower Joinder Date” means October 24, 2013. 

“Canadian Defined Benefit Plan” means any Canadian Pension Plan which contains a “defined benefit provision” as
defined in subsection 147.1(1) of the Income Tax Act (Canada). 
 “Canadian Dollars” or “$C” means
lawful money of Canada. 
 “Canadian Loan Party” means each Loan Party formed under the laws of Canada or any province or
territory thereof. 
 “Canadian Multi-Employer Plans” means all Canadian Benefit Plans to which a Canadian Loan Party is
required to contribute pursuant to a collective agreement and which are not maintained or administered by a Canadian Loan Party or any of their Affiliates. 

“Canadian Pension Plans” means any Canadian Benefit Plan that is required to be registered under Canadian federal or
provincial pension benefits standards legislation. 
 “Canadian Pension Termination Event” means the occurrence of any of
the following: (i) the board of directors of any Canadian Loan Party passes a resolution to terminate or wind-up in whole or in part any Canadian Defined Benefit Plan or any Canadian Loan Party otherwise
initiates any action or filing to voluntarily terminate or wind-up in whole or in part any Canadian Defined Benefit Plan; (ii) the institution of proceedings by any Governmental Authority to terminate in
whole or in part any Canadian Defined Benefit Plan, including notice being given by the Superintendent of Financial Services or another Governmental Authority that it intends to proceed to wind-up in whole or
in part a Canadian Defined Benefit Plan of a Canadian Loan Party; (iii) there is a cessation or suspension of contributions to the fund of a Canadian Defined Benefit Plan by a Canadian Loan Party (other than a cessation or suspension of
contributions that is due to (a) an administrative error or (b) the taking of contribution holidays in accordance with applicable law); (iv) the receipt by a Canadian Loan Party of correspondence from any Governmental Authority related to
the likely wind-up or termination (in whole or in part) of any Canadian Defined Benefit Plan; and (v) the wind-up or partial
wind-up of a Canadian Defined Benefit Plan. Notwithstanding anything to the contrary herein, a Canadian Pension Termination Event shall not include any event that relates to the partial wind-up or termination of solely a defined contribution component of a Canadian Defined Benefit Plan. 

“Canadian Prime Rate” means, for any period, the rate per annum determined by the Administrative Agent to be the higher of
(i) the rate of interest per annum most recently announced or 

  
 CREDIT AGREEMENT, Page 9 

 
established by JPMorgan Chase Bank, N.A., Toronto Branch as its reference rate in effect on such day for determining interest rates for Canadian Dollar denominated commercial loans in Canada and
commonly known as “prime rate” (or its equivalent or analogous such rate), such rate not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank, N.A., Toronto Branch and (ii) the sum of (a) the yearly
interest rate to which the one-month CDOR Rate is equivalent plus (b) one percent (1.0%). Any change in such rate due to a change in the “prime rate” or CDOR Rate shall be effective as of the
opening of business on the day of such change in the “prime rate” or the CDOR Rate, as the case may be. 
 “Canadian Prime
Rate Borrowing” means a Borrowing of Swingline Loans comprised of Canadian Prime Rate Loans. 
 “Canadian Prime Rate
Loan” means a Swingline Loan denominated in Canadian Dollars. 
 “Canadian Security Agreement” means the Canadian
Pledge and Security Agreement among the Administrative Agent, the Canadian Borrower and the other Canadian Loan Parties in form and substance reasonably acceptable to the Administrative Agent. 

“Canadian Subsidiary” means any Subsidiary of the Parent Borrower incorporated or otherwise organized under the laws of
Canada or any province or territory thereof. 
 “Capital Expenditures” means, for any period and a Person, without
duplication (a) the additions to property, plant and equipment and other capital expenditures of such Person and its consolidated subsidiaries that are (or would be) set forth in a consolidated statement of cash flows of such Person for such
period prepared in accordance with GAAP and (b) Capital Lease Obligations incurred by such Person and its consolidated subsidiaries during such period. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “CDOR Loan Rate”
means the CDOR Rate plus, in the case of any Lender that is not a Schedule I Lender, 0.10% per annum. 
 “CDOR Rate” means,
on any day when a CDOR Rate Loan is to be made pursuant hereto, the per annum rate of interest which is the rate determined as being the arithmetic average of the annual yield rates applicable to Canadian Dollar bankers’ acceptances having a
term comparable to such Interest Period of the CDOR Rate Loan requested by the applicable Borrower displayed and identified as such on the display referred to as the “CDOR Page” (or any display substituted therefor) of Reuters Monitor
Money Rates Service (or any successor thereto or Affiliate thereof) as at approximately 11:00 a.m. (Toronto time) on the date of the commencement of such Interest Period; provided, however, if such a rate does not appear on such CDOR Page,
then the CDOR Rate, on any day, shall be the discount rate quoted by the Administrative Agent or, in the event that the Administrative Agent does not at such time issue bankers’ acceptances, the Bank of Montreal (determined as of 11:00 a.m.
(Toronto time) on such day) which would be applicable in respect of an issue of bankers’ acceptances having a term comparable to such Interest Period of the CDOR Rate Loan requested by the applicable Borrower on such day, or if such day is not
a Business Day, then on the immediately preceding Business Day. If the CDOR Rate shall be less than zero, it shall be deemed zero for
purposes of this Agreement.  
 “CDOR Rate Borrowing” means a
Borrowing comprised of CDOR Rate Loans. 

  
 CREDIT AGREEMENT, Page 10 

 “CDOR Rate Loan” means a Loan denominated in Canadian Dollars made by the
Lenders (or any one of them) to the applicable Borrower which bears interest at a rate based on the CDOR Loan Rate. 

“Certain Funds Event of Default” means an Event of Default
under any of (i) clause (d) or (e) of Article VIII in respect of the failure of the Dutch Parent Borrower to observe or perform any covenant or agreement contained in
Section 5.03 (to the extent relating to the maintenance of such Person’s organizational existence only), Section 6.01, Section
6.02 or Section 6.03 or (ii) clause (g), (h), (i), (m) or (n) of Article VIII solely in respect of the Dutch Parent Borrower. For the avoidance of doubt, a Certain Funds Event of Default shall not apply in respect of or relate to
Vion, or any of the assets which comprise all or any part of Vion, or a breach of a procuring obligation with respect to any member of Vion. 

“Certain Funds Loans” has the meaning set forth in Section 4.03. 

“Certain Funds Period” means the period commencing on the
Effective Date and ending on (and including) the Long Stop Date. 

“Certain Funds Representations” has the meaning set forth in Section 4.03(a). 
 “Change in
Control” means any of the following: (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities
and Exchange Commission thereunder as in effect on the date hereof), of Equity Interests representing more than 50% of either the aggregate ordinary voting power or the aggregate equity value represented by the issued and outstanding Equity
Interests in the Parent Borrower; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of Parent Borrower by Persons who were neither (i) nominated, appointed or approved for consideration by
shareholders for election by the board of directors of Parent Borrower nor (ii) appointed or elected by directors so nominated, appointed or approved; or (c) the occurrence of a “Change of Control” or any comparable event
resulting in a requirement for the Parent Borrower to make an offer to purchase any New Senior Unsecured Notes, Pari Passu Notes, Incremental Equivalent Debt, any Refinancing Notes or any Refinancing Junior Loans with an aggregate principal amount
outstanding in excess of the Threshold Amount, as the term “Change of Control” or those events are defined under any of the documentation evidencing and governing any of the New Senior Unsecured Notes, Pari Passu Notes, any Incremental
Equivalent Debt, any Refinancing Notes or any Refinancing Junior Loans, as applicable. Notwithstanding the foregoing, the Vion Acquisition and the merger of Darling Escrow Corporation with and into the Parent Borrower shall not constitute or give
rise to a Change in Control. 
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date
of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or the Issuing Bank (or, for
purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the date of this Agreement; provided, however, that notwithstanding anything herein to the contrary, (i) all requests, rules, guidelines, requirements and directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision or by United States or foreign regulatory authorities, in each case pursuant to Basel III, and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof, shall in each case be deemed to be a Change in Law, regardless of the date enacted, adopted, issued or implemented
but solely to the extent the relevant increased costs or loss of yield would have been included if they had been imposed under applicable increased cost provisions and only to the extent the applicable Lender is requiring reimbursement therefor from
similarly situated borrowers under comparable syndicated credit facilities (to the extent such Lender has the right to do so under its credit facilities with similarly situated borrowers). 

  
 CREDIT AGREEMENT, Page 11 

 “Class”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are Revolving Loans, USD Only Revolving Loans, USD/Multicurrency Revolving Loans, Term Loans, Term A Loans, Term B Loans, Term B USD Loans, Term B EUR Loans, USD Term A Loans, CAD Term A Loans, Swingline
Loans, Loans made pursuant to any Specified Refinancing Debt constituting revolving facility commitments, Loans made pursuant to any Specified Refinancing Debt constituting term loans, Loans made pursuant to an Incremental Revolving Commitment
(other than an Incremental Commitment that is an increase of an existing revolving commitment) or Loans made pursuant to an Incremental Term Facility and, when used in reference to any Commitment, refers to whether such Commitment is a Revolving
Commitment, USD Only Revolving Commitment, USD/Multicurrency Revolving Commitment, Term Commitment, Term B Commitment, Term B USD Commitments, Term B EUR Commitments, Term A Commitment, USD Term A Commitment, CAD Term A Commitment, Specified
Refinancing Debt constituting revolving facility commitment, Specified Refinancing Debt constituting term loan commitment, an Incremental Revolving Commitment (other than an Incremental Commitment that is an increase of an existing revolving
commitment) or a commitment for Incremental Term Loans. 
 “Clean-up
Period” means the 60-day period commencing on the Vion Acquisition Closing Date. 

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

“Collateral” means, collectively, all of the assets and property (including Equity Interests) and interests therein and
proceeds thereof, whether now owned or hereafter acquired, in or upon which a Lien is granted pursuant to any of the Security Documents as security for the Obligations or the Foreign Obligations, as applicable. 

“Commitment” means a Revolving Commitment or the Term Commitment, or any combination thereof (as the context requires). 

“Commitment Parties” means J.P. Morgan Securities LLC, JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA and Bank of
Montreal, acting under its trade name BMO Capital Markets and such other financial institutions that become party to those certain Commitment Letters related to this Agreement and dated October 5, 2013, pursuant to the terms thereof. 

“Consolidated Net Income” means, for any period and any Person (a “Subject Person”), such Subject
Person’s consolidated net income (or loss) determined in accordance with GAAP, but excluding any extraordinary, nonrecurring,
unusual, nonoperating or noncash gains, charges or losses (including
(x) costs of, and payments of, actual or prospective legal settlements, fines, judgments or orders, (y) costs of, and payments of, corporate reorganizations and (z) gains, income, losses, expenses or charges (less all fees and
expenses chargeable thereto) attributable to any sales or dispositions of Capital Stock or assets (including asset retirement costs) or returned surplus assets of any employee benefit plan outside of the ordinary course of business), and including
or in addition to the above, the following: 
 (a) the income (or loss) of any Unrestricted Subsidiary, any other
Person who is not a Restricted Subsidiary but whose accounts would be consolidated with those of the Subject Person in the Subject Person’s consolidated financial statements in accordance with GAAP or any other Person (other than a Restricted
Subsidiary) in which the Subject Person or a subsidiary has an ownership interest (including any joint venture); provided, however, that Consolidated Net Income shall include amounts in respect of the income of such Person when
actually received in cash by the Subject Person or such subsidiary in the form of dividends or,
similar distributions or other payments, in each case, paid in cash (or to the extent converted into cash); 

  
 CREDIT AGREEMENT, Page 12 

 (b) the income or loss of any Person acquired by the Subject Person or a
subsidiary for any period prior to the date of such acquisition (provided such income or loss may be included in the calculation of Adjusted EBITDA to the extent provided in the definition thereof); 

(c) the cumulative effect of any change in accounting principles during such period; 

(d) any net gains, income, charges, losses, expenses or charges with respect to (i) disposed, abandoned, closed and
discontinued operations (other than assets held for sale) and any accretion or accrual of discounted liabilities and on the disposal of disposed, abandoned, and discontinued operations and (ii) facilities, plants or distribution centers that
have been closed during such period; 
 (e) (i) effects of adjustments (including the effects of such adjustments pushed down
to the Subject Person) in the Subject Person’s consolidated financial statements pursuant to GAAP (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process
research and development, deferred revenue, deferred rent and debt line items thereof) resulting from the application of recapitalization accounting or acquisition accounting, as the case may be, in relation to the Original Transactions or any consummated recapitalization or acquisition transaction or
the amortization or write-off of any amounts thereof; 
 (f) any net income or
loss (less all fees and expenses or charges related thereto) attributable to the early extinguishment of Indebtedness (and the termination of any associated Swap Agreements); 

(e) any (i) write-off or amortization made in such period of deferred financing
costs and premiums paid or other expenses incurred directly in connection with any early extinguishment of Indebtedness, (ii) good will or other asset impairment charges, write-offs or write-downs or (iii) amortization of intangible
assets; 
 (h) any non-cash compensation charge, cost, expense, accrual or reserve, including any such charge, cost, expense, accrual or reserve arising from
(i) the grant of stock appreciation or similar rights, stock options,
restricted stock or other equity incentive programs, and any Cash charges
associated(ii) any management equity plan or stock option plan or any other management or employee benefit plan or
agreement, pension plan, any stock subscription or shareholder agreement or any distributor equity plan or agreement and (iii) in connection with the rollover, acceleration or payment of management equity in connection with the
Transactions;payout of Equity Interests held by management of Parent Borrower and/or any of its subsidiaries; provided
that, to the extent any such cash charges, costs, expenses, accruals or reserves are paid in cash, such cash charges, costs, expenses, accruals or reserves are funded
with cash proceeds contributed to the Parent Borrower as a capital contribution or as a result of the sale or issuance of Equity Interests (other than Disqualified Equity Interests) of Parent Borrower, and such contribution or sale took place within
the immediately preceding four fiscal quarter period of the Parent Borrower for which this exclusion is modifying Consolidated Net Income; 

(i) any fees, costs, commissions and expenses incurred during such period (including rationalization, legal, tax and
structuring fees, costs and expenses), or any amortization or write-off thereof for such period in connection with (i) the
Original Transactions and the Transactions and (ii) any Investment (other
than an Investment among the Parent Borrower and 

  
 CREDIT AGREEMENT, Page 13 

 
its Subsidiaries in the ordinary course of operations), Disposition (other than Dispositions of inventory or Dispositions among the Parent Borrower and its Subsidiaries in the ordinary course of
operations), incurrence or repayment of Indebtedness,
repayment, extension, renewal, replacement, refinancing, amendment, restatement, amendment and restatement or modification of Indebtedness, including any amortization or write-off of debt issuance or deferred financing costs, premiums and prepayment
penalties (other than the incurrence or
repayment, repayment, extension, renewal, replacement, refinancing, amendment, restatement, amendment and restatement
or modification of Indebtedness among the Parent Borrower and its Subsidiaries in the ordinary course of operations),
and issuance
or offering of Equity Interests, refinancing transaction or amendment or modification of any
IndebtednessRestricted Payments, acquisitions, recapitalizations, mergers, consolidations or amalgamations, option
buyouts or other similar transactions (in each case, including
any such transaction consummated prior to the Effective Date and any such transactionproposed or undertaken, but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction; 

(j) accruals and reserves that are established or adjusted within 12 months (i) after the Effective Date that are so required to be established or adjusted as
a result of the Original Transactions and the Transactions and (ii) of the date of any Permitted Acquisition or similar Investment, in each case, in accordance with GAAP or as a result of the adoption or modification of accounting policies; 

(k) any unrealized or realized net foreign currency translation gains or losses and unrealized net foreign currency transaction
gains or losses, in each case impacting net income (including currency re-measurements of Indebtedness, any applicable net gains or losses resulting from Swap Agreements for currency exchange risk associated
with the above or any other currency related risk and those resulting from intercompany Indebtedness); and 

(l) unrealized net losses, charges or expenses and unrealized net gains in the fair market value of any arrangements under Swap
Agreements. 
 “Consolidated Net Tangible Assets” means
Consolidated Total Assets after deducting: 

(a)
all current liabilities; 

(b)
any item representing investments in Unrestricted Subsidiaries; and 

(c)
all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other intangibles.

 “Consolidated Total Assets” means, as of any date of determination, the total amount of assets appearing on a
consolidated balance sheet of the Parent Borrower and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

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

  
 CREDIT AGREEMENT, Page 14 

 “Covered Party” means each Loan Party and any other Subsidiary of the Parent
Borrower designated by the Parent Borrower as a “Covered Party” for purposes of this Agreement. 
 “Credit
Facilities” means the Revolving Facility and each Term Facility. 
 “Criminal Code (Canada)” means the Criminal
Code (Canada), R.S.C., 1985 c. C-46, as amended. 
 “Darling Canada” means
Darling International Canada Inc., a wholly-owned Subsidiary of the Parent Borrower formed under the laws of the province of New Brunswick, Canada. 

“Darling Escrow Corporation” means Darling Escrow Corporation, a Delaware corporation and wholly-owned Subsidiary of the
Parent Borrower and the initial issuer of the New Senior Unsecured Notes. 
 “Date of Full Satisfaction” means, as of any
date, that on or before such date: (i) the principal of and interest accrued to such date on each Loan (other than the contingent LC Exposure) shall have been paid in full in cash, (ii) all fees, expenses and other amounts then due and
payable which constitute Loan Obligations (other than the contingent LC Exposure and other contingent amounts for which no claim or demand has been made) shall have been paid in full in cash, (iii) the Commitments shall have expired or been
terminated, and (iv) the contingent LC Exposure shall have been secured by: (A) the grant of a first priority, perfected Lien on cash or cash equivalents in an amount at least equal to 102% of the amount of such LC Exposure or other
collateral which is reasonably acceptable to the Issuing Bank or (B) the issuance of a “back–to–back” letter of credit in form and substance reasonably acceptable to the Issuing Bank with an original face amount at least
equal to 102% of the amount of such LC Exposure. 

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

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender that has:
(a) failed to fund any portion of its Loans or participations in Letters of Credit or Swingline Loans within two (2) Business Days of the date required to be funded by it hereunder, (b) notified the Parent Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender or any Lender in writing that it does
not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or generally under other agreements in
which it commits to extend credit, (c) failed, within two
(2) Business Days after request by the Administrative Agent, to
confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans; provided that any Lender that has failed to give
such timely confirmation shall cease to be a Defaulting Lender under this clause (c) immediately upon the delivery of such confirmation, (d) otherwise failed to pay over to the Administrative Agent or any other Lender any other
amount required to be paid by it hereunder within two (2) Business
Days of the date when due, unless the subject of a good faith dispute, or (e) (i) become or is insolvent or has a
parent company that has become or is insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or
indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has 

  
 CREDIT AGREEMENT, Page 15 

 
become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating
its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interests in that Lender or any direct
or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate disavow or disaffirm any contracts or agreements made with such
Lender or
(f) become subject to a Bail-In Action or that has a direct or indirect parent
company become subject to a Bail-In Action. 

“Deposit Obligations” means all obligations, indebtedness, and liabilities of the Covered Parties, or any one of them, to any
Lender or any Affiliate of any Lender which have been designated by the Parent Borrower by written notice to the Administrative Agent as entitled to the security of the Collateral and which arise pursuant to any treasury, purchasing card, deposit,
lock box, commercial credit card, stored value card, employee credit card program, controlled disbursement, ACH transactions, return items, interstate deposit network services, dealer incentive, supplier finance or similar programs, Society for
Worldwide Interbank Financial Telecommunication transfer, cash pooling, operation foreign exchange management or cash management services or arrangements (including in connection with any automated clearing house transfers of funds or any similar
transactions between the Parent Borrower or any Subsidiary Loan Party and any Lender, Affiliate of a Lender, Issuing Bank or the Administrative Agent) entered into by such Lender or Affiliate with the Covered Parties, or any one of them, whether now
existing or hereafter arising, whether direct, indirect, related, unrelated, fixed, contingent, liquidated, unliquidated, joint, several, or joint and several, including, without limitation, the obligation, indebtedness, and liabilities of the
Covered Parties, or any one of them, to repay any credit extended in connection with such arrangements, interest thereon, and all fees, costs, and expenses (including reasonable attorneys’ fees and expenses) provided for in the
documentation executed in connection therewith. 
 “Designated Non-Cash
Consideration” means the fair market value (as determined by the Parent Borrower in good faith) of non-Cash consideration received by the Parent Borrower or a Restricted Subsidiary in connection with
a Disposition pursuant to Section 6.05(o) that is designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of the Parent Borrower, setting forth the basis of
such valuation (which amount will be reduced by the amount of cash or Permitted Investments received in connection with a subsequent sale or conversion of such Designated Non-Cash Consideration to cash or
Permitted Investments). 
 “Disclosed Matters” means all the matters disclosed in on the Schedules hereto or in the Parent Borrower’s reports to the Securities and Exchange Commission on form 10-K for the fiscal year ended December 29,
2012January 2,
 2016 or the 10-Qs for the fiscal quarters ended March 30, 2013 and June 29, 2013April 2,
2016, July 2, 2016 and
October 1, 2016. For the avoidance of doubt, the disclosure in the
Disclosed Matters shall not be deemed to include any risk factor disclosures contained under the heading “Risk Factors,” any disclosure of risks included in any “forward-looking statements” disclaimer or any other statements that
are similarly predictive or forward-looking in nature. 
 “Disposition” has the meaning set forth in
Section 6.05. The terms
“Dispose
” and
 “Disposed
 of” shall
 have the correlative meanings. 
 “Disqualified Equity
Interests” means any Equity Interest which, by its terms (or by the terms of any security or other Equity Interest into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition
(a) matures or is mandatorily redeemable, pursuant to a sinking 

  
 CREDIT AGREEMENT, Page 16 

 
fund obligations or otherwise (other than solely in exchange or Qualified Equity
Interests), (b) is redeemable at the option of the holder thereof, in whole or in
part (other than solely in exchange or Qualified Equity Interests), (c)
provides for the scheduled payments of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interest that would constitute Disqualified Equity Interests, in each case, on or prior to the
91st day following the Term B Loan Maturity Date; provided that (i) any Equity Interests that would constitute Disqualified Equity Interests solely because the holders thereof have the
right to require the Parent Borrower to repurchase such Disqualified Equity Interests upon the occurrence of a change of control or asset sale shall not constitute Disqualified Equity Interests if the terms of such Equity Interests (and all
securities into which it is convertible or for which it is ratable or exchangeable) provide that the Parent Borrower may not repurchase or redeem any such Equity Interests (and all securities into which it is convertible or for which it is ratable
or exchangeable) pursuant to such provision unless the Loan Obligations are fully satisfied simultaneously therewith and (ii) only the portion of the Equity Interests meeting one of the foregoing clauses (a) through (d) prior
to the date that is 91 days after the Term B Loan Maturity Date will be deemed to be Disqualified Equity Interests. 

“Disqualified Institution” means (i) those Persons that are competitors of the Parent Borrower or its subsidiaries, Rothsay or Vion or
and (ii) such other Persons, in each case, identified in writing to
the Administrative Agent prior to the Effective Date (in each case, together with any Person that is a
readilyreasonably identifiable solely on the basis of or by similarity of name as an Affiliate of any Person set forth in clauses (i) and (ii)); provided that the Parent Borrower, upon
reasonableat least two
(2) Business
Days’ prior
 written notice to the Administrative Agent (at the email address provided
for such updates in Section 10.01) after the Effective Date shall
be permitted to supplement in writing the list of Persons that are Disqualified Institutions to the extent such supplemented Person is either(A) a
competitor that is an operating company or,
(B) an Affiliate of any operating
companya competitor (other than an Affiliate that is a Bona Fide Debt Fund, unless such Person is otherwise a Disqualified Institution under clause (ii) above). or
(C) an Affiliate of a Person identified in clause (ii) above; provided further that (x) no such supplement shall apply retroactively to disqualify any Persons that have previously acquired an assignment or participation in the Loans
or Commitments hereunder, in each case prior to it being added to such list and (y) Disqualified Institutions shall not include any Person that the Borrower has designated as no longer being a “Disqualified Institution” by written
notice delivered to the Administrative Agent from time to time pursuant to Section 10.01. 

“Documentation Agents” has the meaning set forth in the preamble hereto, and also includes the financial institutions identified as
“Documentation
 Agents” in
 the Fourth Amendment. 
 “dollars” or “$”
refers to lawful money of the United States of America. 
 “Dollar Equivalent” means, at any date of determination,
(a) with respect to any amount denominated in dollars, such amount, and (b) with respect to any amount denominated in any currency other than dollars, the equivalent amount thereof in dollars as determined by the Administrative Agent at
such time on the basis of the Spot Rate in effect on such date for the purchase of dollars with such currency. The Dollar Equivalent at any time of the amount of any Letter of Credit, LC Disbursement or Loan denominated in an Alternative Currency
shall be the amount most recently determined as provided in Section 1.06. 
 “Domestic Loan
Party” means the Parent Borrower and each other Loan Party that is a Domestic Subsidiary. 
 “Domestic Subsidiary”
means a Subsidiary organized under the laws of a jurisdiction located in the United States of America. 

  
 CREDIT AGREEMENT, Page 17 

 “Domestic Subsidiary Loan Party” means a Loan Party that is a Domestic
Subsidiary. 
 “Dutch Borrowers” means the Dutch Parent Borrower and the Dutch Subsidiary Borrowers. 

“Dutch Civil Law” means the Dutch Civil Code (Burgerlijk Wetboek). 

“Dutch FSA” means the Financial Supervision Act (Wet op het financieel toezicht), including any regulations issued
pursuant thereto. 
 “Dutch Obligor” means any Dutch Subsidiary that is a party to a Loan Document governed by the laws of
The Netherlands providing for granting of a Lien. 
 “Dutch Parent Borrower” means Darling International NL Holdings B.V.,
a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated and existingorganized under the laws of The Netherlands. 
 “Dutch Subsidiary” means any Subsidiary
incorporated in The Netherlands. 
 “Dutch Subsidiary Borrowers” means, after the applicable
Vion Subsidiary Borrower Joinder Date, the applicable
Vion Subsidiary Borrowers formed Darling Ingredients International
Holding B.V., a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid) organized under the laws of The Netherlands
that have become party to this agreement pursuant to applicable joinder
documentation.and Darling Ingredients
International Financial Services B.V. a private company with limited liability
(besloten
vennootschap met
 beperkte
aansprakelijkheid)
 organized under the laws of The Netherlands. 

“EBITDA” means, for any period and any Person, the total of the following each calculated without duplication on a
consolidated basis for such period: 
 (a) Consolidated Net Income; plus 

(b) any provision for (or less any benefit from)
income or, franchise and similar taxes (including taxes in lieu thereof) included in determining Consolidated Net Income (including such taxes arising out of examinations (including interest and penalties));
plus 
 (c) interest expense (including the interest portion of Capital Lease Obligations) deducted in
determining Consolidated Net Income; plus 
 (d) amortization and depreciation expense deducted in determining
Consolidated Net Income; plus 
 (e) to the extent not disregarded in the calculation of Consolidated Net Income, non-cash charges, expenses or deductions;
plus 
 (f) the amount of any fee, cost, expense or reserve to the extent actually reimbursed or reimbursable
by third parties pursuant to indemnification or reimbursement provisions or similar agreements or insurance; provided that, such Person in good faith expects to receive reimbursement for such fee, cost, expense or reserve within the next four
fiscal quarters (it being understood that to the extent not actually received within such fiscal quarters, such reimbursement amounts shall be deducted in calculating EBITDA for such fiscal quarters); plus 

  
 CREDIT AGREEMENT, Page 18 

 (g) the amount of any expense or deduction associated with any subsidiary of such
Person attributable to non-controlling interests or minority interests of third parties; plus 

(h) the amount of loss on salesDispositions
 of receivables and related assets to
Parent Borrower or any Restricted Subsidiary in connection with a permitted rReceivables
financingFacility (including Dispositions to any Receivables Subsidiary) and in connection with any incentive, supplier finance or similar program entered
into in the ordinary course of business; plus 
 (i)
proceeds of business interruption insurance in an amount representing the earnings for the applicable period that such proceeds are intended to replace (whether or not received so long as such Person in good faith expects to receive the same within
the next four fiscal quarters (it being understood that to the extent not actually received within such fiscal quarters, such proceeds shall be deducted in calculating EBITDA for such fiscal quarters)).;
plus 

(j)
 earn-out obligations incurred in connection
with any acquisition or other Investment permitted pursuant to Section 6.04 and paid or accrued during such period and
on similar acquisitions and Investments completed prior to the Effective
Date. 

“EEA Financial
Institution” means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated
supervision with its parent; 
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution
Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial
Institution. 
 “Effective Date” means the date on which the
conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 10.02). 

“Effective Yield”
means, as to any Indebtedness, the effective yield on such Indebtedness in the reasonable determination of the Administrative Agent in consultation with the Parent Borrower and consistent with generally accepted financial practices, taking into
account the applicable interest rate margins, any interest rate floors (the effect of which floors shall be determined in a manner set forth in the proviso below) or similar devices, any amendment to the relevant interest rate margins and interest
rate floors prior to the applicable date of determination and all upfront or similar fees or original issue discount (converted to yield assuming the shorter of (i) the weighted average life of the applicable Indebtedness at the time such
Indebtedness was incurred and (ii) a four-year life and, in each case, without any present value discount) generally paid or payable to the providers of such Indebtedness, but excluding any arrangement, commitment, amendment, structuring and
underwriting fees paid or payable to the arranger (or its Affiliates) of such Indebtedness in their capacities as such (regardless of whether any such fees are paid to or shared in whole or part with any lender) and any other fee (including, if
applicable, ticking fees) not generally paid to all lenders ratably; provided
that with respect to any Indebtedness that includes (1) an interest rate floor greater than the interest rate floor applicable to the Term B Loans
outstanding on the Fourth Amendment Date, such increased amount shall be equated to the applicable interest rate margin for purposes of determining Effective Yield solely to the extent an increase

  
 CREDIT AGREEMENT, Page 19 

 
in the interest rate floor for such existing Term B Loans would cause an
increase in the interest rate then in effect thereunder and (2) an interest rate floor lower than the interest rate floor applicable to the Term B Loans outstanding on the Fourth Amendment Date or does not include any interest rate floor,
to the extent a reduction (or elimination) in the interest rate floor for such existing Term B Loans would cause a reduction in the interest rate then in effect thereunder, an amount equal to the difference between the interest rate floor
applicable to such Term B Loans and the interest rate floor applicable to such Indebtedness (which
shall be deemed to equal
0% for any Indebtedness without any interest rate floor), shall reduce the applicable interest rate margin of the applicable
Indebtedness for purposes of determining Effective Yield. 
 “Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 10.04(b) (subject to receipt of such consents, if any, as may be required for the assignment of the applicable Loans and/or
Commitments to such Person under Section
10.04(b)(i
) and (ii)); provided that in any event, “Eligible
Assignee” shall not include (i) any natural person
or, (ii) any Defaulting Lender,
(iii) subject to the terms of Section 10.04(f), any Disqualified
Institution or
(iv) except as set forth in Section 10.04(e),
the Parent Borrower or its
Subsidiaries. 

“EMU Legislation” means the legislative measures of the European Union relating to Economic and Monetary Union. 

“Environmental Laws” means all laws (including common law), rules, regulations, codes, ordinances, orders, decrees,
judgments, injunctions, notices, binding agreements or other legally enforceable requirements issued, promulgated or entered into by any Governmental Authority, regulating, relating in any way to or imposing standards of conduct concerning the
environment, preservation or reclamation of natural resources or health and safety as it relates to environmental protection. 

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

 “Equity Accretive Investment” has the meaning set forth in Section 6.04(l). 

“Equity Interests” means shares of the capital stock, partnership interests, membership interest in a limited liability
company, beneficial interests in a trust or other equity interests or any warrants, options or other rights to acquire such interests but excluding any debt securities convertible into such Equity Interests. 

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

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Parent Borrower, is
treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” means (a) any Reportable Event; (b) the existence with respect to any Plan of a non-exempt Prohibited Transaction; (c) any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to

  
 CREDIT AGREEMENT, Page 20 

 
such Pension Plan, whether or not waived; (d) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with
respect to any Pension Plan, the failure to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or the failure by any Loan Party or any of its ERISA Affiliates to make any required
contribution to a Multiemployer Plan; (e) the incurrence by any Loan Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Pension Plan, including but not limited to the imposition
of any Lien in favor of the PBGC or any Pension Plan; (f) a determination that any Pension Plan is, or is reasonably expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of
ERISA); (g) the receipt by any Loan Party or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan under
Section 4042 of ERISA; (h) the incurrence by any Loan Party or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Pension Plan or Multiemployer Plan; (i) the failure by any Loan
Party or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan pursuant to Sections 431 or 432 of the Code; (j) the receipt by any Loan Party or any of its ERISA Affiliates of any notice, or the receipt by any
Multiemployer Plan from a Loan Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent, in Reorganization or in endangered or
critical status (within the meaning of Section 432 of the Code or Section 305 of ERISA) or (k) with respect to any Foreign Benefit Plan, (A) the failure to make or remit any employer or employee contributions required by
applicable law or by the terms of such Foreign Benefit Plan; (B) the failure to register or loss of registration in good standing with applicable regulatory authorities of any such Foreign Benefit Plan required to be registered; or (C) the
failure of such Foreign Benefit Plan to comply with any material provisions of applicable law or regulations or with the material terms of such Foreign Benefit Plan. 

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

 “Euro” or “€ ” means the single currency of the Participating Member States introduced
in accordance with the EMU Legislation. 
 “Euro Swingline Rate” shall mean, the interest rate per annum
(rounded upwards, if necessary, to the next 1/16100th of 1.0%) at which overnight deposits in an amount approximately equal to the amount with respect to which such rate is being determined, would be
offered for such day by a branch or affiliate of the Administrative Agent in the London interbank market for Euro to major banks in the London interbank market. 

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate but does not include any Loan or Borrowing bearing interest at a rate determined by reference to clause (c) of the definition of the term
“Alternative Base Rate”. 
 “Event of Default” has the meaning set forth in
Section 8.01. 
 “Excess Cash Flow” means, for any period, the sum (without duplication) of:
(a) EBITDA of the Parent Borrower and the Restricted Subsidiaries; minus (b) the sum of the following: (i) cash interest expense added in determining such EBITDA; (ii) cash taxes added in determining such EBITDA;
(iii) the principal portion of required and voluntary repayments of Indebtedness (other than voluntary repayments on the Loans); (iv) the un-financed portion of all Capital Expenditures; (v) the un-financed cash portion of any Investments permitted by Section 6.04 (other than Investments in cash and Permitted Investments or in the Parent Borrower or any Restricted Subsidiary of the
Parent Borrower); (vi) all Restricted Payments 

  
 CREDIT AGREEMENT, Page 21 

 
made under the permissions of Section 6.08 (other than clause (ii) thereof to the extent paid to the Parent Borrower or one of its Restricted Subsidiaries);
(vii) cash expenditures made in respect of Swap Agreements to the extent not reflected as a subtraction in the computation of Consolidated Net Income or EBITDA (or, in either case, to the extent added thereto); (viii) cash payments by the Parent
Borrower and its Restricted Subsidiaries during such period in respect of long-term liabilities of the Parent Borrower and its Restricted Subsidiaries other than Indebtedness; (ix) the aggregate amount of expenditures actually made by the
Parent Borrower and its Restricted Subsidiaries in cash during such period (including expenditures for the payment of financing fees and pension contributions) to the extent that such expenditures are not expensed or deducted (or exceed the amount
expensed or deducted) during such period; (x) the amount of cash taxes paid in such period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such period; and (xi) an amount equal to all
expenses, charges and losses either (A) excluded in calculating Consolidated Net Income or (B) added back in calculating Consolidated Adjusted EBITDA, in each case, to the extent paid or payable in cash. Expenditures shall be considered ““un-financed””
 for purposes of this definition unless paid with the proceeds of long-term Indebtedness (other than revolving facilities including the Revolving Loans). Any amounts subtracted from EBITDA
pursuant to clauses (b)(v) or (b)(vii) above shall be net of any return of capital in respect such Investments or net of any payments received under any Swap Agreements, in each case, to the extent not reflected in EBITDA. Any amounts
subtracted from EBITDA pursuant to clause (b)(ix) above shall be added to EBITDA for the purposes of this Excess Cash Flow definition in the period when such expenditures are expensed (if expensed). 

“Excluded Subsidiary” means (i) any Subsidiary that is not a wholly-owned Subsidiary, (ii) any Foreign Subsidiary
other than, from and after the Canadian Borrower Joinder Date, Foreign Subsidiaries incorporated in Canada or any province thereof, and from and after the
Vion Acquisition Closing Date, Foreign Subsidiaries incorporated in Belgium, Brazil, Canada, Germany and The Netherlands and any other jurisdictions designated by the Parent Borrower (“Specified Foreign Subsidiaries”), in each case subject to the other exclusions
set forth in this definition, (iii) any Unrestricted Subsidiary, (iv) any subsidiary that is prohibited by applicable law, regulation or Contractual Obligation from entering into (and providing the guarantees pursuant to) the Guaranty
Agreement (including if it is not within the legal capacity of such Loan Party to do so (whether as a result of financial assistance, corporate benefit, works council advice or thin capitalization rule or otherwise)) or that would require the
consent, approval, license or authorization of a Governmental Authority in order to enter into (and provide the guarantees pursuant to) the Guaranty Agreement, (v) any Domestic Subsidiary if substantially all of its assets consist of the debt
or Equity Interests of one or more direct or indirect Foreign Subsidiaries (provided that from and after the Vion Acquisition Closing Date, such Domestic
Subsidiaries shall be required (subject to the other exceptions herein) to Guarantee the Foreign Obligations, unless and until a United States Governmental Authority issues guidance treating any such Guarantee as an obligation of a United States
person subject to Section 956 of the Code, in which event any such guarantee shall be void ab initio and have no effect to the fullest extent provided by law) (vi) not-for-profit Subsidiaries, (vii) captive insurance Subsidiaries, (viii) any Immaterial Subsidiary, (ix) direct or indirect Domestic Subsidiaries of any Foreign Subsidiary as of the Vion Acquisition Closing Date and (x),
(x) any Receivables Subsidiary and (xi) any Subsidiary to the
extent that the burden, difficulty, consequence or cost of entering into (and providing the guarantees pursuant to) the applicable Guaranty Agreement outweighs the benefit afforded thereby as reasonably determined by the Administrative Agent and the
Parent Borrower; provided, that notwithstanding anything to the contrary contained in this Agreement, no Subsidiary shall be an “Excluded Subsidiary” if such Subsidiary enters into, or is required to enter into, a guarantee of (or
becomes, or is required to become, a borrower or other obligor under) any obligations of the Parent Borrower or any Domestic Subsidiary thereof under any New Senior Unsecured Notes, Pari Passu Notes, Incremental Equivalent Debt, Refinancing Notes or
any Refinancing Junior Loans or any Permitted Refinancing of any such New Senior Unsecured Notes, Pari Passu Notes, Incremental Equivalent Debt, Refinancing Notes or any Refinancing Junior Loans, in each case, to the extent then outstanding.

  
 CREDIT AGREEMENT, Page 22 

 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender,
the Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Loan Parties hereunder, (a) income, franchise or similar taxes (including German trade taxes) imposed on (or measured by) its net income
by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in which it is doing business, or in which it had a present or former connection (other than
such connection arising solely from any Secured Party having executed, delivered, or performed its obligations or received a payment under, or enforced, any Loan Document) or, in the case of any Lender, in which its applicable lending office is
located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which a Borrower is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a
request by a Borrower under Section 2.19(b)), any United States withholding tax that is imposed on amounts payable to such Foreign Lender (including as a result of FATCA) at the time such Foreign Lender becomes a party to this Agreement (or
designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 2.17(f), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a
new lending office (or assignment), to receive additional amounts from a Borrower with respect to such withholding tax pursuant to Section 2.17(a), (d) in the case of a non-Foreign Lender (other than an
assignee pursuant to a request by a Borrower under Section 2.19(b)), any United States backup withholding tax that is imposed on accounts payable to such non-Foreign Lender at the time such non-Foreign Lender becomes a party to this Agreement, (e) any amounts paid or payable on “outstanding debts to specified non-residents” as defined in subsection
18(5) of the Income Tax Act (Canada) which are recharacterized as a dividend under the provisions of the Income Tax Act (Canada), (f) Taxes under the laws of The Netherlands to the extent such Tax becomes payable as a result of a Lender or the
Administrative Agent having a substantial interest (aanmerkelijk belang) in a Dutch Borrower as laid down in The Netherlands Income Tax Act 2001 (Wet inkomsten belasting) and (g) all liabilities, penalties and interest with
respect to any of the foregoing excluded taxes. 
 “Existing Credit Agreement” has the meaning set forth in the preamble
hereto. 
 “Expiration Date” means the later of
(a) December 31, 2013 and (b) the date the “End Date” (as defined in the Rothsay Acquisition Agreement) is extended to in accordance with Section 10.4(a) of the Rothsay Acquisition Agreement, provided such date in this
clause (b) shall not extend beyond February 28, 2014. 

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

“Federal Funds Effective Rate” means, for any day, the
weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on
overnightrate calculated by the NYFRB based on such
day’s

Ffederal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, asby depositary institutions (as determined in such manner
as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding Business Day by the
Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100
of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by
it.NYFRB
 as the federal funds effective rate; provided that, if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Financial Covenant Event of Default” has the meaning set forth in Section 8.01(d). 

  
 CREDIT AGREEMENT, Page 23 

 “Financial Covenants” means the
covenants set forth in Sections 7.01,
and
7.02 and 7.03. 
 “Financial Officer” means the chief financial officer,
executive vice president of finance and administration, principal accounting officer, treasurer or controller of, unless otherwise noted, the Parent Borrower (or any other officer acting in substantially the same capacity of the foregoing). 

“First Lien Leverage
Ratio” means, as of any date of determination, the ratio of (a) Total Indebtedness secured by a Lien which is on at least an equal priority basis (but without regard to the control of remedies) with the Liens securing the Credit Facilities
outstanding on the Fourth Amendment Date minus (i) all obligations, contingent or otherwise, of such Person as an account party in respect of the undrawn face amount of letters of credit, bankers acceptances or similar instruments (including
the Letters of Credit) outstanding as of such date and (ii) any such obligations described in clause (a)(i) which have been drawn and reimbursed within three (3) Business Days to (b) Adjusted EBITDA for the four fiscal quarter period
most recently ended. 

“Fixed Amounts”
has the meaning set forth in Section 1.10(g). 
 “Foreign Benefit
Plan” means each employee benefit plan (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to United States law and is sponsored, maintained or contributed to by any Loan Party or any
ERISA Affiliate. 
 “Foreign Borrower” means a Borrower that is not organized under the laws of a jurisdiction located in
the United States of America. 
 “Foreign Collateral Reallocation” has the meaning set forth in Section 5.10(b).

 “Foreign Currency Letter of Credit” means any Letter of Credit denominated in an Alternative Currency. 

“Foreign Deposit Obligations” means all Deposit Obligations to the extent the applicable Covered Party is a Foreign
Subsidiary. 
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than the United
States of America, any State thereof or the District of Columbia. 
 “Foreign Loan Party Obligations” means all
obligations, indebtedness, and liabilities of the Foreign Subsidiary Loan Parties, or any one of them, to the Administrative Agent and the Lenders arising pursuant to any of the Loan Documents or under any Ancillary Facilities Document, whether now
existing or hereafter arising, whether direct, indirect, related, unrelated, fixed, contingent, liquidated, unliquidated, joint, several, or joint and several, including, without limitation, the obligation of the Foreign Subsidiary Loan Parties to
repay the Foreign Borrowers’ Loans, LC Disbursements and loans and other disbursements under any Ancillary Facility Document, interest on such Loans, LC Disbursements and loans and other disbursements under any Ancillary Facility Document, and
all fees, costs, and expenses (including reasonable attorneys’ fees and expenses) arising therefrom and provided for in the Loan Documents or under any Ancillary Facilities Document. 

“Foreign Obligations” means the Foreign Loan Party Obligations, Foreign Swap Obligations and Foreign Deposit Obligations.

 “Foreign Security Agreement” means each security, pledge or similar agreement pursuant to which the applicable Foreign
Subsidiary Loan Party grants a Lien on any of its assets to secure the 

  
 CREDIT AGREEMENT, Page 24 

 
Foreign Loan Party Obligations (or if applicable in the case of Foreign Subsidiaries incorporated in Canada or a province of Canada, the Obligations), in form and substance reasonably acceptable
to the Administrative Agent. 
 “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

“Foreign Subsidiary Loan Party” means any Foreign Subsidiary that is a Subsidiary Loan Party. 

“Foreign Swap Obligations” means all Swap Obligations to the extent the applicable Covered Party is a Foreign Subsidiary.

 “Fourth
Amendment” means that certain Fourth Amendment to the Second Amended
and Restated Credit Agreement, among the Loan Parties, the Administrative Agent and the Lenders party thereto, dated
December 16, 2016. 
 “Fourth Amendment Date” means December 16, 2016. 

“GAAP” means generally accepted accounting principles in the United States of America. 

“German Subsidiary Borrower” means VionDarling Ingredients Germany Holding GmbH, a limited liability company organized under the laws of Germany.

 “Governmental Authority” means the government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Group” means the Parent Borrower or any Restricted Subsidiary. 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation (including any obligations under an operating lease) of any other Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or
supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation (including any obligations under an
operating lease) of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit
in the ordinary course of business. 
 “Guaranty Agreement” means (i) in the case of the Parent Borrower and any
Domestic Subsidiary Loan Party, the guaranty agreement of the Loan Parties in respect of the Obligations (and/or the Foreign Obligations as set forth therein) in the form of Exhibit B hereto and (ii) in the case of any Foreign
Subsidiary Loan Party, a guaranty agreement in a form substantially similar to Exhibit B giving effect to the Agreed Security Principles. 

“Hazardous Materials” means any material, substance or waste regulated pursuant to or that could give rise to liability
under, or classified, characterized or regulated as “hazardous,” “toxic,” “radioactive” or a “pollutant” or contaminant under, Environmental Laws, including petroleum or petroleum distillates, asbestos or
asbestos containing materials, polychlorinated biphenyls, and infectious or medical wastes. 

  
 CREDIT AGREEMENT, Page 25 

 “Immaterial Subsidiary” means, any Restricted Subsidiary of the Parent Borrower designated by, the EBITDA of which for the 4 fiscal
quarter period ended most recently, shall not exceed 5% of the EBITDA of the Parent Borrower pursuant to written notice
provided to the Administrative Agent as an “Immaterial Subsidiary”and
 its Subsidiaries taken as a whole; provided the EBITDA of the
Immaterial Subsidiaries, individually or collectively, for the 4 fiscal quarter period ended most recently prior to suchany date
of determination shall not exceed 5% of the EBITDA of the Parent Borrower
and its Subsidiaries taken as a whole. As of the Effective Date, Bio-Energy Products LLC, a Delaware limited liability company, has been designated as an Immaterial Subsidiary. 

“Increased Amount Date” has the meaning set forth in Section 2.20(a). 

“Incremental Amount” means, at any time, 

(ia
) $600,000,000300,000,000 (the
“Fixed Incremental Amount”) plus 

(iib)
additionalunlimited amounts if, after giving effect to the incurrence of any Incremental Facilities (which for this purpose will be deemed to include the full amount of any Incremental Revolving Facility assuming the full amount of
such increase had been drawn and/or the full amount of such facility was drawn), the Parent Borrower is in compliance, on a Pro Forma Basis, with a Secured Leverage Ratio of not more than 3.00 to 1.00 as of the end of
the most recent fiscal quarter for which financial statements were required to be delivered under Section 5.01(a) or (b); provided that for purposes of clause
(ii), if the proceeds of the relevant Incremental Facility will be applied to finance a Permitted Acquisition, compliance with the Secured Leverage Ratio will be determined as of the date of the execution of the definitive agreement
with respect thereto to the extent the closing of such Permitted Acquisition is no more than 180 days from such date of execution, it being understood that to the extent such closing is more than 180 days after the date of such execution, such
compliance will be calculated as of the date the applicable Indebtedness is incurred (the determination method set forth in this proviso as it relates to compliance with an particular incurrence test set forth in this Agreement for the purposes of
transactions relating to making a Permitted Acquisition, the “Permitted Acquisition Determination
Method”).(i) if such Incremental Facility or Incremental Equivalent Debt is secured by a Lien that is
pari passu with the Lien on the Collateral securing the Credit Facilities outstanding on the Fourth Amendment Date, the First Lien Leverage Ratio does not exceed 4.00:1.00, (ii) if such Incremental Facility or Incremental Equivalent Debt is secured
by a Lien that is junior to the Lien on the Collateral securing the Credit Facilities outstanding on the Fourth Amendment Date, the Secured Leverage Ratio does not exceed 4.00:1.00 and (iii) if such Incremental Facility or Incremental
Equivalent Debt is unsecured, the Total Leverage Ratio does not exceed 5.50:1.00 (the “Ratio-Based Incremental Amount”) plus 

(c)(i) the amount of any optional prepayment of any Term Loan in accordance with Section 2.11(a)
and/or the amount of any permanent reduction of any Revolving Commitment (and any other commitment established hereunder after the Fourth Amendment Date, other than a permanent reduction as the result of the funding of such commitment), (ii) the
amount paid in cash in respect of any reduction in the outstanding amount of any Term Loan resulting from any assignment of such Term Loan to (and/or purchase of such Term Loan by) the Parent Borrower or any Restricted Subsidiary so long as the
relevant prepayment or assignment and/or purchase was not funded with the proceeds of any long-term Indebtedness (other than revolving Indebtedness) incurred by the Parent Borrower or its Restricted Subsidiaries and (iii) in the case of any
Incremental Facility that effectively replaces any Revolving Commitment (and any other commitment established hereunder after the Fourth Amendment Date, prior to the funding of such commitment) terminated or any Term Loan repaid pursuant to
Section 2.19, an amount equal to the relevant terminated Revolving Commitment or such other commitment or Term Loans so prepaid; 

  
 CREDIT AGREEMENT, Page 26 

it being understood and agreed that unless
the Parent Borrower otherwise notifies the Administrative Agent (w) the Parent Borrower shall be deemed to have used amounts under clause (c) prior to utilization of amounts under clause (a) or (b), (x) if all or any portion of the
Incremental Facility and/or Incremental Equivalent Debt would be permitted under clause (b) of this definition on the applicable date of determination, such Incremental Facility and/or Incremental Equivalent Debt shall be deemed to have been
incurred in reliance on clause (b) of this definition prior to the utilization of any amount available under clause (a) and (y) amounts may be incurred under both clauses (a) and (b), and proceeds from any such incurrence may be
utilized in a single transaction by first calculating the incurrence under clause (b) above and then calculating the incurrence under clause (a) above. 

For the avoidance of doubt, the amount in
clauses (ia) and (c) above shall be reduced by the aggregate amount of all Incremental
Term Loans made plus all Incremental Revolving Commitments established prior to such time pursuant to Section 2.20(a) and any Indebtedness incurred under Section 6.01(bb), in each case in reliance on such clause (ia)
 or (c), as applicable. 

“Incremental Assumption Agreement” means an Incremental Assumption Agreement in form and substance reasonably satisfactory to
the Administrative Agent and the Parent Borrower, among the applicable
Borrowers(s), the Administrative Agent and one or more Incremental Term Lenders and/or Incremental
Revolving Lenders. 
 “Incremental Equivalent Debt” has the meaning set forth in Section 6.01(bb). 

“Incremental Facility” means any facility established by the Lenders pursuant to Section 2.20. 

“Incremental Facility Activation Notice” means a notice substantially in the form of Exhibit E. 

“Incremental Loans” has the meaning set forth in Section 2.20(a).
 
 “Incremental Revolving Commitment” means the Revolving Commitment, or
if applicable, additional revolving commitments under this Agreement, of any Lender, established pursuant to Section 2.20, to make Incremental Revolving Loans (and other revolving credit exposure available) to a Borrower.

 “Incremental
Revolving Facility” has the meaning set forth in Section 2.20(a) 

“Incremental Revolving Lender” means a Lender with an Incremental Revolving Commitment or an outstanding Incremental
Revolving Loan. 
 “Incremental Revolving Loans” means the Revolving Loans made by one or more Lenders to a Borrower
pursuant to Section 2.20. 

“Incremental Term
Facility” has the meaning set forth in Section 2.20(a). 

“Incremental Term Lender” means each Lender which holds an Incremental Term Loan. 

“Incremental Term Loans” means the Term Loans made by one or more Lenders to a Borrower pursuant to
Section 2.20. 

  
 CREDIT AGREEMENT, Page 27 

“Incurrence-Based
Amounts” has the meaning set forth in Section 1.10(g). 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money;
(b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person (other than customary reservations or retention of title under agreements with suppliers in the ordinary course of business); (d) all obligations of such Person in respect of the deferred purchase price of property (excluding
(i) accrued expenses, trade payables or similar obligations, (ii) earn-out or similar obligations until such obligation becomes a
liability on the balance sheet (other than footnotes thereto) in accordance with GAAP and is not paid within thirty (30) days of the date when due and (iii) in connection with purchase price hold-backs in the ordinary course of
business) which purchase price is due more than six months after the date of placing such property in service or taking delivery of title thereto; (e) all Indebtedness of others secured by
any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed; provided that the amount of such Indebtedness will be the lesser of (i) the fair market value of such asset as
determined by such Person in good faith on the date of determination and (ii) the amount of such Indebtedness of other Persons; (f) all Capital Lease Obligations of such Person; (g) all obligations, contingent or otherwise, of such
Person as an account party relative to the face amount in respect of
letters of credit, bankers’ acceptances or other similar instruments; (h) all obligations of such Person in respect of mandatory redemption or cash mandatory dividend rights on Disqualified Equity Interests; (i) all obligations of
such Person under any Swap Agreement; and (j) all Guarantees by such Person in respect of the foregoing clauses (a) through (i). The Indebtedness of any Person shall include the Indebtedness of any other
entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms
of such Indebtedness provide that such Person is not liable therefor. The amount of the obligations of the Parent Borrower or any
SubsidiaryPerson in respect of any Swap Agreement shall, at any time of determination and for all purposes under this Agreement, be the maximum aggregate amount (giving effect to any netting agreements) that the Parent Borrower or such Subsidiaryany
Person would be required to pay if such Swap Agreement were terminated at such time giving effect to current market conditions notwithstanding any contrary treatment in accordance with GAAP. For
purposes of clarity and avoidance of doubt, (i) any joint and several
tax liabilities arising by operation of consolidated return, fiscal unity or similar provisions of applicable law shall not constitute Indebtedness for purposes
hereof.
and (ii) obligations which would otherwise constitute Indebtedness but which have been cash collateralized or amounts for
the repayment thereof placed in escrow or otherwise deposited in defeasance or discharge of such obligations shall not constitute Indebtedness to the extent of such cash collateral or amounts escrowed or otherwise deposited in defeasance or
discharge thereof. 
 “Indemnified Taxes” means Taxes other
than Excluded Taxes. 
 “Information Memorandum” means the Confidential
Information Memorandum dated September 2013 relating to the Parent Borrower and the
Transactions. 
 “Insolvent” with respect to any Multiemployer Plan, means the condition that such Plan is
insolvent within the meaning of Section 4245 of ERISA. 
 “Interest Charges” means for any period, the sum of the
following for the Parent Borrower and the Restricted Subsidiaries calculated on a consolidated basis in accordance with GAAP without duplication for such period: (a) the aggregate amount of interest, including payments in the nature of interest
under Capital Lease Obligations, paid in cash but excluding (i) any non-cash interest
expense attributable to the movement in the mark to market valuation of Swap Agreements or other derivative 

  
 CREDIT AGREEMENT, Page 28 

 
instruments pursuant to GAAP, amortization of deferred financing fees,
debt issuance costs, commissions, fees and expenses, (ii) any expensing of bridge, commitment and other financing fees, (iii) costs in connection with the Original Transactions and the Transactions and any annual administrative or other
agency fees and (iv) any discount, yield and/or interest component in respect of (A) any Receivables Facility (or portion thereof) representing an aggregate principal amount of obligations of $75,000,000 or less and/or (B) any
incentive, supplier finance or similar program entered into in the ordinary course of business; plus (b) on a pro forma basis calculated in the manner described in Section 1.10, the Interest Charges pursuant
to clause (a) above of each Prior Target (or, as applicable, the Interest Charges pursuant to clause (a) above of a Prior Target specifically attributable to the assets acquired from such Prior Target and continuing after
such acquisition), with pro forma adjustment thereto to reflect the incurrence of any additional or replacement Indebtedness in connection with the acquisition of such Prior Target or assets (determined at the prevailing interest rate on such
Indebtedness on the date incurred) and the payment of any Indebtedness of such Prior Target in connection with such acquisition, for any portion of such period occurring prior to the date of the acquisition of such Prior Target (or the related
assets, as the case may be); minus (c) the Interest Charges of each Prior Company pursuant to clause (a) above and, as applicable but without duplication, the Interest Charges pursuant to clause (a) above of the
Parent Borrower and each Restricted Subsidiary specifically attributable to all Prior Assets, with pro forma adjustment thereto to reflect the assumption, repayment or retirement of Indebtedness of the Parent Borrower or its Restricted Subsidiaries
in connection with the disposal of such Prior Company or Prior Assets, in each case for any portion of such period occurring prior to the date of the disposal of such Prior Companies or Prior Assets; provided that for the purposes of determining the Interest Coverage Ratio for the periods ending on the last day of each of the first, second and third fiscal
quarters following the Effective Date, Interest Charges for the relevant period shall be deemed to equal Interest Charges for such fiscal quarter (and, in the case of the latter two such determinations, for such fiscal quarter and each previous fiscal quarter ending after the Effective Date) multiplied by 4, 2 and 4/3, respectively.and calculated in the manner described in Section 1.10. 

“Interest Coverage Ratio” means, as of the end of any fiscal quarter, the ratio of: 

(a) Adjusted EBITDA for Parent Borrower and the Restricted Subsidiaries calculated on a consolidated basis in accordance with
GAAP for the period of four (4) consecutive fiscal quarters then ended, to 
 (b) Interest Charges for the period of
four (4) consecutive fiscal quarters then ended. 
 “Interest Election Request” means a request by the applicable
Borrower to convert or continue a Revolving Borrowing or Term Borrowing in accordance with Section 2.07. 

“Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each
March, June, September and December, (b) with respect to any Eurodollar Loan or CDOR Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing or CDOR Rate
Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, and (c) with
respect to any Swingline Loan, the day that such Loan is required to be repaid. 
 “Interest Period” means with respect to
any Eurodollar Borrowing or CDOR Rate Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the applicable Borrower
may elect or twelve months if requested by the applicable Borrower and available to from all applicable Lenders, provided, that (a) if any Interest Period would end on a day other than a Business Day, such Interest

  
 CREDIT AGREEMENT, Page 29 

 
Period shall be extended to the next succeeding Business Day unless, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end
on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing. 
 “Interpolated Rate” has the meaning set forth in the definition of
“LIBO Rate”. 
 “Investment” has the meaning set forth in Section 6.04. 

“Issuing Bank” means JPMorgan Chase Bank, N.A., and, with respect to any Letters of Credit described on Schedule 1.01
and outstanding on the Effective Date, PNC Bank, N.A., Comerica Bank, TD Bank, N.A., each in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.05(i). The Issuing Bank may,
in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank and the Borrowers may, in their discretion, arrange for one or more Letters of Credit to be issued by one or more of the other Revolving
Lenders. In the event an Affiliate or other Revolving Lender issues a Letter of Credit hereunder under the terms of the foregoing sentence, the term “Issuing Bank” shall include any such Affiliate or Revolving Lender with respect to
Letters of Credit issued by such Affiliate or Revolving Lender, as applicable. 

“Judgment
Currency” has the meaning set forth in Section
1.06(h). 

“Latest Maturity Date” means, as of any date of determination, the latest maturity or expiration date applicable to any Loan
or commitment hereunder at such time, including the latest maturity or expiration date of any then existing Term Loan, Incremental Term Loan, Revolving Commitment, Incremental Revolving Commitment, Refinancing Note or Refinancing Junior Loan. 

“LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the Dollar Equivalent of the aggregate undrawn amount of all
outstanding Letters of Credit at such time plus (b) the Dollar Equivalent of the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers at such time. The LC Exposure of any Revolving Lender
at any time shall be its Applicable Percentage (or in the case of Letters of Credit denominated in an Alternative Currency, USD/Multicurrency Applicable Percentage) of the total LC Exposure at such time. 

“LC Reserve Account” has the meaning set forth in Section 11.02(a). 

“LCA Election” has
the meaning set forth in Section 1.10(c). 
 “LCA Test Time” has the meaning set forth in Section 1.10(c). 

“Lenders” means (a) for all purposes, the Persons listed on Schedule 2.01 and any other Person that shall have
become a party hereto pursuant to an Incremental Assumption Agreement or an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise and (b) for purposes of the
definitions of “Swap Obligations”, “Deposit Obligations” and “Secured Parties” only, shall include any Person who was a Lender or an Affiliate of a Lender at the time a Swap Agreement or Deposit Obligation was entered
into by one or more of the Covered Parties, even though, at a later time of determination, such Person no longer holds 

  
 CREDIT AGREEMENT, Page 30 

 
any Commitments or Loans hereunder. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender. As a result of clause (b) of this definition,
the Swap Obligations and Deposit Obligations owed to a Lender or its Affiliates shall continue to be “Swap Obligations” and “Deposit Obligations”, respectively, entitled to share in the benefits of the Collateral as herein
provided, even though such Lender ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise. 
 “Letter of
Credit” means any letter of credit issued pursuant to this Agreement and any letter of credit described on Schedule 1.01 and outstanding on the Effective Date. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, (i) to the extent denominated in
dollars, the London interbank offered rate as administered by the British Bankers Association (or any other Person that takes over the administration of such rate) for dollars for a period equal in length to such Interest Period as displayed on
pages LIBOR01 or LIBOR02 of the Reuters Screen, (ii) to the extent denominated in Euro, the euro interbank offered rate administered by the Banking Federation of the European Union (or any other person which takes over the administration of
that rate) for the relevant period displayed on page EURIBOR01 of the Reuters screen and (iii) to the extent denominated in any Alternative Currency (other than Canadian Dollars), the London interbank offered rate as administered by the British
Bankers Association (or any other Person that takes over the administration of such rate) for such currency for a period equal in length to such Interest Period as displayed on the applicable Reuters Screen; (or, in the event such rate does not
appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative
Agent in its reasonable discretion; in each case, the “Screen Rate”) at approximately 11:00 A.M., London time, two
(2) Business Days prior to the commencement of such Interest Period (or, with respect to Borrowings in Sterling, on the first Business Day of such Interest Period); provided, that, if the Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) with respect to the applicable currency, then the LIBO Rate
shall be the Interpolated Rate at such time. “Interpolated Rate” means, at any time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal
to the rate that results from interpolating on a linear basis between: (a) the Screen Rate for the longest period (for which that Screen Rate is available in the applicable currency) that is shorter than the Impacted Interest Period and
(b) the Screen Rate for the shortest period (for which that Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time; provided that if the LIBO Rate (or any Interpolated Rate) is less than zero, such rate shall be deemed zero for purposes of this Agreement; provided
further that solely with respect to Term B Loans the LIBO Rate shall not be less than 0.75%. 

“Lien” means any mortgage, pledge, security interest, encumbrance, hypothecation, lien or charge of any kind in the nature of
security (including any conditional sale agreement, title retention agreement or lease in the nature thereof); provided that in no event shall an operating lease be deemed to constitute a Lien. 

“Limited Condition
Acquisition” means any acquisition or similar Investment permitted pursuant to this Agreement the consummation of which is not conditioned on the availability of, or on obtaining, third party financing, other than any acquisition of, or similar
Investment in, any Unrestricted Subsidiary. 
 “Loan Documents”
means this Agreement, the Guaranty Agreement, the U.S. Security Agreement, the Canadian Security Agreement, any promissory note delivered pursuant to Section 2.09(e) and any other document or instrument designated by the Parent Borrower and
the Administrative Agent as a “Loan Document”. 

  
 CREDIT AGREEMENT, Page 31 

 “Loan Obligations” means all obligations, indebtedness, and liabilities of the
Loan Parties, or any one of them, to the Administrative Agent and the Lenders arising pursuant to any of the Loan Documents or under any Ancillary Facility Document, whether now existing or hereafter arising, whether direct, indirect, related,
unrelated, fixed, contingent, liquidated, unliquidated, joint, several, or joint and several, including, without limitation, the obligation of the Loan Parties to repay the Loans, the LC Disbursements and loans and other disbursements under any
Ancillary Facility Document, interest on the Loans, LC Disbursements and loans and other disbursements under any Ancillary Facility Document, and all fees, costs, and expenses (including reasonable attorneys’ fees and expenses) provided for in
the Loan Documents or under any Ancillary Facility Document. 
 “Loan Parties” means, collectively, the Borrowers and the
Subsidiary Loan Parties. 
 “Loans” means the loans made by the Lenders to the Borrowers pursuant to this Agreement. 

“Local Time” means, with respect to any extensions of credit hereunder denominated in dollars, Chicago time, with respect to
any extensions of credit hereunder denominated in Canadian Dollars, Toronto time, with respect to any extensions of credit hereunder denominated in Euro, London time and with respect to any extensions of credit hereunder denominated in any other
Alternative Currency, as agreed by the Administrative Agent and the Parent Borrower. 
 “Long
Stop Date” means the earliest of (a) the date that is six months after October 5, 2013, (b) the date of the closing of the Vion Acquisition without the use of the Term B Facility and (c) the Parent Borrower’s
termination, or the due and valid termination by the Vion Seller or Vion, of the Vion Acquisition Agreement. 

“Material Adverse Effect” means a material and adverse effect on (a) the business, assets, property, financial condition
or results of operations of the Parent Borrower and the Restricted Subsidiaries, taken as a whole, (b) the validity or enforceability of any of the Loan Documents or (c) the rights of or remedies available to the Administrative Agent or
any of the Lenders under any Loan Document. 
 “Material Indebtedness” means Indebtedness (other than the Loans and Letters
of Credit but including, without limitation, obligations in respect of one or more Swap Agreements) of any one or more of the Parent Borrower and the Restricted Subsidiaries
inwith an aggregate outstanding principal
amount (or termination value payable by the Parent Borrower or any Restricted Subsidiary) exceeding
$65,000,00075,000,000. 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor
to the rating agency business thereof. 
 “Multicurrency LC Exposure” means, at any time, the sum of (a) the Dollar
Equivalent of the aggregate undrawn amount of all outstanding Letters of Credit denominated in Alternative Currencies at such time plus (b) the Dollar Equivalent of the aggregate amount of all LC Disbursements in respect of such Letters of
Credit denominated in Alternative Currencies that have not yet been reimbursed by
or on behalf of any of the Borrowers at such time. The Multicurrency LC Exposure of any Revolving Lender at any time shall be its USD/Multicurrency Applicable Percentage of the total Multicurrency LC Exposure at such time. 

“Multicurrency Revolving Exposure” means, at any time, the sum of (a) the Dollar Equivalent of the principal amount of
the Multicurrency Revolving Loans outstanding at such time, (b) the Multicurrency LC Exposure outstanding at such time and (c) the Dollar Equivalent of the principal amount of the Swingline Loans denominated in Canadian Dollars and/or Euro
outstanding at such time. 

  
 CREDIT AGREEMENT, Page 32 

 “Multicurrency Revolving Loans” means the revolving loans denominated in Alternative Currencies made by Lenders holding USD/Multicurrency Revolving Commitments under Section 2.01.

 “Multicurrency Revolving Sublimit” means
$350,000,000500,000,000
. 
 “Multiemployer Plan” means a multiemployer plan as defined
in Section 4001(a)(3) of ERISA. 
 “Net Proceeds” means, with respect to any Prepayment Event (or, for purposes of the
Available Amount, the issuance of Equity Interests) (a) the cash proceeds received in respect of such event including (i) any cash received in respect of any non-cash proceeds, but only as and when
received, (ii) in the case of a casualty, insurance proceeds, and (iii) in the case of a condemnation or similar event, condemnation awards and similar payments, net of (b) the sum of (i) all fees and out-of-pocket expenses (including underwriting discounts, investment banking fees, commissions, collection expenses and other customary transaction costs) paid or reasonably
estimated to be payable by the Parent Borrower and the Restricted Subsidiaries in connection with such event, (ii) in the case of a Disposition of an asset (including pursuant to a sale and leaseback transaction or a casualty or a condemnation
or similar proceeding), the amount of all payments made by the Parent Borrower and the Restricted Subsidiaries as a result of such event to repay Indebtedness (other than Loans) secured by such asset or otherwise subject to mandatory prepayment as a
result of such event, and (iii) the amount of all taxes paid (or reasonably estimated to be payable) by the Parent Borrower and the Restricted Subsidiaries, and the amount of any reserves established by the Parent Borrower and the Restricted
Subsidiaries to fund contingent liabilities reasonably estimated to be payable, in each case that are directly attributable to such event (as determined reasonably and in good faith by a Financial Officer of the Parent Borrower). 

“New Senior Unsecured Notes” means
the 5.375% senior unsecured notes due 2022 in an aggregate principal amount not to exceed $1.3
billionof $500,000,000 (as of the
Fourth Amendment Date) issued on January 2, 2014 by the Parent Borrower for the purpose of consummating the Vion Acquisition, as amended, restated, refinanced, replaced or otherwise modified from time to time so long as the principal amount (or accreted value, if applicable) of such amended, restated, refinanced, replaced or modified Indebtedness
does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so amended, restated, refinanced, replaced or modified plus unpaid accrued interest and premium thereon, any committed or undrawn amounts and underwriting
discounts, fees, commissions and expenses, associated with such amended, restated, refinanced, replaced or modified Indebtedness), except as otherwise permitted under
Section 6.01, (including any Permitted Refinancing Indebtedness
specifically designated as such by the Parent Borrower in respect thereof). 

“New Senior Unsecured Notes Documents” means the indenture or similar agreement governing the New Senior Unsecured Notes or
any similar agreement relating to any Permitted Refinancing Indebtedness specifically designated as such by the Parent Borrower in respect of the New Senior Unsecured Notes. 

“Non-consenting Lender” has the meaning set forth in Section 2.19(b). 

“NYFRB” means
the Federal Reserve Bank of New York. 

“NYFRB Rate”
means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business
Day); provided that if none of such rates are 

  
 CREDIT AGREEMENT, Page 33 

 
published for any day that is a Business Day, the term “NYFRB
Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. (New York City time) on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by
it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for
purposes of this Agreement. 
 “Obligations” means all Loan
Obligations, the Swap Obligations and all Deposit Obligations. 
 “OFAC” has the meaning set forth in Section
3.18(b). 

“Overnight Bank Funding
Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on
its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate). 

“Original
Transaction” means the “Transactions” as defined in this Agreement immediately
prior to giving effect to the
Fourth Amendment. 

“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges
or similar levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document including any interest, additions to tax or penalties applicable thereto. 

“Parent Borrower” means Darling
InternationalIngredients Inc., a Delaware corporation. 
 “Parallel Debt” has the meaning set forth in
Section 10.19(a). 
 “Parallel Debt Loan Party” means any Loan Party that is party to a Loan Document providing for the granting of
a Lien and governed by the laws of Germany, The Netherlands or Belgium. 
 “Pari Passu Liens” means any Lien on the
Collateral granted to the Administrative Agent for the benefit of the Pari Passu Noteholders pursuant to the U.S. Security Agreement, the Canadian Security Agreement and/or any of the other Security Documents securing the Pari Passu Notes
Obligations. 
 “Pari Passu Notes” means the Senior Unsecured Notes due December 17, 2018 issued by the Parent
Borrower in the aggregate principal amount of $250,000,000, as amended, restated, refinanced, replaced or otherwise modified from time to time (including any Permitted Refinancing Indebtedness specifically designated as such by the Parent Borrower
in respect thereof). 
 “Pari Passu Notes Documents” means the Indenture dated December 17, 2010, among the Parent
Borrower, U.S. Bank National Association, as trustee and the other parties thereto or any similar agreement relating to any Permitted Refinancing Indebtedness specifically designated as such by the Parent Borrower in respect of the Pari Passu Notes.

 “Pari Passu Noteholders” means the holders of the Pari Passu Notes Obligations and any agent or trustee therefor. 

“Pari Passu Notes Obligations” means the “Obligations” (as such term is defined in the Pari Passu Notes Documents
as of the date of the Effective Date) of the Parent Borrower and its Subsidiaries arising under and in respect of the Pari Passu Notes and the other Pari Passu Notes Documents (including any “Obligations” arising under any Permitted
Refinancing Indebtedness specifically designated as such by the Parent Borrower in respect thereof). 

  
 CREDIT AGREEMENT, Page 34 

 “Pari Passu Notes Repayment Date” means the date on which the Pari Passu Notes
are repaid or otherwise redeemed in full (or irrevocable notice for the repayment or redemption thereof will be given to the extent accompanied by any prepayments or deposits required to defease, terminate and satisfy in full the Pari Passu Notes).

 “Participant” has the meaning set forth in Section 10.04(c)(i). 

“Participant Register” has the meaning set forth in Section 10.04(c)(ii). 

“Participating Member State” means any member state of the European Union that has the Euro as its lawful currency in
accordance with legislation of the European Union relating to Economic and Monetary Union. 
 “Patriot Act” has the meaning
set forth in Section 10.18. 
 “PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Plan” means any Plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA. 
 “Permitted
Acquisition Determination Method” has the meaning set forth in the definition of Incremental AmountSection 6.04(1).

 “Permitted Investments” means: 

(a) dollars, Euros, Canadian Dollars or the currency of any country having a credit rating of “A” (or the equivalent
thereof) or better from either S&P or Moody’s; 
 (b) securities issued or directly and fully guaranteed or insured
by the United States of America or the Government of Canada or any agency or instrumentality of the United States America or the Government of Canada (provided that the full faith and credit of the United States America or the Government of
Canada, as applicable, is pledged in support thereof), having maturities of not more than one year from the date of acquisition; 

(c) marketable general obligations issued by any state of the United States of America or province of Canada or any political
subdivision of any such state or province or any public instrumentality thereof maturing within one year from the date of acquisition thereof (provided that the full faith and credit of such state or province, as applicable, is pledged in
support thereof) and, at the time of acquisition, having a credit rating of “A” (or the equivalent thereof) or better from any of S&P or Moody’s; 

(d) certificates of deposit, time deposits, Eurodollar time deposits, overnight bank deposits or bankers’ acceptances
having maturities of not more than one year from the date of acquisition thereof issued by any commercial bank the long-term debt of which is rated at the time of acquisition thereof at least “A” (or
the equivalent thereof) by S&P or Moody’s, and having combined capital and surplus in excess of $500 million; 

  
 CREDIT AGREEMENT, Page 35 

 (e) repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clauses (b), (c) and (d) entered into with any bank meeting the qualifications specified in clause (d) above; 

(f) commercial paper rated at the time of acquisition thereof at least “A-1”
or the equivalent thereof by S&P or “P-1” or the equivalent thereof by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating
agencies cease publishing ratings of investments, and in any case maturing within one year after the date of acquisition thereof; and 

(g) interests in any investment company or money market fund which invests 95% or more of its assets in instruments of the type
specified in clauses (a) through (f) above. 
 In the case of Investments by (x) any Restricted Subsidiary of the
Parent Borrower that is not organized under the laws of the United States of America or any State thereof or the District of Columbia (but which may include Investments made indirectly by the Parent Borrower or any Domestic Subsidiary), Permitted
Investments shall also include investments of the type and maturity described in clauses (a) through (g) above of foreign obligors, which investments or obligors have the ratings described in such clauses or equivalent ratings
from comparable foreign rating agencies and (y) the Parent Borrower or any other Restricted Subsidiary, other currencies, to the extent obtained by the Parent Borrower or applicable Restricted Subsidiary in the ordinary course of operations or
for the purpose of consummating transactions otherwise permitted hereunder, and other short-term investments utilized by the Parent Borrower or such Restricted Subsidiary in the ordinary course of business and in accordance with normal investment
practices for cash management in investments substantially similar to the foregoing investments in clauses (a) through (g) above. 

“Permitted Refinancing Indebtedness” means any Indebtedness issued in exchange for, or the net proceeds of which are used to
refinance, replace, defease or refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof constituting Permitted Refinancing Indebtedness); provided that (a) the principal
amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest and premium thereon, any
committed or undrawn amounts and underwriting discounts, fees, commissions and expenses, associated with such Permitted Refinancing Indebtedness), except as otherwise permitted under Section 6.01, (b) subject to exceptions customary for bridge financings (to the extent convertible on customary terms into a permanent instrument otherwise
meeting the conditions in this clause (b)), the final maturity date of such Permitted Refinancing Indebtedness is no earlier than the final maturity date of the Indebtedness being refinanced,
(c) if the original Indebtedness being Refinanced is by its terms subordinated in right of payment to the Obligations, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to the Obligations on terms at least as
favorable to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced, taken as a whole, (d) no Permitted Refinancing Indebtedness shall have obligors or contingent obligors that were not obligors or
contingent obligors (or that would not have been required to become obligors or contingent obligors) in respect of the Indebtedness being Refinanced except to the extent permitted under Section 6.04 and (e) if the
Indebtedness being Refinanced is (or would have been required to be) secured by any collateral of a Loan Party (whether equally and ratably with, or junior to, the Secured Parties or otherwise), such Permitted Refinancing Indebtedness may be secured
by such collateral on terms no less favorable, taken as a whole, to the Secured Parties than those contained in the documentation governing the Indebtedness being Refinanced, taken as a whole. 

  
 CREDIT AGREEMENT, Page 36 

 “Person” means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any
employee benefit plan as defined in Section 3(3) of ERISA, including any employee welfare benefit plan (as defined in Section 3(1) of ERISA), any employee pension benefit plan (as defined in Section 3(2) of ERISA), and any plan which
is both an employee welfare benefit plan and an employee pension benefit plan, and in respect of which any Loan Party or, with respect to Title IV of ERISA only, any ERISA Affiliate is (or, if such Plan were terminated, would under Section 4062
or Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Platform” means IntraLinks/IntraAgency, SyndTrak or another relevant website or other information platform. 

“PPSA” means the Personal Property Security Act (Ontario), as amended from time to time, together with all regulations
made thereunder; provided that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by (i) a Personal Property
Security Act as in effect in a Canadian jurisdiction other than Ontario, or (ii) the Civil Code of Quebec, “PPSA” means the Personal Property Security Act as in effect from time to time in such other jurisdiction or the Civil Code of
Québec, as applicable. 
 “Prepayment Event” means: 

(a) any Disposition (including pursuant to a sale and leaseback transaction) of any asset of the Parent Borrower or any
Restricted Subsidiary under Section 6.05(o) or (u); or 
 (b) any casualty or other damage to, or any taking under
power of eminent domain or by condemnation or similar proceeding of, any asset of the Parent Borrower or any Restricted Subsidiary; or 

(c) the incurrence by the Parent Borrower or any Restricted Subsidiary of any Indebtedness other than Indebtedness permitted
under Section 6.01 and Indebtedness incurred with the consent of the Required Lenders. 
 “Prime
Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and
including the date such change is publicly announced as being effective. 
 “Prior Assets” means assets comprising a
division or branch of Parent Borrower or a Restricted Subsidiary disposed of in a transaction in accordance with this Agreement which would not make the seller a “Prior Company”. 

“Prior Company” means any Restricted Subsidiary whose Equity Interests, or all or substantially all of whose assets have been
disposed of, in a transaction in accordance with this Agreement. 
 “Prior Target” means all Targets acquired or whose
assets have been acquired in a transaction permitted by Section 6.04. 
 “Pro Forma Basis” means,
with respect to any proposed incurrence, assumption or repayment of Indebtedness,
acquisition or similar Investment, Disposition of all or substantially all of the assets or Equity Interests of any Subsidiary
(or any business unit, line of business or division of the Parent 

  
 CREDIT AGREEMENT, Page 37 

 
Borrower or any Restricted Subsidiary) not prohibited by this
Agreement, Restricted Payment or payment made pursuant to Section 6.08(b), designation of any Subsidiary as a Restricted Subsidiary or Unrestricted Subsidiary, as applicable, or other
transaction or event requiring the calculation of a financial metric on a
Pro Forma Basis, such financial metric calculated: (a) for the most recent four (4) fiscal quarter period then ended
for which internal financial statements have been prepared on a pro forma
basis as if thesuch incurrence, assumption or repayment of
Indebtedness, acquisition or similar Investment, Disposition, Restricted
Payment, payment made pursuant to Section 6.08(b), such Subsidiary designation or other transaction or event as applicable, had occurred as of the first day of such period, (b) to
include any Indebtedness incurred, assumed or repaid in connection therewith (assuming, to the extent such Indebtedness bears interest at a floating rate, the rate in effect at the time of calculation for the entire period of calculation, taking into account any hedging arrangements), (c) based on the assumption that any
sale of Subsidiaries or lines of businesssuch
Disposition which occurred during such period occurred on the first day of such period, and (d) with respect to an acquisition or similar
iInvestment, as if the Target were a “Prior Target” for purposes of calculating Adjusted EBITDA. and (e) for purposes of determining Consolidated Total Assets, the acquisition of any asset
or the Disposition of any asset described herein (including, in each case, cash and Permitted Investments), shall be deemed to have occurred as of the last day of
the applicable fiscal period with respect to any test or covenant for which such calculation is being made. 

“Pro Forma
Transaction” has the meaning set forth in Section 1.10(b). 

“Prohibited Transaction” has the meaning set forth in Section 406 of ERISA and Section 4975(f)(3) of the Code. 

“PWC Steps Memo” means the memorandum entitled “Darling International Inc.: Project Seabiscuit – Acquisition
Structuring” prepared by PriceWaterhouse Coopers LLP dated on or about the Vion Acquisition Closing Date and provided to
the Administrative Agent in connection with the Original Transactions.

 “Qualified
Equity Interests” means any Equity Interests that are not Disqualified Equity Interests. 

“Receivables
Assets” means any accounts receivable owed to the Parent Borrower or any Restricted Subsidiary (whether now existing or arising or acquired in the future) arising in the ordinary course of business from the sale of goods or services or pursuant
to any other contractual right, all collateral securing such accounts receivable, all contracts and contract rights and all guarantees or other obligations in respect of such accounts receivable, all proceeds of such accounts receivable and other
assets (including contract rights) which are of the type customarily transferred or in respect of which security interests are customarily granted in connection with securitizations of accounts receivable and which, in each case, are sold, conveyed,
assigned or otherwise transferred or in which a security interest is granted by the Parent Borrower or a Restricted Subsidiary to either (a) a Person that is not a Subsidiary of the Parent Borrower or (b) a Receivables Subsidiary that in turn
sells, conveys, assigns, grants a security interest in or otherwise transfers such Receivables Assets to a Person that is not a Subsidiary of the Parent Borrower. 

“Receivables
Facility” means any of one or more receivables financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, all obligations in respect of which are non-recourse (except for customary
representations, warranties, guarantee, covenants and indemnities made in connection with such facilities) to the Parent Borrower and all Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Parent Borrower or any
Restricted Subsidiary sells, conveys, assigns, grants an interest in or otherwise transfers Receivables Assets to either (a) a Person that is not a Subsidiary of the Parent Borrower or (b) a Receivables  

  
 CREDIT AGREEMENT, Page 38 

 
Subsidiary that in turn sells, conveys, assigns, grants a security interest in or
otherwise transfers such Receivables Assets to a Person that is not a Subsidiary of the Parent Borrower; provided, that the aggregate principal amount of obligations outstanding under all Receivables Facilities shall not exceed $150,000,000 at any
one time outstanding. 

“Receivables
Subsidiary” means a special–purpose wholly owned Subsidiary of the Parent Borrower whose sole purpose is to purchase or otherwise receive interests in Receivables Assets from the Parent Borrower or any Restricted
Subsidiaries (other than a Receivables Subsidiary) and to resell, convey, assign, grant a security interest in or otherwise
transfer such Receivables Assets to a Person that is not a Subsidiary of the Parent Borrower pursuant to a Receivables Facility and which engages in no other activities other than the foregoing and other activities reasonably related
thereto. 

“Recipient” has
the meaning set forth in Section 2.17(h)(ii). 
 “Refinancing
Amendment” means an amendment to this Agreement, in form and substance reasonably satisfactory to the Borrowers, the Administrative Agent and the Lenders providing Specified Refinancing Debt, effecting the incurrence of such Specified
Refinancing Debt in accordance with Section 2.22. 
 “Refinancing Junior Loans” means loans under
credit or loan agreements that are unsecured or secured by the Collateral of the relevant Loan Parties (or Collateral of a subset of the relevant Loan Parties) on a junior basis to the Credit Facilities, incurred in respect of a refinancing of outstanding Indebtedness of the Borrowers under the Credit Facilities; provided that, (a) if such Refinancing Junior
Loans shall be secured by a security interest in the Collateral, then such Refinancing Junior Loans shall be issued subject to customary intercreditor arrangements that are reasonably satisfactory to the Administrative Agent; (b) subject to exceptions customary for bridge financings (to the extent convertible on customary terms into a permanent instrument otherwise
meeting the conditions in this clause (b)), no Refinancing Junior Loans shall mature prior to the final maturity date of the Indebtedness being refinanced, or have a weighted average life to
maturity that is less than the weighted average life to maturity of the Indebtedness being refinanced thereby; (it being
agreed, for the avoidance of
doubt, that when calculating the weighted average life to maturity of such Indebtedness being refinanced, the effects of any
amortization or prepayments made on such Indebtedness vis-ά-vis the amortization schedule prior to the date of the
applicable refinancing shall be disregarded), (c) the borrower of the Refinancing Junior Loans shall be the Borrower with respect to the Indebtedness being refinanced or the Parent Borrower; (d) such Refinancing Junior Loans shall have pricing
(including interest, fees and premiums), optional prepayment and redemption terms as may be agreed to by the Parent Borrower and the lenders party thereto; (e) the other terms
and conditions (excluding those referenced in clauses (b) and (d) above) of such Refinancing
Facility or Refinancing Notes shall be substantially identical to, orJunior Loans shall not be materially more restrictive (taken as a whole) no more
favorablethan those with respect to
the relevant Loans and Commitments being refinanced or replaced (as reasonably determined by the Parent Borrower in good faith, which determination shall be conclusive), except terms (i) applicable only after the maturity date of the then
outstanding Loans and Commitments or (ii) consistent with then-current market terms for the applicable type of Indebtedness (as reasonably determined by the Parent Borrower) to the lenders providing such Refinancing Notes than, those applicable to the Loans or commitments being refinanced or replaced (except for covenants or other provisions applicable only
to periods after the latest final maturity date of the relevant Loans or commitments existing at the time of such refinancing or replacement in good faith, which determination shall be conclusive), provided that no financial maintenance covenant applicable to the Parent Borrower
may be added to the Refinancing Junior Loans pursuant to this clause (e)(ii) without also being included in this Agreement (which may be achieved by
an amendment solely among the Parent Borrower and the
Administrative Agent (and the Required Lenders hereby authorize the Administrative Agent to enter into such amendment)),
and, for the  

  
 CREDIT AGREEMENT, Page 39 

 
avoidance of doubt, it being understood that if such financial covenant is a
“springing” financial maintenance covenant applicable only to revolving Indebtedness, such financial covenant
shall be automatically included in this Agreement only for the benefit of each Revolving Facility and not for the benefit of any Credit Facility in respect of Term Loans hereunder; provided further, that documentation governing any Refinancing
Junior Loans may include such materially more restrictive terms so long as
the Administrative Agent shall have been given prompt written notice thereof and this Agreement is amended to include such
terms for the benefit of the relevant Commitments and Loans (which may be achieved by an amendment solely among the Parent Borrower and the Administrative Agent (and the Required Lenders hereby authorize the Administrative Agent to enter into such
amendment)); (f) the Refinancing Junior Loans may not have guarantors, obligors or security in any case more extensive than that which applied to the applicable Loans being so refinanced; and
(g) the Net Cash Proceeds of such Refinancing Junior Loans shall be applied, substantially concurrently with the incurrence thereof, to the pro rata prepayment of outstanding Loans under the applicable Class of Loans being so refinanced in
accordance with Section 2.11. 
 “Refinancing Junior Loans Agreements” means,
collectively, the loan agreements, credit agreements or other similar agreements pursuant to which any Refinancing Junior Loans are incurred, together with all instruments and other agreements in connection therewith, as amended, supplemented or
otherwise modified from time to time in accordance with the terms thereof, but only to the extent permitted under the terms of the Loan Documents. 

“Refinancing Notes” means one or more series of (i) senior unsecured notes or (ii) senior secured notes secured by
the Collateral of the relevant Loan Parties (or Collateral of a subset of the relevant Loan Parties) (x) on an equal and
ratable basis with the Credit Facilities or (y) on a junior basis to the Credit Facilities (to the extent then secured by such Collateral) in each case issued in respect of a refinancing of outstanding Indebtedness of a Borrower under any one
or more Classes of Term Loans; provided that, (a) if such Refinancing Notes shall be secured by a security interest in the Collateral, then such Refinancing Notes shall be issued subject to customary intercreditor arrangements that are
reasonably satisfactory to the Administrative Agent; (b) subject to exceptions for bridge financings (to the extent
convertible on customary terms into a permanent instrument otherwise meeting the conditions in this clause (b)), no Refinancing Notes shall mature prior to the date that is after the final
maturity date of, or have a weighted average life to maturity that is less than the weighted average life to maturity of, in each case, the Class of Term Loans being
refinanced (it being agreed, for the avoidance of doubt, that when calculating the weighted average life to maturity of such
Indebtedness being refinanced, the effects of any amortization or prepayments made on such Indebtedness vis-ά-vis the
amortization schedule prior to the date of the applicable refinancing shall be disregarded); (c) no Refinancing Notes shall be subject to any amortization prior to the final maturity thereof, or
be subject to any mandatory redemption or prepayment provisions or rights (except customary assets sale or change of control provisions); (d) such Refinancing Notes shall have pricing (including interest, fees and premiums), optional prepayment and
redemption terms as may be agreed to by the Parent Borrower and the lenders party thereto; (e) the other terms and conditions (excluding those referenced in clauses (b) and (d) above) of such Refinancing Facility or Refinancing Notes shall be substantially identical to,
ornot be materially more
restrictive (taken as a whole) no more
favorablethan those with respect to
the relevant Loans and Commitments being refinanced or replaced (as reasonably determined by the Parent Borrower in good faith, which determination shall be conclusive), except terms (i) applicable only after the maturity date of the then outstanding Loans and Commitments, or (ii) consistent with then-current market terms for the applicable type of Indebtedness
(as reasonably determined by the Parent Borrower) to the lenders providing such Refinancing Notes than, those applicable to the Loans or commitments being refinanced or replaced (except for covenants or other provisions applicable only to periods after the latest final maturity date of the relevant
Loans or commitments existing at the time of such refinancing or replacement
in good faith, which determination shall be conclusive), provided that no financial maintenance covenant applicable to the
Parent Borrower  

  
 CREDIT AGREEMENT, Page 40 

 
may be added to the Refinancing Notes pursuant to this clause (e)(ii) without
also being included in this Agreement (which may be achieved by an amendment solely
among the Parent Borrower and the
Administrative Agent (and the Required Lenders hereby authorize the Administrative Agent to enter into such amendment)),
and, for the avoidance of doubt, it being understood that if such financial covenant is a “springing” financial covenant applicable only to revolving Indebtedness, such financial covenant shall be automatically included in this Agreement only
for the benefit of each Revolving Facility and not for the benefit of any Credit Facility in respect of Term Loans hereunder; provided further, that documentation governing any Refinancing Notes may include such materially more restrictive terms so
long as the Administrative Agent shall have been given prompt written notice thereof and this Agreement is amended to include such terms for the benefit of the relevant Commitments and Loans (which may be achieved by an amendment solely
among the Parent Borrower and the Administrative Agent (and the Required Lenders hereby authorize the Administrative Agent to enter into such amendment)); (f) the Refinancing Notes may not have guarantors, obligors or security in any case more extensive than that which applied to the applicable Term Loans being so refinanced and the borrower of the Refinancing
Notes shall be the Borrower with respect to the Indebtedness being refinanced; and (g) the Net Cash Proceeds of such Refinancing Notes shall be applied, substantially concurrently with the incurrence thereof, to the pro rata prepayment of
outstanding Term Loans under the applicable Class of Term Loans being so refinanced in accordance with Section 2.11. 

“Refinancing Notes Indentures” means, collectively, the indentures or other similar agreements pursuant to which any
Refinancing Notes are issued, together with all instruments and other agreements in connection therewith, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, but only to the extent permitted under
the terms of the Loan Documents. 
 “Register” has the meaning set forth in Section 10.04. 

“Related Business” means any business which is the same as or related, ancillary or complementary to, or a reasonable
extension or expansion of, any of the businesses of the Parent Borrower and its Restricted Subsidiaries on the EffectiveFourth
Amendment Date, including, for the avoidance of doubt, the Renewable Diesel Joint Venture. 

“Related Business Assets” means any property, plant, equipment or other assets (excluding assets that are qualified as
current assets under GAAP) to be used or useful by the Parent Borrower or a Restricted Subsidiary in a Related Business or capital expenditures relating thereto. 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective partners,
directors, officers and employees of such Person and such Person’s Affiliates. 
 “Relevant Party” has the meaning set forth in Section 2.17(h)(ii). 

“Remaining Revolving Exposure” has the meaning set forth in Section 2.23(a). 

“Renewable Diesel Joint Venture” means one or more joint ventures formed with an Affiliate of Valero Energy Corporation in
connection with the building and/or operation of one or more renewable diesel facilities at various sites in the United States, including (x) any Subsidiary thereof and (y) any Subsidiary that is a holding company through which the Parent
Borrower or its Subsidiary holds its interests in such joint ventures and, in the case of an Unrestricted Subsidiary, has no material assets or operations unrelated to such joint ventures. 

  
 CREDIT AGREEMENT, Page 41 

 “Reorganization” means, with respect to any Multiemployer Plan, the condition
that such plan is in reorganization within the meaning of Section 4241 of ERISA. 
 “Reportable Event” means any
“reportable event,” as defined in Section 4043(c) of ERISA or the regulations issued thereunder, other than those events as to which the 30-day notice period referred to in Section 4043(c) of ERISA
has been waived, with respect to a Pension Plan. 
 “Repricing Transaction” means the voluntary prepayment, refinancing,
substitution or replacement (pursuant to Section 2.11(a) or, solely in the case of a Prepayment Event arising from the incurrence of Indebtedness refinancing the Term B Loans, Section 2.11(c)) of all or a portion of the Term B
Loans with the incurrence by the Parent Borrower or any of its Subsidiaries of any secured term loans with the primary purpose of having an effective interest cost or weighted average yield (with the comparative determinations to be made consistent
with generally accepted financial practices, after giving effect to margin, interest rate floors, upfront fees or original issue discount paid or payable (based on a four (4)-year average life to maturity or, if less, the remaining life to maturity)
to all providers of such financing, but excluding the effect of any arrangement, commitment, structuring, syndication or underwriting and any amendment fees payable in connection therewith that are not shared with all providers of such financing,
and without taking into account any fluctuations in the Eurodollar Rate) that is less than the effective interest cost or weighted average yield (as determined on the same basis) of such Term B Loans, including without limitation, as may be effected
through any amendment to this Agreement relating to the interest rate for, or weighted average yield of, such Term B Loans (in any case, other than in connection with a Change of Control). 

“Required Lenders” means, at any time, Lenders having Revolving Exposures, Term Loans and unused Commitments representing
more than 50% of the sum of the total Revolving Exposures, outstanding Term Loans and unused Commitments at such time. 
 “Required
TLA/RC Lenders” means, at any time, Lenders having Revolving Exposures, Term A Loans and unused Commitments in respect thereof representing more than 50% of the sum of the total Revolving Exposures, outstanding Term A Loans and unused
Commitments in respect thereof at such time. 
 “Required TLB Lenders” means, at any time, Lenders having Term B Loans and
unused Commitments in respect thereof representing more than 50% of the sum of the total outstanding Term B Loans and unused Commitments in respect thereof at such time. 

“Responsible Officer” means the chief executive officer, president, any vice president, any Financial Officer or Secretary of
the Parent Borrower (or such other entity to which such reference relates). 
 “Restricted Indebtedness” has the meaning
set forth in Section 6.08(b). 
 “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in the Parent Borrower or any Restricted 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 Parent Borrower or any Restricted Subsidiary. 

“Restricted Subsidiaries” means the Subsidiary Loan Parties and each other Subsidiary of any Borrower that is not an
Unrestricted Subsidiary. The Parent Borrower may designate any Unrestricted Subsidiary as a Restricted Subsidiary at any time by written notice to the Administrative Agent if after 

  
 CREDIT AGREEMENT, Page 42 

 
giving effect to such designation, the Parent Borrower is in compliance with the fFinancial
cCovenants herein on a Pro Forma Basis, no Default exists or would otherwise result therefrom and the Parent Borrower complies with the obligations under clause (b) of Section 5.10. 

“Revaluation Date” has the meaning set forth in Section 1.06(e) 

“Revolving Availability Period” means the period from and including the Effective Date to but excluding the earlier of the
Revolving Maturity Date and the date of termination of the Revolving Commitments. 
 “Revolving Commitment” means the
USD/Multicurrency Revolving Commitment and USD Only Revolving Commitment. The aggregate amount of the Lenders’ Revolving Commitments as of the EffectiveFourth
Amendment Date is $1,000,000,000. 
 “Revolving Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time. 

“Revolving Facility” means the Revolving Commitments and the extensions of credit made thereunder. 

“Revolving Lender” means, as of any date of determination, each Lender with a Revolving Commitment or, if the Revolving
Commitments have terminated or expired, a Lender with Revolving Exposure. 
 “Revolving Loan” means a USD/Multicurrency
Revolving Loan and/or a USD Only Revolving Loan, as the context may require. 
 “Revolving Maturity Date” means September 27, 2018.the earlier of (a) 
December 16, 2021 and (b) if any Term B Loans (or refinancing, extension or replacement of the Term B Loans)
are outstanding on the date that is 91 days prior to the Term B Loan Maturity Date (as such date may be extended pursuant to the terms hereof, and including any similar term with respect to any refinancing, extension or replacement of the Term B
Loans), the date that is 91 days prior to such Term B Loan Maturity Date. 

“Revolving Outstandings” shall mean, with respect to any Lender at any time, the Revolving Exposure and if the Lender is also
an Ancillary Lender, the Ancillary Facility Exposure in respect of Ancillary Facilities provided by such Ancillary Lender. 

“Rothsay” means the assets and property acquired by the Parent Borrower and/or one of its Affiliates pursuant to the Rothsay
Acquisition Agreement. 
 “Rothsay Acquisition” means the acquisition by the Parent Borrower and/or its Affiliates of
Rothsay pursuant to the Rothsay Acquisition Agreement. 
 “Rothsay Acquisition Agreement” means that certain Acquisition
Agreement (together with all exhibits, schedules and disclosure letters thereto), dated as of August 23, 2013 between Maple Leaf Foods Inc. (the “Rothsay Seller”) and the Parent Borrower. 

“Rothsay Acquisition Closing Date” means October 24, 2013. 

  
 CREDIT AGREEMENT, Page 43 

 “Rothsay Material Adverse
Effect” means any event, change or effect that, when taken individually or together with all other events, changes and effects, is, or would reasonably be expected to be, materially adverse to the business, financial
condition, or results of operations of Rothsay, taken as a whole, or will prevent consummation of the transactions contemplated under the Rothsay Acquisition Agreement or otherwise will prevent the Parent Borrower or the Seller (as defined in the
Rothsay Acquisition Agreement) from performing its obligations under the Rothsay Acquisition Agreement in any material respect; provided, however, that none of the following (either alone or in combination) shall be deemed to constitute, and none of
the following shall be taken into account in determining whether there has been or will be a Rothsay Material Adverse Effect: (a) any failure to meet internal projections (provided that the underlying cause or causes of such failure may be
taken into account in determining whether a Rothsay Material Adverse Effect has occurred); or (b) any event, change or effect (including any litigation, loss of employees, cancellation or delay in customer orders, reduction in revenues or
income, or disruption of business relationships) arising from or attributable or relating to: (i) the announcement or pendency of the transactions contemplated by the Rothsay Acquisition Agreement, (ii) conditions affecting the industry in
which Rothsay operates, (iii) conditions affecting Canadian or United States’ economies or financial markets, (iv) war, act of terrorism, civil unrest or similar event, (v) compliance with the terms of, or taking any action
required by, the Rothsay Acquisition Agreement, (vi) the taking of any action approved by, or consented to by, the Parent Borrower and the Commitment Parties in writing, (vii) any change in applicable laws, rules or regulations, and any
changes in the interpretation thereof, or (viii) any matter that is disclosed clearly, fully and accurately in the Seller’s disclosure letter delivered to the Parent Borrower by the Seller concurrently with the execution and delivery of
the Rothsay Acquisition Agreement, and, as to each such matter, the implications as to materiality are clear in the disclosure item, and the underlying facts relating thereto remain unchanged prior to the Closing; provided, however, that, solely
with respect to the foregoing clause (viii), if either (a) a matter disclosed in such disclosure letter is disclosed vaguely, ambiguously, inaccurately or incompletely or (b) a change occurs with respect to the underlying facts relating to a
matter that is disclosed in such disclosure letter, then, in either case, such matter shall no longer be included in the exclusion from the definition of “Rothsay Material Adverse Effect” set forth in the foregoing clause (viii); provided,
further, that, in the case of each of clauses (ii), (iii), (iv) and (vii), such event, change or effect does not disproportionately affect Rothsay relative to other businesses operating in the same industry in Canada. 

“Rothsay Seller” has the meaning set forth in the definition of “Rothsay Acquisition Agreement”. 

“S&P” means Standard & Poor’s Financial Services, LLC., or any successor to the ratings agency business
thereof. 
 “Schedule I Lender” means a Lender which is a Canadian chartered bank listed on Schedule I to the Bank
Act (Canada), R.S.C., 1985, c. B-2, as amended. 
 “Second
Amendment” means the Second Amendment to the Second Amended and Restated Credit Agreement
dated as of September 23, 2015, among Darling Ingredients Inc., the other Borrowers party thereto, each of the Lenders which are parties thereto and the
Administrative Agent. 
 “Second Amendment Effective
Date” means the “Amendment Effective Date” (as defined in the Second Amendment). 

“Secured Leverage Ratio” means, as of any date of determination, the ratio of (a) Total Indebtedness secured by a Lien
minus (i) all obligations, contingent or otherwise, of such Person as an
account party in respect of the undrawn face amount of letters of credit, bankers acceptances or similar instruments (including the Letters of Credit) outstanding as of such date
and (ii) any such obligations described in clause (a)(i) which have been drawn and reimbursed within three
(3) Business Days to (b) Adjusted EBITDA for the four fiscal quarter period most recently ended. 

  
 CREDIT AGREEMENT, Page 44 

 “Secured Parties” means (a) the Administrative Agent, the Lenders and each
Affiliate of a Lender who is owed any portion of the Obligations, (b) the Pari Passu Noteholders and (c) each Ancillary Lender. 

“Security Documents” means the U.S. Security Agreement, the Canadian Security Agreement, each Foreign Security Agreement and
each other security agreement or other instrument or document executed and delivered pursuant to Section 5.10 to secure any of the Obligations or Foreign Obligations, as applicable. 

“Specified Foreign Subsidiaries” has the meaning set forth in the definition of “Excluded Subsidiaries.” 

“Specified Obligations” means Obligations consisting of the principal and interest on Loans, reimbursement obligations in
respect of LC Disbursements and fees. 
 “Specified Refinancing Debt” has the meaning set forth in Section 2.22(a).

 “Specified Refinancing Revolving Loans” means Specified Refinancing Debt constituting revolving loans. 

“Specified Refinancing Term Loans” means Specified Refinancing Debt constituting term loans. 

“Spot Rate” means, on any day, with respect to any currency in relation to dollars, the rate at which such currency may be
exchanged into dollars, as set forth at approximately 12:00 noon, London time, on such date on the Reuters World Currency Page for such currency. In the event that such rate does not appear on the applicable Reuters World Currency Page, the Spot
Rate shall be calculated by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the
Parent
Borrowers, or, in the absence of such agreement, such Spot Rate shall instead be the arithmetic average of the spot
rates of exchange of the Administrative Agent, at or about 11:00 a.m., London time, on such date for the purchase of dollars for delivery two
(2) Business Days later; provided that if, at the time of any
such determination, for any reason, no such spot rate is being quoted, the Administrative Agent, after consultation with the
Parent Borrowers, may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent
manifest error. 
 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the
number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the
Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar
Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D
or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Sterling” and
“£” shall mean the lawful currency of the United Kingdom. 

“Subject Person” has the meaning set forth in the definition of “Consolidated Net Income”. 

  
 CREDIT AGREEMENT, Page 45 

 “Subordinated Indebtedness” means any Refinancing Junior Loans and any Indebtedness of the Parent Borrower or any Restricted Subsidiary that is by its terms
contractually subordinated in right of payment to any of the Obligations; provided that, Refinancing Junior Loans shall not be
Subordinated Indebtedness. 
 “Subordinated Indebtedness
Documents” means the documentation governing any Subordinated Indebtedness. 
 “subsidiary” means, with respect to
any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity of which securitiesstock or other ownership interests representing more than 50% of the ordinary voting
power or, in the case of a partnership, more than 50% of the general partnership interests (in each case other than stock or
other ownership interests having such power only by the happening of a contingency) to elect the board of directors, managers or similar Persons performing such functions are, as of such date,
owned, controlled or held by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary” means, unless otherwise specified, any subsidiary of the Parent Borrower. 

“Subsidiary Borrowers” means the Canadian Borrower, the Dutch Parent Borrower, the VionDutch Subsidiary
 Borrowers, the German Subsidiary Borrower and any Additional Borrowers.

 “Subsidiary Loan Party” means each Restricted Subsidiary that has become a party to the Guaranty Agreement. 

“Supplier” has the
meaning set forth in Section 2.17(h)(ii). 
 “Swap Agreement”
means any agreement with respect to any swap, cap, collar, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or
securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing
for payments only on account of services provided by current, former or future directors, officers, members of management, employees or consultants of the Parent Borrower or the Subsidiaries shall be a Swap Agreement. 

“Swap Obligations” means all obligations, indebtedness, and liabilities of the Covered Parties, or any one of them, to any
Lender or any Affiliate of any Lender which have been designated by the Parent Borrower by written notice to the Administrative Agent as entitled to the security of the Collateral and which arise pursuant to any Swap Agreements with the Covered
Parties, or any one of them, whether now existing or hereafter arising, whether direct, indirect, related, unrelated, fixed, contingent, liquidated, unliquidated, joint, several, or joint and several, including, without limitation, all fees, costs,
and expenses (including reasonable attorneys’ fees and expenses) provided for in such Swap Agreements. 
 “Swingline
Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be its Applicable Percentage (or in the case of Swingline Loans denominated
in Canadian Dollars or Euro), its USD/Multicurrency Applicable Percentage) of the total Swingline Exposure at such time. 

“Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder. 

  
 CREDIT AGREEMENT, Page 46 

 “Swingline Loan” means a Loan made pursuant to
Section 2.04. 
 “Syndication Agents” has the meaning set forth in the preamble hereto, and also includes the financial institutions identified as “Syndication Agents” in the Fourth Amendment. 
 “Target” means the Person who is
to be acquired, in whose Equity Interests an Investment is to be made or whose assets are to be acquired in ana Permitted aAcquisition
permitted by clause (l) or clause (s) of Section
6.04or similar Investment. 
 “Taxes” means all present or future taxes, levies, imposts,
duties, deductions, charges or withholdings imposed by any Governmental Authority including any interest, additions to tax or penalties applicable thereto. 

“Term A Commitment” means the USD Term A Commitment and the CAD Term A Commitment. 

“Term A Facility” means the USD Term A Commitments and the CAD Term A Commitments and the extensions of credit made
thereunder. 
 “Term A Lender” means, as of any date of determination, each Lender with a Term A Commitment or an
outstanding Term Loan. 
 “Term A Loan Maturity Date” means
September 27,
2018.the earlier of (a) December 16, 2021 and (b) if any Term B Loans (or refinancing, extension or
replacement of the Term B Loans) are outstanding on the date that is 91 days prior to the Term B Loan Maturity Date (as such date may be extended pursuant to the terms hereof, and including any similar term with respect to any refinancing,
extension or replacement of the Term B Loans) the date that is 91 days prior to such Term B Loan Maturity Date. 

“Term A Loans” means a Loan made pursuant to clause (a), or clause (b) of
Section 2.01 or an Incremental Term Loan designated as such. 
 “Term B Commitment” means the
Term B USD Commitment and the Term B EUR Commitment. 
 “Term B EUR Commitment” means, with respect to each Lender, the
commitment, if any, of such Lender to make Term B EUR Loans hereunder, expressed as an amount representing the maximum principal amount of the Term B EUR Loans to be made by such Lender hereunder, as such commitment may be (a) reduced from time
to time pursuant to Section 2.08, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04 and (c) established or increased from time
to time pursuant to an Incremental Assumption Agreement. The initial amount of each Lender’s Term B EUR Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or Incremental Assumption Agreement pursuant to which
such Lender shall have assumed its Term B EUR Commitment, as applicable. The initial aggregate amount of the Lenders’ Term B EUR Commitments is €510,000,000. 

“Term B EUR Facility” means the Term B EUR Commitments and the extensions of credit made thereunder. 

“Term B EUR Lender” means a Lender with a Term B EUR Commitment or an outstanding Term B EUR Loan. 

  
 CREDIT AGREEMENT, Page 47 

 “Term B EUR Loans” means a Loan made pursuant to clause (d) of
Section 2.01 or an Incremental Term Loan designated as a Term B EUR Loan and denominated in Euro. 
 “Term
B Facility” means the Term B Commitments and the extensions of credit made thereunder. 
 “Term B Lender” means a
Lender with a Term B Commitment or an outstanding Term B Loan. 
 “Term B Loan Maturity Date” means the date that is 7 years from the Vion Acquisition Closing
DateJanuary 6, 2021. 

“Term B Loans” means a Loan made pursuant to clauses (c) and/or (d) of
Section 2.01 or an Incremental Term Loan designated as a Term B Loan and denominated in dollars or Euro, as applicable. 

“Term B USD Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Term B USD Loans
hereunder, expressed as an amount representing the maximum principal amount of the Term B Loans to be made by such Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, (b)
reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04 and (c) established or increased from time to time pursuant to an Incremental Assumption Agreement. The
initial amount of each Lender’s Term B USD Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or Incremental Assumption Agreement pursuant to which such Lender shall have assumed its Term B USD Commitment, as
applicable. The initial aggregate amount of the Lenders’ Term B USD Commitments is $600,000,000. 
 “Term B USD
Facility” means the Term B USD Commitments and the extensions of credit made thereunder. 
 “Term B USD Lender”
means a Lender with a Term B USD Commitment or an outstanding Term B USD Loan. 
 “Term B USD Loans” means a Loan made
pursuant to clause (c) of Section 2.01 or an Incremental Term Loan designated as a Term B USD Loan and denominated in dollars. 

“Term Commitment” means the Term B Commitment and the Term A Commitment. 

“Term Facility” means the Term B Commitments, the USD Term A Commitments and the CAD Term A Commitments and the extensions of
credit made thereunder. 
 “Term Lender” means, as of any date of determination, each Lender with a Term Commitment or an
outstanding Term Loan. 
 “Term Loans” means a Loan made pursuant to clause (a), clause (b), clause
(c) and/or clause (d) of Section 2.01 or an Incremental Term Loan. 
 “Threshold
Amount” means
$65,000,00075,000,000. 
 “Total Indebtedness” means, at the time of determination, the sum of the
following determined for Parent Borrower and the Restricted Subsidiaries on a consolidated basis (without duplication) in accordance with GAAP: (a) all obligations for borrowed money; plus (b) all Guarantees of obligations for
borrowed money; plus (c) all Capital Lease Obligations and purchase money indebtedness; plus (d) all obligations, contingent or otherwise, of such Person as an account party in respect of the undrawn face

  
 CREDIT AGREEMENT, Page 48 

 
amount of letters of credit, bankers acceptances or similar instruments. The
parties acknowledge that any obligations under any Receivables Facilities (or a portion thereof) representing an aggregate principal amount of obligations of $75,000,000 or less will not be included in the calculation of Total
Indebtedness. 
 “Total Leverage Ratio” means, as of any date
of determination, the ratio of (a) Total Indebtedness minus
(i) all obligations, contingent or otherwise, of such Person as an account
party in respect of the undrawn face amount of letters of credit, bankers acceptances or similar instruments (including the Letters of Credit) outstanding as of such date
and (ii) any such obligations described in clause (a)(i) which have been drawn and reimbursed within three
(3) Business Days to (b) Adjusted EBITDA for the four fiscal quarter period most recently ended. 

“Transactions” means the Vion Acquisition,
the Rothsay Acquisition, the execution, 
 “Transactions” means the execution, delivery and performance by each Loan
Party of the Loan Documents (as amended, restated, amended and restated, supplemented, extended, renewed, replaced, refinanced
or otherwise modified by the Fourth Amendment) to which it is to be a party, the borrowing of Loans and the issuance of Letters of Credit hereunder, the issuance of the New Senior Unsecured Notes and the issuance of Equity Interests and in each case, the use of the proceeds
thereof and the payment of fees and expenses in connection with the foregoing. 
 “Type”, when used in reference to
any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate, the Alternate Base Rate, the CDOR Rate or the Canadian Prime Rate. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the
effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority. 
 “Unrestricted Subsidiaries” means Insurance Company of Colorado, Inc. and each
other Subsidiary of the Parent Borrower (other than a Borrower) designated by the Parent Borrower pursuant to written
notice provided to the Administrative Agent as an “Unrestricted Subsidiary” and, in each case, any Subsidiary of such
Unrestricted Subsidiary, it being agreed that, in each case, such Subsidiary also shall have been or will promptly be designated an “unrestricted subsidiary” (or otherwise not be subject to the covenants) under any New Senior Unsecured Notes, Incremental
Equivalent Debt, Refinancing Notes or any Refinancing Junior Loans and any Permitted Refinancing of any of the foregoing (and successive Permitted Refinancing Indebtedness thereof); provided the Parent Borrower shall not be permitted to
designate any Subsidiary as an Unrestricted Subsidiary if after giving effect to such designation, the Parent Borrower is not projected to be in compliance with the financial covenants herein on a Pro Forma Basis or if a Default exists or would
otherwise result therefrom. As of the Effective Date, Fourth Amendment Date, Insurance Company of Colorado, Inc., Darling Green Energy LLC, a Delaware limited liability company, and Rosellen Marine,
Ltd., a Cyprus corporation, have each been designated as an Unrestricted Subsidiary. 
 “USD/Multicurrency Applicable
Percentage” means, with respect to any USD/Multicurrency Revolving Lender, subject to Section 2.21, the percentage of the total USD/Multicurrency Revolving Commitments represented by such Lender’s
USD/Multicurrency Revolving Commitment. If the USD/Multicurrency Revolving Commitments have terminated or expired, the USD/Multicurrency Applicable Percentages shall be determined based upon the USD/Multicurrency Revolving Commitments most recently
in effect, giving effect to any assignments. 

  
 CREDIT AGREEMENT, Page 49 

 “USD/Multicurrency Revolving Commitment” means, with respect to each Lender, the
commitment, if any, of such Lender to make USD/Multicurrency Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, as such commitment may be (a) reduced from time to time pursuant to
Section 2.08, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04 and (c) as established or increased from time to time pursuant
to an Incremental Assumption Agreement. The amount of each Lender’s USD/Multicurrency Revolving Commitment as of the EffectiveFourth
Amendment Date is set forth on Schedule 2.01 as modified by Annex II
to the Fourth Amendment. The aggregate amount of the Lenders’ USD/Multicurrency Revolving Commitments as of the
EffectiveFourth Amendment Date is
$914,814,814.81948,315,880.60. 
 “USD/Multicurrency Revolving Exposure” means, with respect to any Lender at
any time, the sum of the outstanding principal amount of such Lender’s USD/Multicurrency Revolving Loans and its LC Exposure and Swingline Exposure at such time. 

“USD/Multicurrency Revolving Facility” means the USD/Multicurrency Revolving Commitments and the extensions of credit made
thereunder. 
 “USD/Multicurrency Revolving Lender” means, as of any date of determination, each Lender with a
USD/Multicurrency Revolving Commitment or, if the USD/Multicurrency Revolving Commitments have terminated or expired, a Lender with USD/Multicurrency Revolving Exposure. 

“USD/Multicurrency Revolving Loan” means a Loan made pursuant to clause (e) of
Section 2.01 or an Incremental Revolving Loan made under the USD/Multicurrency Revolving Facility. 
 “USD
Only Revolving Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make USD Only Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, as such commitment may
be (a) reduced from time to time pursuant to Section 2.08, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04 and (c) as
established or increased from time to time pursuant to an Incremental Assumption Agreement. The amount of each Lender’s USD Only Revolving Commitment as of the
EffectiveFourth Amendment Date is set forth on Schedule 2.01 as modified by Annex II to the Fourth
Amendment. The aggregate amount of the Lenders’ USD Only Revolving Commitments as of the EffectiveFourth
Amendment Date is
$85,185,185.1951,684,119.40. 
 “USD Only Revolving Exposure” means, with respect to any Lender at any
time, the sum of the outstanding principal amount of such Lender’s USD Only Revolving Loans and its LC Exposure and Swingline
Exposure, in each case, under the USD Only Revolving Commitment, at such time.

 “USD Only Revolving Facility”
means, the USD Only Revolving Commitments and the extensions of credit made
thereunder. 
 “USD Only Revolving Lender” means, as of any date of determination, each Lender with a USD Only
Revolving Commitment or, if the USD Only Revolving Commitments have terminated or expired, a Lender with USD Only Revolving Exposure. 

“USD Only Revolving Loan”
means, a Loan made pursuant to clause (f) of
Section 2.01 or an Incremental Revolving Loan made under the USD Only Revolving Facility. 
 “USD
Term A Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make USD Term A Loans hereunder, expressed as an amount representing the maximum 

  
 CREDIT AGREEMENT, Page 50 

 
principal amount of the USD Term A Loans to be made by such Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, (b)
reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04 and (c) established or increased from time to time pursuant to an Incremental Assumption Agreement. The
initial amount of each Lender’s USD Term A Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or Incremental Assumption Agreement pursuant to which such Lender shall have assumed its USD Term A Commitment, as
applicable. The initial aggregate amount of the Lenders’ USD Term A Commitments is $200,000,000. 
 “USD Term A
Facility” means, the USD Term A Commitments and the extensions of credit
made thereunder. 
 “USD Term A Lender” means a Lender with a USD Term A Commitment or an outstanding USD Term A
Loan. 
 “USD Term A Loans” means a Loan made pursuant to clause (a) of Section 2.01
or an Incremental Term Loan designated as a USD Term A Loan denominated in
dollars. 
 “U.S. Security Agreement” means an agreement, substantially in the form of Exhibit C, executed by
the Loan Parties. 
 “VAT” means any Tax imposed in compliance with the Council Directive of November 28, 2006 on the
common system of value added tax (EC Directive 20061112) and any other Tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such Tax referenced above, or imposed elsewhere.

 “Vion” means the entities, assets and property acquired by the Parent Borrower and/or one of its Affiliates pursuant to
the Vion Acquisition Agreement. 
 “Vion Acquisition” means the acquisition by the Parent Borrower and/or its Affiliates of
Vion pursuant to the Vion Acquisition Agreement. 
 “Vion Acquisition Agreement” means the Sale and Purchase Agreement
(together with all exhibits, schedules and disclosure letters thereto) dated October 5, 2013 between Vion Holding N.V. (the “Vion Seller”) and Parent Borrower. 

“Vion Acquisition Closing Date” means the date on which the conditions
specified in Section 4.03 are satisfied (or waived in accordance with Section 10.02)January 6,
2014. 
 “Vion Dutch Opco” means any direct subsidiary of Dutch Parent Borrower immediately upon the occurrence of the
Vion Acquisition Closing Date. 
 “Vion Seller” has the meaning set forth in the definition of “Vion Acquisition Agreement”means Vion Holding
N.V. 
 “Vion Subsidiary
Borrower Joinder Date” means, the date on which (a) the applicable Vion Subsidiary Borrower becomes a party to this Agreement by
delivering to the Administrative Agent an executed counterpart to a Foreign Security
Agreement and an executed counterpart to a joinder agreement in form and substance reasonably acceptable to the Administrative Agent to each of this Agreement and the Guaranty Agreement (it being agreed that the Lenders hereby authorize the
Administrative Agent to execute and deliver any such joinder agreement) and (b) the
Administrative Agent shall have received 

  
 CREDIT AGREEMENT, Page 51 

 
documents, certificates and other deliverables with respect to the applicable Vion Subsidiary
Borrower consistent in scope with such items delivered pursuant to Sections 4.01(b),
(c) (or (d) in the case of Dutch Subsidiary Borrowers) and (e), as applicable, on the Effective Date with respect to the
other Loan Parties. 

“Vion Subsidiary Borrowers” means, after the applicable Vion
Subsidiary Borrower Joinder Date, each of Vion Ingredients International (Holding) B.V., a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid) organized under the laws of The Netherlands and the German Subsidiary Borrower, in
each case to the extent such Person has become party to this agreement pursuant to applicable joinder documentation. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Title IV of ERISA. 
 “Withholding Agent” means any Loan Party or the
Administrative Agent. 

“Write-Down and
Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

Section 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by
Class (e.g., a “Revolving Loan” or a “Term B Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan” or “Eurodollar Term B
Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing” of “Term B Loan Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type
(e.g., a “Eurodollar Revolving Borrowing” or “Eurodollar Term B Loan Borrowing”). 
 Section 1.03 Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. The word “or” shall not be exclusive. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other document (including any Loan Document) herein shall be construed as referring to such agreement, instrument or other document (including any
Loan Document) as from time to time amended, restated, amended and restated, supplemented, extended, renewed, replaced, refinanced or otherwise modified (subject to any restrictions on such amendments, restatements, amendments and restatements,
supplements, extensions, renewals, replacements, refinancings or modifications set forth herein), (b) any reference herein or in any Loan Document to any Person shall be construed to include such Person’s successors and permitted assigns,
(c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof or thereof, (d) all
references herein or in any Loan Document to Articles, Sections, clauses, paragraphs, Exhibits and Schedules shall be construed to refer to Articles and Sections, clauses and paragraphs of, and Exhibits and Schedules to, this Agreement or such Loan
Document, as applicable, and (e) the words “asset” and “property”, when used in any Loan
Document, shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights., (f) any reference to any law, rule or regulation in any
Loan Document shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing, superseding or interpreting such law and
(g) the terms “license” and “lease” shall include sublicense and sublease, respectively. 

  
 CREDIT AGREEMENT, Page 52 

 For purposes of determining compliance at any time with
Sections 6.01, 6.02, 6.03, 6.04,
6.05, 6.06, 6.07,
6.08 and 6.09, in the event that any Indebtedness, Lien, Restricted Payment, Restricted
Debt Payment, contractual restriction, Investment, Disposition or Affiliate
transaction, as applicable, meets the criteria of more than one of the categories of transactions or items permitted pursuant to any clause of such Sections 6.01,
6.02, 6.03, 6.04, 6.05, 6.06,
6.07,
6.08 and 6.09, the Parent Borrower, in its sole discretion, from time to time, may classify or
reclassify such transaction or item (or portion thereof) and will only be required to include the amount and type of such transaction (or portion thereof) in any one category. For purposes of determining the permissibility of any
action, change, transaction or event that by the terms of the Loan Documents requires a calculation of any financial ratio or test (including the Total Leverage Ratio,
the Senior Secured Leverage Ratio or the amount of Consolidated Total Assets), such financial ratio or test shall be calculated at the time such action is taken, such change is made, such transaction is consummated or such event occurs, as the
case may be, and no Default or Event of Default shall be deemed to have occurred solely as a result of a change in such financial ratio or test occurring after the time such action is taken, such change is made, such transaction is
consummated or such event occurs, as the case may be. 
 Section 1.04 Accounting Terms; GAAP. Except as
otherwise expressly provided herein, all terms of an accounting or financial nature that are used in calculating any financial ratio or
test (including the Total Leverage Ratio, the Secured Leverage Ratio, the
First Lien Leverage Ratio, the Interest Coverage Ratio and the amount of Adjusted EBITDA or
the amount of Consolidated Total Assets (or any component definitions of
any of the foregoing)) shall be construed and interpreted in accordance
with GAAP, as in effect on the Effective Date unless otherwise agreed to by the Parent Borrower and the Required Lenders; provided that, if the Parent Borrower notifies the Administrative Agent that the Parent Borrower requests an amendment
to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or the application thereof on the operation of such provision (or if the Administrative Agent notifies the Parent Borrower that the Required
Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP
(or the application thereof) as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 

Notwithstanding the foregoing, (a) Capital Lease Obligations shall be excluded from (i) the calculation of Interest Charges, (ii) for the
purposes of calculating the Total Leverage Ratio, Secured Leverage Ratio, the First Lien Leverage Ratio and Total Indebtedness, (iii) for the purposes of Section 6.01, Indebtedness and (iv) Section 6.04(o) (to the extent recharacterized as a Capital Lease Obligation after such lease
is entered into), in each case, to the extent such Capital Lease Obligations would have been characterized as operating leases based on GAAP as of the Effective Date and (b) for purposes of determining compliance with any covenant (including
the computation of any financial covenant) contained herein, Indebtedness of the Parent Borrower and its Subsidiaries shall be determined without giving effect to (i) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a
similar result or effect) to value any Indebtedness or other liabilities of the Parent Borrower or any subsidiary at “fair value”, as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments
under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or
bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof). 
 In calculating the Total Leverage Ratio and/or the Secured Leverage Ratio for purposes of determining the permissibility of any incurrence of Indebtedness hereunder, including under clause (ii) of the

  
 CREDIT AGREEMENT, Page 53 

 
definition of “Incremental Amount”, the amount of any Indebtedness incurred in reliance on a provision of this Agreement that does not require compliance with a Total Leverage Ratio
and/or Secured Leverage Ratio test, substantially concurrently with any Indebtedness incurred in reliance on a provision of this Agreement that requires compliance
with a Total Leverage Ratio and/or Secured Leverage Ratio test, shall be disregarded
in the calculation of Total Indebtedness for purposes of such Total Leverage Ratio and/or Secured Leverage Ratio test. 
 If the Parent Borrower notifies the Administrative Agent that it is required to report under IFRS or has
elected to do so through an early adoption policy, upon the execution of an amendment hereof in accordance therewith to accommodate such change, “GAAP” means international financial reporting standards pursuant to IFRS (provided
that after such conversion, the Parent Borrower cannot elect to report under GAAP), it being understood and agreed that all financial statements shall be prepared in accordance with IFRS. 

Section 1.05 Business Days; Payments. If any payment or performance under any Loan Document shall be due on a day that is not a
Business Day, the date for payment or performance shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. 

Section 1.06 Exchange Rates; Currency Equivalents. Unless expressly provided otherwise, any amounts specified in this Agreement
shall be in dollars. 
 (a) The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be used
for calculating the Dollar Equivalent amounts of Loans and Letters of Credit denominated in an Alternative Currency. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts
between any Alternative Currency and dollars until the next Revaluation Date to occur. 
 (b) The Administrative Agent shall
determine the Dollar Equivalent of any Foreign Currency Letter of Credit or Borrowing not denominated in dollars in accordance with the terms set forth herein, and a determination thereof by the Administrative Agent shall be presumptively correct
absent manifest error. The Administrative Agent may, but shall not be obligated to, rely on any determination made by any Borrower in any document delivered to the Administrative Agent. 

(c) The Administrative Agent shall determine the Dollar Equivalent of any Foreign Currency Letter of Credit as of (i) a
date on or about the date on which the applicable Issuing Bank receives a request from the applicable Borrower for the issuance of such Letter of Credit, (ii) each subsequent date on which such Letter of Credit shall be renewed or extended or
the stated amount of such Letter of Credit shall be increased, (iii) March 31 and September 30 in each year and (iv) during the continuance of an Event of Default, as reasonably requested by the Administrative Agent, in each case
using the Spot Rate in effect on the date of determination, and each such amount shall be the Dollar Equivalent of such Letter of Credit until the next required calculation thereof pursuant to this Section 1.06(c). 

(d) The Administrative Agent shall determine the Dollar Equivalent of any Borrowing not denominated in dollars as of (i) a
date on or about the date on which the Administrative Agent receives a Borrowing Request in respect of such Borrowing using the Spot Rate in effect on the date of determination, (ii) as of the date of the commencement of each Interest Period
after the initial Interest Period therefor and (iii) during the continuance of an Event of Default, as reasonably requested by the Administrative Agent, using the Spot Rate in 

  
 CREDIT AGREEMENT, Page 54 

 
effect (x) in the case of clauses (i) and (ii) above, on the date that is three
(3) Business Days prior to the date on which the applicable Interest Period
shall commence, and (y) in the case of clause (iii) above, on the date of determination, and each such amount shall be the Dollar Equivalent of such Borrowing until the next required calculation thereof pursuant to this
Section 1.06(d). 
 (e) The Administrative Agent shall notify the Borrowers, the Lenders and the
applicable Issuing Bank of each such determination (such date, a “Revaluation Date”) and revaluation of the Dollar Equivalent of each Letter of Credit and Borrowing. 

(f) The Administrative Agent may set up appropriate rounding-off mechanisms or
otherwise round off amounts pursuant to this Section 1.06 to the nearest higher or lower amount in whole dollars or cents to ensure amounts owing by any party hereunder or that otherwise need to be calculated or converted
hereunder are expressed in whole dollars or in whole cents, as may be necessary or appropriate. 
 (g) Unless otherwise
provided, Dollar Equivalent amounts set forth in Articles II or VIII may be exceeded by a percentage amount equal to 5% of such amount; provided, that such excess is solely as a result of fluctuations in applicable currency
exchange rates after the last time such determinations were made and, in any such cases, the applicable limits set forth in Articles II or VIII, as applicable, will not be deemed to have exceeded solely as a result of such fluctuations
in currency exchange rates. For the avoidance of doubt, in no event shall a prepayment be required under Section 2.11(b) if the Dollar Equivalent of the relevant amounts set forth therein does not exceed 5% of such relevant amounts solely as
a result of fluctuations in currency exchange rates. 

(h)
 If, for the purposes of obtaining judgment in any court, it is necessary to convert a
sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such
other currency on the Business Day preceding that on which final judgment is given. The obligation of each Loan Party in respect of any such sum due from it to the Administrative Agent or any Lender
hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this
Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency,
the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum
originally due to the Administrative Agent or any Lender from any Loan Party in the Agreement Currency, such Loan Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as
the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent or such Lender, as the case may be,
agrees to return the amount of any excess to such Loan Party (or to any other Person who may be entitled thereto under applicable law) 

For purposes of any determination under Article V, Article VI (other than the calculation of compliance with any financial ratio
for purposes of taking any action hereunder) or Article VIII with respect to the amount of any Indebtedness, Lien, Restricted Payment, debt prepayment, Investment, 

  
 CREDIT AGREEMENT, Page 55 

 
Disposition, sale and lease-back transaction, affiliate transaction or other transaction, event or circumstance, or any determination under any other provision of this Agreement (any of the
foregoing, a “subject transaction”), in a currency other than dollars, (i) the Dollar Equivalent of a subject transaction in a currency other than dollars shall be calculated based on the rate of exchange quoted on the
applicable Reuters World Currency Page (or any successor page thereto, or in the event such rate does not appear on any Reuters Page, by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the
Administrative Agent and the Parent Borrower) for such foreign currency, as in effect at 12:00 noon (London time) on the date of such subject transaction (which, in the case of any Restricted Payment, shall be deemed to be the date of the
declaration thereof and, in the case of the incurrence of Indebtedness, shall be deemed to be on the date first committed); provided, that if any Indebtedness is incurred (and, if applicable, associated Lien granted) to refinance or replace
other Indebtedness denominated in a currency other than dollars, and the relevant refinancing or replacement would cause the applicable dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on
the date of such refinancing or replacement, such dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing or replacement Indebtedness (and, if applicable, associated Lien granted)
does not exceed an amount sufficient to repay the principal amount of such Indebtedness being refinanced or replaced, except by an amount equal to (x) unpaid accrued interest and premiums (including tender premiums) thereon plus other
reasonable and customary fees and expenses (including upfront fees and original issue discount) incurred in connection with such refinancing or replacement and (y) additional amounts permitted to be incurred under
Section 6.01 and (ii) for the avoidance of doubt, no Default or Event of Default shall be deemed to have occurred solely as a result of a change in the rate of currency exchange occurring after the time of any subject
transaction so long as such subject transaction was permitted at the time incurred, made, acquired, committed, entered or declared as set forth in clause (i). For purposes of Article VII and the calculation of compliance with any
financial ratio for purposes of taking any action hereunder, on any relevant date of determination, amounts denominated in currencies other than dollars shall be translated into dollars at the applicable currency exchange rate used in preparing the
financial statements delivered pursuant to Sections 5.01(a) or (b), as applicable, for the relevant four fiscal quarter period and will, with respect to any Indebtedness, reflect the currency translation effects, determined in
accordance with GAAP, of any Swap Agreement permitted hereunder in respect of currency exchange risks with respect to the applicable currency in effect on the date of determination for the Dollar Equivalent amount of such Indebtedness. 

Section 1.07 Cashless Rollovers. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan
Document, to the extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans
(including with Incremental Loans, or Loans in connection with any Specified Refinancing Debt or loans incurred under a new credit facility), in each case, to the extent such extension, replacement, renewal or refinancing is
effected by means of a “cashless roll” by such Lender, such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement hereunder or any other Loan Document that such payment be made “in
dollars”, “in immediately available funds”, “in cash” or any other similar requirement. 
 Section 1.08
Dutch Terms. In this Agreement, where it relates to a Dutch entity, a reference to: 
 (a) a necessary action to
authorize, where applicable, includes without limitation: 
 (i) any action required to comply with the Dutch Works Council
Act (Wet op de ondernemingsraden); and 
 (ii) obtaining unconditional positive advice (advies) from each
competent works council; 

  
 CREDIT AGREEMENT, Page 56 

 (b) a winding-up, administration or
dissolution includes a Dutch entity being: 
 (i) declared bankrupt (failliet verklaard); 

(ii) dissolved (ontbonden); 

(c) a moratorium includes surséance van betaling and granted a moratorium includes surseance verleend;

 (d) any petition or proceeding taken in connection with insolvency proceedings includes a Dutch entity having filed a
notice under Section 36 of the Tax Collection Act of The Netherlands (Invorderingswet 1990) of Section 60 of the Social Insurance Financing Act of The Netherlands (Wet Financiering Sociale Verzekeringen) in conjunction with
Section 36 of the Tax Collection Act of The Netherlands (Invorderingswet 1990); 
 (e) a trustee in bankruptcy or
a liquidator includes a curator; 

(ef) an administrator includes a bewindvoerder; 

(fg) a receiver or an administrative receiver does not include a curator or
bewindvoerder; 
 (gh) an attachment includes a beslag; and 

(hi) an authorized officer means a managing director (bestuurder) or general
partner (beherend vennoot). 
 If any party to any Loan Document incorporated under the laws of The Netherlands is represented
by an attorney in connection with the signing and/or execution of such Loan Document (including by way of accession to such Loan Document) or any other agreement, deed or document referred to in or made pursuant to such Loan Document, it is hereby
expressly acknowledged and accepted by the other parties hereto that the existence and extent of the attorney’s authority and the effects of the attorney’s exercise or purported exercise of his or her authority shall be governed by the
laws of The Netherlands unless explicitly stated otherwise; provided that if such party is represented by an attorney/agent based on a power of attorney granted under such Loan Document, the existence and extent of the attorney/agent’s
authority and the effects of the attorney/agent’s exercise or purported exercise of his or her authority shall be governed by the laws governing the applicable Loan Document. 

Section 1.09 Agreed Security Principles. The provision of Collateral and Guarantees pursuant to the Guaranty Agreements and the
terms of the Security Documents and each other guaranty delivered or to be delivered under this Agreement shall be subject in all respects to the Agreed Security Principles set forth in Schedule 1.09. 

Section 1.10 Certain Calculations and Tests.

(a)
 Any financial ratios required to be satisfied in order for a specific action to be
permitted under this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one decimal place more than the number of decimal places by which such ratio is expressed herein and rounding the
result up or down to the nearest number (with a rounding up if there is no nearest number). 

  
 CREDIT AGREEMENT, Page 57 

(b)
 Notwithstanding anything to the contrary herein, but subject to Sections 1.10(c), (d)
and (f), all financial ratios and tests (including the First Lien Leverage Ratio, Secured Leverage Ratio, the Total Leverage Ratio, the Interest Coverage Ratio and the amount of Consolidated Total Assets and Adjusted EBITDA and the component
definitions of any of the foregoing) contained in this Agreement that are calculated with respect to any fiscal period during which any transaction described in the definition of Pro Forma Basis (such transaction, a “Pro Forma
Transaction”) occurs shall be calculated with respect to such fiscal period and such Pro Forma Transaction on a Pro Forma Basis. Further, other than with respect to determining the Applicable Rate, actual (as opposed to pro forma) compliance
with the Financial Covenants and the calculation of Excess Cash Flow and asset sale/casualty prepayment percentages, if since the beginning of any such fiscal period and on or prior to the date of any required calculation of any financial ratio or
test (x) any Pro Forma Transaction has occurred or (y) any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Parent Borrower or any Restricted Subsidiary since the beginning
of such fiscal period has consummated any Pro Forma Transaction, then, in each case, any applicable financial ratio or test shall be calculated on a Pro Forma Basis for such fiscal period as if such Pro Forma Transaction had occurred at the
beginning of the applicable fiscal period (or, in the case of Consolidated Total Assets
(or with respect to any
determination pertaining to the balance sheet, including the acquisition of cash and Permitted Investments), as
of the last day of such fiscal period). 

(c)
 Notwithstanding anything to the contrary herein (including in connection with any
calculation made on a Pro Forma Basis), to the extent that the terms of this Agreement require (i) compliance with any financial ratio or test (including the First Lien Leverage Ratio, Secured Leverage Ratio, Total Leverage Ratio and the amount
of Adjusted EBITDA and Consolidated Total Assets and the component definitions of any of the foregoing), (ii) the absence of a Default or Event of Default (or any type of Default or Event of Default) or (iii) the making of any representation or
warranty, in each case as a condition to (A) the consummation of any transaction in connection with any acquisition or similar Investment (including the assumption or incurrence of Indebtedness (including any Incremental Facility or Incremental
Equivalent Debt)), (B) the making of any Restricted Payment and/or (C) the making of any Restricted Indebtedness payment, in each case in connection with a Limited Condition Acquisition, at the election of the Parent Borrower (the “LCA
Election”), the determination of whether the relevant condition is satisfied may be made at the time (the “LCA Test Time”) of (or on the basis of the financial statements for the most recently ended fiscal
period at the time of) the execution of the definitive agreement with respect to such Limited Condition Acquisition. If the
Parent Borrower has made an LCA Election, then, in connection with any calculation of any financial ratio or test (other than with respect to determining the Applicable Rate, actual (as opposed to pro forma) compliance with the Financial Covenants
and the calculation of Excess Cash Flow asset sale/casualty prepayment percentages) following such LCA Test Time and prior to the earlier of the date on which such Limited Condition Acquisition is consummated or the definitive agreement with respect
thereto is terminated, any such financial ratio or test shall be calculated (and tested) on a Pro Forma Basis assuming such Limited Condition Acquisition and other subject transactions in connection therewith have been consummated. 

(d)
 For purposes of determining the permissibility of any action, change, transaction or
event that by the terms of the Loan Documents requires a calculation of any financial ratio or test (including the First
Lien Leverage Ratio, the Secured Leverage Ratio, the Total Leverage 

  
 CREDIT AGREEMENT, Page 58 

 
Ratio, the Interest Coverage Ratio and the amount of Adjusted EBITDA or
Consolidated Total Assets and the component definition of any of the foregoing), such financial ratio or test shall be
calculated at the time (subject to clause (c) above) such action is taken (which action, in the case of any borrowing
or other credit extension under or pursuant to a revolving facility, shall all be deemed to have occurred on the date the documentation with respect to such revolving facility was first executed, to the extent of the maximum drawing thereunder that
would be permitted under such ratio or test as of such applicable date assuming such revolving facility was so drawn),
such change is made, such transaction is consummated or such event occurs, as the case may be, and no Default or Event of
Default shall be deemed to have occurred solely as a result of a change in such financial ratio or test occurring after the time such action is taken, such change is made, such transaction is consummated or such event occurs, as the case may
be. 

(e)
 For purposes of determining compliance at any time with Sections 6.01, 6.02, 6.03,
6.04, 6.05, 6.08 and 6.09, in the event that any Indebtedness, Lien, Restricted Payment, Restricted Indebtedness
payment, contractual restriction, Investment, Disposition or Affiliate transaction, as applicable, meets the criteria of
more than one of the categories of transactions or items permitted pursuant to any clause of such Sections 6.01, 6.02, 6.03, 6.04, 6.05, 6.08 and 6.09, the Parent Borrower, in its sole discretion, from time to time, may classify or reclassify such
transaction or item (or portion thereof) and will only be required to include the amount and type of such transaction (or portion thereof) in any one category.
Further, for the avoidance of doubt, any Indebtedness, Lien, Restricted Payment, Restricted Indebtedness payment,
contractual restriction, Investment, Disposition and Affiliate transaction need not be permitted solely by reference to one category of permitted Indebtedness, Lien, Restricted Payment, Restricted Indebtedness payment, contractual restriction,
Investment, Disposition and Affiliate transaction under Sections 6.01, 6.02, 6.03, 6.04, 6.05, 6.08 and 6.09, but may instead be permitted in party under any combination of the clauses contained in any of such Sections. 

(f)
 Notwithstanding anything to the contrary herein, unless the Parent Borrower otherwise
notifies the Administrative Agent, with respect to any amounts incurred or transactions entered into (or consummated)
in reliance on a provision of this Agreement that does not require compliance with a financial ratio or test (including the First Lien Leverage Ratio, Secured Leverage Ratio, Total Leverage Ratio, Interest Coverage Ratio and
the amount of Consolidated Total Assets and Adjusted EBITDA and the component definitions of any of the foregoing) (any such amounts, the “Fixed Amounts”) substantially concurrently with any amounts incurred or transactions entered into
(or consummated) in reliance on a provision of this Agreement that requires
compliance with a financial ratio or test (including the First Lien Leverage Ratio, Secured Leverage Ratio, Total Leverage
Ratio, Interest Coverage Ratio and the amount of Consolidated Total Assets and Adjusted EBITDA and the component definitions of any of the foregoing) then in connection with any calculation of any financial ratio or basket availability (any such
amounts, the “Incurrence-Based Amounts”), it is understood and agreed that the Fixed Amounts
shall be disregarded in the calculation of
the financial ratio or test applicable to the Incurrence-Based Amounts.

 ARTICLE II 

The Credits 

Section 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender severally agrees (a) to make a
USD Term A Loan in dollars to the Parent Borrower on the Rothsay Acquisition Closing Date in an aggregate principal amount not exceeding its USD Term A Commitment, (b) to make a CAD Term A Loan in Canadian Dollars to the Canadian Borrower on
the Rothsay 

  
 CREDIT AGREEMENT, Page 59 

 
Acquisition Closing Date in an aggregate principal amount not exceeding its CAD Term A Commitment, (c) to make Term B USD Loans in dollars to the Parent Borrower on the Vion Acquisition
Closing Date in an aggregate principal amount not exceeding its Term B USD Commitment, (d) to make Term B EUR Loans in Euro to the Dutch Parent Borrower on the Vion Acquisition Closing Date in an aggregate principal amount not exceeding its
Term B EUR Commitment, (e) to make USD/Multicurrency Revolving Loans in (x) dollars or Alternative Currencies to the Parent Borrower, (y) Canadian Dollars to the Canadian Borrower and (z) dollars or Alternative Currencies to the
Dutch Parent Borrower and, the
VionDutch Subsidiary Borrowers and the German Subsidiary Borrower, in each case, from time to time during the Revolving Availability Period in an aggregate principal amount that will not result in (i) the Dollar Equivalent of such Lender’s USD/Multicurrency Revolving
Exposure exceeding such Lender’s USD/Multicurrency Revolving Commitment, (ii) the aggregate Dollar Equivalent of the USD/Multicurrency Revolving Exposure of all Lenders exceeding the aggregate USD/Multicurrency Revolving Commitment of all
Lenders or (iii) the Dollar Equivalent of the aggregate Multicurrency Revolving Exposure exceeding the Multicurrency Revolving Sublimit and (f) to make USD Only Revolving Loans in dollars to the Parent Borrower from time to time during the
Revolving Availability Period in an aggregate principal amount that will not result in (i) such Lender’s USD Only Revolving Exposure exceeding such Lender’s USD Only Revolving Commitment or (ii) the aggregate Dollar Equivalent of the USD Only Revolving Exposure of all Lenders exceeding the aggregate USD Only Revolving Commitment of all
Lenders. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans. Amounts repaid in respect of Term Loans may not be reborrowed. 

Subject to the terms and conditions set forth herein, including Section 2.23, and in the relevant Ancillary Facility
Documents, any Revolving Lender may make one or more Ancillary Facilities available to any applicable Borrower. For the avoidance of doubt, any reference to a Loan or Letter of Credit shall not include any utilization of any Ancillary Facility. 

Section 2.02 Loans and Borrowings. 

(a) Loans Made Ratably. Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans
of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class; provided that dollar denominated Revolving Loans shall be made ratably under the combined Revolving Facility
(versus under either the USD Only Revolving Facility and the USD/Multicurrency Revolving Facility) in accordance with the Lenders’ respective Revolving Commitments. The failure of any Lender to make any Loan required to be made by it shall not
relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 

(b) Initial Type of Loans. Subject to Section 2.14, (i) each Term Borrowing by the Parent
Borrower in dollars shall be comprised entirely of ABR Loans or Eurodollar Loans as the Parent Borrower may request in accordance herewith and each Term Borrowing denominated in Euro shall be comprised entirely of Eurodollar Loans, (ii) each
Revolving Borrowing by the Parent Borrower, the Dutch Parent Borrower
or, the VionDutch Subsidiary
 Borrowers and the German Subsidiary Borrower shall be comprised entirely
of ABR Loans, Eurodollar Loans or CDOR Rate Loans as the relevant Borrower may request in accordance herewith and (iii) subject to the next sentence, each Borrowing by the Canadian Borrower shall be comprised entirely of CDOR Rate Loans. Each
Swingline Loan shall be denominated in dollars, Canadian Dollars or Euro and shall be an ABR Loan, Canadian Prime Rate Loan or Euro Swingline Rate Loan, respectively. Each Lender at its option may make any Loan by causing any domestic or foreign
branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement. 

  
 CREDIT AGREEMENT, Page 60 

 (c) Minimum Amounts; Limitation on Eurodollar Borrowings and CDOR Rate
Loans. At the commencement of each Interest Period for any Eurodollar Borrowing or CDOR Rate Borrowing, as applicable, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000 (or in
the Dollar Equivalent thereof with respect to Loans in any Alternative Currency other than Canadian Dollars or Euro), €1,000,000 and not less than €5,000,000 and $C1,000,000 and not less than $C2,500,000, as applicable. At the time that
each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000; provided that Revolving Borrowings may be in an aggregate amount that is equal to the
entire unused balance of the total Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e). Each Swingline Loan shall be in an amount that is an integral multiple of
$1.00 (or €1 or $C1) and not less than $100,000 (or €100,000 or $C100,000). Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of 15
Eurodollar Borrowings and a total of 10 CDOR Rate Borrowings outstanding at any time. 
 (d) Limitation on Interest
Periods. Notwithstanding any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or continue, any Borrowing as a Eurodollar Loan or CDOR Rate Loan if the Interest Period requested with
respect thereto would end after the Revolving Maturity Date, the Term A Loan Maturity Date, in the case of a Revolving Loan or Term A Loan, or the Term Loan B Maturity Date, in the case of a Term B Loan, as applicable. 

Section 2.03 Requests for Borrowings. To request a Revolving Borrowing or Term Borrowing, the applicable Borrower shall notify the
Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing or a CDOR Rate Borrowing, not later than 11:00 a.m., Local Time, three
(3) Business Days before the date of the proposed Borrowing or (b) in
the case of an ABR Borrowing, not later than 11:00 a.m., Local Time, one Business Day before the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing or CDOR Rate Borrowing to finance the reimbursement
of an LC Disbursement as contemplated by Section 2.05(e) or an ABR Borrowing on the Rothsay Acquisition Closing Date to be used in consummating the Rothsay Acquisition
may be given not later than 10:00 a.m., Local Time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by
telecopy or email to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the applicable Borrower. Each such telephonic and written Borrowing Request shall specify the following
information in compliance with Section 2.02: 
 (i) whether the requested Borrowing is to be
a Revolving Borrowing, or a Term Borrowing (and, as applicable, the Class of such Borrowing); 
 (ii) the identity of
the Borrower and the aggregate amount and currency of such Borrowing; 
 (iii) the date of such Borrowing, which shall be a
Business Day; 
 (iv) whether such Borrowing is to be an ABR Borrowing, a Eurodollar Borrowing or a CDOR Rate Borrowing; 

  
 CREDIT AGREEMENT, Page 61 

 (v) in the case of a Eurodollar Borrowing or CDOR Rate Borrowing, the initial
Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 

(vi) the location and number of the applicable Borrower’s account to which funds are to be disbursed, which shall comply
with the requirements of Section 2.06. 
 If no election as to the Type of a Borrowing by the Parent Borrower in dollars is
specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing or CDOR Rate Borrowing, then the applicable Borrower shall be deemed to have selected an
Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each Lender of the details thereof and of the
amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 Section 2.04 Swingline Loans. 

(a) Commitment. Subject to the terms and conditions set forth herein, the
Swingline Lender agrees to make Swingline Loans to the Parent Borrower, the Dutch Parent Borrower
and, the VionDutch Subsidiary
 Borrowers and the German Subsidiary Borrower in dollars and Euro and to
the Canadian Borrower in Canadian Dollars, in each case, from time to time during the Revolving Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the Dollar Equivalent of the aggregate
principal amount of outstanding Swingline Loans exceeding $50,000,000, (ii) the Dollar Equivalent of the sum of the total Revolving Exposures exceeding the total Revolving Commitments, (iii) the USD Only Revolving Exposures exceeding the USD
Only Revolving Commitment, (iv) the USD/Multicurrency Revolving Exposures exceeding the USD/Multicurrency Revolving Commitment and (v) the Dollar Equivalent of the aggregate Multicurrency Revolving Exposure exceeding the Multicurrency
Revolving Sublimit; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan;
provided further that notwithstanding anything herein to the contrary, solely for the purpose of consummating the Vion Acquisition, the Parent Borrower and/or the Dutch Parent Borrower (x) may borrow Swingline Loans (which will be
Certain Funds Loans) on the Vion Acquisition Closing Date in Dollars or Euro in an amount the Dollar Equivalent of which does not exceed $200,000,000 and (y) to the extent such right is exercised and such Swingline Loans and any interest
thereon have not been repaid within two Business Days, the applicable Borrower shall submit to the Administrative Agent a notice of borrowing for Revolving Loans denominated in the same currency and amount as such Swingline Loans were made on the
Vion Acquisition Closing Date, which such notice or notices shall not be revocable unless such Swingline Loans are repaid prior to the making of such Revolving Loans. Within the foregoing
limits and subject to the terms and conditions set forth herein, the relevant Borrower may borrow, prepay and reborrow Swingline Loans. 

(b) Borrowing Procedure. To request a Swingline Loan, the applicable Borrower shall notify the Administrative Agent of
such request by telephone (confirmed by telecopy or email), not later than 1:00 p.m., Local Time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and
amount of the requested Swingline Loan; provided that any notice requesting a Swingline Loan in Canadian Dollars or Euro shall be accompanied by a borrowing notice for a Borrowing
three
(3) Business Days
hence for a like amount of Multicurrency Revolving Loans denominated in the currency of the proposed Swingline Loan pursuant to Section 2.03 (it being understood such notice for such Multicurrency Revolving Loans may be
delivered not later than 

  
 CREDIT AGREEMENT, Page 62 

 
1:00 p.m. Local Time instead of 11:00 a.m. Local Time), which notice shall only be revocable if such Swingline Loan denominated in Canadian Dollars or Euro is not made; the proceeds of any such
Multicurrency Revolving Loans made shall be applied by the Borrowers first, to repay the principal of such Swingline Loan and any interest owing thereunder to the Swingline Lender, with any amounts in excess thereof to be retained by the applicable
Borrower. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from such Borrower. The Swingline Lender shall make each Swingline Loan available to the applicable Borrower by means of a credit to the general
deposit account of the applicable Borrower with the Swingline Lender or by wire transfer, automated clearinghouse debit or interbank transfer to such other account, accounts or Persons designated by the applicable Borrower in the applicable request
(or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e), by remittance to the Issuing Bank) by 3:00 p.m., Local Time, on the requested date of such Swingline Loan. 

(c) Revolving Lender Participation in Swingline Loans. The Swingline Lender may by written notice given to the
Administrative Agent not later than 10:00 a.m., Local Time, on any Business Day require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the dollar denominated Swingline Loans outstanding; provided
that such dollar denominated Swingline Loans shall be participated in (and paid) under the combined Revolving Facility (versus under either the USD only Revolving Facility and the USD/Multicurrency Revolving Facility) in accordance with the
lenders’ respective Revolving Commitments. Such notice shall specify the aggregate amount of dollar denominated Swingline Loans in which Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will
give notice thereof to each applicable Revolving Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice
as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans in dollars. Each Revolving Lender acknowledges and agrees that its obligation to
acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in
the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving
Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent shall notify the applicable Borrower in writing of any participations in any
Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the applicable
Borrower (or other party on behalf of the applicable Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such
amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear;
provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the applicable Borrower (or such other Person)
for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the applicable Borrower of any default in the payment thereof. 

  
 CREDIT AGREEMENT, Page 63 

 Section 2.05 Letters of Credit. 

(a) General. Subject to the terms and conditions set forth herein, the Parent Borrower, the Dutch Parent Borrower and,
the VionDutch Subsidiary Borrowers and the German Subsidiary Borrower may request the issuance of Letters of Credit denominated in dollars or Alternative Currencies for such Borrower’s own account (or the account of any of its Subsidiaries) and the Canadian Borrower may
request the issuance of Letters of Credit denominated in Canadian Dollars for its own account (or the account of any of its Subsidiaries), in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to
time during the Revolving Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the
applicable Borrower to, or entered into by the applicable Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 

(b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit
(or the amendment, renewal or extension of an outstanding Letter of Credit), the applicable Borrower shall telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank
and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended,
and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this
Section 2.05), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by
the Issuing Bank, the applicable Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit (but any default or breach under such application and not
hereunder shall not give rise to a Default or Event of Default hereunder). A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the applicable Borrower
shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the Dollar Equivalent of the LC Exposure shall not exceed
$250,000,000150,000,000, (ii) the Dollar Equivalent of the total Revolving Exposures shall not exceed the total Revolving Commitments, (iii) the USD Only Revolving Exposures exceeding the USD Only Revolving Commitment,
(iv) the USD/Multicurrency Revolving Exposures exceeding the USD/ Multicurrency Revolving Commitment and (v) to the extent a Letter of Credit has been requested to be issued, amended, renewed or extended in an Alternative Currency, the
Dollar Equivalent of the aggregate Multicurrency Revolving Exposure shall not exceed the Multicurrency Revolving Sublimit. 

(c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of
(i) unless consented to by the Issuing Bank, the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) (provided that any
Letter of Credit with a one-year term may provide for the automatic renewal thereof for additional one-year periods not to extend past the date in clause
(ii) below unless the applicable Borrower shall have made arrangements reasonably satisfactory to the applicable Issuing Bank) and (ii) the date that is five
(5) Business 

  
 CREDIT AGREEMENT, Page 64 

 
Days prior to the Revolving Maturity Date unless the applicable Borrower shall have made arrangements reasonably satisfactory to the applicable Issuing Bank with respect to cash collateralizing
or backstopping such Letter of Credit. 
 (d) Participations. By the issuance of a Letter of Credit (or an amendment
to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing
Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage (or in the case of a Letter of Credit denominated in an Alternative Currency, the USD/Multicurrency Applicable Percentage) of the aggregate amount
available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay (in dollars, which in the case of a Letter of Credit not denominated
in dollars shall be determined based on the Dollar Equivalent, using the applicable Spot Rate in effect on the date such payment is required), to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Percentage
(or in the case of a Letter of Credit denominated in an Alternative Currency, the USD/Multicurrency Applicable Percentage) of each LC Disbursement made by the Issuing Bank and not reimbursed by the applicable Borrower on the date due as provided in
paragraph (e) of this Section 2.05, or of any reimbursement payment required to be refunded to the applicable Borrower for any reason. Notwithstanding anything herein to the contrary, the Administrative Agent
may, in its reasonable discretion, take such actions as it deems advisable to allocate Letters of Credit and participations therein between any revolving facilities outstanding hereunder; it being understood that, subject to the preceding, dollar
denominated Letters of Credit shall be allocated (and participated in and paid) under the combined Revolving Facility (versus under either the USD Only Revolving Facility and the USD/Multicurrency Revolving Facility) in accordance with the
Lenders’ respective Revolving Commitments. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by
any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any
offset, abatement, withholding or reduction whatsoever. 
 (e) Reimbursement. If the Issuing Bank shall make any LC
Disbursement in respect of a Letter of Credit, the applicable Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement in the currency of such LC Disbursement not later than 4:00
p.m., Local Time, on the first Business Day after such LC Disbursement is made if the applicable Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received by
the applicable Borrower prior to such time on such date such notice shall be deemed received on the next day and then not later than 1:00 p.m., Local Time, on the Business Day immediately following the day that the applicable Borrower is deemed to
have received such notice; provided that the applicable Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Sections 2.03 or 2.04 that such payment be financed with an ABR Revolving
Borrowing (in the case of a payment in dollars), Eurodollar Borrowing (in the case of a payment in an Alternative Currency (other than Canadian Dollars)) or CDOR Rate Borrowing, as applicable, or Swingline Loan in an equivalent amount and, to the
extent so financed, the applicable Borrower’s obligation to make such payment shall be discharged and replaced by the resulting applicable Borrowing, or, if applicable, Swingline Loan. If the applicable Borrower fails to make such payment when
due, then (A) if such payment relates to a Foreign Currency Letter of Credit, automatically and with no further action required, such 

  
 CREDIT AGREEMENT, Page 65 

 
Borrower’s obligation to reimburse the applicable LC Disbursement shall be permanently converted into an obligation to reimburse the Dollar Equivalent, calculated using the applicable Spot
Rate on the date when such payment was due, of such LC Disbursement and (B) in the case of each LC Disbursement the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the
applicable Borrower in respect thereof and such Lender’s Applicable Percentage (or in the case of a Letter of Credit denominated in Alternative Currency, the USD/Multicurrency Applicable Percentage) thereof. Promptly following receipt of such
notice, each Revolving Lender shall pay to the Administrative Agent in dollars its Applicable Percentage (or in the case of a Letter of Credit denominated in Alternative Currency, the USD/Multicurrency Applicable Percentage) of the payment then due
from the applicable Borrower, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment
obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the
applicable Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to
such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans (in the case of a
payment in dollars), Eurodollar Revolving Loans (in the case of an Alternative Currency (other than Canadian Dollars)), CDOR Rate Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the applicable
Borrower of its obligation to reimburse such LC Disbursement in accordance with this Section 2.05(e). 
 (f)
Obligations Absolute. Each Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section 2.05 shall be absolute, unconditional and irrevocable, and shall be
performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or any Loan Document, or any term or provision
therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank
under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that
might, but for the provisions of this Section 2.05, constitute a legal or equitable discharge of, or provide a right of setoff against, any Borrower’s obligations hereunder. Neither the Administrative Agent, the
Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder
(irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed
to excuse the Issuing Bank or its Related Parties from liability to the applicable Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the applicable Borrower to the
extent permitted by applicable law) suffered by the applicable Borrower that are caused by the Issuing Bank’s gross negligence, willful misconduct or failure to exercise care when determining whether drafts and other documents presented under a
Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence 

  
 CREDIT AGREEMENT, Page 66 

 
of gross negligence or willful misconduct on the part of, or material breach of the terms of the Loan Documents by, the Issuing Bank, the Issuing Bank shall be deemed to have exercised care in
each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter
of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make
payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 
 (g)
Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative
Agent and the applicable Borrower by telephone (confirmed by telecopy or email) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving
such notice shall not relieve the applicable Borrower of its obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement. 

(h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the applicable Borrower shall
reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable
Borrower reimburses such LC Disbursement, (i) in the case of LC Disbursements made in dollars, and at all times following the conversion to dollars of an LC Disbursement made in an Alternative Currency pursuant to paragraph
(e) above, at the rate per annum then applicable to ABR Revolving Loans and (ii) in the case of LC Disbursements made in an Alternative Currency, and at all times prior to their conversion to dollars pursuant to paragraph
(e) above, at the rate applicable to CDOR Rate Loans or Eurodollar Rate Loans denominated in an Alternative Currency (other than Canadian Dollars), as applicable, with an Interest Period of one month’s duration determined on the date
such LC Disbursement is made; provided that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then
Section 2.13 (c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to
paragraph (e) of this Section 2.05 to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 

(i) Replacement of the Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the
Borrowers, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the
Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the
rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any
previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the
rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

  
 CREDIT AGREEMENT, Page 67 

 (j) Cash Collateralization. If any Event of Default shall occur and be
continuing, on the Business Day that the applicable Borrower receives notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph, the applicable Borrower shall deposit in an
account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash in dollars or, if applicable, Alternative Currency, equal to the LC Exposure as of such date plus any accrued and
unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the
occurrence of any Event of Default with respect to any Borrower described in clause (h) or (i) of Section 8.01. Each such deposit shall be held by the Administrative Agent as collateral for
the payment and performance of the relevant Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such
deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrowers’ risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall
accumulate in such account. Monies in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the
satisfaction of the reimbursement obligations of the relevant Borrowers for the LC Exposure at such time, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing greater than
50% of the total LC Exposure), be applied to satisfy other obligations of the relevant Borrowers under this Agreement. If any Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of
Default, such amount (to the extent not applied as aforesaid) shall be returned to the applicable Borrower within three (3) Business Days following a request to do so after all Events of Default have been cured or waived. 

(k) Conversion. In the event that the Loans become immediately due and payable on any date pursuant to
Section 8.01, all amounts (i) that a Borrower is at the time or thereafter becomes required to reimburse or otherwise pay to the Administrative Agent in respect of LC Disbursements made under any Foreign Currency
Letter of Credit (other than amounts in respect of which such Borrower has deposited Cash Collateral pursuant to paragraph (j) above, if such Cash Collateral was deposited in the applicable Foreign Currency to the extent so deposited or
applied), (ii) that the Lenders are at the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at the time or thereafter becomes required to distribute to the applicable Issuing Bank pursuant to
paragraph (e) of this Section 2.05 in respect of unreimbursed LC Disbursements made under any Foreign Currency Letter of Credit and (iii) of each Lender’s participation in any Foreign Currency Letter
of Credit under which an LC Disbursement has been made shall, automatically and with no further action required, be converted into the Dollar Equivalent, calculated using the applicable Spot Rates on such date (or in the case of any LC Disbursement
made after such date, on the date such LC Disbursement is made), of such amounts. On and after such conversion, all amounts accruing and owed to the Administrative Agent, the applicable Issuing Bank or any Lender in respect of the obligations
described in this paragraph (k) shall accrue and be payable in dollars at the rates otherwise applicable hereunder. 

  
 CREDIT AGREEMENT, Page 68 

 Section 2.06 Funding of Borrowings. 

(a) By Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire
transfer of immediately available funds by 12:00 noon, Local Time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in
Section 2.04. The Administrative Agent will make such Loans available to the applicable Borrower by promptly crediting the amounts so received, in like funds, to an account of the applicable Borrower maintained with the
Administrative Agent or by wire transfer, automated clearing house debit or interbank transfer to such other account, accounts or Persons designated by the applicable Borrower in the applicable Borrowing Request; provided that Loans made to
finance the reimbursement of an LC Disbursement as provided in Section 2.05(e) shall be remitted by the Administrative Agent to the Issuing Bank. 

(b) Fundings Assumed Made. Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with paragraph (a) of this Section 2.06 and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its
share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding amount
with interest thereon, for each day from and including the date such amount is made available to the applicable Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the
Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the applicable Borrower, the interest rate applicable to ABR Loans, or if
applicable for Borrowings denominated in an Alternative Currency, a rate determined in a customary manner in good faith by the Administrative Agent. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such
Lender’s Loan included in such Borrowing. 
 Section 2.07 Interest Elections. 

(a) Conversion and Continuation. Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in
the applicable Borrowing Request and, in the case of a Eurodollar Borrowing or a CDOR Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the applicable Borrower may elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing or CDOR Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.07. The applicable
Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued. 

(b) Delivery of Interest Election Request. To make an election pursuant to this Section 2.07,
the applicable Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the applicable Borrower were requesting a Revolving
Borrowing of the Type resulting from such 

  
 CREDIT AGREEMENT, Page 69 

 
election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by telecopy or email to the
Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the applicable Borrower. 

(c) Contents of Interest Election Request. Each telephonic and written Interest Election Request shall specify the
following information in compliance with Section 2.02: 
 (i) the Borrowing to which such Interest
Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to
clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
 (ii) the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
 (iii)
whether the resulting Borrowing is to be an ABR Borrowing, a Eurodollar Borrowing or a CDOR Rate Borrowing; and 
 (iv) if
the resulting Borrowing is a Eurodollar Borrowing or a CDOR Rate Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest
Period”. 
 If any such Interest Election Request requests a Eurodollar Borrowing or a CDOR Rate Borrowing but does not specify an Interest Period,
then the applicable Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 (d)
Notice to the Lenders. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) Automatic Conversion. If the applicable Borrower fails to deliver a timely Interest Election Request with respect to
a Eurodollar Borrowing or CDOR Rate Borrowing prior to the third Business Day prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing
shall be converted to an ABR Borrowing or, in the case of Borrowings denominated in Euro or Canadian Dollars, a Eurodollar Borrowing or a CDOR Rate Borrowing in each case with an Interest Period of one month’s duration, respectively. 

(f) Limitations on Election. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is
continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the applicable Borrower in writing, then, so long as an Event of Default is continuing (i) no outstanding Borrowing denominated in dollars may be
converted to or continued as a Eurodollar Borrowing, (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) each Borrowing denominated in an
Alternative Currency will, at the expiration of the then current Interest Period each such Borrowing, be automatically continued as a Borrowing of Eurodollar Loans or CDOR Rate Loans, as applicable, with an Interest Period of one month. 

  
 CREDIT AGREEMENT, Page 70 

 Section 2.08 Termination and Reduction of Commitments. 

(a) Termination Date. Unless previously terminated,
(i) the USD Term A Commitments shall terminate at 5:00 p.m., Chicago, Illinois time, on the Expiration Date, (ii) the CAD Term A Commitments shall terminate at 5:00 p.m., Toronto
time, on the Expiration Date, (iii) the Term B Commitments shall terminate at 5:00 p.m., New York time, on the Long Stop Date and (iv) the Revolving Commitments shall terminate on the Revolving Maturity Date. 
 (b)
Optional Termination or Reduction. The Parent Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that (i) each reduction of the Commitments of any Class shall be in an
amount that is an integral multiple of $1,000,000 and not less than $5,000,000 (or, if less, the remaining amount of the relevant Commitments) and (ii) the Parent Borrower shall not terminate or reduce the Revolving Commitments if, after giving
effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, (i) any Lender’s Revolving Exposure exceeds such Lender’s Revolving Commitment, (ii) the aggregate Revolving
Exposure of all Lenders exceeds the aggregate Revolving Commitment of all Lenders or (iii) the Dollar Equivalent of the aggregate Multicurrency Revolving Exposure exceeds the Multicurrency Revolving Sublimit, in each case, calculated based on
the Dollar Equivalent amount as of such date of termination or reduction. 
 (c) Notice of Termination or Reduction.
The Parent Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section 2.08 at least three (3) Business Days
(or such shorter period as shall be agreed by the Administrative Agent)
prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice
delivered by the Parent Borrower pursuant to this Section 2.08(c) shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Parent Borrower may state that such notice is conditioned
upon the effectiveness of other transactions, in which case such notice may be revoked by the Parent Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or
reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class. 

Section 2.09 Repayment of Loans; Evidence of Debt. 

(a) Promise to Pay. Each Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the
account of each Revolving Lender the then unpaid principal amount of each Revolving Loan of such Lender made to such Borrower on the Revolving Maturity Date, (ii) to the Administrative Agent for the account of each Term Lender the then unpaid
principal amount of each Term Loan of such Lender made to such Borrower as provided in Section 2.10 and (iii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan made to such Borrower on the
earlier of the Revolving Maturity Date and the day that is ten (10) Business Days after such Swingline Loan is made; provided that on each
date that a Revolving Borrowing is made, the Borrowers shall repay all Swingline Loans then outstanding. 
 (b)
Lender Records. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of
principal and interest payable and paid to such Lender by such Borrower from time to time hereunder. 

  
 CREDIT AGREEMENT, Page 71 

 (c) Administrative Agent Records. The Administrative Agent shall maintain
accounts in which it shall record (i) the amount of each Loan made hereunder, the currency, Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become
due and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders by each Borrower and each Lender’s share thereof. 

(d) Prima Facie Evidence. The entries made in the accounts maintained pursuant to paragraph (b) or
(c) of this Section 2.09 shall be prima facie evidence of the existence and amounts of the obligations recorded therein absent manifest error; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement; provided, further, that in the event
of any inconsistency between such accounts of the Administrative Agent and any Lender’s records, the Administrative Agent’s accounts shall govern. 

(e) Request for a Note. Any Lender may request that Loans of any Class made by it be evidenced by a promissory
note; provided that any such promissory notes to be issued on the Effective Date shall be requested by the relevant Lender at least
five
(5) Business Days
prior to the Effective Date. In such event, the applicable Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns)
and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by
one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns); provided that in the event of any assignment of Loans
evidenced by a promissory note, the applicable Borrower shall not be obligated to execute and deliver a promissory note to the assignee of such Loans unless and until the assignor Lender has returned its promissory note to the relevant Borrower or
the relevant Borrower has received a lost note affidavit and indemnity from the assigning Lender in form and substance reasonably acceptable to the relevant Borrower. 

Section 2.10 Amortization of Term Loans. 

(a) Term A Loans. Each Borrower shall repay the Term A Loans made byto
it in the applicable currency of such Term A Loans in quarterly principal installments as follows: 
 (i) for the first eight
(8) quarterly installments, in the amount of 1.25% of the aggregate principal amount of the relevant Term A Loans made on the Rothsay Acquisition Closingoutstanding on
the Fourth Amendment Date, each, due and payable on the last day of each March, June, September and
December, of each year commencing on the last
day of such month falling on or after the last day of the first full fiscal quarter
of the Parent Borrower following the Rothsay Acquisition Closing Date and continuing until the last day of the eighth (8th) such quarterly period following the Rothsay Acquisition Closing
Date;applicable year, with the first such quarterly installment to commence and be due on March 31,
2017; 
 (ii) for the
following ninth (9th) through
sixteenth (16th) quarterly installments, in the amount of 1.875% of the aggregate principal amount of the relevant Term A Loans
made on the Rothsay Acquisition
Closingoutstanding on the Fourth Amendment Date, each, due and
payable on the last day of each March, June, September and December, of each year commencing on the last day of such month falling after the last quarterly payment made pursuant to clause (i) above and continuing until the last day of
the sixteenth (16th) such quarterly period following the Rothsay Acquisition Closing
Date;applicable year; 

  
 CREDIT AGREEMENT, Page 72 

 (iii) for each quarterly installment after such
16th installment referred to in clause (ii) above, in the amount of 3.75% of the aggregate principal amount of the relevant Term A Loans made on the Rothsay Acquisition Closingoutstanding on the
Fourth Amendment Date, each, due and payable on the last day of each March, June, September and December, of each year commencing on the last day of such month falling after the last quarterly payment made pursuant to clause
(ii) above and continuing until the last day of such quarterly period ending immediately prior to the Term A Loan Maturity Date;
andapplicable year; and 

(iv) one final installment in the amount of the relevant Term A Loans then outstanding, due and payable on the Term A Loan Maturity Date; 

(b) Term B Loans. Each Borrower shall repay the Term B Loans made by it in the applicable currency of such Term B Loans
in quarterly principal installments as follows: 
 (i) in the amount of 0.25% of the aggregate principal amount of the
relevant Term B Loans made on the Vion Acquisition Closing Date, each, due and payable on the last day of each March, June, September and December, of each year commencing on the last day of such month falling on or after the last day of the first
full fiscal quarter of the Parent Borrower following the Vion Acquisition Closing Date and continuing until the last day of such quarterly period ending immediately prior to the Term B Loan Maturity Date; and 

(ii) one final installment in the amount of the relevant Term B Loans then outstanding, due and payable on the Term B Loan
Maturity Date; 
 Prior to any repayment of any Term Borrowings, the Parent Borrower shall select the Class and Borrowing or Borrowings to be repaid
and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection not later than 12:00 p.m., Local Time, three
(3) Business Days before the scheduled date of such repayment;
provided that to the extent the Parent Borrower does not specify in such notice the Borrowing or Borrowings to be repaid the Administrative Agent shall first apply such amounts to ABR Loans and/or, in the case of Alternative Currencies, CDOR
Rate Loans or Eurodollar Rate Loans, as applicable, and thereafter use commercially reasonable efforts to minimize the cost to the Parent Borrower of such repayment under Section 2.16. Each repayment of a Class and
Borrowing shall be applied ratably to the Loans included in the repaid Class and Borrowing. Repayments of Term Borrowings shall be accompanied by accrued interest on the amount repaid. 

Section 2.11 Prepayment of Loans. 

(a) Optional Prepayment. The applicable Borrower shall have the right at any time and from time to time to prepay any
Borrowing of any Class in whole or in part without prepayment penalty or premium, subject to the requirements of this Section 2.11 and Section 2.16; provided that in the event that,
prior to the date that is six months following the Vion Acquisition Closing Date, the Parent Borrower (x) prepays, refinances, substitutes or replaces any Term B Loans in connection with a Repricing Transaction (including, for avoidance of
doubt, any prepayment made pursuant to Section 2.22 that constitutes a Repricing Transaction), or (y) effects any amendment of this Agreement resulting in a Repricing Transaction, the Borrower shall pay to the
Administrative Agent, for the ratable account of each of the applicable Lenders (1) in the case of clause (x), a prepayment premium of 1.00% of the aggregate principal 

  
 CREDIT AGREEMENT, Page 73 

 
amount of the Term B Loans so prepaid, refinanced, substituted or replaced and (2) in the case of clause (y), a fee equal to 1.00% of the aggregate principal amount of the applicable
Term B Loans outstanding immediately prior to such amendment. 
 (b) Mandatory Prepayment of Revolving Loans. In the
event and on such occasion that (i) such Lender’s Revolving Exposure exceeds such Lender’s Revolving Commitment, (ii) the aggregate Revolving Exposure of all Lenders exceeds the aggregate Revolving Commitment of all Lenders or
(iii) the aggregate Multicurrency Revolving Exposure exceeds the Multicurrency Revolving Sublimit, in each case calculated based on the Dollar Equivalent amount as of the applicable date of determination, the applicable Borrower shall prepay
Revolving Borrowings or Swingline Borrowings in an aggregate amount to eliminate such excess. 
 Upon the incurrence by Parent Borrower or
any Restricted Subsidiary of any Specified Refinancing Debt constituting revolving credit facilities, the Borrowers shall prepay an aggregate principal amount of Revolving Loans in an amount equal to 100% of all Net Cash Proceeds received therefrom
immediately upon receipt thereof by Parent Borrower or such Restricted Subsidiary. 
 (c) Mandatory Prepayments from Net
Proceeds of Prepayment Event. In the event and on each occasion that any Net Proceeds are received by or on behalf of the Parent Borrower or any Restricted Subsidiary in respect of any Prepayment Event, the Parent Borrower shall, within
three
(3) Business Days
after such Net Proceeds are received, prepay or cause to be prepaid Term Borrowings (on a ratable basis among any outstanding USD Term A Loans, CAD Term A Loans, Term B USD Loans and Term B EUR Loans based on the outstanding
principal amounts thereof) in an aggregate amount equal to 100% of such Net
Proceeds; provided that: 
 (i) subject to the terms of clause (ii) below, in the case of any event
described in clauses (a) or (b) of the definition of the term Prepayment Event, if the Parent Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer to the effect that the Parent
Borrower and the Subsidiaries intend to apply the Net Proceeds from such event, within 18 months after receipt of such Net Proceeds, to acquire or replace assets (other than ordinary course current assets, it being understood such limitation shall not apply to the acquisition of any Person or all or substantially all of the assets of a division or
branch of such Person) or repair, improve or maintain assets to be used in the business of, or otherwise useful in the operations of, the Parent Borrower and the Restricted Subsidiaries,
including, without limitation, to make an acquisition permitted by Section 6.04(l), to engage in an Asset Swap permitted by Section 6.04(k) or to make an Investment permitted by Section 6.04(q), (s) or (u), then no
prepayment shall be required pursuant to this clause (c) in respect of such event except to the extent of any Net Proceeds therefrom that have not been so applied within 18 months (or in the case of a binding commitment in respect of an application within such 18 months, 24 months) after receipt of such Net Proceeds, at which time
a prepayment shall be required in an amount equal to the Net Proceeds that have not been so applied; and 

(ii) Net Proceeds from a single Prepayment Event shall
notonly be required to be used to prepay Term Borrowings under this clause (c) ifto the
aggregate amount ofextent such Net Proceeds received from
suchany single Prepayment Event do not exceed $10,000,000, unless such20,000,000, and such
excess Net Proceeds, when added to the aggregate amount of
excess Net Proceeds received from all Prepayment Events occurring in the
same fiscal year which are not reinvested pursuant to this clause (c) exceed
$20,000,00040,000,000 (in which event the aggregate amount of such excess Net Proceeds from all such Prepayment Events in excess of $20,000,00040,000,000, shall then be required to be used to prepay the Term Borrowings under this
clause (c)).; and 

(iii)
 if the Secured Leverage Ratio as calculated as of the last day of the
most recent four (4) fiscal quarter period then ended for which financial statements have been delivered
pursuant to Section 5.01(a) or (b) prior to the Prepayment Event is less than 2.75 to 1.00, then the 100% threshold
above shall be reduced to 50% for such Prepayment Event in the case of any event described in clauses (a) or (b) of the definition of the term Prepayment Event. 

  
 CREDIT AGREEMENT, Page 74 

 (d) Excess Cash Flow Prepayment. Following the end of each Applicable
Fiscal Year, the Parent Borrower shall prepay Term B Loans (ratably in accordance with the outstanding amount of each Class thereof) in an aggregate amount equal to the sum of: (i) 50% of Excess Cash Flow for such Applicable Fiscal Year;
minus (ii) the aggregate amount of voluntary prepayments made on the Term B Loans during such Applicable Fiscal Year or on or prior to the date such Excess Cash Flow payment is due (other than prepayments funded with the proceeds of
long-term Indebtedness (other than revolving Indebtedness) and without duplication for any deduction of any such prepayment in respect of the prior fiscal year); minus (iii) the aggregate amount of voluntary prepayments made on the
Revolving Loans during such Applicable Fiscal Year or on or prior to the date such Excess Cash Flow payment is due (and without duplication for any deduction of any such prepayment in respect of the prior fiscal year) that were accompanied by a
permanent reduction of the Revolving Commitments; minus (iv) the amount of any reduction in the outstanding amount of any Term B
Loans resulting from any purchase or assignment in cash made in accordance with Section 10.04(e) of this Agreement (including in connection with any Dutch auction), provided the opportunity for such purchase or assignment is offered to all
Lenders of the applicable Class of Term B Loans. Each prepayment pursuant to this clause (d) shall be made within
five
(5) Business Days
after the date on which financial statements are delivered pursuant to Section 5.01(a) with respect to the Applicable Fiscal Year for which Excess Cash Flow is being calculated; provided that if the Secured Leverage Ratio as
calculated as of the last day of the relevant Applicable Fiscal Year is (x) less than
2.753.50 to 1.00, then the 50% threshold above shall be reduced to 25% and (y) less than 2.253.00 to 1.00, no prepayment will be required under this clause (d) for such
fiscal year. As used in this clause, the term “Applicable Fiscal Year” means each fiscal year, beginning with the fiscal year ending on or about December 31,
2014; provided that if the Vion Acquisition Closing Date occurs after the fiscal year ended on or about December 31, 2013, for purposes of this
clause (d), Excess Cash Flow for the Applicable Fiscal Year ending on or about December 31, 2014 shall be calculated beginning on the first day of the fiscal quarter commencing after the Vion Acquisition Closing date and
ending on the last day of such fiscal year.2016. 

(e) Notwithstanding any other provisions of Section 2.11(c), (i) to the extent that (and for so long as) any of or all
the Net Cash Proceeds of any Prepayment Event giving rise to a mandatory prepayment pursuant to Section 2.11(c) are prohibited or restricted by applicable local law from being repatriated to the jurisdiction of organization of the Parent
Borrower or would conflict with the fiduciary duties of any Subsidiary’s directors, officers, employees, managers (or any Persons with equivalent responsibilities) or could be expected to result in a risk of criminal or personal liability for
such Persons, an amount equal to the portion of such Net Cash Proceeds so affected will not be required to be applied to repay Term Loans at the times provided in Section 2.05(c) but may be retained by the applicable Restricted
Subsidiary so long as the applicable local law will not permit such repatriation to the Parent Borrower (the Parent Borrower hereby agreeing to cause the applicable Restricted Subsidiary to promptly take all commercially reasonable actions available
under applicable local law to permit such 

  
 CREDIT AGREEMENT, Page 75 

 
repatriation) or such conflict or risk exists, and once such repatriation of any such affected Net Cash Proceeds is permitted under the applicable local law, an amount equal to such Net Cash
Proceeds will be promptly applied (net of additional Taxes payable or reserved against as a result of such repatriation or potential repatriation) or such conflict or risk of liability exists to the repayment of the Term Loans pursuant Section
2.11(c) and Section 2.11(d) and (B) to the extent that the Borrower has determined in good faith that repatriation of any of or all of the Net Cash Proceeds of any Prepayment Event to the jurisdiction of organization of the Parent
Borrower would have a material adverse Tax consequence with respect to such Net Cash Proceeds (taking into account any foreign tax credit or benefit that would be realized in connection with such repatriation), the Net Cash Proceeds so affected may
be retained by the applicable Restricted Subsidiary. 
 (f) Notice of Prepayment; Application of Prepayments. The
applicable Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy or email) of any prepayment hereunder (i) in the case of optional prepayment of a Eurodollar Borrowing or CDOR Rate Borrowing, not later than
11:30 a.m., Local Time (or such later time as the Administrative Agent may agree), three (3) Business Days before the date of prepayment, (ii) in the case of
optional prepayment of an ABR Borrowing, not later than 11:30 a.m., Local
Time (or such later time as the Administrative Agent may agree), one Business Day before the date of prepayment or (iii) in the case of
optional prepayment of a Swingline Loan, not later than 12:00 noon, Local
Time, (or such later time as the Administrative Agent may agree), on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in
the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided that, a notice of optional prepayment delivered by the applicable Borrower may state that such notice is conditioned upon the effectiveness of other transactions, in which case such notice of prepayment may be revoked by the applicable
Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any such notice (other than a notice relating solely to Swingline Loans), the
Administrative Agent shall advise the Lenders of the contents thereof. Each partial optional prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of Loans pursuant to this
Section shall be applied ratably to each Class of Loans required to be
prepaid in connection with this Section. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13. Prepayments of Term Loans
shall be applied (i) in the case of prepayments pursuant to Section 2.11(a), to the scheduled installments thereof as elected by the applicable Borrower and (ii) in the case of prepayments pursuant to Section 2.11(c) or
(d), first, to the next four(c) or (d) shall be applied to the scheduled installments as
directed by the Parent Borrower (or, in the absence of direction from the Parent Borrower, to the remaining scheduled installments
thereofin respect of such Class of Term
Loans in direct order of maturity and second, pro rata based on the principal amount of each installment.). The amount of such prepayments shall be applied on a pro rata basis
to the Class of Loans being prepaid irrespective of whether such outstanding Loans are ABR Loans, Canadian Prime Rate Loans,
CDOR Rate Loans or Eurodollar Loans; provided that such mandatory prepayment shall be applied first to the then outstanding Loans that are ABR Loans or Canadian Prime Rate Loans, as applicable, and then to the then outstanding Loans that are CDOR
Loans or Eurodollar Loans, as applicable, in a manner that minimizes the amount of any payments required to be made pursuant to Section 2.16. 

(g) Upon the incurrence or issuance by Parent Borrower or any Restricted Subsidiary of any Refinancing Notes, any Specified
Refinancing Term Loans or any Refinancing Junior Loans, the Borrowers shall prepay an aggregate principal amount of the Class of Term Loans and/or Revolving Loans being refinanced in an amount equal to 100% of all Net Cash Proceeds received
therefrom immediately upon receipt thereof by Parent Borrower or such Restricted Subsidiary in a manner consistent with clause (f) above. 

  
 CREDIT AGREEMENT, Page 76 

For the avoidance of doubt, and
notwithstanding the other provisions of this Agreement, if, at any time any Borrower would be required to prepay the Term Loans pursuant to clause (c) or (d) above, such Borrower is required to offer to prepay or repurchase any Incremental
Equivalent Debt or Refinancing Notes, Specified Refinancing Term Loans or other Indebtedness that is pari passu with the Term Loans in right of payment and with respect to security pursuant to the terms of the documentation governing such
Indebtedness in connection with the circumstances described in clause (c) or (d), as applicable (such Indebtedness, the “Other Applicable Indebtedness”), then such Borrower may apply the amounts required to be prepaid or used to
repurchase on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and the Other Applicable Indebtedness at such time;
provided that the portion of such prepayment allocated to any Other Applicable Indebtedness shall not exceed the amount required to be allocated to such Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any,
shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and the prepayment or repurchase of the Other Applicable Indebtedness, and the amount of the prepayment of the Term Loans that would have
otherwise been required pursuant to such clause (c) or (d) shall be reduced accordingly on a dollar-for-dollar basis; provided that, to the extent the holders of the Other Applicable Indebtedness decline to have such Other Applicable Indebtedness
prepaid or repurchased, the declined amount shall promptly be applied to prepay the Term Loans in accordance with the terms hereof. 

Section 2.12 Fees. 

(a) Commitment Fees. The Parent Borrower agrees to pay to the Administrative Agent for the account of each Revolving
Lender a commitment fee, which shall accrue at the Applicable Rate on the average daily unused amount of each Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which such
Revolving Commitment terminates. The Parent Borrower agrees to pay to the Administrative Agent for the account of each Term A Lender a commitment fee, which shall accrue at the
Applicable Rate with respect to Term A Loans on the average daily unused amount of each Term A Commitment of such Lender during the period from and including September 27, 2013 to and including the Rothsay Acquisition Closing Date.
Accrued commitment fees in respect of the Revolving Commitments shall be payable in arrears on the date which is three
(3) Business Days following the last day of each March, June,
September and December of each year and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall be
payable for the actual number of days elapsed (including the first day but excluding the last day). A Revolving Commitment of a Lender shall be deemed to be used to the extent of the outstanding Revolving Loans and LC Exposure of such Lender (and
the Swingline Exposure of such Lender shall be disregarded for such purpose). 
 (b) Letter of Credit Fees. The
Parent Borrower agrees to pay: 
 (i) Participation Fee. To the Administrative Agent for the account of each Revolving
Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the Applicable Rate for Eurodollar Borrowings (or CDOR Rate 

  
 CREDIT AGREEMENT, Page 77 

 
Borrowings in the case of Letters of Credit denominated in Canadian Dollars) on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to
unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC
Exposure; 
 (ii) Standby Letter of Credit Fronting Fees. To the Issuing Bank a fronting fee with respect to standby
Letters of Credit, which shall accrue at the rate of 0.10% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to standby Letters of Credit during the
period from and including the Effective Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure with respect to standby Letters of Credit; 

(iii) Commercial Letters of Credit Fronting Fees. To the Issuing Bank a fronting fee with respect to each commercial
Letter of Credit, which fee shall equal the product of 1.00% of the initial stated amount of such commercial Letter of Credit multiplied by a fraction, the numerator of which is the number of days included in the term of such commercial Letter of
Credit and whose denominator is 360; and 
 (iv) Issuing Bank Standard Fees. The Issuing Bank’s standard fees
with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. 
 Participation fees and
standby Letter of Credit fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third Business Day following such last day, commencing on the first such date to occur
after the Effective Date; provided that: (A) all such fees shall be payable on the date on which the Revolving Commitments terminate; (B) any such fees accruing after the date on which the Revolving Commitments terminate shall be
payable on demand; and (C) all fronting fees payable with respect to commercial Letters of Credit shall be payable on the date of the issuance thereof. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable
within 10 days after demand. All participation fees and standby Letter of Credit fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the
last day). 
 (c) Agent Fees. The Parent Borrower agrees to pay to the Administrative Agent, for its own account, fees
payable in the amounts and at the times separately agreed upon between the Parent Borrower and the Administrative Agent. 

(d) Payment of Fees. All fees payable hereunder shall be paid in dollars on the dates due, in immediately available
funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any
circumstances. 
 (e) Ancillary Facility Fees. The amount and timing of payments of fees in respect of any Ancillary
Facility will be agreed by the relevant Ancillary Lender and the Borrower under such Ancillary Facility. 

  
 CREDIT AGREEMENT, Page 78 

 Section 2.13 Interest. 

(a) ABR Borrowings/Canadian Prime Rate Swingline. The Loans comprising each ABR Borrowing (including each applicable
Swingline Loan denominated in dollars) shall bear interest at the Alternate Base Rate plus the Applicable Rate for ABR Borrowings. Each Swingline Loan denominated in Canadian Dollars shall bear interest at the Canadian Prime Rate plus the Applicable
Rate for Canadian Prime Rate Borrowings. Each Swingline Loan denominated in Euro shall bear interest at the Euro Swingline Rate plus the Applicable Rate for Euro Swingline Rate Borrowings. 

(b) Eurodollar Borrowings/CDOR Rate Borrowings. The Loans comprising each Eurodollar Borrowing shall bear interest at
the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate for Eurodollar Borrowings. The Loans comprising each CDOR Rate Borrowing shall bear interest at the CDOR Loan Rate for the Interest Period in effect
for such CDOR Rate Borrowing plus the Applicable Rate. 
 (c) Default Interest. Notwithstanding the foregoing, if any
principal of or interest on any Loan or any fee payable by the applicable Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment,
at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the
case of any other amount, 2% plus the rate then applicable to ABR Revolving Loans (in the case of amounts owing in dollars), Canadian Prime Rate Borrowings (in the case of amounts owing in Canadian Dollars in respect of Swingline Loans), CDOR
Rate Loans with an Interest Period of one month’s duration determined on the date such amounts were due and then on each monthly anniversary thereof (in the case of any other such amounts owing in Canadian Dollars) or Eurodollar Rate Loans with
an Interest Period of one month’s duration determined on the date such amounts were due and then on each monthly anniversary thereof (in the case of any other such amounts owing in an Alternative Currency other than Canadian Dollars), in each
case, as provided in paragraph (a), or if applicable, paragraph (b), of this Section 2.13. 

(d) Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for
such Loan occurring after the Effective Date and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this
Section 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued
interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan or CDOR Rate Loan prior to the end of the current Interest Period
therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
 (e) Computation.
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate or the Canadian Prime Rate at times when the Alternate Base Rate or Canadian Prime Rate is based on
the Prime Rate or other applicable “prime rate”, and the CDOR Loan Rate and interest with respect to Borrowings denominated
in Sterling, in each case, shall be computed on the basis of a year of 365 days
(or, except with respect to Sterling, 366 days in a leap year), and in each
case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate and CDOR Loan Rate shall be determined by the Administrative Agent, and such
determination shall be conclusive absent manifest error. 

  
 CREDIT AGREEMENT, Page 79 

 (f) Interest Act (Canada). For purposes of disclosure pursuant to the
Interest Act (Canada) (R.S.C. 1985, c.I15, as amended), the annual rates of interest or fees to which the rates of interest or fees provided in this Agreement and the other Loan Documents (and stated herein or therein, as applicable, to be computed
on the basis of 365 days (or 366 days in a leap year)) are equivalent are the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 days (or 366 days in a leap year), respectively.

 (g) The amount and timing of payments of interest in respect of any Ancillary Facility will be agreed by the relevant
Ancillary Lender and the applicable Borrower under such Ancillary Facility. 
 Section 2.14 Alternate Rate of Interest. If prior
to the commencement of any Interest Period for a Eurodollar Borrowing or CDOR Borrowing, as applicable: 
 (a) the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means (including, without limitation, by means of an Interpolated Rate) do not exist for ascertaining the Adjusted LIBO Rate
or CDOR Rate, as applicable, for such Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders
that the Adjusted LIBO Rate or CDOR Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such
Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrowers and the Lenders by telephone, telecopy or email as promptly as
practicable thereafter and, until the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing
denominated in dollars to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and such Borrowing shall be converted to or continued as an ABR Borrowing, (ii) if any Borrowing Request requests a Eurodollar Borrowing
in dollars, such Borrowing shall be made as an ABR Borrowing, (iii) any Interest Election Request or Borrowing Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as or Borrowing of, a CDOR Rate Borrowing
or in the case of a Borrowing denominated in another Alternative Currency, a Eurodollar Borrowing, shall be ineffective and such Borrowing shall be maintained or made, as applicable, at a rate determined in a customary manner in good faith by the
Administrative Agent and the Borrowers. 
 Section 2.15 Increased Costs. 

(a) Change In Law. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or
for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate or CDOR Rate) or the Issuing Bank; or 

(ii) subject any Lender or the Issuing Bank to any Taxes (other than Indemnified Taxes or Other Taxes indemnifiable under
Section 2.17 and Excluded Taxes) on its Loans, loan principal, Letters of Credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto 

(iii) impose on any Lender or the Issuing Bank or the London interbank market any other condition (other than Taxes) affecting
this Agreement, Eurodollar Loans or CDOR Rate Loans made by such Lender or any Letter of Credit or participation therein; 

  
 CREDIT AGREEMENT, Page 80 

 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any
Eurodollar Loan or CDOR Rate Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum
received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrowers (it being understood the Foreign Borrowers shall only be liable hereunder for amounts to the extent related to the
Foreign Obligations) will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

 (b) Capital Adequacy. If any Lender or the Issuing Bank determines that any Change in Law regarding capital
adequacy, insurance or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if
any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such
Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing
Bank’s holding company with respect to capital adequacy, insurance or liquidity), then from time to time the Borrowers (it being understood the Foreign Borrowers shall only be liable hereunder for amounts to the extent related to the Foreign
Obligations) will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such
reduction suffered. 
 (c) Delivery of Certificate. A certificate of a Lender or the Issuing Bank setting forth the
amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 2.15 shall be delivered to
the Parent Borrower and shall be conclusive absent manifest error. The Borrowers shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 30 days after receipt thereof. 

(d) Limitation on Compensation. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation
pursuant to this Section 2.15 shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender
or the Issuing Bank pursuant to this Section 2.15 for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Parent Borrower of
the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

  
 CREDIT AGREEMENT, Page 81 

 Section 2.16 Break Funding Payments. In the event of (a) the payment of any
principal of any Eurodollar Loan or CDOR Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan or CDOR Rate Loan other than on the last
day of the Interest Period applicable thereto, (c) the failure to borrow, convert to or from, continue as or prepay any Eurodollar Revolving Loan, Eurodollar Term Loan or CDOR Rate Loan on the date specified in any notice delivered pursuant
hereto (regardless of whether such notice may be revoked under Section 2.11(f) and is revoked in accordance therewith), or (d) the reallocation of any Eurodollar Loan or CDOR Rate Loan other than on the last day of the Interest
Period applicable thereto as a result of a request by the applicable Borrower pursuant to Section 2.19 or Section 2.20, then, in any such event, the applicable Borrower shall compensate each Lender
for the loss, cost and expense attributable to such event. Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued
on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate or CDOR Loan Rate, as applicable, that would have been applicable to such Loan, for the period from the date of such event to the last day of the then
current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount
for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits of the applicable currency and of a comparable amount and period from other banks in the eurodollar market or the
Canadian bankers’ acceptance market, respectively. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the applicable Borrower and shall be
conclusive absent manifest error. The applicable Borrower shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt thereof. 

Section 2.17 Taxes. 

(a) Gross Up. Any and all payments by or on account of any obligation of a Loan Party hereunder or under any other Loan
Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the applicable Withholding Agent shall be required to deduct any Indemnified Taxes or Other Taxes from such payments,
then (i) the sum payable by the applicable Loan Party shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, any
Lender or the Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, and (ii) the applicable Withholding Agent shall make such deductions and pay the full amount deducted
to the relevant Governmental Authority in accordance with applicable law. 
 (b) Payment of Other Taxes. In addition,
each Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c)
Tax Indemnification. Each Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the
Administrative Agent, such Lender or the Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of any Borrower hereunder or under any other Loan Document (including Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section 2.17) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or
Other 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 Parent Borrower by a Lender or the Issuing Bank, or by the Administrative
Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent manifest error. 

  
 CREDIT AGREEMENT, Page 82 

 (d) Receipts. As soon as practicable after any payment of Indemnified
Taxes or Other Taxes by any Borrower to a Governmental Authority, the Loan Party shall deliver to the Administrative Agent for its own account or for the account of the relevant Lender, as the case may be, 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 Administrative Agent. 

(e) Administrative Agent Indemnity. Each Lender shall indemnify the Administrative Agent, within 30 days after demand
therefor, for (i) the full amount of any Taxes imposed by any Governmental Authority that are attributable to such Lender (but only to the extent that a Borrower has not already indemnified the Administrative Agent for such Taxes and without
limiting the obligation of the Borrowers to do so) and (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.04(c)(ii) relating to the maintenance of a Participant Register, in either
case, that are payable or paid by the Administrative Agent, together with all interest, penalties, reasonable costs and expenses arising therefrom or with respect thereto, as determined by the Administrative Agent in good faith, whether or not such
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.
Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this paragraph (e). 
 (f) Forms. Each Lender other than a Foreign
Lender shall deliver to the Parent Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed and duly signed originals of U.S. Internal Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal withholding tax. Each Foreign Lender (including each Participant that acquired a participation from a Foreign Lender) shall deliver
to the Parent Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) (i) two properly completed and duly signed originals of U.S. Internal Revenue
Service (“IRS”) Form W-8BEN, Form W-8ECI or Form W-8IMY (together with any applicable underlying IRS forms), or
any subsequent versions thereof or successors thereto, (ii) in the case of a Foreign Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio
interest”, a statement substantially in the form of Exhibit G and the applicable IRS Form W-8, or any subsequent versions thereof or successors thereto, properly completed and duly executed by
such Foreign Lender claiming complete exemption from, or a reduced rate of, U.S. federal withholding tax on payments under this Agreement and the other Loan Documents, or (iii) any other form prescribed by applicable requirements of U.S.
federal income tax law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable requirements of law to permit the Parent
Borrower and the Administrative Agent to determine the withholding or deduction required to be made. Such forms shall be delivered by each Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or
before the date such Participant purchases the related participation) and from time to time thereafter upon the request of the Parent Borrower or the Administrative Agent. In addition, each Lender shall deliver such forms

  
 CREDIT AGREEMENT, Page 83 

 
promptly upon the obsolescence or invalidity of any form previously delivered by such Lender. Each Lender shall promptly notify the Parent Borrower and the Administrative Agent at any time it
determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision of this
Section, a Lender shall not be required to deliver any form pursuant to this Section that such Foreign Lender is not legally able to deliver. 

If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to
fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by the Parent Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower or the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (ii), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement. 
 (g) Refund. If the Administrative Agent or a Lender or the Issuing Bank determines, in its sole
discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Loan Party or with respect to which the Loan Party has paid additional amounts pursuant to this Section 2.17,
it shall pay over such refund to such Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.17 with respect to the Taxes or Other Taxes giving
rise to such refund), net of all out–of–pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided,
that such Loan Party, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the
Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make
available its tax returns (or any other information relating to its taxes which it deems confidential) to any Loan Party or any other Person. 

(h) VAT. (i) All amounts expressed to be payable under a Loan Document by any party to a Lender which (in whole or
in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to clause (ii) below, if VAT is or becomes chargeable on any supply
made by any Lender to any party under a Loan Document and such Lender is required to account to the relevant tax authority for the VAT, that party must pay to such Lender (in addition to and at the same time as paying any other consideration for
such supply) an amount equal to the amount of the VAT (and such Lender must promptly provide an appropriate VAT invoice to that party). 

  
 CREDIT AGREEMENT, Page 84 

 (ii) If VAT is or becomes chargeable on any supply made by any Lender (the ““Supplier
””) to any other Lender (the
““Recipient””
) under a Loan Document, and any party other than the Recipient (the ““Relevant Party””)
is required by the terms of any Loan Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

 (x) (where the Supplier is the person required to account to the relevant tax authority for
the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant
Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and 

(i)
 (y) (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount
equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. 

(iii) Where a Loan Document requires any party to reimburse or indemnify a Lender for any cost or expense, that party shall
reimburse or indemnify (as the case may be) such Lender for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that it should reasonably be determined that such Lender is entitled to credit or
repayment in respect of such VAT from the relevant tax authority. 
 (iv) Any reference in this Section 2.17(h) to
any party shall, at any time when such party is treated as a member of a group (including but not limited to any fiscal unities) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is
treated as making the supply, or (as appropriate) receiving the supply under the grouping rules. 
 (v) In relation to any
supply made by a Lender to any party under a Loan Document, if reasonably requested by such Lender, that party must promptly provide such Lender with details of that party’s VAT registration and such other information as is reasonably requested
in connection with such Lender’s VAT reporting requirements in relation to such supply. 
 (vi) Each party shall
provide the applicable Dutch Borrower and/or German Subsidiary Borrower with an appropriate VAT invoice in respect of any fees, costs or expenses payable by the applicable Dutch Borrower and/or German Subsidiary Borrower to such party pursuant to
this Agreement in accordance with applicable legislation (to the extent applicable to such party). 
 (i) Survival.
The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

(j) Terms. For purposes of this Section, the term “applicable law” includes FATCA. 

(k) A payment shall not be increased under paragraph (a) above by reason of a Tax Deduction on account of Tax if a
German Borrower is required to deduct taxes under section 50a paragraph 7 of the German Income Tax Act (Einkommensteuergesetz) or a corresponding successor provision for account of a Lender with respect to earnings of such Lender being
subject to German limited income taxation. 

  
 CREDIT AGREEMENT, Page 85 

 Section 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-Offs; Proceeds of Collateral. 
 (a) Payments Generally. Unless otherwise
specified herein, each Borrower shall make each payment required to be made by it hereunder or under any other Loan Document (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under
Section 2.15, 2.16 or 2.17, or otherwise) prior to the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 1:00 p.m., Local
Time), on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to
have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to the account designated to the applicable Borrower by the Administrative Agent, except
payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 10.03 shall be made directly to the Persons entitled
thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient
promptly following receipt thereof. All payments under each Loan Document of (i) principal and interest in respect of any Loan and LC Disbursements and participation fees in respect of Letters of Credit shall be made in the currency in which
such Loan or Letter of Credit, respectively, is denominated and (ii) any other amount shall be made in dollars. 
 (b)
Pro Rata Application. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be
applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of
principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 

(c) Sharing of Set-offs. If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans, Term Loans or participations in LC Disbursements or Swingline Loans resulting in such
Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans, Term Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender,
then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans, Term Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that
the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans, Term Loans and participations in LC Disbursements and Swingline
Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest, and (ii) the provisions of this paragraph (c) shall not be construed to apply to any payment made by the Borrowers 

  
 CREDIT AGREEMENT, Page 86 

 
pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or
participations in LC Disbursements to any assignee or participant. Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law but subject to Section 10.08, that any
Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were
a direct creditor of such Borrower in the amount of such participation. 
 (d) Payments from Borrowers Assumed Made.
Unless the Administrative Agent shall have received notice from the applicable Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the applicable
Borrower will not make such payment, the Administrative Agent may assume that the applicable Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank,
as the case may be, the amount due. In such event, if the applicable Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on
demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of
(i) the Federal Funds Effective Rate (or in the case of amounts not denominated in dollars, the Administrative Agent’s cost of funds) and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation. 
 (e) Set-Off Against Amounts Owed Lenders. If any
Lender shall fail to make any payment required to be made by it pursuant to Sections 2.04(c), 2.05(d) or (e), 2.06(b), 2.18(c) or (d) or 10.03(c), then the Administrative Agent may, in its
discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied
obligations are fully paid. 

(f)
 (f) Application of Proceeds of Collateral and Guaranty. Subject to the terms of any intercreditor agreement entered into by the Administrative Agent in accordance with Section 9.10(e), all
amounts received under the Guaranty Agreement and all proceeds received by the Administrative Agent from the sale or other liquidation of the Collateral when an Event of Default exists shall first be applied as payment of the accrued and unpaid fees
of the Administrative Agent hereunder and then to all other unpaid or unreimbursed Obligations (including reasonable attorneys’ fees and expenses in accordance with Section 10.03) owing to the Administrative Agent in
its capacity as Administrative Agent only, and then any remaining amount of such proceeds shall be distributed: 
 (i)
first, to an account at the Administrative Agent over which the Administrative Agent shall have control in an amount equal to 102% of the LC Exposure then outstanding; 

(ii) second, to the Secured Parties, pro rata in accordance with the respective unpaid amounts of Loan Obligations, Pari
Passu Notes Obligations and Swap Obligations, until all the Loan Obligations, Pari Passu Notes Obligations and Swap Obligations have been paid and satisfied in full or cash collateralized; 

  
 CREDIT AGREEMENT, Page 87 

 (iii) third, to the Secured Parties, pro rata in accordance with the
respective unpaid amounts of the Deposit Obligations, until all Deposit Obligations have been paid and satisfied in full or cash collateralized; 

(iv) fourth, to the Secured Parties, pro rata in accordance with the respective unpaid amounts of the remaining
Obligations and Pari Passu Notes Obligations; and 
 (v) fifth, to the Person entitled thereto as directed by the
Parent Borrower or as otherwise determined by applicable law or applicable court order. 
 For the avoidance of doubt, on and after the Foreign Collateral
Reallocation, the guarantees provided by the Foreign Subsidiary Loan Parties and the Collateral granted by the Foreign Subsidiary Loan Parties will only guarantee or secure, as applicable, the Foreign Obligations and the proceeds of such guarantee
or Collateral shall be applied as set forth above, but only to the extent the amounts above constitute Foreign Obligations. 

(g) Noncash Proceeds. Notwithstanding anything contained herein to the contrary, if the Administrative Agent shall ever
acquire any Collateral through foreclosure or by a conveyance in lieu of foreclosure or by retaining any of the Collateral in satisfaction of all or part of the Obligations or if any proceeds of Collateral received by the Administrative Agent to be
distributed and shared pursuant to this Section 2.18 are in a form other than immediately available funds, the Administrative Agent shall not be required to remit any share thereof under the terms hereof and the Secured
Parties shall only be entitled to their undivided interests in the Collateral or noncash proceeds as determined by paragraph (f) of this Section 2.18. The Secured Parties shall receive the applicable portions
(in accordance with the foregoing paragraph (f)) of any immediately available funds consisting of proceeds from such Collateral or proceeds of such noncash proceeds so acquired only if and when received by the Administrative Agent in
connection with the subsequent disposition thereof. While any Collateral or other property to be shared pursuant to this Section is held by the Administrative Agent pursuant to this paragraph (g), the Administrative Agent shall hold such
Collateral or other property for the benefit of the Secured Parties and all matters relating to the management, operation, further disposition or any other aspect of such Collateral or other property shall be resolved by the agreement of the
Required Lenders. 
 (h) Return of Proceeds. If at any time payment, in whole or in part, of any amount distributed by
the Administrative Agent hereunder is rescinded or must otherwise be restored or returned by the Administrative Agent as a preference, fraudulent conveyance, or otherwise under any bankruptcy, insolvency, or similar law, then each Person receiving
any portion of such amount agrees, upon demand, to return the portion of such amount it has received to the Administrative Agent. 

Section 2.19 Mitigation Obligations; Replacement of Lenders. 

(a) Mitigation. If any Lender requests compensation under Section 2.15, or if a Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office
for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender. Each Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

  
 CREDIT AGREEMENT, Page 88 

 (b) Replacement. If (i) a Lender requests compensation under
Section 2.15, (ii) a Borrower is required to pay any additional amount to a Lender or any Governmental Authority for the account of a Lender pursuant to Section 2.17, (iii) a Lender is a Defaulting
Lender, or (iv) a Lender shall become a Non-consenting Lender (as defined below), then the Parent Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, (i) terminate the applicable Commitments of such Lender and repay the outstanding principal of its Loans of the relevant Class or
Classes, accrued interest thereon, accrued fees and all other amounts payable to it hereunder as of such termination date or (ii) at its sole expense and effort, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in Section 10.04), all its interests, rights and obligations in one or more Classes (as the Parent Borrower shall elect) under this Agreement to an
assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Parent Borrower shall have received the prior written consent of the Administrative Agent to
such assignee Lender to the extent required by Section 10.04, which consent shall not unreasonably be withheld, (ii) such assignor Lender shall have received payment of an amount equal to the outstanding principal of
its Loans of the relevant Class or Classes (and participations in LC Disbursements and Swingline Loans, to the extent applicable), accrued interest thereon, accrued fees and all other amounts (including, for the avoidance of doubt, any
prepayment premium that would have been payable by the Borrower to such Non-consenting Lender under Section 2.11(a) if such assigning Lender had consented to any Repricing Transaction, in any case,
occurring prior to the six-month anniversary of the Vion Acquisition Closing Date and giving rise to its status as a Non-consenting Lender (assuming that such Repricing
Transaction has occurred on the date of the effectiveness of such assignment and assumption) payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all
other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment
will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation
(and such termination and repayment shall not occur) if, prior thereto, as
a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and, delegation
or termination and repayment cease to apply (in the case of
a termination and repayment, prior to the date fixed in the applicable notice to such lender for such termination and
repayment). In the event that (i) the Parent Borrower or the Administrative Agent have requested the Lenders to consent to a departure or waiver of any provisions of the Loan Documents or to
agree to any other modification thereto, (ii) the consent, waiver or other modification in question requires the agreement of all Lenders (or, all directly
and adversely affected Lenders or any other Class or group of Lenders other than Required Lenders (or other applicable majority) in accordance with the terms of Section 10.02 and (iii) the Required Lenders (or, in the case of any Class voting, the holders of a majority of the outstanding Loans and
unused Commitments in respect of such Class) have agreed to such consent, waiver or other modification, then any Lender who does not agree to such consent, waiver or other modification shall be deemed a
“Non-consenting Lender”. 
 Section 2.20 Incremental Facilities.

 (a) The Parent Borrower may, by written notice to the Administrative Agent at any time, on one or more occasions, request
to (i) add one or more new tranches of term facilities and/or increase the principal amount of the Term Loans, any Incremental Term Loans or any 

  
 CREDIT AGREEMENT, Page 89 

 
Specified Refinancing Term Loans by requesting new term loans commitments to be added to such Loans (any such new tranche or increase, an “Incremental Term Facility” and any
loans made pursuant to an Incremental Term Facility, “Incremental Term Loans”) and/or (ii) add one or more new tranches of incremental revolving facilities and/or increase the principal amount of any such tranche of incremental
revolving facilities (each, an “Incremental Revolving Facility” and, together with any Incremental Term Facility, “Incremental Facilities”; and the loans thereunder, “Incremental Revolving Loans”
and, together with any Incremental Term Loans, “Incremental Loans”) in an aggregate amount not to exceed the Incremental Amount. Such notice shall set forth (i) the amount of the Incremental Term Loans and/or Incremental
Revolving Commitments being requested (which shall be (x) with respect to Incremental Term Loans denominated in dollars, in minimum increments of $15,000,000, and with respect to Incremental Term Loans denominated in an Alternative Currency, in
minimum increments of the Dollar Equivalent of $7,500,000, (y) with respect to Incremental Revolving Commitments denominated in dollars, in minimum increments of $10,000,000, and with respect to Incremental Revolving Commitments denominated in an
Alternative Currency, in minimum increments of the Dollar Equivalent of $5,000,000 or (z) equal to the remaining Incremental Amount) and (ii) the date, which shall be a Business Day, on which such Incremental Term Loans are requested to be
made and/or Incremental Revolving Commitments are requested to become effective (the “Increased Amount Date”) pursuant to an Incremental Facility Activation Notice. 

(b) Incremental Loans may be provided by any existing Lender (it being understood each existing Lender shall have no obligation
to participate in any Incremental Facility), or by any other lender (any such other lender being called an “Additional Lender”); provided that the Administrative Agent and Issuing Bank shall have consented (such consent not
to be unreasonably withheld) to such Additional Lender’s providing such Incremental Facilities if such consent would be required under Section 10.04(b) for an assignment of Loans to such Additional Lender. 

(c) The creation or provision of any Incremental Facility or Incremental Loan shall not require the approval of any existing
Lender other than any existing Lender providing all or part of any Incremental Facility or Incremental Loan. 
 (d) The
applicable Borrower and each Lender or Additional Lender providing a portion of the Incremental Facilities shall execute and deliver to the Administrative Agent an Incremental Assumption Agreement and such other documentation as the Administrative
Agent shall reasonably specify to evidence the Incremental Facilities of such Lender and/or Additional Lender. Each Incremental Assumption Agreement shall specify the terms of the Incremental Term Loans and/or Incremental Revolving Commitments to be made thereunder; provided that,
(i) subject to exceptions for customary bridge financings (to the extent convertible on customary terms into a permanent
instrument otherwise meeting the conditions in this clause (i)), the final maturity date of any Incremental Term Loan (x) that is a “term loan A” shall be no earlier than the Latest
Maturity Date with respect to Term A Loans and (y) that is a “term loan B” shall be no earlier than the Latest Maturity Date with respect to Term B Loans, (ii)
subject to exceptions for customary bridge financings (to the extent convertible on customary terms into a permanent instrument
otherwise meeting the conditions in this clause (ii)), the weighted average life to maturity of any Incremental Term Loan (x) that is a “term loan A” shall be no shorter than the
remaining weighted average life to maturity of the then-existing Term A Loans (it being agreed, for the avoidance of doubt, that
when calculating the weighted average life to maturity of any Indebtedness being amended, restated, amended and restated, supplemented, extended, renewed, replaced, refinanced or otherwise modified, the effects of any amortization or prepayments
made on such Indebtedness vis-ά-vis the amortization schedule prior to the date of the applicable 

  
 CREDIT AGREEMENT, Page 90 

 
amended, restatement, amendment and restatement, supplement, extension, renewal,
replacement, refinancing or other modification shall be disregarded), and (y) that is a “term loan B” shall be no shorter than the remaining weighted average life to maturity of the
then-existing Term B Loans, in each case calculated as of the date of making such Incremental Term Loan (it being agreed, for
the avoidance of doubt, that when calculating the weighted average life to maturity of any Indebtedness being amended, restated, amended and restated, supplemented, extended, renewed, replaced, refinanced or otherwise modified, the effects of any
amortization or prepayments made on such Indebtedness vis-ά-vis the amortization schedule prior to the date of the applicable amended, restatement, amendment and restatement, supplement, extension, renewal, replacement, refinancing or other
modification shall be disregarded), (iii) such Incremental Facilities may be pari passu or subordinated in right of payment with respect to the Loans outstanding (or made on) the Vion Acquisition
Closing Date and/or pari passu or subordinated in right of security with respect to such Loans (and to the extent so subordinated, the holders of such indebtedness or a representative thereof will enter into a customary intercreditor agreement with
the Loan Parties and the Administrative Agent evidencing such subordination) or may be unsecured (it being understood any such Indebtedness incurred in reliance on the
Incremental Amount shall be deemed to be “Total Indebtedness secured by a Lien” for purposes of calculating the Secured Leverage Ratio set forth therein, regardless of whether secured or unsecured), (iv) any prepayment (other than scheduled amortization payments and voluntary
prepayments) of Incremental Term Loans that are pari passu in right of
payment and security with any then-existing Term Loans that require ratable prepayment shall be made on a pro rata basis with
allsuch then existing Term Loans (and all other then-existing Incremental Term Loans and Specified Refinancing Term Loans requiring ratable prepayment),
subject to the right of the Borrowers to direct the application of voluntary prepayments and except that the Borrower and the lenders in respect of such Incremental Term Loans shall be permitted, in their sole discretion, to elect to prepay or receive, as applicable, any prepayments on a less than pro
rata basis (but not on a greater than pro rata basis), (v) subject to exceptions for customary bridge financings (to the extent
convertible on customary terms into a permanent instrument otherwise meeting the conditions in this clause (v)), the maturity date or commitment reduction date of any Incremental Revolving Loan
shall be no earlier than the Latest Maturity Date with respect to Revolving Commitments,
(vi) fromif the Effective Date, if the initial yield over the applicable base rate (such calculation for both the Incremental Facility and the
applicable Credit Facility, to include the upfront fees, any interest rate floors (only to the extent greater than that applicable to the Credit Facility then in effect) and any OID (as defined below) but excluding any arrangement, underwriting or
similar fee paid to the Administrative Agent, the Commitment Parties under the Credit Facilities or relevant Persons under the Incremental
Facility)Yield in respect of any Incremental Term Loans and/or Incremental Revolving Commitmentsthat are “term
B loans” that rank pari passu in right of payment orand with respect to security with the relevant Credit Facilities incurred on the Vion Acquisition Closing Date and maturing on (or with
respect to any “term loan B”, on or after) the maturity date of the existing applicable Credit Facilityany Term B Loans outstanding on the Fourth Amendment Date exceeds the initialEffective
yYield for such existing applicable Credit
FacilityTerm B Loans by more than 50 basis points (it being understood that any such increase may take the form of original issue discount
(“OID”), with OID being equated to the interest rates in a manner
determined by the Administrative Agent based on an assumed four-year life to maturity),0.50%, then the Applicable Rate for the existing applicable Credit Facility, to the extent it is pari passu in right of payment or security with such applicable Incremental Facility, shall be increased so
that the initial yield in respect ofsuch relevant Term B Loans shall be increased to the extent necessary so that the
Effective Yield for such Term B Loans is equal to the Effective Yield for such Incremental Term Loans and/or Incremental
Revolving Commitments is no more than 50 basis points higher than the initial yield for the existing applicable Credit
Facilitythat are “term
B 

  
 CREDIT AGREEMENT, Page 91 

 
loans” minus 0.50% and
(vii) to the extent an Incremental Revolving Facility is structured as an additional revolving facility under this agreement and not as an increase to the existing Revolving Commitment hereunder, (x) no more than three revolving facilities
(including any revolving facility constituting Specified Refinancing Debt),
shall be outstanding hereunder at any one time) and (y) the Administrative Agent may, in its reasonable
discretion, take such actions as it deems advisable to allocate Letters of Credit and any participations therein between any revolving facilities. All terms and documentation
with respect to
any Incremental Facilitiesy
which differ fromare materially more
restrictive (taken as a whole) than those with respect to the Loans under the existing applicable
Class of Credit Facility shall be reasonably satisfactory to the Administrative Agent (except to the extent(x) permitted by clauses (i) through (vii) above)of the preceding sentence, (y) applicable
only after the Latest Maturity Date of the relevant Credit Facility outstanding on the Fourth Amendment Date (which may be achieved by an amendment solely among the Parent Borrower
and the Administrative Agent (and the Required Lenders hereby authorize the Administrative Agent to enter into such amendment)), or (z) otherwise be
reasonably satisfactory to the Administrative
Agent; provided that documentation governing any Incremental Facility may include such materially more restrictive terms so
long as the Administrative Agent shall have been given prompt written notice thereof and this Agreement is amended to include such term for the benefit of each Credit Facility of the same Class (which may be achieved by an amendment solely among the
Parent Borrower and the Administrative Agent (and the Required Lenders hereby authorize the Administrative Agent to enter into such amendment)); provided that if any covenant is added for the benefit of the Term B Loans pursuant to the immediately
preceding proviso, such covenant shall be added to each Class to the extent such Class does not already have such covenant at least as
restrictive. The Administrative Agent shall have
been given prompt written notice thereof and this Agreement is amended to include such covenant for the benefit of each
Credit Facility of the same Class. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Assumption Agreement. Each of the parties hereto hereby
agrees that, upon the effectiveness of any Incremental Assumption Agreement, this Agreement shall be amended as necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers to effect the provisions of or be
consistent with this Section 2.20. Any such deemed amendment may be memorialized in writing by the Administrative Agent with the Borrowers’ consent (not to be unreasonably withheld) but without the consent of any other
Lenders, and furnished to the other parties hereto. 
 (e) Notwithstanding
the foregoing, no Incremental Term Loan may be made and no Incremental Revolving Commitment shall become effective under this Section 2.20 unless (i) on the date on which such Loan is made or of such effectiveness,
(A) the conditions set forth in Section 4.04 shall be satisfied (it being understood that all references to “the occasion of any Borrowing” in Section 4.04 shall be deemed to refer
to the Increased Amount Date) and (B) the Parent Borrower is in compliance with the Financial Covenants on a Pro Forma Basis, and the Administrative Agent shall have received a certificate to that effect dated such date and
executed by a Financial Officer of the Parent Borrower, (ii) the Administrative Agent shall have received legal opinions, board resolutions and other closing certificates and documentation as required by the relevant Incremental Assumption
Agreement and consistent with those delivered on the Effective Date under Section 4.01; provided that if the proceeds of an Incremental Facility are to be used to finance a PermittedLimited Condition Acquisition, to the extent agreed to by the lenders providing such
Incremental Facility, customary “SunGard” conditionality (including making determinations pursuant to the Permitted Acquisition Determination Method) may be implemented in lieu of theany such conditions
set forth in this clausewill be subject to Section 1.10(ec
)
hereof. 

  
 CREDIT AGREEMENT, Page 92 

 Section 2.21 Defaulting Lenders. Notwithstanding any provision of this Agreement to
the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) Suspension of Commitment Fees. Commitment fees shall cease to accrue on the unfunded portion of the Revolving
Commitment of such Defaulting Lender pursuant to Section 2.12(a); 
 (b) Suspension of Voting. The Revolving
Commitment, Revolving Exposure of, and the outstanding Term Loans held by, such Defaulting Lender shall not be included in determining whether Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver
pursuant to Section 10.02); provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender differently than other affected
Lenders shall require the consent of such Defaulting Lender; 
 (c) Participation Exposure. If any Swingline Exposure
or LC Exposure exists at the time a Lender becomes a Defaulting Lender then: 
 (i) Reallocation. All or any part of
such Swingline Exposure and LC Exposure shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages (or in the case of Swingline Exposure and LC Exposure
denominated in an Alternative Currency, their USD/Multicurrency Applicable Percentage) but only to the extent (w) the sum of all non-Defaulting Lenders’ Revolving Exposures plus such Defaulting
Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving Commitments, (x) the sum of all
non-Defaulting Lenders’ USD Only Revolving Exposures plus the allocable portion of such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ USD Only Revolving Commitments, (y) the sum of all non-Defaulting Lenders’ USD/ Multicurrency Revolving Exposures plus the allocable
portion of such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ USD/ Multicurrency Revolving Commitments and (z) no Event of
Default then exists; 
 (ii) Payment and Cash Collateralization. If the reallocation described in clause
(i) above cannot, or can only partially, be effected, the applicable Borrower shall within two (2) Business Days following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize such Defaulting Lender’s LC Exposure (after giving
effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.05(j) for so long as such LC Exposure is outstanding or cannot be reallocated pursuant to
clause (i) (it being understood that such amount (to the extent not applied as aforesaid) shall be returned in accordance with the procedures set forth in Section 2.05(j)); 

(iii) Suspension of Letter of Credit Fee. If the applicable Borrower cash collateralizes any portion of such Defaulting
Lender’s LC Exposure pursuant to this Section 2.21(c), the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the
period such Defaulting Lender’s LC Exposure is cash collateralized; 

  
 CREDIT AGREEMENT, Page 93 

 (iv) Reallocation of Fees. If the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to this Section 2.21(c), then the fees payable to the Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance
with such non-Defaulting Lenders’ Applicable Percentages (or in the case of fees arising from Revolving Exposure denominated in an Alternative Currency, such Lenders’ USD/ Multicurrency Applicable
Percentages); and 
 (v) Issuing Bank Entitled to Fees. If any Defaulting Lender’s LC Exposure is neither cash
collateralized nor reallocated pursuant to Section 2.21(c), then, without prejudice to any rights or remedies of the Issuing Bank or any Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such
Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until such LC Exposure is cash collateralized and/or reallocated; 

(d) Suspension of Swingline Loans and Letters of Credit. So long as any Lender is a Defaulting Lender, the Swingline
Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless (i) it is satisfied that the related exposure will be 100% covered by the Revolving
Commitments of the non-Defaulting Lenders, (ii) cash collateral will be provided by the applicable Borrower in accordance with Section 2.21(c), and/or (iii) participating interests in any such
newly issued or increased Letter of Credit or newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.21(c)(i) (and Defaulting Lenders shall not
participate therein); and 
 (e) Setoff Against Defaulting Lender. Any amount payable to such
Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise and including any mandatory or voluntary prepayment and any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.18(c)
but excluding Section 2.19(b)) shall, in lieu of being distributed to such Defaulting Lender, be retained by the Administrative Agent in a segregated account and, subject to any applicable requirements of law, be applied at such time or times
as may be determined by the Administrative Agent (i) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder, (ii) second, pro rata, to the payment of any amounts owing by such Defaulting
Lender to the Issuing Bank or Swingline Lender hereunder, (iii) third, to the funding of any Loan or the funding or cash collateralization of any participating interest in any Swingline Loan or Letter of Credit in respect of which such
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent, (iv) fourth, if so determined by the Parent Borrower, held in such account as cash collateral for future funding
obligations of the Defaulting Lender under this Agreement, (v) fifth, pro rata, to the payment of any amounts owing to the Borrowers or the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Borrower or any
Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement and (vi) sixth, after termination of the Commitments to such Defaulting Lender or as otherwise directed by a court
of competent jurisdiction; provided that if such payment is (x) a prepayment of the principal amount of any Loans or reimbursement obligations in respect of LC Disbursements
for which a Defaulting Lender has not funded its participation obligations and (y) made at a time when the conditions
set forth in Section 4.04 are satisfied, such payment shall be applied solely to prepay the Loans of, and reimbursement obligations owed to, all non-Defaulting Lenders pro rata prior
to being applied to the prepayment of any Loans, or reimbursement obligations owed to, any Defaulting Lender, until such time as
all Loans and LC Disbursements are held by the Lenders pro rata in accordance with their respective interests under the relevant Credit Facility. 

  
 CREDIT AGREEMENT, Page 94 

 In the event that the Administrative Agent, the Borrowers, the Issuing Bank and the Swingline
Lender each agrees that a Defaulting Lender who is a Revolving Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect
the inclusion of such Lender’s Revolving Commitment and on such date such Lender shall purchase at par such of the Revolving Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in
order for such Lender to hold such Revolving Loans in accordance with its Applicable Percentage and/or USD/ Multicurrency Applicable Percentage, as applicable. 

Notwithstanding the above, the Borrowers’ right to replace a Defaulting Lender pursuant to this Agreement shall be in addition to, and
not in lieu of, all other rights and remedies available to the Borrowers against such Defaulting Lender under this Agreement, at law, in equity or by statute. 

Section 2.22 Specified Refinancing Debt. 

(a) The Borrowers may from time to time, add one or more new term loan facilities and new revolving credit facilities to the
Credit Facilities (“Specified Refinancing Debt”) pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the
Parent
Borrowers, to refinance (i) all or any portion of any Class of Term Loans then outstanding under this
Agreement and (ii) all or any portion of any Class of Revolving Loans (and the unused Revolving Commitments with respect to such Class of Revolving Loans) then in effect under this Agreement, in each case pursuant to a Refinancing
Amendment (it being agreed that in no event shall more than three Classes of revolving commitments be outstanding at any time under this Agreement); provided that such Specified Refinancing Debt: (i) will rank pari passu in right of
payment as the other Loans and Commitments
hereunderoutstanding on the Fourth Amendment
Date; (ii) will not be guaranteed by any Person that is not a Subsidiary Loan
Party (or which becomes a Subsidiary Loan Party simultaneously therewith) with respect in each case to the relevant Credit
Facility; (iii) will be (x) unsecured or (y) secured by the Collateral
of the relevant Loan Parties (or Collateral of a subset of the relevant Loan Parties) on a pari passu or junior basis with the Obligations (in each case pursuant to customary intercreditor arrangements reasonably satisfactory to the Administrative Agent); (iv) will have such pricing and optional
prepayment terms as may be agreed by the Parent Borrower and the applicable Lenders thereof; (v) (x) to the extent constituting revolving credit facilities, will not have a maturity date (or have mandatory commitment reductions or amortization)
that is prior to the Revolving Maturity Date of the Revolving Commitment being refinanced and (y) to the extent constituting term loan facilities,
except in connection with customary bridge financings (to the extent convertible on customary terms into a permanent instrument
otherwise meeting the conditions in this clause (y)), will have a maturity date that is not prior to the date that is the scheduled maturity date of, and will have a weighted average life to
maturity that is not shorter than the weighted average life to maturity of, the Loans being refinanced (it being agreed, for the
avoidance of doubt, that when calculating the weighted average life to maturity of such Indebtedness being refinanced, the effects of any amortization or prepayments made on such Indebtedness vis-ά-vis the amortization schedule prior to the
date of the applicable refinancing shall be disregarded); (vi) any Specified Refinancing Term Loans shall share ratably in any prepayments of Term Loans pursuant to
Section 2.11 (or otherwise provide for more favorable prepayment treatment for the then outstanding Classes of Term Loans other than Specified Refinancing Term Loans); (vii) each Revolving Borrowing (including any deemed
Revolving Borrowings made pursuant to Section 2.04 or 2.05) shall be allocated pro rata among the Classes of Revolving Commitments (it being agreed that notwithstanding the foregoing, the Administrative Agent may, in
its reasonable discretion, take such actions as it deems advisable to allocate Letters of Credit and participations 

  
 CREDIT AGREEMENT, Page 95 

 
therein between any revolving facilities);
(viii) 
subject to clauses (iv) and (v) above, will have terms and conditions (other than pricing and optional prepayment and redemption terms) that are substantially identical to, or less favorable, when taken as a whole, to the lenders providing such Specified Refinancing Debt than, the terms and conditions of the Credit Facilities and
Loansnot materially more restrictive (taken as a whole) than those with respect to the Loans and Commitments being refinanced
or replaced
(as reasonably determined by the Parent Borrower in good faith, which
determination shall be conclusive), except terms (w) as permitted by clauses (i) through (vii) above, (x) applicable only after the maturity date of the then outstanding Loans and Commitments at the time of such replacement,
(y) consistent with then-current market terms for the applicable type of Indebtedness (as reasonably determined by the Parent Borrower in good faith, which determination shall be conclusive), provided that no financial maintenance covenant
applicable to the Parent Borrower may be added to the Specified Refinancing Debt pursuant to this clause (y) without also being included in this Agreement (which may be achieved by an amendment solely among the Parent Borrower and the
Administrative Agent (and the Required Lenders hereby authorize the Administrative Agent to enter into such amendment)), and, for the avoidance of doubt, it being understood that if such financial covenant is a “springing” financial
maintenance covenant applicable only to revolving Indebtedness, such financial covenant shall be automatically included in this Agreement only for the benefit of each Revolving Facility and not for the benefit of any Credit Facility in respect of
Term Loans hereunder; (z) otherwise be reasonably satisfactory to the Administrative Agent; provided further that documentation governing any Specified Refinancing Debt may include such materially more restrictive terms so long as the
Administrative Agent shall have been given prompt written notice thereof and this Agreement is amended to include such covenant for the benefit of the relevant Credit Facility and Loans being refinanced (which such amendment shall only require the
consent of the Parent Borrower and Administrative Agent (and the Required Lenders hereby authorize the Administrative Agent to enter into such amendment)); and (ix) the Net Cash Proceeds of such
Specified Refinancing Debt shall be applied, substantially concurrently with the incurrence thereof, to the pro rata prepayment of outstanding Loans being so refinanced, in each case pursuant to Section 2.08 and
2.11, as applicable; provided, however, that such Specified Refinancing Debt (x) may provide for any additional or different financial or other
covenants or other provisions that are agreed among the Parent Borrower and the
lenders thereof and applicable only during periods after the Latest Maturity Date of
any of the Loans (and Commitments) that remain outstanding after giving effect to such Specified Refinancing Debt or the date on which all
non-refinanced Obligations are paid in full and (y) shall not have a principal or commitment amount (or accreted value) greater than the Loans being refinanced (excluding accrued
interest, fees, discounts, premiums or expenses). 

(b) The Parent Borrower shall make any request for Specified Refinancing Debt pursuant to a written notice to the
Administrative Agent specifying in reasonable detail the proposed terms thereof. Any proposed Specified Refinancing Debt may be provided by existing Lenders or, subject to the approval of the Administrative Agent and, with respect to revolving
commitments, the Issuing Bank (in each case, which approval shall not be unreasonably withheld, conditioned or delayed), Eligible Assignees in such respective amounts as the Parent Borrower may elect. 

(c) (The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on
the date thereof of each of the conditions set forth in clause (a) above and Section 4.04, and, to
the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of legal opinions, board resolutions, officers’ certificates and/or reaffirmation agreements, including any supplements or amendments to the
Security Documents providing for such Specified Refinancing Debt to be secured thereby, consistent with those 

  
 CREDIT AGREEMENT, Page 96 

 
delivered on the Effective Date under
Section 4.01 and, if applicable, on the Rothsay Acquisition Closing Date
or Vion Acquisition Closing Date under Section 4.03 (other than changes
to such legal opinions resulting from a Change in Law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative
Agent)such Refinancing Amendment. The Lenders hereby authorize the
Administrative Agent to enter into amendments to this Agreement and the other Loan Documents with the Borrowers as may be necessary in order to establish any Specified Refinancing Debt and to make such technical amendments as may be necessary or
appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such Specified Refinancing Debt, in each case on terms consistent with and/or to effect the provisions of this
Section 2.22. 
 (d) Each Class of Specified
Refinancing Debt incurred under this
Section 2.202.22 shall be in an aggregate principal amount that is (i) (x) not less than $5,000,000 (or if applicable, $C5,000,000, €5,000,000 or the
Dollar Equivalent of $5,000,000 if denominated in another Alternative Currency) and (y) an integral multiple of $1,000,000 (or if applicable, $C1,000,000, €1,000,000 or the Dollar Equivalent of $1,000,000 if denominated in another
Alternative Currency) in excess thereof or (ii) the amount required to refinance all of the applicable Class of Loans and/or Commitments. Any Refinancing Amendment may provide for the making of Refinancing Revolving Loans to, or the
issuance of Letters of Credit for the account of, the Borrowers or any Subsidiary, or the provision to the Borrowers of Swingline Loans, pursuant to any revolving credit facility established thereby, in each case on terms substantially equivalent to
the terms applicable to Letters of Credit and Swingline Loans under the Revolving Commitments. 

(e) The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of
the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Specified Refinancing Debt
incurred pursuant thereto (including the addition of such Specified Refinancing Debt as separate facilities hereunder and treated in a manner consistent with the Credit Facilities being refinanced, including for purposes of prepayments and voting).
Any Refinancing Amendment may, without the consent of any Person other than the Borrowers, the Administrative Agent and the Lenders providing such Specified Refinancing Debt, effect such amendments to this Agreement and the other Loan Documents as
may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower to effect the provisions of or be consistent with this Section 2.22. In addition, if so provided in the relevant
Refinancing Amendment and with the consent of each Issuing Bank, participation in Letters of Credit expiring on or after the scheduled maturity date in respect of a Class of revolving commitments shall be reallocated from Lenders holding such
revolving commitments to Lenders holding refinancing revolving commitments in accordance with the terms of such Refinancing Amendment; provided, however, that such participation interests shall, upon receipt thereof by the relevant
Lenders holding refinancing revolving commitments, be deemed to be participation interests in respect of such extended revolving commitments and the terms of such participation interests (including the commission applicable thereto) shall be
adjusted accordingly. 

  
 CREDIT AGREEMENT, Page 97 

 Section 2.23 Ancillary Facilities. 

(a) If any Borrower and any Ancillary Lender agree, subject to compliance with the requirements set forth in this
Section 2.23, such Ancillary Lender shall be permitted to provide an Ancillary Facility on a bilateral basis to such Borrower. To the extent any Ancillary Facility exists, the following shall apply: 

(i) The applicable Revolving Commitment of the Ancillary Lender shall: 

(A) be deemed to be utilized by its applicable Ancillary Commitment for purposes of (1) calculating the commitment fee
payable to such Ancillary Lender pursuant to Section 2.12(a) and (2) calculating the aggregate remaining amount of Revolving Exposure of all applicable Revolving Lenders available under the Revolving Facility (it being understood the
commitment fee payable pursuant Section 2.12(a) to Lenders without an Ancillary Facility shall not be modified by the existence of any Ancillary Facility and for purposes of such calculation it shall be assumed that each such Lender’s
Revolving Commitments have not been reduced as a result of such Ancillary Facility) (such remaining amount, the “Remaining Revolving Exposure”) and 

(B) not be deemed to be utilized by the Ancillary Commitment of the applicable Ancillary Lender for purposes of determining
whether the Dollar Equivalent of such Ancillary Lender’s Revolving Exposure exceeds its applicable Revolving Commitment (and therefor whether such Ancillary Lender is required to make or participate in a Loan or Letter of Credit under this
Agreement). 
 (ii) Borrowings of the Remaining Revolving Exposure shall be made on a pro rata basis among the Revolving
Lenders of the applicable Class (including the applicable Ancillary Lenders) pursuant to and subject to the limitations set forth in Section 2.01. 

(b) To request the creation of an Ancillary Facility, any Borrower shall deliver to the Administrative Agent not later than five
(5) Business Days
(or such shorter period agreed to by the Administrative Agent) prior to the first date on which such Ancillary Facility is proposed to be made available: 

(i) a notice in writing specifying: 

(A) the Borrower or Borrowers to which extensions of credit will be made available thereunder; 

(B) the first Business Day on which such Ancillary Facility shall be made and the expiration date of such Ancillary Facility
(which shall be no later than the Revolving Maturity Date); 
 (C) the type of Ancillary Facility being provided; 

(D) the identity of the Ancillary Lender(s); and 

(E) the amount and currency of the Ancillary Commitment with respect to such Ancillary Facility (which shall be expressed in
any currency to which such Ancillary Lenders may agree) and shall not exceed such Ancillary Lender’s Revolving Commitment; 

  
 CREDIT AGREEMENT, Page 98 

 (ii) a copy of the Ancillary Facility Documents with respect to such Ancillary
Facility, together with a certificate of a Responsible Officer of the applicable Borrower(s) certifying that the terms of such Ancillary Facility satisfy the requirements set forth in this Section 2.23 (including any
applicable definitions used herein); and 
 (iii) such other information that the Administrative Agent may reasonably request
in connection with such Ancillary Facility. 
 The Administrative Agent shall give notice to each Revolving Lender of such Ancillary
Facility notice. 
 (c) (i) Subject to the terms of this Agreement, an Affiliate of any Revolving Lender (other than a
Disqualified Institution) may become an Ancillary Lender, in which case such Revolving Lender and such Affiliate shall be treated as a single Revolving Lender whose Revolving Commitment is as set forth in Schedule 2.01 or in the Assignment
and Assumption pursuant to which such Revolving Lender assumed its Revolving Commitment. 
 (ii) To the extent that this
Agreement or any other Loan Document imposes any obligation on any Ancillary Lender and such Ancillary Lender is an Affiliate of a Revolving Lender and not a party thereto, the relevant Revolving Lender shall ensure that such obligation is performed
by such Affiliate in compliance with the terms hereof or such other Loan Document. 
 (iii) Each Ancillary Lender, in its
capacity as such, hereby appoints the Administrative Agent as its agent for purposes of the Loan Documents and for the avoidance of doubt agrees the Administrative Agent may rely on the applicable protections and indemnities set forth herein
(including those set forth in Article IX) with respect to its role as agent under the Loan Documents for such Ancillary Lender. 

(d) The terms and conditions of any Ancillary Facility shall be as agreed by the applicable Ancillary Lenders and the
applicable Borrower thereunder; provided that such terms shall at all times: (i) permit extensions of credit thereunder to be made only to the applicable Borrower; (ii) provide that the Ancillary Commitment of the applicable
Ancillary Lenders under such Ancillary Facility shall not exceed such Ancillary Lender’s USD Only Revolving Commitment or USD/Multicurrency Revolving Commitment, as applicable, and that, in the event and on such occasion that such Ancillary
Commitment exceeds such USD Only Revolving Commitment or USD/Multicurrency Revolving Commitment, as applicable, such Ancillary Commitment shall be automatically reduced by the amount of such excess; (iii) provide that the Ancillary Facility
Exposure shall not exceed the Ancillary Commitment with respect to such Ancillary Facility and (iv) provide that the Ancillary Commitment under such Ancillary Facility shall be canceled, and that all extensions of credit under such Ancillary
Facility shall be repaid, not later than the Revolving Maturity Date unless cash collateralized or supported by the issuance of a “back to back” letter of credit in a manner meeting the requirements of clause (iv) of the
definition of “Date of Full Satisfaction”. 
 (e) (i) Each Ancillary Facility shall terminate on the Revolving
Maturity Date or such earlier date (A) as provided in the relevant Ancillary Facility Document or (B) on which its expiry date occurs or on which it is cancelled in accordance with the terms of this Agreement. 

(ii) If an Ancillary Facility expires in accordance with its terms, the Ancillary Commitment of the Ancillary Lender shall be
reduced to zero (and the Revolving Commitments of the Lenders and the Ancillary Lender shall no longer be deemed utilized to the extent set forth above in Section 2.23(a)). 

  
 CREDIT AGREEMENT, Page 99 

 (iii) No Ancillary Lender may demand repayment or prepayment of, or cash
collateralization of, any Ancillary Facility Exposure prior to the expiry date of the relevant Ancillary Facility unless any of the following events has occurred and such Ancillary Lender has given the Parent Borrower and the relevant Borrower not
less than three
(3) Business
Days’ notice thereof: 
 (A) the Revolving Maturity Date has occurred; 

(B) the Revolving Loans have been accelerated and the Revolving Commitments terminated and repayment has been demanded
thereof, or the Indebtedness or other obligations thereunder; 
 (C) it has become unlawful in any applicable jurisdiction
for the Ancillary Lender to perform any of its obligations as contemplated by this Agreement or to fund, issue or maintain its participation in its Ancillary Facility; or 

(D) the Ancillary Facility Exposure, if any, under such Ancillary Facility is refinanced by a Revolving Loan and the relevant
Ancillary Lender provides sufficient notice to permit the refinancing of such Ancillary Facility Exposure with a Revolving Loan; provided that for the purposes of repaying any Ancillary Facility Exposure pursuant to paragraph
(e)(iii)(E) of this Section 2.23, the applicable conditions precedent to borrowing such Revolving Loan shall be met and the relevant Ancillary Facility shall be cancelled. 

(f) Each Borrower to which an Ancillary Facility has been made available and each Ancillary Lender shall, upon request by the
Administrative Agent, promptly supply the Administrative Agent with any information relating to the operation of such Ancillary Facility (including the Ancillary Facility Exposure) as the Administrative Agent may reasonably request. 

(g) The Borrowers acknowledge and consent that Sections 2.14, 2.15, 2.16, 2.17, 2.18(f),
2.19 and 10.12 of this Agreement shall apply to each Ancillary Facility (unless expressly agreed by the relevant Ancillary Lender and the relevant Borrower in their sole discretion). 

(h) In the event of any conflict between the terms of an Ancillary Facility Document and any other Loan Document, the terms of
such other Loan Document shall govern except for (i) Sections 2.12 and 2.13 for the purposes of calculating fees, interest or commission relating to the relevant Ancillary Facility, (ii) any Ancillary Facility comprising more
than one account where the terms of the Ancillary Facility Documents shall prevail to the extent required to permit the netting of balances in respect of such accounts and (iii) where the relevant term of such Loan Document would be contrary
to, or inconsistent with, the law governing the relevant Ancillary Facility Document, in which case the relevant term of such Loan Document shall be superseded by the terms of the such Ancillary Facility Document to the extent necessary to eliminate
the subject conflict or inconsistency; provided, however, that notwithstanding anything to the contrary herein, (x) no Ancillary Facility Document shall contain any representation or warranty, covenant or event of default that is
not set forth in this Agreement (and any such representation or warranty, covenant or event of default not set forth in this Agreement shall be rendered null and void) and (y) all representations and warranties, covenants and events of

  
 CREDIT AGREEMENT, Page 100 

 
default set forth in any Ancillary Facility Document shall contain standards, qualifications, thresholds and exceptions for materiality or otherwise consistent with those set forth in this
Agreement (and, to the extent inconsistent therewith, the relevant Ancillary Documents shall be deemed to automatically incorporate the applicable standards, qualifications, thresholds and exceptions set forth herein without action by any Person).

 (i) Notwithstanding anything to the contrary herein, in any other Loan Document or in any Ancillary Facility Document,
other than as set forth in Section 8.01(f), no breach of any representation, warranty, undertaking or other term of (or default or event of default under) any Ancillary Facility Document shall be deemed to constitute, or result in, a breach
of any representation, warranty, undertaking or other term of, or Default or Event of Default under, this Agreement or any other Loan Document. 

(j) Notwithstanding any other provision hereunder to the contrary, no amendment or waiver of a term of any Ancillary Facility
Document shall require the consent of any Lender other than the relevant Ancillary Lender.  

ARTICLE III 

Representations and Warranties 

Each Borrower (other than, in respect of Sections 3.11 and 3.12, which are made only by the Parent Borrower) party hereto
represents and warrants on behalf of itself and its Restricted Subsidiaries to the Lenders that: 

Section 3.01 Organization; Powers. Each of the Borrowers and their Restricted Subsidiaries (a) is validly existing under the
laws of the jurisdiction of its organization or formation, except, in the case of a Restricted Subsidiary, where the failure to be so exist could not reasonably be
expected to result in a Material Adverse Effect, (b) has all requisite power and authority to carry on its business as now conducted and (c) except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing (where relevant) in, its jurisdiction of organization or formation and every other jurisdiction where such qualification is required.

 Section 3.02 Authorization; Enforceability. Each of the Parent Borrower and the Subsidiary Loan Parties has the
corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Loan Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the
execution, delivery and performance of the Loan Documents to which it is a party. This Agreement has been duly executed and delivered by the Borrowers party hereto, and constitutes, and each other Loan Document to which any Loan
Party is to be a party, when executed and delivered by such Loan Party, will constitute, a legal, valid and binding obligation of such Borrower or such other Loan Party (as the case may be), enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium, capital impairment, recognition of judgments, recognition of choice of law, enforcement of judgments or other similar laws or other laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 Section 3.03
Governmental Approvals; No Conflicts. The execution, delivery and performance of the Loan Documents: (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except
(i) such as have been obtained or made and are in full force and effect, (ii) filings necessary to perfect Liens created under the Loan Documents 

  
 CREDIT AGREEMENT, Page 101 

 
and (iii) for immaterial consents, approvals, registrations,
filing or other actions, (b) will not violate (i) any applicable law or regulation or any order of any Governmental
Authority binding on such Person or (ii) in any material respect,
the charter, by-laws or other organizational documents of such Borrower or any of its Restricted Subsidiaries or any order of any Governmental Authority binding on such Person, (c) will not violate or result in a default under any material
indenture, agreement or other instrument binding upon the Parent Borrower or any of its Restricted Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Parent Borrower or any of its Restricted
Subsidiaries (unless such payment is not restricted hereunder), and
(d) will not result in the creation or imposition of any Lien on any asset of the Parent Borrower or any of its Restricted Subsidiaries, except Liens created under and Liens permitted by the Loan Documents, except to the extent such violation
or default referred to in clause (b)(i) or (c) above could not reasonably be expected to result in a Material Adverse Effect. 

Section 3.04 Financial Condition; No Material Adverse Change. 

(a) Financial Statements. The Parent Borrower has heretofore furnished to the Lenders its consolidated balance sheet and
statements of income, stockholders equity and cash flows as of and for the fiscal quarter ended June 29,
2013July 2, 2016 and the fiscal year ended
December 29January 2,
20122016. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Parent Borrower and its consolidated Subsidiaries as of such dates and
for such periods in accordance with GAAP. 

(b)
[Reserved]. 

(cb) No Material Adverse Change. Since June 29July 2,
20132016, there has been no material adverse change in the business, assets, property, financial conditions or results of operation, of the Parent Borrower and its Restricted Subsidiaries, taken as a whole (it being understood that the
consummation of the Transactions could not reasonably be expected to have such a material adverse change). 

Section 3.05 Properties. 

(a) Title. Each of such Borrower and its Restricted Subsidiaries has good
title to, or valid leasehold interests in, all its real and personal property material to its business, except for defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties
for their intended purposes or where the failure to have such title or interest could not reasonably be expected to result in a Material Adverse Effect, and none of the assets
of such Borrower or any such Restricted Subsidiary is subject to any Lien except Liens permitted by Section 6.02. 
 (b) Intellectual Property. Except as could not
reasonably be expected to result in a Material Adverse Effect, (i) each of such Borrower and its Restricted Subsidiaries owns, or is licensed to use, all trademarks, tradenames, service names, domain names, copyrights, patents and other
intellectual property necessary for its business and (ii) to the knowledge of such Borrower, the use of any such intellectual property by such Borrower and its Restricted Subsidiaries does not infringe upon the rights of any other Person and
the intellectual property owned by any Loan Party is not being infringed by any other Person. 

  
 CREDIT AGREEMENT, Page 102 

 Section 3.06 Litigation and Environmental Matters. 

(a) Litigation. There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending
against or, to the knowledge of such Borrower, threatened in writing against or affecting such Borrower or any of its Restricted Subsidiaries (i) which could reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect or (ii) that as of the
EffectiveFourth Amendment Date, involve any of the Loan Documents or the Transactions to be consummated on or about the EffectiveFourth Amendment Date. 

(b) Environmental Matters. Except as could not reasonably be expected to, either individually or in the aggregate,
result in a Material Adverse Effect, neither such Borrower nor any of its Restricted Subsidiaries (i) has failed to comply with any applicable Environmental Law or to obtain, maintain or comply with any permit, license or other approval
required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received written notice of any pending or threatened claim with respect to any Environmental Liability or has knowledge of any event or
circumstance that could reasonably be expected to give rise to such a claim, (iv) knows of any basis for, or that could reasonably be expected to give rise to, any Environmental Liability, or (v) has assumed or retained by contract or
operation of law any obligations under Environmental Law or relating to Hazardous Materials. 
 Section 3.07 Compliance with
Laws. Such Borrower and each of its Restricted Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 Section 3.08 Investment Company Act
Status. Neither such Borrower nor any of its Restricted Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

Section 3.09 Taxes. Such Borrower and each of its Restricted Subsidiaries has timely filed or caused to be filed all Tax returns
and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes not overdue by more than 30 days or, if more than 30 days overdue, that are being contested in good faith by
appropriate proceedings and for which such Borrower or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a
Material Adverse Effect. 
 Section 3.10 ERISA; Canadian Benefit Plans. No ERISA Event has occurred or is reasonably expected to
occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect. Except as could not
reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, the fair market value of the assets of each Pension Plan was not materially less than the present value of the accumulated benefit obligation under
such Pension Plan (based on the assumptions used for purposes of Accounting Standards Codification No. 715: Compensation-Retirement Benefits) as of the close of the most recent Plan year, as reported in the most recent financial statements
reflecting such amounts. If all of the Pension Plans were terminated (disregarding any Pension Plans with surpluses), the unfunded liabilities with respect to the Pension Plans, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect. 

  
 CREDIT AGREEMENT, Page 103 

 The Canadian Loan Parties have a formal plan
and commitment to establish one or more Canadian Defined Benefit Plans for the benefit of certain unionized, hourly non-union and salaried employees in connection with the closing of the Rothsay Acquisition.
Applications for registration of these plans will be made following such closing. The Canadian Loan Parties do not, and have not ever, sponsored, administered, participated in or contributed
to a Canadian Multi-Employer Plan, except as may be consented to by the Administrative Agent after the Effective Date (it being understood that at the Administrative Agent’s option it may also request the consent of the Required Lenders in
connection with such determination). Except as could not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, (i) all Canadian Benefit Plans are or will be, and have been (where applicable),
established, registered (where required), amended, funded, invested and administered in material compliance with the terms of such Canadian Benefit Plans, all applicable laws and any applicable collective agreement; (ii) there is no
investigation by a Governmental Authority or claim (other than routine claims for payment of benefits) pending or, to the knowledge of the Canadian Loan Parties, threatened involving any Canadian Benefit Plan or its assets, and no facts exist which
could reasonably be expected to give rise to any such investigation or claim (other than routine claims for payment of benefits); (iii) all employer and employee payments, contributions and premiums required to be remitted, paid to or paid in
respect of each Canadian Benefit Plan have been paid or remitted in accordance with its terms and all applicable laws; (iv) any Canadian Pension Plans are or will be (within the time period permitted by applicable law) duly registered under all
applicable Canadian federal or provincial pension benefits standards legislation; (v) all material obligations of any Canadian Loan Party required to be performed in connection with the Canadian Pension Plans or the funding agreements therefor
have been performed in a timely fashion; (vi) all reports and disclosures relating to the Canadian Pension Plans required by any applicable laws have been or will be filed or distributed in a timely fashion; (vii) no amount is due and
owing by any of the Canadian Pension Plans under the Income Tax Act (Canada) or any provincial taxation or pension benefits statute; and (viii) no Canadian Pension Termination Event has occurred 

Section 3.11 Disclosure. As of the Effective Date, neither the
Information Memorandum nor any of the otherFourth Amendment Date, none of the written reports, financial statements, certificates or other information furnished by or on behalf of any Loan Party to the Administrative Agent (other than information of a general economic or industry specific
nature, projected financial information or other forward looking information) in connection with the negotiation of this Agreement or any other Loan Document or delivered
hereunder or thereunder (as modified or supplemented by other information so furnished prior to the date on which this representation is made or deemed made), when taken as a whole, contains
any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to projected
financial information, the Borrowers represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time made (it being understood that projections may vary from actual results and that such
variances may be material). 
 Section 3.12 Subsidiaries. As of the Effective Date, the Parent Borrower has no
Subsidiaries other than those listed on Schedule 3.12 hereto. As of the Effective Date, Schedule 3.12 sets forth the jurisdiction of incorporation or organization of each such Subsidiary, the percentage of Parent Borrower’s
ownership of the outstanding Equity Interests of each Subsidiary directly owned by Parent Borrower and the percentage of each Subsidiary’s ownership of the outstanding Equity Interests of each other Subsidiary. As of the date required by
Schedule 5.10, Schedule 3.12, as amended or supplemented, sets forth the authorized, issued and outstanding Equity Interests of Parent Borrower and each Subsidiary. All of the outstanding capital stock of Parent Borrower and each
Restricted Subsidiary has been, to the extent applicable, validly issued, is fully paid, and is nonassessable. As of the Effective Date, there are no outstanding subscriptions, options, warrants, calls, or rights (including preemptive rights) to
acquire, and no outstanding securities or instruments convertible into any Equity Interests of any Restricted Subsidiary. 

  
 CREDIT AGREEMENT, Page 104 

 Section 3.13 Labor Matters. As of the Effective Date, except as disclosed on Schedule
3.13, (a) there are no strikes, lockouts or slowdowns against the Parent Borrower or any Restricted Subsidiary pending or, to the knowledge of the Parent Borrower, threatened in writing, that would have a material impact on the operations of the
Parent Borrower and the Restricted Subsidiaries and (b) except as could not reasonably be expected to result in a Material Adverse Effect, the hours worked by and payments made to employees of the Parent Borrower and the Restricted Subsidiaries
have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters. 
 Section 3.14 Solvency. As of the Rothsay Acquisition Closing Date, immediately after the consummation of the Transactions to occur on the Rothsay Acquisition Closing Date and as of the Vion Acquisition Closing Date
(prior to giving effect to the Vion Acquisition, in the case of the Dutch Parent
Borrower, and immediately after the consummation of the Transactions to occur on the Vion Acquisition Closing Date in the case of the Parent Borrower and its Subsidiaries on a consolidated basis), as applicableFourth Amendment Date (a) the sum of the debt (including contingent liabilities) of
(i) the Parent Borrower and its Subsidiaries on a consolidated basis (in the case of the Rothsay Acquisition Closing Date and the Vion Acquisition Closing Date) and (ii) the Dutch Parent Borrower (in the case of the Vion Acquisition Closing
Date), does not exceed the present fair saleable value of the assets of the Parent Borrower and its Subsidiaries on a consolidated basis or the Dutch Parent Borrower, respectively, (b) the capital of
(i) the Parent Borrower and its Subsidiaries on a consolidated basis (in the case of the Rothsay Acquisition Closing Date and the Vion Acquisition Closing Date) and (ii) the Dutch Parent Borrower (in the case of the Vion Acquisition Closing
Date), is not unreasonably small in relation to the business of the Parent Borrower and its Subsidiaries on a consolidated
basis or the Dutch Parent Borrower, respectively, contemplated as of the date hereof and (c) (i) the Parent Borrower and its Subsidiaries, on a consolidated
basis (in the case of the Rothsay Acquisition Closing Date and the Vion Acquisition Closing Date) and (ii) the Dutch Parent Borrower (in the case of the Vion Acquisition
Closing Date), do not intend to incur, or believe that they will incur, debts (including current obligations and contingent liabilities) beyond their ability to pay such debts as they mature
in the ordinary course of business. For the purposes hereof, (x) the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5) and (y) the term
“present fair saleable value” means the amount that may be realized if the applicable company’s aggregate assets are sold with reasonable promptness in an arm’s length transaction under present conditions for the sale of a
comparable business enterprises. 
 Section 3.15 Margin Securities. Neither the Parent Borrower nor any of its Restricted
Subsidiaries, is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations U or X of the Board of Governors of the
Federal Reserve System) and no part of the proceeds of any Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying margin stock in violation of Regulation X or that would entail
a violation of Regulation U of the Board of Governors of the Federal Reserve System (and if required by such regulations or requested by a Lender, the Parent Borrower or such Restricted Subsidiary, as applicable, will provide any applicable Lender
with a signed Form G-3 or U-1 or any successor form, as applicable, containing the information required to be provided on such form by such entity). 

Section 3.16 Security Documents. The Security Documents are effective to create in favor of 

  
 CREDIT AGREEMENT, Page 105 

 
the Administrative Agent for its benefit and the ratable benefit of the Lenders a legal, valid, and enforceable (subject to applicable bankruptcy, insolvency, reorganization, moratorium, capital
impairment, recognition of judgments, recognition of choice of law, enforcement of judgments or other similar laws or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law) perfected Lien (subject to Liens permitted by Section 6.02) on the Collateral as security for the relevant Obligations (it being understood that subsequent filings and recordings may be
necessary to perfect Liens on the Collateral pursuant to Section 5.10) of each grantor described therein. 

Section 3.17 Use of Proceeds. The proceeds of the Credit Facilities shall be used (a) to finance in part the Transactions (including working capital and/or purchase price adjustments), (b) to refinance certain existing
indebtedness of the Parent Borrower and its Subsidiaries,
(cb) to pay fees and expenses related to the Transactions and related transactions (including any funding of original issue discount and upfront fees) and (dc) for
 general corporate purposes (including, in the case of the Revolving Facility, the working capital needs, capital expenditures, acquisitions, other investments, Restricted Payments and any other purpose not prohibited under the Loan Documents) of
the Parent Borrower and its Subsidiaries. Letters of Credit will be issued to support transactions entered into by the Parent Borrower or a Restricted Subsidiary in the ordinary course of business and, to the extent permitted or not prohibited
hereby, to support transactions entered into by an Unrestricted Subsidiary in the ordinary course of business. 
 Section 3.18
Patriot Act; OFAC; FCPA. 
 (a) Each of the Parent Borrower and its Subsidiaries is in compliance in all material
respects with the Patriot Act. 
 (b) (i) Each of the Parent Borrower and its Subsidiaries is in compliance, in all material
respects, with the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order
relating thereto; (ii) none of the Parent Borrower or any of its Subsidiaries nor, to the knowledge of the Borrowers, any director, officer, agent or employee of any of the foregoing is (x) a person on the list of “Specially
Designated Nationals and Blocked Persons” or (y) currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Borrowers (other than the
German Subsidiary Borrower) will not directly or, to the knowledge of such Borrowers, indirectly use the proceeds of the Loans, Letter
of Credit or any Ancillary Facility or otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person currently subject
at the time such proceeds are made available to any U.S. sanctions
administered by OFAC, except to the extent licensed or otherwise approved by OFAC and with respect to the German Subsidiary Borrower, the Parent Borrower shall ensure that such German Subsidiary Borrower will not directly or, to the Parent
Borrower’s knowledge, indirectly use the proceeds of the Loans or any Ancillary Facility or otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person currently subject
at the time such proceeds are made available to any U.S. sanctions
administered by OFAC, except to the extent licensed or otherwise approved by OFAC; and (iii) no part of the proceeds of any
Loan, Letter of Credit or Ancillary Facility will be used, directly or, to
the knowledge of the Borrowers, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain,
retain or direct business or obtain 

  
 CREDIT AGREEMENT, Page 106 

 
any improper advantage, in violation in any material respect of the United States Foreign Corrupt Practices Act of 1977, as amended or the Corruption of Foreign Public Officials Act (Canada).

 ARTICLE IV 

Conditions 

Section 4.01 Effective Date. This Agreement shall become effective and the obligations of the Lenders to make Revolving Loans and
any agreement of the Issuing Bank to issue any Letters of Credit hereunder shall become effective on the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02): 

(a) Execution and Delivery of Loan Documents. The Administrative Agent (or its counsel) shall have received (i) a
counterpart of (x) this Agreement signed by the Parent Borrower, the Dutch Parent Borrower and, to the extent the Rothsay Acquisition Closing Date has occurred, the Canadian Borrower and (y) the U.S. Security Agreement and the Guaranty
Agreement, each signed on behalf of each Loan Party party thereto immediately prior to the Effective Date, or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include telecopy or email transmission of a
signed signature page of this Agreement) that such party has signed a counterpart of such agreements. 
 (b) Legal
Opinions. The Administrative Agent shall have received a written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of counsel (including, without limitation, local counsel) for the Loan Parties covering
such matters relating to the Loan Parties and the Loan Documents as of the Effective Date as are customary for financings of this type. The Parent Borrower hereby requests such counsel to deliver such opinions. 

(c) Corporate Authorization Documents. The Administrative Agent shall have received such documents and certificates as
the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Loan Party (other than the Dutch Parent Borrower), the authorization of the Transactions to be consummated in connection
with the execution and delivery hereof and any other legal matters relating to the Loan Parties (other than the Dutch Parent Borrower), the Loan Documents or such Transactions as are customary for financings of this type, all in form and substance
reasonably satisfactory to the Administrative Agent and its counsel. 
 (d) Dutch Parent Borrower. The Administrative
Agent shall have received: 
 (i) a copy of the articles of association (statuten) of the Dutch Parent Borrower, as
well as an extract (uittreksel) from the Dutch Commercial Register (Handelsregister) of the Dutch Parent Borrower. 

(ii) a copy of a resolution of the board of managing directors of the Dutch Parent Borrower: 

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

  
 CREDIT AGREEMENT, Page 107 

 (B) if applicable, authorizing a specified person or persons to execute the Loan
Documents to which it is a party on its behalf; and 
 (C) if applicable, authorizing a specified person or persons, on its
behalf, to sign and/or despatch all documents and notices (including, if relevant, any Borrowing Request) to be signed and/or despatched by it under or in connection with the Loan Documents to which it is a party. 

(iii) if applicable, a copy of the resolution of the shareholder(s) of the Dutch Parent Borrower approving the resolutions of
the board of managing directors referred to under clause (ii) above; and 
 (iv) a specimen of the signature of
each member of the board of managing directors of the Dutch Parent Borrower and, if applicable, each person authorized by the resolutions referred to in clause (ii)(B) and/or (ii)(C) above in relation to the Loan Documents. 

(e) Patriot Act. The Administrative Agent shall have received, at least 5 days prior to the Effective Date, all
documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act, with respect to the Loan Parties as of the Effective
Date that has been reasonably requested by the Commitment Parties at least 10 days prior to the Effective Date. 
 (f)
Collateral Security. All actions necessary to establish that the Administrative Agent will have a perfected first priority security interest in the Collateral (subject to Liens permitted under this Agreement and it being understood that, to
the extent any Collateral is not or cannot be provided on the Effective Date (other than the grant and perfection of security interests (i) that may be perfected solely by the filing of a financing statement under the Uniform Commercial Code or
PPSA or (ii) in capital stock owned by the Parent Borrower and its Subsidiaries immediately prior to the Effective Date with respect to which a Lien may be perfected by the delivery of a stock certificate) after the Parent Borrower’s use
of commercially reasonable efforts to do so without undue burden or expense, then the provision of such Collateral shall not constitute a condition precedent to the Effective Date, but may instead be provided after the Effective Date pursuant to
arrangements to be mutually agreed between the Parent Borrower and the Administrative Agent). 
 The Administrative Agent
shall notify the Parent Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 
 Section 4.02
[RESERVEDReserved]. 
 Section 4.03 Vion Acquisition Closing Date. The obligations of the Lenders to make Term B Loans and up to
$200,000,000 of Revolving Loans (such Loans, collectively the “Certain Funds Loans”) on the Vion Acquisition Closing Date shall be subject solely to satisfaction of the following conditions (or the
waiver of such conditions in accordance with Section
10.02):[Reserved].

 (a) Certain Funds Representations; No Certain Funds Event of
Default. The Certain Funds Representations shall be true and correct and no Certain Funds Event of Default shall have occurred and be continuing or would result from the consummation of any Borrowing or from the application of
the proceeds therefrom on the Vion Acquisition Closing Date; 

  
 CREDIT AGREEMENT, Page 108 

 “Certain Funds
Representations” means the representations and warranties solely in respect of the Dutch Parent Borrower in Sections 3.01(a) and
(b), 3.02, 3.03(b)(ii), 3.08, 3.14 (made
solely in respect of the Dutch Parent Borrower (prior to giving effect to the Transactions to occur on the Vion Acquisition Closing Date)), 3.15, 3.16,
3.17 and 3.18(a) of this Agreement. For the avoidance of doubt, a Certain Funds Representation shall not apply in respect of or relate to Vion, or any of the assets
which comprise all or any part of Vion, or a breach of a procuring obligation with respect to any member of Vion. 

(b) Closing Certificate; Solvency Certificate. The Administrative Agent shall have received (i) a Solvency Certificate dated the Vion Acquisition
Closing Date and executed by a Financial Officer of the Dutch Parent Borrower substantially in the form of Exhibit F hereto (with modifications for the making of such certification solely with respect to the
Dutch Parent Borrower) and (ii) a certificate, dated the Vion Acquisition Closing Date and signed by a Responsible Officer of the Parent Borrower, confirming compliance with the conditions set forth in Sections 4.03(a) and (c) (which certificate shall
include the making of the representations and warranties referred to in Section 4.03(a)). 

(c) Vion Acquisition. The Notary (as defined in the Vion
Acquisition Agreement) shall have disbursed the purchase price for the Vion Acquisition pursuant to the Vion Acquisition Agreement, substantially concurrently with
(including, for the avoidance of doubt, subsequent to the funding of the Certain
Funds Loans as necessary to exchange currencies and accommodate local time differences, pursuant to procedures reasonably agreed between the Parent Borrower and the
Administrative Agent and consistent with any applicable notarial deed and/or other customary formalities for transactions of this type in The Netherlands) the
occurrence of the Vion Acquisition Closing Date, and no provision thereof shall have been amended or waived, and no consent shall have been given thereunder, in each case in any manner materially adverse to the interests of the Commitment Parties or
the Lenders without the prior written consent of the Commitment Parties or, such consent not to be unreasonably withheld, delayed or conditioned (it being understood that (a) any decrease in the purchase price shall not be materially adverse to
the interests of the Commitment Parties or the Lenders so long as such decrease is allocated to reduce the Term B Commitments on a dollar-for-dollar basis and (b) any increase in the purchase price up to 20% shall not be materially adverse to
the Commitment Parties or the Lenders to the extent such increased purchase price is not funded with Indebtedness of the Parent Borrower or its Restricted
Subsidiaries); 
 (d) Vion Acquisition Closing Date. The Vion Acquisition Closing Date shall have occurred on or before the Long Stop Date. 

(e) Fees and Expenses. To the extent invoiced at least 1
Business Day prior to the Vion Acquisition Closing Date, substantially concurrently with the occurrence of the Vion Acquisition Closing Date, the Administrative Agent shall have received all fees and other amounts due and payable on or prior to the
Vion Acquisition Closing Date, including, to the extent invoiced, reimbursement or payment of all reasonable out of pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party
hereunder or under any other Loan Document (or any fee letter related thereto). 

The Administrative Agent shall notify the Parent Borrower and the Lenders of the Vion Acquisition Closing Date, and such notice shall be
conclusive and binding. 
 Section 4.04 Each Credit Event. The
obligation of each Lender to make a Loan on the occasion of any Borrowing, and any agreement of the Issuing Bank to issue, amend, renew or extend any 

  
 CREDIT AGREEMENT, Page 109 

 
Letter of Credit, other than any Borrowing or issuance, amendment, renewal or extension of such Letter of Credit on the Rothsay
Acquisition Closing Date and other than any Certain Funds Loan on the Vion Acquisition Closing Date, is subject to receipt of the request therefor in accordance herewith and to the
satisfaction of the following conditions: 
 (a) Representations and Warranties. At the time of and immediately
after giving effect to such Borrowing or issuance, amendment, renewal or extension of such Letter of Credit, in each case, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all
material respects with the same force and effect as if such representations and warranties had been made on and as of such date except to the extent that such representations and warranties relate specifically to another date. 

(b) No Default. At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal
or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 
 Each Borrowing and each issuance, amendment,
renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by each Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this
Section 4.04. 
 Section 4.05 Action by the Lenders during the
Certain Funds Period. During the Certain Funds Period and notwithstanding any provision to the contrary in any Loan Document, except (a) in
the case of a particular Lender, if it would be illegal, due to a Change in Law affecting such Lender occurring after the date such Lender has become a party to this
Agreement, for such Lender to participate in making the Certain Funds Loans hereunder and (b) in circumstances where, pursuant to Section 4.03, a Lender is not obligated to make a Certain Funds
Loan, no Lender shall be entitled to: 

(i)
cancel any of its Commitments to the extent to do so would prevent or limit the making of a Certain Funds Loan;

 (ii) rescind, terminate or cancel this Agreement or any of its
Commitments hereunder or exercise any similar right or remedy or make or enforce any claim under the Loan Documents it may have to the extent to do so would prevent or limit the making of its Certain Funds Loan; 

(iii) refuse to participate in making its Certain Funds Loan;

 (iv) exercise any right of
set-off or counterclaim in respect of its Certain Funds Loan to the extent to do so would prevent or limit the making of its Certain Funds Loan; or 

(v)
cancel, accelerate or cause repayment or prepayment of any amounts owing hereunder or under any other Loan Documents to the extent to do so would prevent or limit the making of
its Certain Funds Loan; 
 provided
that immediately upon the expiration of the Certain Funds Period, all such rights, remedies and entitlements shall be available to the Lenders as provided in the last paragraph of Article VIII notwithstanding
that they may not have been used or been available during the Certain Funds Period. 

  
 CREDIT AGREEMENT, Page 110 

 ARTICLE V 

Affirmative Covenants 

Until the Date of Full Satisfaction, the Parent Borrower (and each other Borrower to the extent applicable) covenants and agrees with the
Lenders that: 
 Section 5.01 Financial Statements and Other Information. The Parent Borrower will furnish to the Administrative
Agent: 
 (a) Annual Audit. Within 90 days after the end of each fiscal year of the Parent Borrower, its audited
consolidated and unaudited consolidating balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous
fiscal year, all reported on by independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit (except
for any such qualification pertaining to the maturity of any Credit Facility occurring within 12 months of the relevant audit or any breach or anticipated breach of any financial covenant) to the effect that such consolidated financial statements
present fairly in all material respects the financial condition and results of operations of the Parent Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP; 

(b) Quarterly Unaudited Financial Statements. Within 55 days after the end of each of the first three fiscal quarters of
each fiscal year of the Parent Borrower, its unaudited consolidated and consolidating balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed
portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its
Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Parent Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes; 
 (c) Compliance
Certificate. Concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate in substantially the form of Exhibit D hereto of a Financial Officer of the Parent Borrower
(i) certifying as to whether a Default, which has not previously been disclosed or which has not been cured, has occurred and, if such a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with
respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Article VII and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the Parent
Borrower’s audited financial statements referred to in Section 3.04 which has not already been disclosed and, if any such change has occurred, specifying the effect of such change on the financial statements
accompanying such certificate; 
 (d) Rothsay Financials. Promptly upon receipt of the same by the Parent Borrower, Rothsay’s audited consolidated balance sheet and related statements of
operations, stockholders’ equity and cash flows as of the end of the fiscal years 2011 and 2012;
[Reserved]; 

(e) Budget. Within 60 days after the end of the fiscal
year ended December 31, 2013 and 45 days after the end of each fiscal year thereafter of the Parent Borrower, a detailed consolidated budget for the then current fiscal year (including a projected consolidated balance 

  
 CREDIT AGREEMENT, Page 111 

 
sheet and related statements of projected operations and cash flow as of the end of and for such fiscal year) and setting forth the material assumptions used for purposes of preparing such
budget; 
 (f) Public Reports. Promptly after the same become publicly available, copies of all periodic and other
reports, proxy statements and other materials filed by the Parent Borrower or any Restricted Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with
any national securities exchange, as the case may be; 
 (g) Additional Information. Promptly following any reasonable request
therefor (i) material non-privileged
informationsuch additional information as the Administrative Agent (for its own account or upon the reasonable request
from any Lender) from time to time reasonably requests regarding the operations, business affairs and financial condition of Parent Borrower or any Restricted Subsidiary as well as any information
required by the Patriot Act; provided, however, that the Parent Borrower and any its Subsidiaries shall not be required to disclose or provide any information (a) that constitutes non-financial trade secrets or non-financial proprietary
information of such Person or any of its Subsidiaries or any of their respective customers and/or suppliers, (b) in respect of which disclosure to the Administrative Agent or any Lender (or any of their respective representatives) is prohibited
by any applicable law, (c) that is subject to attorney-client or similar privilege or constitutes attorney work product or (d) in respect of which the Parent Borrower or any Subsidiary owes confidentiality obligations to any third party;
provided, further, that in the event that the Parent Borrower or any Restricted Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent or any Lender
may reasonably request and
(ii) alldoes not provide information in reliatnc
ed
toon the preceding clause (c) or (d) due to privilege or confidentiality concerns, the Parent Borrower and the other Loan Parties (including but not limited
to names, addresses and tax identification numbers) reasonably requested byor such Restricted Subsidiary shall provide
notice to the Administrative Agent and required by the
Patriot Act to be obtained by the Administrative Agent or any Lender;that such information is being withheld and, in the case of
clause (d), shall use its commercially reasonable efforts to communicate the applicable information in a way that would
not violate the applicable obligation or risk waiver of such privilege); 

(h) ERISA Notices. Promptly upon reasonable request of the Administrative Agent, the Loan Parties and/or their ERISA
Affiliates shall promptly make a request for any documents described in Section 101(k) and 101(l) of ERISA that any Loan Party or any ERISA Affiliate may request of any Multiemployer Plans or notices from such administrator or sponsor and the Parent
Borrower shall provide copies of such documents and notices to the Administrative Agent promptly after receipt thereof; 
 (i) Demand Letter. Promptly after the receipt thereof, a demand letter from the PBGC notifying the Parent Borrower, its Subsidiaries, or any ERISA Affiliates of its decision finding
liability that could reasonably be expected to result in a Material Adverse Effect, a copy of such letter, together with a certificate of the president or a Financial Officer of the Parent Borrower setting forth the action which the Parent Borrower,
its Subsidiaries or their respective ERISA Affiliates proposes to take with respect thereto; and 
 The information required to be delivered
by clauses (a), (b) and (f) of this Section 5.01 shall be deemed to have been delivered on the date on which the Parent Borrower posts such information on its website on the Internet at
www.darlingii.com or when such information is posted on the SEC’s website on the Internet at www.sec.gov (including within any Form 10-K or Form 10-Q);
provided that the Parent 

  
 CREDIT AGREEMENT, Page 112 

 
Borrower shall give notice of any such posting to the Administrative Agent (who shall then give notice of any such posting to the Lenders); provided further, that the Parent
Borrower shall deliver paper copies of any such information to the Administrative Agent if the Administrative Agent or any Lender requests the Parent Borrower to deliver such paper copies. 

Section 5.02 Notices of Material Events. The Parent Borrower will furnish to the Administrative Agent prompt written notice of
(and if applicable, in the case of clause (d) below, the items set forth in) the following: 
 (a)
Default. The occurrence A Responsible Officer of the Parent Borrower obtaining knowledge of the existence
of any Default; 
 (b) Notice of Proceedings. The filing or commencement of any action, suit or proceeding by
or before any arbitrator or Governmental Authority against or affecting the Parent Borrower or any Restricted Subsidiary that could reasonably be expected to result in a Material Adverse Effect; 

(c) ERISA Event. The occurrence of any ERISA Event that, alone or together with any other ERISA Events that have
occurred, could reasonably be expected to result in a Material Adverse Effect; and 
 (d) Canadian Pensions. 

(i)
If requested by the Administrative Agent, promptly after such request (i) (x)
Ccopies of all actuarial reports and any other material reports which have been filed with a Governmental Authority with respect to each Canadian Defined Benefit Plan, promptly after filing and (y) any material direction, order,
notice, ruling or opinion related to funding, windup or termination of any Canadian Defined Benefit Plan that any Canadian Loan Party may receive from a Governmental Authority with respect to any Canadian Defined Benefit Plan, promptly after receipt. 

(ii) Promptly after any Responsible Officer of the Canadian Borrower obtains actual knowledge thereof, (v) a Canadian
Pension Termination Event, (w) the failure in any material respect to make a required contribution to or payment under any Canadian Benefit Plan when due in accordance with its terms and applicable laws, (x) the occurrence of any event
which is reasonably likely to result in any Canadian Loan Party incurring any liability, fine or penalty with respect to any Canadian Benefit Plan that could reasonably be expected to have a Material Adverse Effect, (y) the establishment of any
new plan which, if it currently existed, would be a Canadian Defined Benefit Plan, or any change to an existing Canadian Defined Benefit Plan that could reasonably be expected to have a Material Adverse Effect or (z) the acquisition of an
interest in any Person if such Person sponsors, administers, or participates in, or has any liability in respect of, any Canadian Defined Benefit Plan. 

(e) Material Adverse Effect. Any other development that results in, or could reasonably be expected to result in, a
Material Adverse Effect. 
 Each notice delivered under this Section shall be accompanied by a statement of a Responsible Officer setting forth the details
of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

  
 CREDIT AGREEMENT, Page 113 

 Section 5.03 Existence; Conduct of Business. The Parent Borrower will, and will cause
each of its Restricted Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence except, solely in the case of a Restricted Subsidiary, where the failure to do so could not
reasonably be expected to result in a Material Adverse Effect; provided that the foregoing shall not prohibit any transactions permitted under Section 6.03 or Section 6.05. The Parent
Borrower will, and will cause each of its Restricted Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect all of its rights, licenses, permits, privileges,
or
franchises, patents, copyrights, trademarks and trade names unless the failure to preserve, renew and keep in full
force and effect such rights, licenses, permits, privileges, or franchises,
patents, copyrights, trademarks or trade names could reasonably be expected to result in a Material Adverse Effect; provided that the foregoing shall not prohibit any transactions
permitted under Section 6.03 or Section 6.05. 
 Section 5.04 Payment of
Taxes. The Parent Borrower will, and will cause each of its Restricted Subsidiaries to, pay its Tax liabilities before the same shall become more than 30 days overdue, or if more than 30 days overdue, except where (a) (i) the validity or
amount thereof is being contested in good faith by appropriate proceedings, (ii) the Parent Borrower or such Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP, and (iii) such
contest effectively suspends collection of the contested obligation and the foreclosure of any Lien securing such obligation or (b) the failure to make payment pending such contest could not reasonably be expected to result in a Material
Adverse Effect. 
 Section 5.05 Maintenance of Properties. The Parent Borrower will, and will cause each of its Restricted
Subsidiaries to, keep and maintain all property in good working order and condition, ordinary wear and tear and casualty and condemnation excepted and except to the extent the failure to do so could not reasonably be expected to result in a Material
Adverse Effect or as otherwise expressly permitted by this Agreement. 
 Section 5.06 Insurance. The Parent Borrower will, and will cause each of its Restricted Subsidiaries to, maintain, with financially sound and reputable insurance companies insurance in such amounts (with no greater risk retention) and
against such risks as are customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations. The Parent Borrower will furnish to the Lenders, upon reasonable request of the
Administrative Agent (but not more frequently than once per fiscal year), information in reasonable detail as to the insurance so maintained. In the case of insurance policies maintained by any Domestic Loan Party, (a) each general liability
insurance policy shall name the Administrative Agent (or its agent or designee) as additional insured and (b) each insurance policy covering Collateral shall name the Administrative Agent (or its agent or designee) as loss payee and shall
provide that such policy will not be canceled or materially changed without 30 days (or 10 days in the event of a payment default) prior written notice to the Administrative
Agent; provided that with respect to any insurance policies existing on the Closing Date, the requirements under
clause (a) and (b) hereto shall be deemed satisfied if completed within 90 days of the Vion Acquisition Closing Date (or such later date as the Administrative Agent
shall agree in its reasonable discretion)..

 Section 5.07
Books and Records; Inspection and Audit Rights. The
Parent Borrower will, and will cause each of its Restricted Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities in
order to permit the preparation of its financial statements in accordance with GAAP. The Parent Borrower will, and will cause each of its Restricted Subsidiaries to, permit any representatives designated by the Administrative Agent, upon reasonable
prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times during normal
business hours 

  
 CREDIT AGREEMENT, Page 114 

 
and as often as reasonably requested; provided that (a) the Parent Borrower shall reimburse the Administrative Agent not more than once each fiscal year for visits, inspections, examinations and discussions conducted under this
Section 5.07 if nonot be required to reimburse such expenses unless
an Event of Default exists at the time thereof (and the Parent Borrower shall reimburse the Administrative Agent for all such
visits, inspections, examinations and discussions conducted when an Event of Default exists) and (b) the Parent Borrower shall have the opportunity to be present at any meeting with its independent accountants. Notwithstanding anything to the contrary in this Section 5.07, the
Parent Borrower and any Restricted Subsidiary will not be required to disclose or permit the inspection or discussion of, any document, information or other matter (1) in respect of which disclosure to the Administrative Agent or any Lender (or
their respective representatives or contractors) is prohibited by law or any binding agreement
not entered into in contemplation of
avoiding such inspection and disclosure rights, (2) that is subject to attorney client or similar privilege or constitutes
attorney work product, (3) in respect of which the Parent Borrower or any Restricted Subsidiary owes confidentiality obligations to any third party not entered into in contemplation of avoiding such inspection and disclosure or (4) that
constitutes non-financial trade secrets or non-financial proprietary information of the Parent Borrower or any Subsidiary thereof and/or any customers and/or suppliers of the foregoing; provided that in the event that any the Parent Borrower or any
Restricted Subsidiary does not provide any information requested in connection with an examination or a discussion permitted under this Section 5.07 in reliance on the preceding clause (2) or (3) due to confidentiality or waiver concerns,
such Person shall provide notice to the Administrative
Agent that such information is being withheld and, in the case of clause (3), shall use its commercially reasonable efforts
to communicate the applicable information in a way that would not violate the applicable obligation or risk waiver of such privilege. 

Section 5.08 Compliance with Laws. The Parent Borrower will, and will cause each of its Restricted Subsidiaries to, comply with
all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

Section 5.09
Environmental Laws. Each Borrower will, and will cause each of its Restricted Subsidiaries
to:[Reserved]. 

(a)
Comply with, and use commercially reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply
with and maintain, and use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental
Laws, except in each case, where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

(b)
Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply with
all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except in each case, where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect. 
 Section 5.10 Collateral Matters; Guaranty Agreement.

 (a) Further Assurances. Subject to the terms of the Security Documents, the Agreed Security Principles and
Section 5.10(f), the Parent Borrower will, and will cause each Subsidiary Loan Party to, execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and
recording 

  
 CREDIT AGREEMENT, Page 115 

 
of financing statements), which may be required under any applicable law, or which the Administrative Agent may reasonably request, to effectuate the transactions contemplated by the Loan
Documents or to grant, preserve, protect or perfect the Liens created or intended to be created by the Security Documents or the validity or priority of any such Lien, all at the expense of the Loan Parties. 

(b) Additional Restricted Subsidiaries. Subject to Section 5.10(f) and the Agreed Security Principles, in
furtherance of the foregoing, if any additional Subsidiary is formed or acquired after the Effective Date or any Unrestricted Subsidiary is designated as a Restricted Subsidiary after the Effective Date, or the Canadian Borrower Joinder Date occurs,
as applicable, such Borrower will notify the Administrative Agent and the Lenders thereof and (i) if such Subsidiary is a Domestic Subsidiary that is not an Excluded Subsidiary, such Borrower will cause such Restricted Subsidiary to become a
party to the Guaranty Agreement, pursuant to which such Domestic Subsidiary shall guarantee the Obligations (which include the Foreign Obligations), and the U.S. Security Agreement, in each case, promptly after such Restricted Subsidiary is formed,
acquired or designated and promptly take such actions to create and perfect Liens on such Restricted Subsidiary’s assets of the type that would be subject to the type of Security Documents described on Schedule 5.10 to secure such
Obligations, as the Administrative Agent shall reasonably request, (ii) if such Subsidiary is a Specified Foreign Subsidiary that is not an Excluded Subsidiary, the Parent Borrower will cause such Restricted Subsidiary to become a party to
(A) the Guaranty Agreement, pursuant to which such Foreign Subsidiary shall guarantee the Obligations (until the Pari Passu Notes Repayment Date) and after the Pari Passu Notes Repayment Date, only the Foreign Obligations and (B) the
Canadian Security Agreement or other applicable Foreign Security Agreement, in each case, promptly after such Restricted Subsidiary is formed, acquired or designated and promptly take such actions to create and perfect Liens on such Restricted
Subsidiary’s assets of the type that would be subject to the type of Security Documents described on Schedule 5.10 to secure the Obligations (until the Pari Passu Notes Repayment Date) and after the Pari Passu Notes Repayment Date, only
the Foreign Obligations, as the Administrative Agent shall reasonably request and (iii) subject to the Agreed Security Principles, if any Equity Interest in any Restricted Subsidiary is acquired after the Effective Date by or on behalf of any
Loan Party or any Unrestricted Subsidiary is designated as a Restricted Subsidiary after the Effective Date, the Parent Borrower will cause the Equity Interests of each such Restricted Subsidiary to be pledged pursuant to the U.S. Security
Agreement, Canadian Security Agreement or other Foreign Security Agreement, as applicable, promptly after such Restricted Subsidiary is formed, acquired or designated (except that, to the extent such pledge secures all the Obligations and not just
the Foreign Obligations, if such Restricted Subsidiary is (x) a Domestic Subsidiary and substantially all of its assets consist of the debt or equity of one or more direct or indirect Foreign Subsidiaries (other than, in the case of Specified
Foreign Subsidiaries, prior to the Pari Passu Notes Repayment Date; provided that in no event shall this parenthetical apply to any direct or indirect holding companies of the Foreign Borrowers that are not Specified Foreign Subsidiaries) or
(y) a Foreign Subsidiary (other than Specified Foreign Subsidiaries, prior to the Pari Passu Notes Repayment Date; provided that in no event shall this parenthetical apply to any direct or indirect holding companies of any Foreign
Borrowers which are not Specified Foreign Subsidiaries), the voting Equity Interest in such Restricted Subsidiary to be pledged pursuant to the U.S. Security Agreement, the Canadian Security Agreement and/or Foreign Security Agreement, as
applicable, shall be limited to 65% of the outstanding voting Equity Interests of such Restricted Subsidiary). Notwithstanding anything to the contrary herein and in any other Loan Document but subject to the Agreed Security Principles, on and after
the Pari Passu Notes Repayment Date, the Foreign Subsidiary Loan Parties shall only guarantee the Foreign Obligations and the assets and property of the Foreign Subsidiary Loan Parties shall only secure

  
 CREDIT AGREEMENT, Page 116 

 
the Foreign Obligations and the Lenders hereby authorize the Administrative Agent to take any actions and execute any documents in accordance with Section 9.10 as it
reasonably determines are advisable to evidence or effect the guarantee and security structure contemplated by this sentence (such modified structure, the “Foreign Collateral Reallocation”). 

(c) Excessive Cost. Notwithstanding the provisions of clauses (a) and (b) of this
Section 5.10 or the terms of the U.S. Security Agreement, the Canadian Security Agreement or a Foreign Security Agreement, (i) the Administrative Agent (or its designee) shall not take a Lien (or perfect a Lien) in an
asset of a Loan Party if (A) the Administrative Agent and the Parent Borrower reasonably determine that the burden, difficulty, consequence or cost of granting or perfecting a Lien on such asset (including any stamp, intangibles or other tax)
is disproportionate to the benefit to the Lenders afforded by such Lien on such asset, (B) the granting of a security interest in such asset would be prohibited, in the case of a contract, by enforceable anti-assignment provisions in such
contract or by applicable law or with respect to any other assets to the extent such a pledge would violate the terms of any contract governing the purchase, financing or ownership of such assets or would trigger termination pursuant to any
“change of control” or similar provision under such contract (in each case, after giving effect to the relevant provisions of the Uniform Commercial Code, PPSA or similar law in any jurisdiction, as applicable, in effect in the applicable
jurisdiction and other relevant legislation) or (C) a security or pledge agreement would be required to be governed by the laws of a jurisdiction other than the one in which such Loan Party is then organized, (ii) Liens on the following
assets shall not be required to be perfected: (A) cash and cash equivalents, deposit and securities accounts (including securities entitlements and related assets), in each case to the extent a security interest therein cannot be perfected by
the filing of a financing or registration statement under the Uniform Commercial Code, PPSA or similar law in any jurisdiction, as applicable; (B) other assets requiring perfection through control agreements; and (C) commercial tort claims
less than $10,000,000 and (iii) (A) no Liens on any fee owned or leased real property, vehicles, aircraft, watercraft, similar vehicles or any other assets subject to certificates of title of the Parent Borrower or any of its Subsidiaries shall
be required (and for greater certainty, no Borrower shall be required to make serial number registrations (or like registrations) against any serial number goods (or like concept) and (B) the Loan Parties shall not be required to seek any
landlord waiver, estoppel, warehouseman waiver or other collateral access or similar letter or agreement. 
 (d)
Designation of Immaterial Subsidiaries as Subsidiary Loan Parties. The Parent Borrower shall cause one or more of its Immaterial Subsidiaries that are not otherwise Excluded Subsidiaries to become a Subsidiary Loan Party (including by causing
any such Immaterial Subsidiary to execute any applicable supplement or joinder to any applicable Security Document and to grant a security interest in any of its Collateral required to be so granted thereunder) to the extent necessary to reduce the
EBITDA of the Immaterial Subsidiaries, individually or collectively, for the 4 fiscal quarter period ended most recently prior to such date to be not greater than 5% of the EBITDA of the Parent Borrower and its Subsidiaries taken as a whole. Upon
becoming a Subsidiary Loan Party, such Immaterial Subsidiary shall cease to be designated an Immaterial Subsidiary. 
 (e)
Timing of Actions and Deliverables. Notwithstanding anything to the contrary herein, all actions and deliverables required under this Section 5.10 shall be deemed taken or delivered promptly if such actions or
deliverables are taken or delivered upon the later of (i) the next delivery date of the financials contemplated by Section 5.01(a) and 5.01(b) and (ii) the date expressly requested by the Administrative Agent acting in its
reasonable discretion. 

  
 CREDIT AGREEMENT, Page 117 

 (f) Post-Closing Items.
Within 90 days of the Vion Acquisition Closing Date (or such later date as the Administrative Agent shall agree in its reasonable discretion), the Dutch Parent Borrower shall pledge the Equity Interests of Vion Dutch Opco pursuant to a Foreign Security Agreement and deliver a certified copy of
the share pledge and scan of the register to the Administrative Agent. Within 90 days (or if different, such other time as specified therein) of the Vion Acquisition Closing Date (or such later date as the Administrative Agent shall agree in its
reasonable discretion), the Specified Foreign Subsidiaries shall enter into a Guaranty Agreement and shall complete the items set forth on Schedule 5.10.[Reserved]. 

Section 5.11 Maintenance of Ratings. TheAt any time when a “term B loan” is outstanding under this Agreement, the Parent Borrower will use commercially reasonable efforts to cause to be maintained at all times (a)(i) a corporate family rating, in the case of
Moody’s or (ii) an issuer credit rating, in the case of S&P, for the Parent Borrower and (b) credit ratings for the Credit Facilities from Moody’s and S&P.

 Section 5.12 Canadian Benefit Plans. Each Canadian Loan Party shall, with respect to each Canadian Defined Benefit
Plan: (a) in a timely fashion perform in all material respects all obligations (including funding, investment and administration obligations) required to be performed in connection with such Canadian Defined Benefit Plan; and (b) pay all
material contributions, premiums and payments when due in accordance in all material respects with its terms and all applicable laws. 

ARTICLE VI 
 Negative
Covenants 
 Until the Date of Full Satisfaction, each Borrower covenants and agrees with the Lenders that: 

Section 6.01 Indebtedness. Such Borrower will not, and will not permit any of its Restricted Subsidiaries to, create, incur,
assume or permit to exist any Indebtedness, except: 
 (a) (i) Indebtedness created under the Loan Documents (including with
respect to Specified Refinancing Debt), (ii) Indebtedness of the Loan Parties evidenced by Refinancing Notes and any Permitted Refinancing Indebtedness in respect thereof and (iii) Indebtedness of the Loan Parties evidenced by Refinancing
Junior Loans and any Permitted Refinancing Indebtedness in respect thereof; 
 (b)
Indebtedness in respect of (i) the Pari Passu Notes (including, for the avoidance of doubt, Permitted Refinancing Indebtedness in respect thereof as included in the definition of “Pari Passu Notes”), (ii) [reserved] and (iii)
the New Senior Unsecured Notes (including, for the avoidance of doubt, Permitted Refinancing Indebtedness in respect thereof as included in the definition of “New Senior Unsecured Notes” and any proceeds of such notes funded into escrow prior to the Vion Acquisition Closing Date); provided the aggregate principal amount of
Indebtedness at any time outstanding under clause (iii) shall not exceed
$1,300,000,000;); 

(c) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and amendments, modifications, extensions,
renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof except as otherwise permitted by this Section 6.01; 

(d) Indebtedness among the Parent Borrower and its Subsidiaries (including between or among Subsidiaries); provided
that, (i) all such Indebtedness of any Loan Party 

  
 CREDIT AGREEMENT, Page 118 

 
owing to an Excluded Subsidiary must, subject to applicable law, regulations and orders of any Governmental Authority, be expressly subordinated to such Loan Party’s Obligations on terms and
conditions reasonably satisfactory to the Administrative Agent, it being understood that payments may be made thereon unless an Event of Default has occurred and is continuing and the Loans have been accelerated in accordance with
Section 8.01, and it being understood that,
with respect to any such Indebtedness incurred or assumed in connection with the Vion
Acquisition, any such subordination documentation may be put in place within 90 days after the Vion Acquisition Closing Date (or such longer period as the Administrative Agent may agree to)
and (ii) any Indebtedness owing to the Parent Borrower or any Restricted Subsidiary by any Excluded Subsidiary shall be subject to compliance with Section 6.04; 

(e) Guarantees by the Parent Borrower of Indebtedness of any Subsidiary and by any Restricted Subsidiary of Indebtedness of the
Parent Borrower or any other Subsidiary; provided that (i) Guarantees by the Parent Borrower or any Restricted Subsidiary of Indebtedness of any Excluded Subsidiary shall be subject to compliance with
Section 6.04, (ii) Guarantees permitted under this clause (e) shall be subordinated to the Obligations of the applicable Restricted Subsidiary to the same extent and on terms not materially less favorable to the
Lenders as the Indebtedness so Guaranteed is subordinated to the Obligations and (iii) no New Senior Unsecured Notes, Pari Passu Notes, Refinancing Notes or any Refinancing Junior Loans shall be Guaranteed by any Restricted Subsidiary unless
such Restricted Subsidiary is a Loan Party (or becomes a Loan Party substantially simultaneously therewith) that has Guaranteed the applicable Obligations or Foreign Obligations pursuant to a Guaranty Agreement; 

(f) (i) Indebtedness of the Parent Borrower or any Restricted Subsidiary incurred to finance the acquisition, construction,
repair or improvement of any assets (including rolling stock), including Capital Lease Obligations, mortgage financings, purchase money indebtedness (including any industrial revenue bonds, industrial development bonds and similar financings), (ii)
Indebtedness of the Parent Borrower or any Restricted Subsidiary assumed in connection with the acquisition of any assets or secured by a Lien on any assets prior to the acquisition
thereof (provided that the Parent Borrower shall provide prior written notice to the Administrative Agent of any such assumption to the extent such assumed Indebtedness is in
excess of $50,000,000), and (iii) any amendments, modifications, extensions, renewals and replacements of any such Indebtedness permitted by this clause (f) that do not increase
the outstanding principal amount thereof except as otherwise permitted by this Section 6.01; provided that (A) in the case of clause (f)(i), such Indebtedness is incurred prior to or within 180270
days after such acquisition or the completion of such construction, repair or improvement and (B) in the case of clauses
(f)(i) and (f)(ii), on a Pro Forma Basis after giving effect to the incurrence of any such Indebtedness, the Parent Borrower is in compliance with the Financial Covenants (which, if financing a Permitted Acquisition, shall be calculated in a manner consistent with the Permitted Acquisition Determination Method), it being agreed that from and after the Second
Amendment Effective Date no more than $100,000,000 of such Indebtedness may be outstanding at any time to the extent such Indebtedness is incurred at times
whenand the Parent Borrower’s Secured Leverage Ratio on a Pro Forma Basis is greater than 2.75 to 1.00 (which,
if financing a Permitted Acquisition, shall be calculated in a manner consistent with the Permitted Acquisition Determination
Method);does not exceed 4.00 to 1.00. 

(g) Indebtedness arising in connection with Swap Agreements permitted by Section 6.07;
provided that Guarantees by any Loan Party of such Indebtedness of any Excluded Subsidiary shall be subject to compliance with Section 6.04; 

  
 CREDIT AGREEMENT, Page 119 

 (h) (i)
Indebtedness of any Person that becomes a Restricted Subsidiary after the date hereof and (ii) amendments,
modifications, extensions, renewals and replacements thereof which do not increase the principal amount thereof (other than by unpaid interest, fees, expenses and any
prepayment premium of make whole amount) except as otherwise permitted by this
Section 6.01; provided
that in the case of clause (h)(i)
(A) such Indebtedness exists at the time such Person becomes a Restricted Subsidiary and is not created in contemplation of or in connection with such
Person becoming a Restricted Subsidiary, and (ii) the aggregate principal amount
ofB) on a Pro Forma Basis after giving effect to the incurrence of any such Indebtedness permitted by this clause
(h) of this Section 6.01 shall, the Total Leverage Ratio
does not exceed $175,000,000 at any time
outstanding5.50 to 1.00 and the Secured Leverage Ratio does not exceed 4.00 to 1.00; 
 (i)
obligations in respect of workers compensation claims, health, disability or other employee benefits, unemployment insurance and other social security laws or regulations or property, casualty or liability insurance and premiums related thereto,
self insurance obligations, customs, surety, stay, appeal and performance bonds, and performance and completion guarantees and similar obligations incurred by the Parent Borrower or any Restricted Subsidiary, in each case in the ordinary course of
business; 
 (j) to the extent constituting Indebtedness, contingent obligations arising under indemnity agreements to title
insurance companies to cause such title insurers to issue title insurance policies in the ordinary course of business with respect to the real property of the Parent Borrower or any Restricted Subsidiary; 

(k) to the extent constituting Indebtedness, customary indemnification and purchase price adjustments or similar obligations
(including earn-outs) incurred or assumed in connection with Investments and Dispositions otherwise permitted hereunder; 

(l) to the extent constituting Indebtedness, unfunded pension fund and other employee benefit plan obligations and liabilities
to the extent they are permitted to remain unfunded under applicable law; 
 (m) to the extent constituting Indebtedness,
deferred compensation payable to directors, officers, employees, members of management or consultants of the Parent Borrower and the Restricted Subsidiaries; 

(n) Indebtedness in respect of repurchase agreements constituting Permitted Investments; 

(o) Indebtedness consisting of promissory notes issued by the Parent Borrower or any Restricted Subsidiary to future, present
or former directors, officers, members of management, employees or consultants of the Parent Borrower or any of its Subsidiaries or their respective estates, heirs, family members, spouses or former spouses to finance the purchase or redemption of
Equity Interests of the Parent Borrower permitted by Section 6.08; 
 (p) cash management
obligations and Indebtedness incurred by the Parent Borrower or any Restricted Subsidiary in respect of netting services, overdraft protections, commercial credit cards, stored value cards, purchasing cards and treasury management services,
automated clearing-house arrangements, employee credit card programs, controlled disbursement, ACH transactions, return items, interstate deposit network services, dealer
incentive, supplier finance or similar programs, Society for Worldwide Interbank Financial Telecommunication transfers, 

  
 CREDIT AGREEMENT, Page 120 

 
cash pooling and operational foreign exchange management and similar arrangements, in each case entered into in the ordinary course of business in connection with cash management, including among
the Parent Borrower and its Subsidiaries, and deposit accounts; 
 (q) (i) Indebtedness consisting of the financing of
insurance premiums and (ii) take-or-pay obligations constituting Indebtedness of the Parent Borrower or any Restricted Subsidiary, in each case, entered into in the
ordinary course of business; 
 (r) Indebtedness incurred by a Loan Party
constituting reimbursement obligations with respect to letters of credit (other than Letters of Credit issued pursuant to this Agreement), bank guarantees or similar instruments
issued for the purposes described in Section 6.02(d), (e), (i) and
(k) or issued to secure trade payables, warehouse receipts or similar facilities entered into in the ordinary course of business and the
obligations arising under drafts accepted and delivered in connection with a drawing thereunder; provided that (i) upon the drawing of any such
letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 30 days following such drawing or incurrence and (ii) the aggregate outstanding face amount of all such letters of credit or bank guarantees does not
exceed the greater of $20,000,000
and 0.5% of Consolidated Total Assets at any time; 

(s) obligations, contingent or otherwise, for the payment of money under any noncompete, consulting or similar agreement
entered into with the seller of a Target or any other similar arrangements providing for the deferred payment of the purchase price for an acquisition permitted hereby; 

(t) Indebtedness of the type described in clause (e) of the definition thereof to the extent the related Lien is
permitted under Section 6.02; 
 (u)
[Reserved]Indebtedness consisting of Receivables
Facilities; 
 (v) other Indebtedness of the Parent Borrower and
its Restricted Subsidiaries; provided that the aggregate principal amount of Indebtedness permitted by this clause (v) shall not exceed $50,000,000the greater of $150,000,000 and 3.0% of Consolidated Total Assets at any time
outstanding; 
 (w) Indebtedness in the form of (i) Guarantees of Indebtedness of the Renewable Diesel Joint
Venture; provided that on a Pro Forma Basis after giving effect to the incurrence of such Guarantee, the Parent Borrower would have been in compliance with the covenant set forth in Section 7.02 as of the last day of
the immediately preceding fiscal quarter and (ii) Guarantees of any obligation to make an Investment in the Renewable Diesel Joint Venture permitted to be made in accordance with Section 6.04; 

(x) (i) additional Indebtedness to the extent that on a Pro Forma Basis after giving effect to the incurrence of such
Indebtedness, the Parent Borrower is in compliance with the covenant set forth in Section 7.02 for the most recently ended fiscal quarter for which financial statements have been delivered at the time of the incurrence of such Indebtedness and (ii) Permitted Refinancing Indebtedness with respect to debtIndebtedness referred to in clause (i). 
 (y) Indebtedness of Restricted
Subsidiaries that are not Loan Parties in an aggregate amount outstanding not to exceed
$125,000,000the greater of $150,000,000 and 3.0% of
Consolidated Total Assets in the aggregate provided such Indebtedness is either (xi) unsecured (but which may be guaranteed by the Parent Borrower pursuant to
Section 6.01(e))) or (yii) secured by only the Equity Interests in or assets of
suchany Restricted Subsidiary that is not a Subsidiary Loan Party; 

  
 CREDIT AGREEMENT, Page 121 

 (z) intercompany Indebtedness among the Parent Borrower and its Subsidiaries
described in the PWC Steps Memo (or implied thereunder as necessary to implement the transactions described therein);

 (aa) any liability of the Group arising under a declaration of joint and several liability (hoofdelijke
aansprakelijkheid) as referred to in Article 2:403 of the Dutch Civil Code, issued prior to the date of this Agreement or any joint and several liability (hoofdelijke aansprakelijkheid) under any fiscal unity (fiscale eenheid) for
Dutch corporate income purposes provided that all members of the fiscal unity are members of the Group; 
 (bb) (i) notes
or loans (or commitments in respect thereof) that are unsecured, or secured by Liens on the Collateral ranking junior to or pari passu with the
Liens securing the Obligations incurred on the Vion Acquisition Closing Date, and loans that are unsecured or secured by Liens on Collateral ranking junior to the Liens
securing the Obligations incurred on the Vion Acquisition ClosingCredit Facilities outstanding on the Fourth
Amendment Date pursuant to an intercreditor agreement in form reasonably satisfactory to the Administrative Agent (any such Indebtedness, “Incremental Equivalent Debt”);
provided that (A) the aggregate
initialoutstanding principal amount of all Incremental Equivalent Debt shall not exceed the amount permitted to be incurred under the Incremental Amount (it
being understood any such Indebtedness incurred in reliance thereof shall be deemed to be “Total Indebtedness secured by a Lien” for purposes of calculating the Secured Leverage Ratio set forth therein, regardless of whether secured or
unsecured), (B) the incurrence of such Indebtedness shall be subject to clauses (i), (ii),
(iv), and (vsolely in the case of loans (or commitments in respect
thereof) which rank pari passu in right of payment and with respect to security with the Term B Loans outstanding on the Fourth Amendment Date, clause (vi) of
Section 2.20(d), as if such Incremental Equivalent Debt constituted Incremental Term Loans and,
(C) the financial maintenance covenants (if any) applicable to such Incremental Equivalent Debt shall not be, when taken as a whole, materially more favorable, to the holders of such Indebtedness than those applicable under this Agreement (except
for such financial maintenance covenants or other provisions applicable only to periods after the Latest Maturity Date); or the
Administrative Agent shall have been given prompt written notice thereof and this Agreement is amended to include such financial maintenance covenant for the benefit of each Credit Facility (which such amendment may be effected by an amendment
signed by the Parent Borrower and the Administrative Agent (and the Required Lenders hereby authorize the Administrative Agent to enter into such amendment) and, for the avoidance of doubt, it being understood that if such financial covenant is a “springing”
financial maintenance covenant applicable only to revolving Indebtedness, such financial covenant shall be automatically included in this agreement only for the benefit of each Revolving Facility and not for the benefit of any Credit Facility in
respect of Term Loans hereunder) and (D) solely with respect to Indebtedness in the form of loans which rank
pari
passu in right of
payment, and secured by Liens on the Collateral ranking pari
passu with
 the Liens securing, the Term B Loans outstanding on the Fourth Amendment Date, all other terms with respect to such loans which are materially more restrictive (taken as a whole) than those with respect to the Loans under the existing applicable
Class of Credit Facility shall be (x) permitted by clauses (A) through (C) of the preceding sentence, (y) applicable only after the Latest Maturity Date of the relevant Credit Facility outstanding on the Fourth Amendment Date
(which may be achieved by an amendment solely among the Parent Borrower and the Administrative Agent (and the Required Lenders hereby authorize the Administrative Agent to enter into such amendment)), or (z) otherwise be reasonably satisfactory
to the Administrative 

  
 CREDIT AGREEMENT, Page 122 

 
Agent; provided that documentation governing any such loan may include such
materially more restrictive terms so long as the Administrative Agent shall have been given prompt written notice thereof and this Agreement is amended to include such term for the benefit of each Credit Facility of the same Class (which may be
achieved by an amendment solely among the Parent Borrower and the Administrative Agent (and the Required Lenders hereby authorize the Administrative Agent to enter into such amendment)) and (ii) Permitted Refinancing Indebtedness with respect
to the Indebtedness referred to in clause (bb)(i) above; 
 (cc)
Indebtedness in respect of any letter of credit or bank guarantee issued in favor of any Issuing Bank to support any Defaulting Lender’s participation in Letters of Credit issued; 

(dd) Indebtedness of the Parent Borrower or any Restricted Subsidiary to the extent that 100% of such Indebtedness is supported
by any Letter of Credit; 
 (ee) customer deposits and advance payments received in the ordinary course of business from
customers for goods and services purchased in the ordinary course of business; 
 (ff) Indebtedness of the Parent Borrower or
any Restricted Subsidiary under any Ancillary Facility; and 
 (gg)
(all premiums (if any), interest (including post-petition interest), fees, prepayment premium and make whole amounts, expenses, charges and additional or
contingent interest on obligations described in clauses (a) through (ff) above. 
 Section 6.02 Liens.
Such Borrower will not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume or permit to exist any Lien on any asset now owned or hereafter acquired by it,
or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except:

 (a) Liens created under the Loan Documents (including in respect of the Liens securing the Pari Passu Notes
Obligations) and the Ancillary Facility Documents; 
 (b) Liens imposed by law for taxes, assessments and governmental
charges (i) that are not overdue by more than 30 days or, if more than 30 days overdue, are being contested in a manner consistent with Section 5.04 or (ii) with respect to which the failure to make payment could
not reasonably be expected to have a Material Adverse Effect; 
 (c) carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s, landlord’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations (i) that are not overdue by more than 30 days or, if more than 30 days overdue, are
being contested in a manner consistent with Section 5.04 or (ii) with respect to which the failure to make payment could not reasonably be expected to have a Material Adverse Effect; 

(d) pledges and deposits made in the ordinary course of business (i) in compliance with workers’ compensation,
health, disability or other employee benefits, unemployment insurance and other social security laws or regulations, property, casualty or liability insurance or premiums related thereto or self insurance obligations or (ii) to secure letters
of credit, bank guarantees or similar instruments posted to support payment of items set forth in the foregoing clause (d)(i); provided that such letters of credit and bank guarantees are issued in compliance with
Section 6.01; 

  
 CREDIT AGREEMENT, Page 123 

 (e) Liens securing the performance of, or granted in lieu of, contracts with
trade creditors, contracts (other than in respect of debt for borrowed money), leases, bids, statutory obligations, customs, surety, stay, appeal and performance bonds, performance and completion guarantees and other similar obligations of a like nature, in each case entered into in the ordinary course
of business and deposits securing letters of credit, bank guarantees or similar instruments posted to support payment of the items set forth in this clause (e); provided that (i) such letters of credit (other than the Letters of
Credit), bank guarantees or similar instruments are issued in compliance with Section 6.01 and (ii) the Liens permitted by this clause (e) shall at no time encumber any assets other than (A) the amount
of cash or marketable investments required to be pledged thereunder and (B) with respect to customs and surety bonds, performance bonds, and performance and completion guarantees or similar obligations, the specific assets in respect to which
such bonds or guarantees are issued and which are customarily encumbered under similar bond and guarantee transactions; 

(f) Liens in respect of judgments, awards, attachments and/or decrees and notices of lis pendens and associated rights
relating to litigation being contested that do not constitute an Event of Default under clause (j) of Section 8.01; 

(g) easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and
other minor irregularities in title (including leasehold title), in each case, that do not materially and adversely interfere with the ordinary conduct of business of the Parent Borrower or any Subsidiary; 

(h) Liens arising from filing UCC or PPSA (or similar law of any jurisdiction) financing statements regarding leases and
consignment or bailee arrangements permitted or not prohibited by any of the Loan Documents and Liens securing liabilities in respect of indemnification obligations thereunder as long as each such Lien only encumbers the assets that are the subject
of the related lease (or contained in such leasehold) or consignment or bailee; 
 (i) any interest or title of a lessor,
sublessor, licensee, sublicense, licensor or sublicensor under any lease or license agreement permitted or not prohibited by any of the Loan Documents and any leases, subleases, licenses or sublicenses granted in the ordinary course of business not
interfering in any material respect with the business of the Parent Borrower or any Restricted Subsidiary; 
 (j) the rights
reserved to or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Parent Borrower or any of its Restricted Subsidiaries or by a statutory provision to terminate any such lease, license, franchise, grant
or permit or to require periodic payments as a condition to the continuance thereof; 
 (k) Liens granted in the ordinary
course of business to secure: (i) liabilities for premiums or reimbursement obligations to insurance carriers, (ii) liabilities in respect of indemnification obligations under leases or other Contractual Obligations, and (iii) letters
of credit, bank guarantees or similar instruments posted to support payment of items set forth in this clause (k); provided that (x) such letters of credit, bank guarantees or similar instruments are issued in compliance with
Section 6.01, (y) the Liens permitted by clause (k)(iii) shall at no time encumber any assets other than the amount of cash or marketable investments required to be pledged thereunder and (z) the Liens permitted
by clause (k)(i) shall at no time encumber assets other than the unearned portion of any insurance premiums, the insurance policies and the proceeds thereof; 

  
 CREDIT AGREEMENT, Page 124 

 (l) Liens (i) of a collection bank arising under Section 4–210 of
the Uniform Commercial Code on items in the course of collection, (ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of set–off), (iii) arising in connection with pooled deposit or
sweep accounts, cash netting, deposit accounts or similar arrangements of the Parent Borrower or any Restricted Subsidiary and consisting of the right to apply the funds held therein to satisfy overdraft or similar obligations incurred in the
ordinary course of business of such Person, (iv) encumbering reasonable customary initial deposits and margin deposits and (v) granted in the ordinary course of business by the Parent Borrower or any Restricted Subsidiary to any bank with
whom it maintains accounts to the extent required by the relevant bank’s (or custodian’s or trustee’s, as applicable) standard terms and conditions (including, without limitation, any Lien arising by entering into standard banking
arrangements (AGB-Banken order AGB-Sparkassen) in Germany), in each case, which are within the general parameters customary in the banking industry; 

(m) Liens in favor of a commodity, brokerage or security intermediary who holds a commodity, brokerage or, as applicable, a
security account on behalf of the Parent Borrower or a Restricted Subsidiary provided such Lien encumbers only the related account and the property held therein; 

(n) any Lien on any asset of the Parent Borrower or any Restricted Subsidiary existing on the date hereof and set forth in
Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of the Parent Borrower or any Restricted Subsidiary (other than the proceeds and products thereof and accessions thereto, except that
individual financings provided by a Person or its Affiliates may be cross collateralized to other financings provided by such Person or its Affiliates) and (ii) such Lien shall secure only those obligations which it secures on the Effective
Date and obligations not otherwise prohibited under the Loan Documents and amendments, modifications, extensions, renewals and replacements thereof (which, if such obligations constitute Indebtedness, are permitted by
Section 6.01); 
 (o) any Lien existing on any equipment (including rolling stock), fixtures or
real property or any assets subject to the Indebtedness permitted under clause (f)(ii) of Section 6.01, in each case, prior to the acquisition thereof by the Parent Borrower or any Restricted Subsidiary or existing
on any such property or assets of any Person that becomes a Restricted Subsidiary after the date hereof prior to the time such Person becomes a Restricted Subsidiary; provided that (i) such Lien is not created in contemplation of or in
connection with such acquisition or such Person becoming a Restricted Subsidiary, as the case may be, (ii) such Lien shall not apply to any other assets of the Parent Borrower or any Restricted Subsidiary (other than the proceeds or products
thereof and after-acquired property subjected to a Lien pursuant to the terms existing at the time of such acquisition (it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not
have applied but for such acquisition)); and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be and any amendments,
modifications, extensions, renewals or replacements thereof and if such obligations (or as applicable, any amendments, modifications, extensions, renewals or replacements thereof) are Indebtedness, such Indebtedness is otherwise permitted by
Section 6.01 (it being understood for purposes of this clause (o) that individual financings provided by a Person or its Affiliates may be cross collateralized to other financings provided by such Person or its
Affiliates); 
 (p) (i) Liens on specific assets (including rolling stock) acquired, constructed, repaired or improved by the
Parent Borrower or any Restricted Subsidiary (including the interests of vendors and lessors under conditional sale, title retention agreements and extended 

  
 CREDIT AGREEMENT, Page 125 

 
title retention (verlangenter Eigentumsvorbehalt)); provided that (A) such security interests secure Indebtedness permitted by clause (f) or clause
(v) of Section 6.01, (B) in the case of Indebtedness incurred under Section 6.01(f)(i) such security interests and the Indebtedness secured thereby are incurred prior to or within 180270
days after such acquisition or the completion of such construction, repair or improvement and (C) such security interests shall not apply to any other assets of the Parent Borrower or any Restricted Subsidiary, and (ii) any amendments,
modifications, extensions, renewals or replacements thereof and if such obligations (or as applicable, any amendments, modifications, extensions, renewals or replacements thereof) are Indebtedness, such Indebtedness is otherwise permitted by
Section 6.01 (it being understood for purposes of this clause (p) that individual financings provided by a Person or its Affiliates may be cross collateralized to other financings provided by such Person or its
Affiliates); 
 (q) Liens in favor of customs and revenue authorities arising as a matter of law in the ordinary
course of business to secure payment of customs duties that (a) are not overdue by more than 30 days or, if more than 30 days overdue, are being contested in a manner consistent with Section 5.04 or (b) with
respect to which the failure to make payment could not reasonably be expected to have a Material Adverse Effect; 
 (r) Liens
(i) (A) on advances of cash or Permitted Investments in favor of the seller of any property to be acquired in an Investment permitted pursuant to Section 6.04 to be applied against the purchase price for such
Investment, and (B) consisting of an agreement to dispose of any property in a Disposition permitted under Section 6.05, in each case, solely to the extent such Investment or Disposition, as the case may be, would have
been permitted and (ii) on cash earnest money deposits made by the Parent Borrower or any Restricted Subsidiary in connection with any letter of intent or purchase agreement permitted hereunder; 

(s) Liens in favor of the Parent Borrower or any Restricted Subsidiary securing Indebtedness permitted under
Section 6.01(d) or other obligations owed to the Parent Borrower or a Restricted Subsidiary; provided that any such Liens encumbering any Collateral shall be subordinated to the Liens of the Administrative Agent on terms and
conditions reasonably satisfactory to the Administrative Agent; 
 (t) Liens that are contractual rights of set-off relating to purchase orders and other similar agreements entered into in the ordinary course of business; 

(u) Liens representing the interest of a purchaser of goods sold by the Parent Borrower or any of its Restricted Subsidiaries
in the ordinary course of business under conditional sale, title retention and extended title retention (verlängerter Eigentumsvorbehalt), consignment, bailee or similar arrangements; provided that such Liens arise only
under the applicable conditional sale, title retention, consignment, bailee or similar arrangements and such Liens only encumber the good so sold thereunder; 

(v) Liens on repurchase agreements constituting Permitted Investments; 

(w) other Liens securing Indebtedness or other obligations in an aggregate principal
amount not to exceed $50,000,000the greater of
$150,000,000 and 3.0% of Consolidated Total Assets at any time outstanding; provided that to the extent any Liens are incurred under this clause (w) to secure any Indebtedness for borrowed money
with any of the Collateral, the Parent Borrower, the applicable Loan Parties and the Administrative Agent shall enter into a customary intercreditor agreement in form and substance reasonably satisfactory to the Parent Borrower and the Administrative Agent providing for such Indebtedness to be secured with the
applicable 

  
 CREDIT AGREEMENT, Page 126 

 
Obligations on, at the Parent Borrower’s option, a pari passu or junior basis to the Liens securing such Obligations (and the parties hereto hereby authorize the Administrative Agent to negotiate and enter into any such
documentation); provided further,
that a Lien securing Indebtedness or other obligations shall be deemed to exist pursuant to this clause (w) in an amount equal to the aggregate solvency deficits of all Canadian Defined Benefit Plans administered, maintained, participated in or
contributed to, by the Canadian Loan Parties, determined by reference to the most recent valuation reports thereof required to be delivered to the applicable regulators; 

(x) Liens (i) on Equity Interests in joint ventures (including the Renewable Diesel Joint Venture) or Unrestricted
Subsidiaries; provided such Liens secure capital contributions to, or
Indebtedness ofor other obligations
of, such joint venture or Unrestricted Subsidiary, as applicable, (ii) consisting of customary rights of first refusal and tag, drag and similar rights in joint venture agreements and
agreements with respect to non-wholly owned Subsidiaries and (iii) consisting of any encumbrance or restriction (including put and call arrangements) in favor of a joint venture party with respect to
Equity Interests of, or assets owned by, any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 

(y) Liens on (i) the Equity Interests of the Renewable Diesel Joint Venture in favor of the holder of (A) any
Indebtedness of the Renewable Diesel Joint Venture, (B) any Guarantee by the Parent Borrower or any Restricted Subsidiary of such Indebtedness otherwise permitted under this Agreement or (C) any Guarantee by the Parent Borrower or any
Restricted Subsidiary of the commitment by the Parent Borrower or any Restricted Subsidiary to make an Investment in the Renewable Diesel Joint Venture permitted to be made under this Agreement and (ii) cash and cash equivalents to secure
(A) obligations of the Parent Borrower or any Restricted Subsidiary to make an Investment in the Renewable Diesel Joint Venture permitted under this Agreement or (B) obligations in respect of a letter of credit posted to support
obligations of the type set forth in the foregoing clause (y)(ii)(A); 
 (z) Liens on property constituting Collateral
of the Loan Parties securing obligations issued or incurred under (i) any Refinancing Notes and the Refinancing Notes Indentures related thereto and any Permitted Refinancing Indebtedness in respect thereof, (ii) any Refinancing Junior
Loans and the Refinancing Junior Loans Agreements and any Permitted Refinancing Indebtedness in respect thereof, in each case, to the extent required by the documentation in respect of such notes or loans, as applicable and (iii) Incremental
Equivalent Debt and any Permitted Refinancing Indebtedness in respect thereof; provided that (x) at the time of incurrence thereof such obligations are permitted to be secured pursuant to the definitions of Refinancing Notes,
Refinancing Junior Loans, Incremental Equivalent Debt or Permitted Refinancing Indebtedness in respect thereof, as applicable, and (y) if applicable, such Indebtedness is subject to customary intercreditor arrangements reasonably satisfactory
to the Administrative Agent; 
 (aa) Liens (i) in
favor of the holders of any New Senior Unsecured Notes (or any agent or trustee thereof) on any proceeds of the New Senior Unsecured Notes funded into escrow prior to the Vion Acquisition Closing Date pending the release of such proceeds to fund a
portion of the Vion Acquisition and (ii) on the proceeds of Indebtedness incurred in connection with any transaction permitted hereunder which proceeds have been deposited into an escrow
account on customary terms to secure such Indebtedness pending the application of such proceeds to finance such transaction); 
 (bb) any Lien arising under clause 24 or clause 25 of the general terms and
conditions (algemene bankvoorwaarden) of any member of the Dutch Bankers’ Association (Nederlandse Vereniging van Banken) or any similar term applied by a financial institution in The Netherlands pursuant to its general terms and
conditions; 

  
 CREDIT AGREEMENT, Page 127 

 (cc) Liens securing Indebtedness
permitted pursuant to Section 6.01(y); provided that such Liens are only on the assets or property described in Section
6.01(y)(yii); 

(dd) any netting or set-off arrangement entered into by any Dutch Subsidiary in the
ordinary course of its banking arrangements for the purpose of netting debit and credit balances of any Dutch Subsidiary; 

(ee) Liens arising by operation of law or created in order to comply with applicable Requirements of Law, including any
security requested to be created by any creditor of a German Subsidiary in connection with (i) a merger of a German Subsidiary pursuant to Section 22 of the German Reorganization Act (Umwandlungsgesetz) and/or (ii) the
termination of a domination and profit and loss pooling agreement (Beherrschungs – und Gewinnnabführungsvertrag) pursuant to Section 303 of the German Stock Corporation Act (AktG); 

(ff) Liens on cash, Permitted Investments or other property arising in connection with the defeasance, discharge or redemption
of Indebtedness; and 

(gg) Liens securing (i) obligations under Swap Agreements permitted by Section 6.07 and
(ii) obligations of the type described in Section 6.01(p); (including, for the avoidance of doubt,
any accounts receivables and related security being sold or transferred by a Borrower or its Restricted Subsidiaries in the ordinary course of business pursuant to any incentive, supplier finance or similar program between such Borrower or Restricted
Subsidiary, as supplier or seller, and any finance or other institution a party thereto, as purchaser); 

provided, however, that no reference herein to Liens permitted hereunder, including any statement or
provision as to the acceptability of any Liens, shall in any way constitute or be construed as to provide for an implicit subordination of any rights of the Administrative Agent, the Lenders or other Secured Parties hereunder or arising under any of
the other Loan Documents in favor of such Lien. 

(hh)
 Liens in favor of a Receivables Subsidiary or a Person that is not a Subsidiary of
the Parent Borrower on Receivables Assets or the Equity Interests of a Receivables Subsidiary, in each case granted in connection with a Receivables Facility solely to secure obligations owing to such Receivables Subsidiary or other Person that is
not a Subsidiary of the Parent Borrower under such Receivables Facility; and 

(ii)
 precautionary or purported Liens evidenced by the filing of UCC financing statements
or similar financing statements under applicable Law relating solely to operating leases or consignment or bailee arrangements entered into in the ordinary course of
business. 

Section 6.03 Fundamental Changes. Such Borrower will not, nor will it permit any of its Restricted Subsidiaries to, merge into or
amalgamate or consolidate with any other Person, or permit any other Person to merge into or consolidate or amalgamate with it, or liquidate or dissolve, except that: (a) any Subsidiary may merge with the Parent Borrower in a transaction in
which the Parent Borrower is the surviving Person (or in the case of a transitory merger where the surviving Person assumes the Obligations in a manner reasonably acceptable to the Administrative Agent), (b) any Restricted Subsidiary may merge with
any Subsidiary in a transaction in which the surviving entity is a Subsidiary and (x) if any party to such merger is a Domestic Subsidiary Loan Party, the surviving entity is a 

  
 CREDIT AGREEMENT, Page 128 

 
Domestic Subsidiary Loan Party (or the surviving Person assumes the Obligations of such non-surviving Domestic Subsidiary Loan Party in a manner reasonably
acceptable to the Administrative Agent or such transaction shall constitute an Investment permitted by Section 6.04) and (y) if no party to such merger is a Domestic Subsidiary Loan Party but any party to such merger
is a Foreign Subsidiary Loan Party, the surviving entity is a Foreign Subsidiary Loan Party (or the surviving Person assumes the Obligations of such non-surviving Foreign Subsidiary Loan Party in a manner
reasonably acceptable to the Administrative Agent or such transaction shall constitute an Investment permitted by Section 6.04), (c) any Person may merge into the Parent Borrower in an Investment permitted by
Section 6.04 in which the Parent Borrower is the surviving Person, (d) any Person may merge with a Restricted Subsidiary in an Investment permitted by Section 6.04 in which the surviving
entity is a Subsidiary and (x) if any party to such merger is a Domestic Subsidiary Loan Party, the surviving entity is a Domestic Subsidiary Loan Party (or the surviving Person assumes the Obligations of such
non-surviving Domestic Subsidiary Loan Party in a manner reasonably acceptable to the Administrative Agent or such transaction shall constitute an Investment permitted by
Section 6.04) and (y) if no party to such merger is a Domestic Subsidiary Loan Party but any party to such merger is a Foreign Subsidiary Loan Party, the surviving entity is a Foreign Subsidiary Loan Party (or the
surviving Person assumes the Obligations of such non-surviving Foreign Subsidiary Loan Party in a manner reasonably acceptable to the Administrative Agent or such transaction shall constitute an Investment
permitted by Section 6.04); (e) any Subsidiary (other than a Borrower) may liquidate or dissolve or change in legal form if the Parent Borrower determines in good faith that such liquidation or dissolution or change in
legal form is in the best interests of the Parent Borrower and is not materially disadvantageous to the Lenders (it being understood that any release and re-taking of any Collateral or Guaranty in connection
with such change in legal form is not materially disadvantageous); (f) in connection with the Disposition of a Subsidiary (other than a Borrower) or its assets permitted by Section 6.05, such Subsidiary may merge with or
into any other Person; (g) any Foreign Subsidiary may merge or amalgamate with a Foreign Borrower or any other Foreign Subsidiary in a transaction in which the Foreign Borrower or such Foreign Subsidiary is the surviving Person (or in the case
of a transitory merger where the surviving Person assumes the Obligations of the Foreign Borrower or such other Foreign Subsidiary in a manner reasonably acceptable to the Administrative Agent) and (h) any merger, amalgamation, consolidation,
liquidation or dissolution by the Parent Borrower or its Restricted Subsidiaries in connection with the consummation of the transactions described in the PWC Steps Memo (or implied thereunder as necessary to implement the transactions described
therein) shall be permitted. The Parent Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses of the type conducted by the Parent Borrower and its Subsidiaries on the
date of execution of this Agreement and businesses reasonably related, complementary or ancillary thereto. 
 Section 6.04
Investments, Loans, Advances, Guarantees and Acquisitions. Such Borrower will not, and will not permit any of its Restricted Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly
owned Subsidiary prior to such merger) any Equity Interests in or evidences of Indebtedness or other securities (including any option, warrant or other right to acquire any of the
foregoing) of, make or permit to exist any loans or advances to, Guarantee any Indebtedness of, any other Person, or purchase or otherwise acquire (in one transaction or a series of
transactions) any assets of any other Person constituting a business unit or all or substantially all of the assets of a division or branch of any Person (any one of the actions described in the foregoing provisions of this Section 6.04,
herein an “Investment”), except: 
 (a) Investments in respect of the Rothsay Acquisition (including
any intercompany transactions in connection therewith to permit the Canadian Borrower to pay the purchase price for Rothsay)
and the Vion Acquisition (including any intercompany transaction described in the PWC Steps Memo or in connection herewith to permit the Dutch Parent Borrower to pay the purchase price for the Vion Acquisition); 

  
 CREDIT AGREEMENT, Page 129 

 (b) Investments in the form of cash, Permitted Investments and Investments that
were Permitted Investments when such Investments were made; 
 (c) Investments existing on, or contractually committed as of,
the date hereof and set forth on Schedule 6.04 and any modification, replacement, renewal or extension thereof; provided that the amount of the original Investment is not increased except by the terms of such Investment or as otherwise
permitted by this Section 6.04; 
 (d) Investments among the Parent Borrower and its Subsidiaries
(including between or among Subsidiaries and including in connection with the formation of Subsidiaries); provided that the sum of the aggregate amount of Investments by, without duplication, Loan Parties in or for the benefit of Excluded
Subsidiaries (other than the amount of any such Investments that are promptly applied by such Excluded Subsidiary to make substantially contemporaneous Investments in any Loan Party) shall not exceed the greater of $50,000,000200,000,000 and
37% of Consolidated Total Assets in the aggregate at any time outstanding; 
 (e)
Guarantees constituting Indebtedness permitted by Section 6.01 and payments thereon or Investments in respect thereof in lieu of such payments; provided that (i) the aggregate principal amount of Indebtedness of
Subsidiaries that are not Loan Parties that is Guaranteed by any Loan Party shall be subject to the limitation set forth in clause (d) above or clauses (s) or (y) below (it being understood that any such Guarantee in reliance
upon the reference to such clauses (s) or (y) shall reduce the amount otherwise available under such clause (s) while such Guarantee is outstanding), (ii) if such Guarantee is by a
non-Loan Party, such non-Loan Party would have been able to incur the Guaranteed Indebtedness directly under Section 6.01 (for the avoidance of
doubt, without duplication of the primary and Guaranteed obligations with respect to underlying Indebtedness primary Indebtedness of a non-Loan Party) and (iii) if the Guaranteed Indebtedness is
subordinated the Guarantee of such Indebtedness is subordinated on the same terms; 
 (f) Investments received in connection
with the bankruptcy or reorganization of, or settlement of delinquent accounts or disputes with or judgments against, any Person, or foreclosure or deed in lieu of foreclosure with respect to any Lien held as security for an obligation, in each case
in the ordinary course of business; 
 (g) notes and other non–cash consideration received as part of the purchase price
of assets subject to a Disposition pursuant to Section 6.05; 
 (h) advances or extensions of trade
credit in the ordinary course of business; 
 (i) Investments arising in connection with the Swap Agreements permitted by
Section 6.07; provided that the aggregate amount of Investments by Loan Parties in or for the benefit of Excluded Subsidiaries shall be subject to the limitation set forth in clause (d) above and
clause (s) below (it being understood that any such Investment in reliance upon the reference to such clause (s) shall reduce the amount otherwise available under such clause (s) while such Swap Agreement is
outstanding); 
 (j) loans and advances to officers, directors, employees, members of management or consultants of the Parent
Borrower and its Restricted Subsidiaries made (i) in the ordinary course of business for travel and entertainment expenses, relocation costs and similar purposes and (ii) in connection with such Person’s purchase of Equity Interests
of the Parent Borrower in an aggregate amount not to exceed $10,000,000 for all such loans and advances in the aggregate at any one time outstanding; 

  
 CREDIT AGREEMENT, Page 130 

 (k) Asset Swaps consummated in compliance with
Section 6.05; 
 (l) Parent Borrower or a Restricted Subsidiary may purchase, hold or acquire
(including pursuant to a merger, consolidation, amalgamation or otherwise) at least a majority of the Equity Interests of a Person (including with respect to an Investment in a Restricted Subsidiary or joint venture that serves to increase the Parent Borrower’s or its Restricted
Subsidiaries’ respective ownership of Equity Interests therein (an “Equity Accretive Investment”)) and may purchase or otherwise acquire (in one transaction or a series of transactions) all or substantially all of the assets of
any other Person or all or substantially all of the assets of a division, line of business or branch of such Person, if, with respect to each such acquisition (a “Permitted Acquisition”): 

(i) Event of Default. No Event of Default exists or would result therefrom on the date the definitive agreement for the
Permitted Acquisition is entered into by the Parent Borrower and/or the Restricted Subsidiary, as applicable; 
 (ii) Total Leverage Ratio; Investment
Amounts. If
onOn a Pro Forma Basis for such Permitted Acquisition, the Total Leverage Ratio as of the end of the most recent fiscal quarter for which financial statements were required to be delivered under Section 5.01(a) or
(b) is more than 4.75 to 1.00 (calculated in a manner consistent with the Permitted Acquisition Determination Method), then the aggregate amount of Permitted Acquisitions consummated after the Effective Date
when such condition is not met shall not exceed $150,000,000 in the aggregate;is less than or equal to 5.50 to 1.00 and
the Secured Leverage Ratio is less than or equal to 4.00 to 1.00; 

(iii) Delivery and Notice Requirements. Parent Borrower shall provide
to Administrative Agent, prior to the consummation of the Permitted Acquisition, the following: (A) notice of the Permitted Acquisition and (B) a certificate signed by a Financial Officer of the Parent Borrower certifying as to compliance
with clauses (i) and (ii) above; 
 (iv) Similar
Business. The Target or recipient of such Investment is involved in the same general type of business activities as the Borrower and the Restricted Subsidiaries or activities complementary, ancillary or reasonably related
thereto; 
 (viii)
 Non-Guarantors. The total consideration paid for
(i1
) the Capital Stock of any Target that does not become a Subsidiary Loan Party, (ii2) in the case of an asset acquisition, assets of any Target that are not acquired
by thea Borrower or any Subsidiary Loan Party and (iii3) Equity Accretive Investments in Restricted Subsidiaries that do not in conjunction
with such investments become Subsidiary Loan Parties, when taken together with the total consideration for all such Persons and assets so acquired after the
EffectiveFourth Amendment Date, shall not exceed the sum of (A) the greater of $150,000,000 and 6.0% of Consolidated Total Assets (as reasonably estimated by the Parent Borrower in good faith on the date of the definitive agreement for
such Investment) as of the last day of the most recent four fiscal quarter period for which financial statements have been delivered pursuant to Section 5.01(a) or (b), as applicable, and (B) amounts otherwise available under
clauses
(e),
 (q), (s) and (y) of Section 6.04; provided that the limitation described in this clause
(viii) shall not apply to any acquisition to the extent the Target so acquired (or the
Person owning the assets so 

  
 CREDIT AGREEMENT, Page 131 

 
acquired) becomes a Subsidiary Loan Party even though such Person owns Capital Stock in Persons that are not otherwise required to become
Subsidiary Loan Parties, if, in the case of this clause (y)
iii),
 not less than 65.0% of the Adjusted EBITDA of the Target(s) acquired in such acquisition (as reasonably estimated by the Parent Borrower in good faith on the date of the definitive agreement for
such Investment), not less than 65.0% of the Adjusted EBITDA of the Target(s) acquired in such acquisition is
generated by Person(s) that will become Subsidiary Loan Parties (i.e., disregarding any Adjusted EBITDA generated by Restricted Subsidiaries of such Subsidiary Loan Parties that are not (or will not become) Subsidiary Loan Parties). 
 (vi) No Contested
Acquisitions. The proposed Permitted Acquisition shall have been approved by the Board of Directors of the Target (or similar governing body if the Target is not a corporation); 

(m) Investments consisting of Indebtedness, Liens, fundamental changes, Dispositions,
sale leaseback transactions, Swap
ObligationsAgreements, Restricted Payments and Affiliate transactions permitted under Sections 6.01, 6.02, 6.03, 6.05,
6.06, 6.07, 6.08 and 6.09, respectively; 
 (n) advances of payroll payments to employees in the ordinary
course of business; 
 (o) Guarantees by the Parent Borrower and the Restricted Subsidiaries of leases of the Parent Borrower
and Restricted Subsidiaries (other than Capital Lease Obligations) or of other obligations not constituting Indebtedness, in each case entered into in the ordinary course of business and payments thereon or Investments in respect thereof in lieu of
such payments; 
 (p) Investments (i) consisting of endorsements for collection or deposit, (ii) resulting from
pledges and/or deposits permitted by Sections 6.02(d), 6.02(e), 6.02(k) and 6.02(r) and (iii) consisting of the licensing, sublicensing or contribution of intellectual property pursuant to joint marketing
arrangements, in each case, in the ordinary course of business; 
 (q) the purchase, holding or other acquisition of Equity
Interests in Persons who, after giving effect to such Investment will not be a Subsidiary, as long as: 
 (i) no Event of Default exists or would
result at the time such Investment is committed to be made and no
Significantpayment or bankruptcy Event
of Default exists or would result at the time such Investment is actually
made;
and for purposes hereof, a “Significant Default” means any Event of Default arising under Section 8.01 other
than: 
 (A) an Event of Default under clause
(e) of such Section arising as a result of the failure to
comply with any of the covenants covered thereby except the covenants in Section 5.01(a), (b) and (c) (an Event of Default
arising under Section 8.01(e) as a result of the failure to comply with Section 5.01(a), (b) or (c) being a
“Significant Default”); and 
 (B) an Event of Default under
clause (c) of such Section arising as a result of false representations, warranties or certifications if such representations, warranties or certifications relate to the subject matter of the covenants
excluded as a Significant Default under clause (A) above (an Event of Default arising under Section 8.01(c) as a result of other false representations, warranties or certifications being a “Significant
Default”); 

  
 CREDIT AGREEMENT, Page 132 

 provided that an Event of Default arising under
clause (c) or (e) of Section 8.01 shall be a Significant Default if the Required Lenders shall have determined that
the breach of the applicable covenant or the false representation, warranty or certification has had or is reasonably likely to have a Material Adverse Effect and shall have notified the Parent Borrower of such fact; and 

(ii) on a Pro Forma Basis for such Investment, the SecuredTotal Leverage Ratio as of the end of the most recent fiscal quarter for which financial statements were required to be delivered under
Section 5.01(a) or (b) is less than or equal to 2.755.50 to 1.00 and the Secured Leverage Ratio is less
than or equal to 4.00 to 1.00; 

(r) the Parent Borrower may serve as an account party under a letter of credit or provide cash collateral to support
obligations of Insurance Company of Colorado, Inc. as long as such support is required by, and is in the amount required by, applicable insurance regulations; 

(s) in addition to the Investments otherwise permitted by this
Section 6.04, the Parent Borrower and the Restricted Subsidiaries may make Investments in an aggregate amount not to exceed the greater of
$75,000,000150,000,000 and 3% of Consolidated Total Assets at any time outstanding; provided that as of the date of any such Investment and after giving effect thereto no Default shall exist or result therefrom; 

(t) (i) any Investments in any Subsidiary or joint venture in connection with intercompany cash management arrangements or
related activities arising in the ordinary course of business; provided that any entity that serves to hold cash balances for the purposes of making such advances to
Subsidiaries or joint ventures is a Loan Party or becomesreceived from Loan Parties is a Loan Party within 90 days of the Vion Acquisition Closing Date (or such later date as the Administrative Agent shall agree in its
reasonable discretion)the time frames required by this Agreement
and (ii) Investments by the Parent Borrower in any Subsidiary or joint venture to enable it to obtain cash management and similar arrangements described in Section 6.01(p); 

(u) Investments in respect of the Renewable Diesel Joint Venture in the form of (i) a Guarantee (or Guarantees) permitted
by Section 6.01(w), (ii) Liens permitted by Section 6.02(y) and (iii) Investments of cash or Permitted Investments in an amount not to exceed $275,000,000 at any time outstanding; it being understood that the Parent Borrower and
its Restricted Subsidiaries may also invest cash or Permitted Investments to satisfy obligations referred to in clause (i) of this clause (u); provided that as of the date of any such Investment and after giving effect
thereto no Event of Default shall exist or result therefrom; 
 (v) any acquisition of assets or Equity Interests solely in
exchange for, or out of the net cash proceeds received from, the substantially contemporaneous issuance of Equity Interests (other than Disqualified Equity Interests) of the Parent Borrower; 

(w) endorsements of negotiable instruments and documents in the ordinary course of business; 

(x) Investments made in connection with the funding of contributions under any
non-qualified retirement plan or similar employee compensation plan in an amount not to exceed the amount of compensation expense recognized by the Parent Borrower and its Restricted Subsidiaries in connection
with such plans; 
 (y) in addition to the Investments otherwise permitted by this Section 6.04,
the Parent Borrower and its Restricted Subsidiaries may make an Investment (i) at any time after the 

  
 CREDIT AGREEMENT, Page 133 

 
date hereof in an amount equal to the amount that, together with the aggregate amount of all other Investments made after the date hereof by the
Parent Borrower and its Restricted Subsidiaries pursuant to this Section 6.04(y)(i), the aggregate amount of all Restricted Payments made by the Parent Borrower and its Restricted Subsidiaries pursuant to Section
6.08(a)(ix) and the aggregate amount of all payments or distributions made by the Parent Borrower and its Restricted Subsidiaries pursuant to Section 6.08(b)(v) after the date hereof, shall not exceed the Available Amount and
(ii) make additional Investments; provided that if the Total Leverage
Ratio, on a Pro Forma Basis as of the end of the most recent fiscal quarter for which financial statements were required to be delivered under Section 5.01(a) or
(b) is greater than 2.25 to , the Total Leverage Ratio is greater than
4.50 to 1.00 or the Secured Leverage Ratio is greater than 4.00 to 1.00, then the aggregate amount of Investments made pursuant to
this Section 6.04(y)(ii) shall not exceed 25% of the Consolidated Net Income of the Parent Borrower and its Restricted Subsidiaries for the immediately preceding fiscal year;

 (z) Investments in any Subsidiary that is not a Loan Party in an amount required to permit such Subsidiary to
consummate a Permitted Acquisition or other Investment permitted hereunder substantially contemporaneously with the receipt by such Subsidiary of the proceeds of such Investment; 

(aa) Investments (i) in subsidiaries in connection with reorganizations and related to tax planning; provided that,
after giving effect to any such reorganization and/or related activity, the security interest of the Administrative Agent in the Collateral, taken as a whole, is not materially impaired and (ii) by any Loan Party in any non-Loan Party consisting of the contribution of Equity Interests of any Person that is not a Loan Party; 

(bb) (i) Investments of any Restricted Subsidiary acquired after the Closing Date, or of any Person acquired by, or merged into
or consolidated or amalgamated with the Parent Borrower or any Restricted Subsidiary after the Closing Date, in each case as part of an Investment otherwise permitted by this Section 6.04 to the extent that such Investments
were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of the relevant acquisition, merger, amalgamation or consolidation and (ii) any modification,
replacement, renewal or extension of any Investment permitted under clause (i) of this Section 6.04(bb) so long as no such modification, replacement, renewal or extension thereof increases the amount of such
Investment except as otherwise permitted by this Section 6.04; 
 (cc) Investments made in joint
ventures or non-wholly-owned Subsidiaries as required by, or made pursuant to, buy/sell arrangements between the joint venture parties set forth in joint venture agreements and similar binding arrangements
arising in the ordinary course of business in an;
provided that if, on a Pro Forma Basis, the Total Leverage Ratio is greater than 5.50 to 1.00 or the Secured Leverage Ratio is greater than 4.00 to 1.00, then the aggregate amount not toof Investments made pursuant to this Section 6.04(cc)
shall not exceed $50,000,000; 
 (dd) Investments made by any
Restricted Subsidiary that is not a Subsidiary Loan Party with the proceeds received by such Person from an Investment made by the Parent Borrower or any Subsidiary Loan Party in such Person under this Section 6.04; and 

(ee) Investments (i) constituting deposits, prepayments and/or other credits to suppliers, (ii) made in connection
with obtaining, maintaining or renewing client and customer contracts and/or (iii) in the form of advances made to distributors, suppliers, licensors and licensees, in each case, in the ordinary course of business.;

  
 CREDIT AGREEMENT, Page 134 

(ff)
 de minimis Investments made in connection with the incorporation or formation
of any newly created Subsidiary of the Parent Borrower; and 
 (gg)
customary Investments in connection with any Receivables Facility.

 For purposes of this Section 6.04 the amount of any Investment shall be the initial amount invested without regard to increase or decreases in value, write ups, write offs or write downs but after giving
effect to all payments or repayments of, or returns on, such Investment. 
 Notwithstanding anything to the contrary contained herein, if any Person
(including the Renewable Diesel Joint Venture but excluding any Borrower) in which an Investment is made pursuant to clause (q) or clause (u) above subsequently becomes or is deemed to be a Subsidiary of the Parent Borrower
but is less than wholly owned, then at the option of the Parent Borrower, such Person shall be deemed to have been simultaneously designated by the Parent Borrower as an Unrestricted Subsidiary without regard to the requirements set forth in
clause (d) above and the definition of “Unrestricted Subsidiary”. Any Investment in such Person on the date of such designation shall not be deemed to have utilized any other amounts available under clause
(d) above solely as a result of such deemed designation. Any Investment in such Person after the date of such designation shall be subject to compliance with this Section 6.04. 

Section 6.05 Asset Sales. Such Borrower will not, and will not permit any of its Restricted Subsidiaries to, sell, transfer, lease
or otherwise dispose of any asset, including any Equity Interest owned by it (each such sale, transfer, lease or other disposition herein a “Disposition”), nor will the Parent Borrower permit any of the Restricted Subsidiaries to
issue any additional Equity Interest in such Subsidiary (other than the issuance of directors’ qualifying or similar shares
required to be held by specific Persons under applicable law) except: 

(a) Dispositions of inventory (including on an intercompany basis), vehicles, obsolete, used,
worn-out or surplus assets or property no longer useful to the business of such Person or economically impracticable to maintain and Permitted Investments in the ordinary course of business; 

(b) Dispositions by any Restricted Subsidiary of assets (upon voluntary liquidation or otherwise) to the Parent Borrower or to
any Restricted Subsidiary; provided that if the transferor in such a transaction is a Subsidiary Loan Party, then either (i) the transferee must be a Loan Party or (ii) to
the extent constituting an Investment, such Investment must besuch transfer must be for fair market value or be treated
as an Investment permitted by Section 6.04; 

(c) Dispositions of property subject to or resulting from casualty losses and condemnation proceedings (including in lieu
thereof or any similar proceedings); 
 (d) Asset Swaps; provided that if the Total Leverage Ratio or Secured Leverage Ratio as of the end of the most recent fiscal
quarter for which financial statements were required to be delivered under Section 5.01(a) or (b), is more than 2.755.50 to 1.00 or 4.00 to 1.00, respectively, then the net effect of such Asset Swap shall not require the Parent
Borrower or applicable Restricted Subsidiary to make a cash payment of more than
$10,000,000the greater of $25,000,000 and 1.0%
of Consolidated Total Assets to the counterparty in connection with such Asset Swap; 

  
 CREDIT AGREEMENT, Page 135 

 (e) Dispositions in connection with any sale-leaseback or similar transaction;
provided that the fair market value of all property so disposed of shall not exceed the greater of $20,000,000 and 0.5% of Consolidated Total Assets from and after the Effective Date; 

(f) Dispositions permitted by Sections 6.02 (and of the Liens thereunder),
6.03 (so long as any Disposition pursuant to a liquidation permitted pursuant to Section 6.03 shall be done on a pro rata basis among the equity holders of the applicable Subsidiary), 6.04, 6.06, 6.07 and 6.08;

 (g) the issuance of Equity Interests by a Restricted Subsidiary to the Parent Borrower or to another Restricted
Subsidiary (and each other equity holder on a pro rata basis)ratably according to their interests) and which, to the extent constituting an
Investment, is permitted by Section 6.04;

 (h) (i) Dispositions of Investments and accounts receivable
(together with any and all other rights and intangibles related thereto) in the ordinary course of business (including, without
limitation, in the case of any accounts receivable, in connection with any incentive, supplier finance or other similar program, and, in the case of both Investments and accounts receivable, in
connection with the collection, settlement or compromise thereof in the ordinary course of business
(including in any situation of a work-out or financial distress, in each case,
of the Person owing such accounts receivable)) or (ii) any surrender or waiver of contract rights pursuant to a settlement, release, recovery on or surrender of contract, tort or other claims
of any kind; 
 (i) Dispositions in the ordinary course of business consisting of (i) the abandonment of
intellectual property which, in the reasonable good faith determination of the Parent Borrower, is not material to the conduct of the business of the Parent Borrower and Subsidiaries and (ii) licensing, sublicensing and cross-licensing
arrangements involving any technology or other intellectual property or general intangibles of the Parent Borrower or its Subsidiaries; 

(j) Dispositions of residential real property and related assets in the ordinary course of business in connection with
relocation activities for directors, officers, members of management, employees or consultants of the Loan Parties; 
 (k)
terminations of Swap Agreements; 
 (l) Dispositions identified to the Administrative Agent and the Lenders in writing on or
prior to the Effective Date; 
 (m) Dispositions of the Capital Stock of, or the assets or securities of, Unrestricted
Subsidiaries; 
 (n) Dispositions of the Investments entered into under the permissions of Section 6.04(q); 

(o) other Dispositions; provided that: (i) the Net Proceeds of such dDisposition
 shall be delivered to the Administrative Agent for repayment of the Term Loans in compliance with Section 2.11(c), (ii) no Default is continuing or would result
therefrom and (iii) exists on the date on which the
definitive agreement governing the relevant Disposition is executed and (iii) with respect to any Disposition pursuant
to this clause (o) for a purchase price in excess of 

  
 CREDIT AGREEMENT, Page 136 

 
the greater of (x) $20,000,000 and (y) 1.0% of Consolidated Total
Assets at least 75% of the consideration shall be Cash or Cash Equivalents; provided that for purposes of the 75.0% Cash consideration requirement (w) the amount of any Indebtedness or other
liabilities (other than Indebtedness or other liabilities that are subordinated to the Obligations or that are owed to the Parent Borrower or a Restricted Subsidiary) of the Parent Borrower or any applicable Restricted Subsidiary (as shown on such
Person’s most recent balance sheet or in the notes thereto) that are assumed by the transferee of any such assets and for which the Parent Borrower and its Restricted Subsidiaries shall have been validly released by all relevant creditors in
writing, (x) the amount of any trade-in value applied to the purchase price of any replacement assets acquired in connection with such Disposition, (y) any Securities received by the Parent Borrower
or any Restricted Subsidiary from such transferee that are converted by such Person into cash or Permitted Investments (to the extent of the cash or Permitted Investments received) within 180 days following the closing of the applicable Disposition
and (z) any Designated Non-Cash Consideration received in respect of such Disposition having an aggregate fair market value, taken together with all other Designated
Non-Cash Consideration received pursuant to this clause (z) that is at that time outstanding, not in excess of the greater of $50,000,000 and 1.5% of Consolidated Total Assets of the Parent
Borrower, as of the last day of the most recently ended period of four fiscal quarters for which financial statements have been delivered pursuant to Section 5.01(a) or (b), as applicable, in each case, shall be deemed to be cash;

 (p) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property; 

(q) Dispositions of Investments in joint ventures (including the Renewable Diesel Joint Venture) to the extent required by, or
made pursuant to, buy/sell arrangements between the joint venture parties set forth in the joint venture agreement or similar binding agreements entered into with respect to such Investment in such joint venture; 

(r) the expiration of any option agreement with respect to real or personal property; 

(s) repurchases of Equity Interests deemed to occur upon the exercise of stock options, warrants or other convertible
securities if such Equity Interests represent (i) a portion of the exercise price thereof or (ii) withholding incurred in connection with such exercise; 

(t) leases, subleases, licenses or sublicenses of property in the ordinary course of business; 

(u) Dispositions of non-core assets (which may include real property) acquired in an
acquisition permitted under this Agreement to the extent such
acquDisposition was consummated within two
years of such Dacquisposition; 

(v) other Dispositions in an aggregate amount not to exceed $20,000,000; 

(w) Dispositions of letters of credit and/or bank guarantees (and/or the rights thereunder) to banks or other financial
institutions in the ordinary course of business in exchange for cash and/or Permitted Investments; and 

(x) Dispositions in connection with the consummation of the transactions described in the PWC Steps Memo (or implied thereunder
as necessary to implement the transactions described therein); 

  
 CREDIT AGREEMENT, Page 137 

(y)
 any sale of motor vehicles and information technology equipment purchased at the end
of an operating lease and resold thereafter; and 
 (z)
Dispositions of Receivables Assets to a Receivables Subsidiary or a Person that is not a Subsidiary of the Parent Borrower in
connection with any Receivables Facility; 

provided that
(i) all Dispositions permitted hereby
(other than those permitted bypursuant to clauses
(be), (c), (f), (g),
(i), (m), (n), (q), (r),
(s), (to) and
(vu) above) shall be made for fair value and all Dispositions permitted
hereby (other than those permitted bypursuant
to clauses (ae),
(bo),
(c), (d), (f), (g),
(h), (i), (k), (m), (n),
(p), (q), (r), (s), (t),
(vto the extent required thereunder) and
(xu) above) shall be made for at least 75% cash consideration and (ii) all Dispositions permitted by clauses (n) and (q) above shall be made for either
(A) fair value and for at least 75% cash consideration or (B) such other consideration as is specified in any buy/sell or similar contractual arrangement entered into with respect to such Investment as long as such arrangement was
not entered into in contemplation of the specific Disposition.; 

Section 6.06 Sale and Leaseback Transactions. The Parent Borrower
will not, and will not permit any of its Restricted Subsidiaries to, enter into any
arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereinafter acquired, and thereafter rent or lease such property or other property that it
intends to use for substantially the same purpose or purposes as the property sold or transferred, except for any such sale and leaseback of any assets if (a) the sale is made under the permissions of
Section 6.05, (b) the sale and leaseback is consummated within 180 days after the Parent Borrower or such Subsidiary acquires or completes the construction of such asset and (c) any Indebtedness
incurred under the leaseback is permitted by Section 6.01. 
 provided further that that any sale leaseback transaction that is consummated substantially simultaneously with a Permitted Acquisition or
similar Investment and relates to assets acquired in such Permitted Acquisition or similar Investment shall not be restricted by this Section 6.05 and shall not constitute a Disposition.

Section 6.06 [Reserved]. 

Section 6.07 Swap Agreements. The Parent Borrower will not, and will not permit any of its Restricted Subsidiaries to, enter into
any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Parent Borrower or any Restricted Subsidiary has actual or potential exposure (other than those in respect of Equity Interests of the Parent
Borrower or any of its Restricted Subsidiaries), including to hedge or mitigate foreign currency risks and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one
floating rate to another floating rate or otherwise) with respect to any interest–bearing liability or Investment of the Parent Borrower or any Restricted Subsidiary. 

Section 6.08 Restricted Payments; Certain Payments of Indebtedness. (a)
SuchThe Parent Borrower will not, nor will it permit any of its Restricted Subsidiaries to, declare or make, directly or indirectly, any Restricted Payment, except: 
 (i) such BorrowerPerson may declare and pay
dividendsmake Restricted Payments with respect to its Equity
Interests payable solely in additional shares of its Equity Interests; 
 (ii) Restricted Subsidiaries may declare and
pay dividends with respect to their Equity Interests (provided that if such Restricted Subsidiary is not wholly-owned by 

  
 CREDIT AGREEMENT, Page 138 

 
the Parent Borrower, such dividends must be made on a pro rata basis to
the holders of its Equity Interests ratably according to their interests)
and, solely with respect to Subsidiaries organized in Germany, may make other payments in accordance with domination and profit and loss pooling agreements (Beherrschungs – und
Ergebnisabführungsverträge) within the meaning of Section 291 of the German Stock Corporation Act (AktG) as well as distribute profits and compensate losses in connection therewith;

 (iii) to the extent constituting Restricted Payments, the Parent Borrower and its Restricted Subsidiaries may enter
into transactions expressly permitted by Sections 6.03, 6.04, 6.05 or 6.09; 
 (iv) repurchases
by Parent Borrower of partial interests in its Equity Interests for nominal amounts which are required to be repurchased in connection with the exercise of stock options or warrants to permit the issuance of only whole shares of Equity Interests;

 (v) the Parent Borrower may pay for the repurchase, retirement or other acquisition or retirement for value of Equity
Interests of the Parent Borrower (including related stock appreciation rights or similar securities) held by any future, present or former director, officer, member of management, employee or consultant of the Parent Borrower or any of its
Subsidiaries (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing); provided that (A) at the time of any such repurchase, retirement or other acquisition or
retirement for value no Default exists or would result, (B) the aggregate amount of Restricted Payments made under this clause (v) in any fiscal year does not exceed (x) $10,000,000 (the “Yearly Limit”) plus
(y) the portion of the Yearly Limit from each of the immediately preceding four fiscal years (not including any fiscal year ending prior to 2010) which was not expended by Parent Borrower for Restricted Payments in such fiscal years (the
“Carryover Amount” and in calculating the Carryover Amount for any fiscal year, the Yearly Limit applicable to the previous fiscal years shall be deemed to have been utilized first by any Restricted Payments made under this
clause (v) in such fiscal year) plus (z) an amount equal to the cash proceeds from the sale of Equity Interests to directors, officers, members of management, employees or consultants of the Parent Borrower or of its
Subsidiaries (or the estate, heirs, family members, spouse or former spouse of any of the foregoing) in such fiscal year; 

(vi) the repurchase of Equity Interests of the Parent Borrower that occurs upon the cashless exercise of stock options,
warrants or other convertible securities as a result of the Parent Borrower accepting such options, warrants or other convertible securities as satisfaction of the exercise price of such Equity Interests; 

(vii) such
Parent Borrower and its Subsidiaries may make any Restricted Payment in connection
with the Rothsay Acquisition as contemplated by the Rothsay Acquisition Agreement or in connection with the Vion Acquisition as contemplated by the Vion Acquisition Agreement and in connection with the consummation of the transactions described in
the PWC Steps Memo and any actions necessary to implement such transactions; 
 (viii) repurchase of Equity Interests
deemed to occur upon the non-cash exercise of Equity Interests to pay taxes; 

  
 CREDIT AGREEMENT, Page 139 

 (ix) the Parent Borrower and its Restricted Subsidiaries may make Restricted
Payments in an aggregate amount that, together with (A) the aggregate amount of all other Restricted Payments made by the Parent Borrower and its Restricted Subsidiaries pursuant to this Section 6.08(a)(ix) after the date hereof,
(B) the aggregate amount of all Investments made by the Parent Borrower and its Restricted Subsidiaries pursuant to Section 6.04(y)(i) after the date hereof and (C) the aggregate amount of all payments or distributions
made by the Parent Borrower and its Restricted Subsidiaries pursuant to Section 6.08(b)(v) after the date hereof, shall not exceed the Available Amount; provided that
(x) as of the date of any such Restricted Payment and after giving effect
thereto no Default shall exist or would result therefrom or (y) no Default shall exist or would result therefrom on the date of declaration of such Restricted Payment and such Restricted
Payment is made within 60 days of such declaration; provided further that solely for purposes of this Section 6.08(a)(ix), in no event shall more than $275,000,000300,000,000 in Restricted Payments be made with the Available Amount pursuant to this Section 6.08(a)(ix); and 
 (x) the Parent Borrower may make
additional Restricted Payments; provided that (A)
(x) as of the date of any such
Restricted Payment and after giving effect
thereto, no Default shall exist or would result therefrom
or (y) no Default shall exist or
would result therefrom as of the date of declaration of such Restricted Payment and such Restricted Payment is made within
60 days of such declaration and (B) if the Total Leverage Ratio on a Pro Forma Basis as of the end of the most recent
fiscal quarter for which financial statements were required to be delivered under Section 5.01(a) or (b) is greater than
2.50 4.50 to 1.00 or the Secured Leverage
Ratio on a Pro Forma Basis is greater than 3.00 to 1.00, then the aggregate amount of Restricted Payments made under this clause
(x) in respect of a fiscal year (including the Restricted Payment in question) shall not at any time exceed 25% of the Consolidated Net Income of the Parent Borrower and its Restricted Subsidiaries for the immediately preceding fiscal
year. 
 (b) Such Borrower will not, nor will it
permit any of its Restricted Subsidiaries to, make any payment, directly or indirectly, in respect of any purchase,
redemption, retirement, acquisition, cancellation or termination of any Subordinated Indebtedness, or the New Senior Unsecured Notes, or any Indebtedness issued in lieu of or representing a
(including any refinancing or replacement of any Indebtedness in respect of the Pari Passu Notes outstanding on the Effective Date (but, for the
avoidance of doubt not the Pari Passu Notes existing on the Effective Date
themselves)thereof) having an individual outstanding principal amount in excess of $25,000,000 (such Indebtedness, collectively, “Restricted Indebtedness”), or any other payment or other distribution (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 Restricted Indebtedness or any other payment (including any payment
under any Swap Agreement) that has a substantially similar effect to any of the foregoing, except: 

(i)
replacements, refinancings, amendments, supplements, modifications, extensions, renewals, restatements or
refunding of Restricted Indebtedness to the extent permitted by Section 6.01; 

(ii) (A) any payments or other distributions in respect of
principal or interest on, or payment or other distribution on account of the purchase, redemption, retirement, acquisition, cancellation or termination of, Restricted Indebtedness, in each case in exchange for, or out of the net proceeds of, the substantially concurrent sale of Equity

  
 CREDIT AGREEMENT, Page 140 

 
Interests (other than Disqualified Equity Interests and so long as no Change of Control would result therefrom) of the Parent Borrower (it being understood such amounts will not increase the Available
Amount), or (B) the conversion of any Restricted Indebtedness to Equity Interests (other than Disqualified Equity Interests); 

(iii) payments or other distributions in
respecton account of the purchase, redemption, retirement,
acquisition, cancellation or termination of, Restricted Indebtedness, in an aggregate amount not to exceed the greater of
$25,000,000 and 1% of Consolidated Total Assets; provided that
(x) (1) at the time of any such payment or other distribution, no Default
shall have occurred and be continuing or would result therefrom
andor
(y2) at the
timeno Default shall exist or would result therefrom on the date such Person provides notice of such payment or other distribution and such payment or distribution shall be made within 90 days of such notice and
(y) after giving effect thereto and to any borrowing in connection therewith, the Parent Borrower is in compliance, on a
pPro
fForma
bBasis, with the Financial Covenants; 

(iv) payments or other distributions in respect of principal or interest on, or payment or other distribution on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of, Restricted Indebtedness,
if, on a Pro Forma Basis, the Secured Leverage Ratio as of the end of the most recent fiscal quarter for which financial statements were required to be delivered under Section 5.01(a) or
(b) is less than the greater of (A) 2.75 to 1.00 and (B) 0.50 to 1.00 less than the applicable Secured Leverage Ratio under the Financial Covenants for the most recently ended fiscal quarter for which
financial statements have been delivered at the time of such payment or other distribution, and in each case, the Parent Borrower has delivered to the Administrative Agent a certificate of a Financial Officer, together with all relevant financial
information reasonably requested by the Administrative Agent demonstrating compliance with this clause
(iv);is less than 4.00 to
1.00; 
 (v) payments or other distributions in respecton account of the purchase, redemption, retirement, acquisition, cancellation or termination of, Restricted Indebtedness, in an aggregate amount that, together with (A) the aggregate amount of all other such payments or other distributions made by the Parent Borrower and its Restricted Subsidiaries pursuant
to this Section 6.08(b)(v) after the date hereof, (B) the aggregate amount of all other Restricted Payments made by the Parent Borrower and its Restricted Subsidiaries pursuant to Section 6.08(a)(ix) after the date hereof and
(C) the aggregate amount of all Investments made by the Parent Borrower and its Restricted Subsidiaries pursuant to Section 6.04(y)(i) after the date hereof, shall not exceed the Available Amount; provided that
(x) as of the date of any such payments or distribution and after giving effect thereto no Default shall exist or result therefrom
or (y) no Default shall exist or would result therefrom on the date such Person provides notice of such payment or distribution and such payment or distribution shall be made within 90 days of such notice; and 
 (vi)
payment-in-kind interest with respect to Restricted Indebtedness permitted by this Agreement; 

(vii) [reserved]payments or distributions on account of intercompany Subordinated Indebtedness not prohibited by the terms of this Agreement; and 
 (viii) payments as part of an “applicable high yield discount
obligation” catch-up payment with respect to Restricted Indebtedness permitted by this Agreement. 

  
 CREDIT AGREEMENT, Page 141 

 Notwithstanding the foregoing, the making of any dividend, payment or other distribution or the consummation of
any irrevocable redemption within 60 days after the date of declaration of such dividend, payment or other distribution or giving of the redemption notice, as applicable, will not be prohibited if, at the date of declaration or notice such dividend,
payment or other distribution or redemption would have complied with the terms of this Agreement. For the avoidance of doubt, the Parent Borrower and its Restricted Subsidiaries may make regularly scheduled payments of principal, and
payments of interest, fees, expenses and indemnification or similar obligations in respect of Restricted
Indebtedness when due, and in the case of Subordinated Indebtedness, to the
extent not prohibited by the subordination provisions thereof (if
applicable). 
 Section 6.09 Transactions with Affiliates. Such
Borrower will not, nor will it permit any of its Restricted Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates involving aggregate payments, for any such transaction or series of related transactions, in excess of $5,000,000, except: 

(a) transactions that are at prices and on terms and conditions not less favorable to such Borrower or such Restricted
Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, 

(b) transactions between or among the Loan Parties not involving any other Affiliate, 

(c) any Restricted Payment permitted by Section 6.08, 

(d) the payment of reasonable and customary fees and expenses to directors of such Borrower and the other Restricted
Subsidiaries and the provision of customary indemnification to directors, officers, employees, members of management and consultants of the Parent Borrower and the Subsidiaries, 

(e) sales or issuances of Equity Interests to Affiliates of the Parent Borrower which are otherwise permitted or not restricted
by the Loan Documents, 
 (f) loans and other transactions by and among such Borrower and/or the Subsidiaries to the extent
permitted under this Article VI, 
 (g) the consummation of and the payment of all fees, expenses, bonuses and
awards related to the Original Transactions, 

(h) transactions with joint ventures (including the Renewable Diesel Joint Venture) for the purchase or sale of goods and
services entered into in the ordinary course of business, 
 (i) employment and severance arrangements (including options to
purchase Equity Interests of the Parent Borrower, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits plans) between such Borrower and any Restricted Subsidiary and
their directors, officers, employees, members of management and consultants in the ordinary course of business, 

  
 CREDIT AGREEMENT, Page 142 

 (j) the existence of, and the performance of obligations of such Borrower or any
of its Restricted Subsidiaries under the terms of any agreement to which such Borrower or any of its Restricted Subsidiaries is a party as of or on the Effective Date and identified on Schedule 6.09, as these agreements may be amended,
restated, amended and restated, supplemented, extended, renewed or otherwise modified from time to time; provided, however, that any future amendment, restatement, amendment and restatement, supplement, extension, renewal or other
modification entered into after the Effective Date will be permitted to the extent that its terms are not more disadvantageous to the Lenders than the terms of the agreements on the Effective Date, 

(k) any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by or merged
into such Borrower or its Restricted Subsidiaries pursuant to the terms of this Agreement; provided that such agreement was not entered into in contemplation of such acquisition or merger, or any amendment thereto (so long as any such
amendment is not disadvantageous to the Lenders in any material respect in the good faith judgment of the Parent Borrower when taken as a whole as compared to such agreement as in effect on the date of such acquisition or merger),  and 

(l) transactions in which such Borrower or any of its Restricted Subsidiaries delivers to the Administrative Agent an opinion
or appraisal issued by an independent accounting, appraisal or investment banking firm of national standing that the terms of such transaction are not materially less favorable than those that might reasonably have been obtained by such Borrower or
such Restricted Subsidiary in a comparable transaction at such time on an arm’s length basis from a Person that is not an Affiliate., and 

(m)
 transactions effected with any Receivables Subsidiary as part of a Receivables
Facility transaction. 
 Section 6.10 Restrictive Agreements. Such
Borrower will not, nor will it permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability
of such Borrower or any of its Restricted Subsidiaries to create, incur or permit to exist any Lien upon any of its property or assets in favor of the Administrative Agent (or its agent or designee) for the benefit of the Secured Parties securing
any of the Obligations, or (b) the ability of any Restricted Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to such Borrower or any other Restricted
Subsidiary or to Guarantee the Obligations or any part thereof; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law, rule, regulation or order or by any Loan Document, New Senior Unsecured Notes
Document, Pari Passu Notes Document, Ancillary Facilities Document or document governing any Swap Obligations, Deposit Obligations, Refinancing Notes or any Refinancing Junior Loans, (ii) the foregoing shall not apply to restrictions and
conditions existing on the date hereof, (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to Dispositions permitted by Section 6.05 pending such Dispositions,
(iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets
securing such Indebtedness or the Persons obligated thereon, (v) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment, subletting or other transfer thereof (including the
granting of any Lien), (vi) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by restrictions on cash and other deposits or net worth provisions in leases and other agreements entered into in the ordinary
course of business, (vii) the foregoing shall not apply if such restrictions and conditions were binding on a Restricted Subsidiary or its assets at the time such Restricted Subsidiary first becomes a Restricted 

  
 CREDIT AGREEMENT, Page 143 

 
Subsidiary or such assets were first acquired by such Restricted Subsidiary (other than a Restricted Subsidiary that was a Restricted Subsidiary
on the Effective Date or assets owned by any Restricted Subsidiary on the Effective Date), so long as such Contractual Obligations were not entered into solely in contemplation of such Person becoming a Restricted Subsidiary or assets being
acquired, (viii) clause (a) of the foregoing shall not apply to Liens permitted by this Agreement, (ix) the foregoing shall not apply to customary provisions in partnership agreements, limited liability company governance documents,
joint venture agreements and other similar agreements (including those with respect to the Renewable Diesel Joint Venture) that restrict the transfer of assets of, or ownership interests in, the relevant partnership, limited liability company, joint
venture or similar Person, (x) clause (b) of the forgoing shall not apply to restrictions or conditions imposed by any agreement relating to Indebtedness incurred by non-Loan Parties permitted by
this Agreement; provided that to the extent any such
agreements are entered into in reliance on this clause (x), such Indebtedness shall be required to be incurred under, and
shall be in an amount permitted by, Section 6.01(y) , (xi) clause (b) of the foregoing shall not apply to provisions in agreements or
instruments which prohibit the payment of dividends or the making of other distributions with respect to any class of Equity Interests of a Person other than on a pro rata
basis and, (xii) the foregoing shall not apply to issuances of Disqualified Equity Interests,
preferred Equity Interests, Incremental Equivalent Debt or Indebtedness incurred pursuant to Section 6.01(v) or (x), (xiii) the foregoing shall not apply to customary prohibitions, restrictions an conditions contained in agreements related
to a Receivables Facility, and (xiv) the foregoing shall not apply to any restrictions and conditions imposed by any amendment, modification, restatement, renewal, increase, supplement,
refunding, replacement or refinancing of any contract, instrument or obligation referred to in clauses (i) through
(xii) above; provided that such amendment,
modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in the good faith judgment of the Parent Borrower, no more restrictive with respect to such restrictions taken as a whole than those in existence
prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

Section 6.11 Amendment of Material Debt Documents. The Parent Borrower will not, nor will it permit any Restricted Subsidiary to,
amend, modify or waive any of its rights under any New Senior Unsecured Notes Document, Pari Passu Notes Document or SubordinatedRestricted Indebtedness
Document (other than intercompany Indebtedness
among the Parent Borrower and/or any of its Restricted
Subsidiaries) in any manner materially adverse to the interest of the
Lenders taken as a whole that has not been approved by the Administrative Agent; provided that it is understood and agreed that the foregoing limitation shall not prohibit any Permitted Refinancing Indebtedness in respect thereof or any other replacement, refinancing, amendment, supplement, modification, extension, renewal, restatement or refunding of any Restricted
Indebtedness, in each case, that is otherwise permitted by Section 6.01. 

Section 6.12 Change in Fiscal Year. The Parent Borrower will not change the manner in which either the last day of its fiscal year
or the last day of each of the first three fiscal quarters of its fiscal year is calculated, in each case, without the prior written consent of the Administrative Agent. 

ARTICLE VII 
 Financial
Covenants 
 Prior to the Vion Acquisition Closing Date the following shall apply:

 Solely with respect to the Revolving Facility and Term A Facility, until the Date of Full Satisfaction (solely with respect to the
Revolving Facility and the Term A Facility), the Parent Borrower covenants and agrees with the Lenders that: 
 Section 7.01
Interest Coverage Ratio. As of the last day of each fiscal quarter commencing with the first full fiscal quarter following the EffectiveFourth Amendment Date, the Parent Borrower shall not permit the Interest Coverage Ratio
to be less than 3.00 to 1.00. 

  
 CREDIT AGREEMENT, Page 144 

 Section 7.02 Total Leverage
Ratio. As of the last day of each fiscal quarter commencing with
the first full fiscal quarter following the Effective Date, the Parent Borrower shall not permit the Total Leverage Ratio to exceed 4.00 to 1.00. 

Section 7.03 Secured Leverage Ratio. As of the last day of each
fiscal quarter commencing with the first full fiscal quarter following the Effective Date, the Parent Borrower shall not permit the Secured Leverage Ratio to exceed, on any applicable testing date prior to the consummation of the Rothsay
Acquisition, 3.00 to 1.00 and, subject to the following proviso, following the consummation of the Rothsay Acquisition, 3.50:1.00; provided that following the consummation of the Rothsay
Acquisition, such ratio shall be 3.25 to 1.00 for the third fiscal quarter ending in 2014 and each fiscal quarter thereafter until the third fiscal quarter of 2015 and thereafter, when such ratio shall be 3.00 to 1.00. 

On and After the Vion Acquisition Closing Date, the following shall apply:

 Solely with respect to the Revolving Facility and Term A Facility, until the Date of Full
Satisfaction (solely with respect to the Revolving Facility and the Term A Facility)
the Parent Borrower covenants and agrees with the Lenders that: 
 Section 7.01
Interest Coverage Ratio. As of the last day of each fiscal quarter commencing with the first full fiscal quarter following the Effective Date, the Parent Borrower shall not permit the Interest Coverage Ratio to be
less than 3.00 to 1.00. 
 Section 7.02 Total Leverage Ratio. As of the last day of each fiscal quarter
commencing with the first full fiscal quarter following the
EffectiveFourth Amendment Date, the Parent Borrower shall not permit the Total Leverage Ratio to exceed 5.50 to 1.00. 
 Section 7.03 Secured Leverage Ratio. As of the last day of each fiscal quarter commencing with the first full
fiscal quarter following the Effective Date, the Parent Borrower shall not permit the Secured Leverage Ratio to exceed 4.00 to 1.00; provided such ratio shall be 3.75:1.00 for the second fiscal quarter ending
in 2015 and each fiscal quarter thereafter until the second fiscal of 2016, when such ratio shall be 3.25 to 1.00 for such fiscal quarter and each fiscal quarter thereafter until the second fiscal quarter of 2017, when such ratio shall be 3.00 to
1.00 for such fiscal quarter and each fiscal quarter thereafter.[Reserved]. 
 ARTICLE VIII 

Events of Default 

Section 8.01 Events of Default; Remedies. If any of the following events (“Events of Default”) shall occur: 

(a) any Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof or otherwise; or any Borrower shall fail to pay any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, and such failure with
respect to such reimbursement obligations shall continue unremedied for a period of three days; 

  
 CREDIT AGREEMENT, Page 145 

 (b) any Borrower shall fail to pay any interest on any Loan or any fee or any
other amount (other than an amount referred to in clause (a) of this Section 8.01) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure
shall continue unremedied for a period of five days; 
 (c) any representation, warranty or certification made or deemed made
by or on behalf of any Borrower or any Restricted Subsidiary in or in connection with any Loan Document, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document, shall prove
to have been materially inaccurate when made or deemed made; 
 (d) any Borrower
shall fail to observe or perform any covenant, condition or agreement contained in Sections 5.02(a) or in Article VI or in Article VII of this Agreement; provided any default under Sections 7.01, 7.02 and/or
7.037.02 (a “Financial Covenant Event of Default”) shall not constitute an Event of Default with respect to any Loans or Commitments hereunder, other than the Revolving Loans, Term A Loans, Revolving
Commitments and Term A Commitments, until the date on which the Revolving Loans and Term A Loans (if any) have been accelerated, and the Revolving Commitments and Term A Commitments (if any) have been terminated, in each case, by the Required TLA/RC
Lenders; 
 (e) any Loan Party shall fail to observe
or perform any covenant, condition or agreement contained in any Loan Document (other than those specified in clause (a), (b) or (d) of this Section 8.01), and such failure shall continue
unremedied for a period of 30 days after written notice thereof from the Administrative Agent to the Parent Borrower; 
 (f)
any Borrower or any Restricted Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable beyond any applicable grace
period, or any event or condition occurs that results in any Material
Indebtedness becoming due prior to its scheduled maturity or that enables or permits, after giving effect to any applicable
notice or grace period (which notice has been given or grace period has expired), the holder or holders of any
Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity and such failure, event or condition shall not have been waived or cured before the Commitments are terminated and Loans
accelerated; provided that this clause (f) shall not apply to (i) secured Indebtedness that becomes due as a result of the Disposition (including as a result of a casualty
or condemnation event) of the property or assets securing such Indebtedness, (ii) Guarantees of Indebtedness that are satisfied promptly on demand or (iii) with respect to Indebtedness incurred under any Swap Agreement, termination events
or equivalent events pursuant to the terms of the relevant Swap Agreement which are not the result of any default thereunder by any Loan Party or any Restricted Subsidiary; 

(g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of any Borrower or any Restricted Subsidiary (other than an Immaterial Subsidiary) or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency,
receivership, arrangement or similar law now or hereafter in effect or (ii) the appointment of a receiver, 

  
 CREDIT AGREEMENT, Page 146 

 
trustee, custodian, sequestrator, conservator or similar official for any Borrower or any Restricted Subsidiary (other than an Immaterial Subsidiary) or for a substantial part of its assets, and,
in any such case, such proceeding or petition shall continue undismissed, undischarged or unbonded for 60 consecutive days or an order or decree approving or ordering any of the foregoing shall be entered; 

(h) any Borrower or any Restricted Subsidiary (other than an Immaterial Subsidiary) shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership, arrangement or similar law now or hereafter in effect, (ii) consent to the institution
of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (g) of this Section 8.01, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for any Borrower or any such Restricted Subsidiary (other than an Immaterial Subsidiary) or for a substantial part of its assets, (iv) file an answer admitting the material allegations of
a petition filed against it in any such proceeding, or (v) make a general assignment for the benefit of creditors; 

(i) any Borrower or any Restricted Subsidiary (other than an Immaterial Subsidiary) shall become unable, admit in writing its
inability or fail generally to pay its debts as they become due; 
 (j) one or more judgments for the payment of money in an
aggregate amount in excess of the Threshold Amount (to the extent not covered by insurance or indemnity as to which the insurer or indemnitor
has not denied coverage) shall be rendered against any Borrower, any Restricted Subsidiary or any combination thereof and there is a period of 60 consecutive days during which a stay of enforcement of such judgment by reason of a pending appeal,
payment or otherwise is not in effect; 
 (k) (i) an ERISA Event shall have occurred, (ii) a Canadian Loan Party
fails to make a required contribution to or payment under any Canadian Benefit Plan when due or (iii) with respect to any Canadian Defined Benefit Plan, the occurrence of any Canadian Pension Termination Event; and in each case in clauses
(i) through (iii) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to result in a Material Adverse Effect; 

(l) other than with respect to items of Collateral
with a book not exceeding $10,000,00025,000,000 in the aggregate, any Lien purported to be created under any Security Document shall cease to be, or shall be asserted in writing by any Loan Party not to be, a valid and perfected Lien on any Collateral, except
(i) in connection with a release of such Collateral in accordance with the terms of this Agreement or (ii) as a result of the Administrative Agent’s failure to (A) maintain possession of any stock certificates, promissory notes
or other instruments delivered to it under the Security Documents or (B) file Uniform Commercial Code continuation statements or PPSA renewal statements or amendments; 

(m) any of this Agreement or the Guaranty Agreement (other than in respect of an Immaterial Subsidiary) shall for any reason
cease to be in full force and effect and valid, binding and enforceable in accordance with its terms after its date of
execution, or any Borrower or any other Loan Party shall so state in writing, in each case other than in connection with a release of any Guarantee in accordance with the terms of this Agreement; or 

(n) a Change in Control shall occur; 

  
 CREDIT AGREEMENT, Page 147 

 then, and in every such event (other than an event with respect to any Borrower described in clause
(g) or (h) of this Section 8.01), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Parent
Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments and commitments with respect to any Ancillary Facility, and thereupon the Commitments and commitments with respect to any
Ancillary Facility shall terminate immediately, and (ii) declare the Loans then outstanding and the obligations under any Ancillary Facility then outstanding to be due and payable in whole (or in part, in which case any principal not so
declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans and the obligations under any Ancillary Facility then outstanding so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of any Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any
kind, all of which are hereby waived by each Borrower; and in case of any event with respect to any Borrower described in clause (g) or (h) of this Section 8.01, the Commitments shall automatically
terminate and the principal of the Loans then outstanding and the obligations under any Ancillary Facility then outstanding, together with accrued interest thereon and all fees and other obligations of any Borrower accrued hereunder, shall
automatically become due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of which are hereby waived by each Borrower. In addition, if any Event of Default
shall occur and be continuing, the Administrative Agent may (and if directed by the Required Lenders, shall) foreclose or otherwise enforce any Lien granted to the Administrative Agent, for the benefit of the Secured Parties, to secure payment and
performance of the Obligations in accordance with the terms of the Loan Documents and exercise any and all rights and remedies afforded by applicable law, by any of the Loan Documents, by equity, or otherwise. 

Notwithstanding the foregoing, during any period during which solely a Financial Covenant Event of Default has occurred and is continuing, the
Administrative Agent may with the consent of, and shall at the request of, the Required TLA/RC Lenders take any of the foregoing actions described in the immediately preceding paragraph solely as they relate to the Revolving Lenders and Term A
Lenders (versus the Lenders), the Revolving Commitments and Term A Commitments (versus the Commitments), the Revolving Loans, the Swingline Loans and the Term A Loans (versus the Loans), and the Letters of Credit. 

Notwithstanding anything to the contrary contained herein, during the Clean-up Period, any breach of a
representation or warranty or any Default which arises with respect to Vion shall not constitute or result in a default, drawstop, right to rescission, termination or similar right or remedy or any other right of enforcement or an acceleration;
provided that such breach or Default (i) does not have a Material Adverse Effect on the Parent Borrower and its Restricted Subsidiaries taken as a whole, such that the Parent Borrower and its Restricted
Subsidiaries taken as a whole would be reasonably likely to be unable to perform its payment obligations under this Agreement; (ii) was not knowingly procured or approved by the Parent Borrower; and (iii) is capable of remedy and
reasonable steps are being taken to remedy it. 
 Section 8.02 Performance by the Administrative Agent. If any
Loan Party shall fail to perform any covenant or agreement in accordance with the terms of the Loan Documents which constitutes an Event of Default, the Administrative Agent may, at the direction of the Required Lenders, perform or attempt to
perform such covenant or agreement on behalf of the applicable Loan Party. In such event, each Borrower shall, at the request of the Administrative Agent promptly pay any amount expended by the Administrative Agent or the Lenders in connection with
such performance or attempted performance to the Administrative Agent, together with interest thereon at the interest rate provided for in Section 2.13(c) from and including the date of such expenditure to but excluding the date such 

  
 CREDIT AGREEMENT, Page 148 

 
expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that neither the Administrative Agent nor any Lender shall have any liability or responsibility for the
performance of any obligation of any Loan Party under any Loan Document. 
 Section 8.03 Adjustment for Ancillary Facilities.

 (a) If a notice is served by the Administrative Agent in accordance with the third to last paragraph of
Section 8.01 or any event with respect to a Borrower described in Section 8.01(g) or (h) occurs and is continuing (the “Ancillary Facility Adjustment Date”), each
Revolving Lender and each Ancillary Lender shall promptly adjust (by making or receiving (as the case may be) corresponding transfers of rights and obligations under the Loan Documents relating to Revolving Outstandings) their claims in respect of
the Revolving Loans and participations in Letters of Credit and any amounts outstanding to them under each Ancillary Facility to the extent necessary to ensure that after such transfers, the Revolving Outstandings of each Revolving Lender bear the
same proportion to the aggregate Revolving Outstandings of all the Lenders as such Lender’s Revolving Exposure bears to the aggregate Revolving Exposure of all the Lenders, each as of such Ancillary Facility Adjustment Date. 

(b) If an amount outstanding under an Ancillary Facility is a contingent liability and that contingent liability becomes an
actual liability or is reduced to zero after the original adjustment is made under paragraph (a) above, then each Revolving Lender and Ancillary Lender will make a further adjustment (by making or receiving (as the case may be)
corresponding transfers of rights and obligations under the Loan Documents relating to Revolving Outstandings to the extent necessary) to put themselves in the position they would have been in had the original adjustment been determined by reference
to the actual liability or, as the case may be, zero liability and not the contingent liability. 
 (c) Any transfer of
rights and obligations relating to Revolving Outstandings made pursuant to this Section 8.03 shall be made for a purchase price in cash, payable at the time of transfer, in an amount equal to those Revolving Outstandings.

 (d) All calculations to be made pursuant to this Section 8.03 shall be made by the Administrative Agent based upon
information provided to it by the Revolving Lenders and Ancillary Lenders and the Administrative Agent’s Spot Rate. 
 ARTICLE IX

 The Administrative Agent 

Section 9.01 Appointment. Each of the Lenders and the Issuing Bank hereby irrevocably appoints JPMorgan Chase Bank, N.A. as agent
on its behalf, and on behalf of each of its Affiliates who are owed Obligations (each such Affiliate by acceptance of the benefits of the Loan Documents hereby ratifying such appointment) and authorizes the Administrative Agent to take such actions
on its behalf and on behalf of such Affiliates and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. 

Section 9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in
its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the
Parent Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 

  
 CREDIT AGREEMENT, Page 149 

 Section 9.03 Limitation of Duties and Immunities. The Administrative Agent shall not
have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the
Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 10.02), and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating
to the Parent Borrower or any of its Subsidiaries that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not
taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.02) or in the absence of its
own gross negligence or willful misconduct. The Administrative Agent shall not be deemed to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Parent Borrower or a Lender, and the
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or
other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent. Other than in the case of a
sub-agency delegation as set forth in Section 9.05, in no event shall the Administrative Agent (in its capacity as such) be obligated to ascertain, monitor or inquire as to whether any Person is a
Disqualified Institution or have any liability with respect to or arising out of any assignment or participation of Commitments or Loans by the Lenders or disclosure of confidential information by the Issuing Banks or Lenders, in each case, to any
Disqualified Institution. 
 Section 9.04 Reliance on Third Parties.
The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been
signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of
any such counsel, accountants or experts. 
 Section 9.05 Sub-Agents. The Administrative
Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative
Agent (other than a Disqualified Institution or an Affiliate thereof). The
Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of this Article IX
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

  
 CREDIT AGREEMENT, Page 150 

 Section 9.06 Successor Agent. Subject to the appointment and acceptance of a
successor to the Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrowers. Upon any such resignation, the Required Lenders shall have the right
to appoint a successor, subject to the consent of the Parent Borrower (which consent shall not be unreasonably withheld); provided that the Parent Borrower’s consent shall not be required if a payment or bankruptcy Event of Default
exists. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may,
on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank, subject to the consent of the Parent Borrower (which consent shall
not be unreasonably withheld); provided that the Parent Borrower’s consent shall not be required if a payment or bankruptcy Event of Default exists. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder (other
than with respect to its obligations under Section 10.12). The fees payable by any Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Borrowers and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article IX and Section 10.03 shall continue in effect for the benefit of such retiring Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. Notwithstanding anything to the contrary herein, no Disqualified Institution (nor any Affiliate thereof) may be appointed as a successor
Administrative Agent or any agent in any other capacity. 
 Section 9.07
Independent Credit Decisions. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from
time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement or any document furnished hereunder or thereunder. 

Section 9.08 Other Agents. Neither the Documentation Agents nor the Syndication Agents shall have any duties or responsibilities
hereunder in their capacity as such. Goldman Sachs Bank USA and Bank of Montreal, acting under its trade name BMO Capital Markets are hereby each appointed a Syndication Agent hereunder and each entity named as a Documentation Agent in the preamble
to this Agreement is hereby each appointed Documentation Agent hereunder, and each Lender hereby authorizes such entities to act as Syndication Agent or to act as Documentation Agent, as applicable, in accordance with the terms of this Agreement and
the other Loan Documents. The Syndication Agent or any Documentation Agent, without consent of or notice to any party hereto, may assign any and all of its rights or obligations hereunder to any of its Affiliates. As of the Effective Date, neither
the entities set forth in this paragraph above in their capacity as Syndication Agent or Documentation Agent, as applicable, shall have any obligations but shall be entitled to all benefits of this Article IX,
Section 10.03 and the last paragraph of Section 10.01. Any Syndication Agent or Documentation Agent may resign from such role at any time, with immediate effect, by giving prior written notice
thereof to the Administrative Agent and the Parent Borrower. The provisions of this Article IX (other than in the case of Section 9.01, 9.06, 9.10 and 9.13) are solely for the benefit of the
Administrative Agent, each Syndication Agent, each Documentation Agent and Lenders and no Loan Party shall have any rights as a third party beneficiary of any of the provisions thereof (other than with respect to
Section 9.01, 9.06, 9.10 and 9.13 as to which the Loan Parties shall have the benefit and the right to
enforce). As of the Fourth

  
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Amendment Date, the provisions of this Section 9.08 shall also apply for the
benefit of the entities named as Syndication Agents and Documentation Agents on the cover hereto pursuant to the Fourth Amendment. 

Section 9.09 Powers and Immunities of Issuing Bank. Neither the Issuing Bank nor any of its Related Parties shall be liable to the
Administrative Agent or any Lender for any action taken or omitted to be taken by any of them hereunder or otherwise in connection with any Loan Document except for its or their own gross negligence or willful misconduct. Without limiting the
generality of the preceding sentence, the Issuing Bank (a) shall have no duties or responsibilities except those expressly set forth in the Loan Documents, and shall not by reason of any Loan Document be a trustee or fiduciary for any Lender or
for the Administrative Agent, (b) shall not be required to initiate any litigation or collection proceedings under any Loan Document, (c) shall not be responsible to any Lender or the Administrative Agent for any recitals, statements,
representations, or warranties contained in any Loan Document, or any certificate or other documentation referred to or provided for in, or received by any of them under, any Loan Document, or for the value, validity, effectiveness, enforceability,
or sufficiency of any Loan Document or any other documentation referred to or provided for therein or for any failure by any Person to perform any of its obligations thereunder, (d) may consult with legal counsel (including counsel for the
Borrowers), independent public accountants, and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants, or experts, and
(e) shall incur no liability under or in respect of any Loan Document by acting upon any notice, consent, certificate, or other instrument or writing believed by it to be genuine and signed or sent by the proper party or parties. As to any
matters not expressly provided for by any Loan Document, the Issuing Bank shall in all cases be fully protected in acting, or in refraining from acting, hereunder in accordance with instructions signed by the Required Lenders, and such instructions
of the Required Lenders and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders and the Administrative Agent; provided, however, that the Issuing Bank shall not be required to take any action which
exposes it to personal liability or which is contrary to any Loan Document or applicable law. 
 Section 9.10 Permitted Release of
Collateral and Subsidiary Loan Parties. 
 (a) Automatic Release. If any Collateral is the subject of a
Disposition (other than to another Loan Party) which is permitted under Section 6.05, the Liens in the Collateral granted under the Loan Documents shall automatically terminate and the Collateral will be disposed of free
and clear of all such Liens. 
 (b) Written Release. The Administrative Agent is authorized to release of record, and
shall release of record, any Liens encumbering any Collateral that is the subject of a Disposition described in clause (a) above upon an authorized officer of the Parent Borrower certifying in writing to the Administrative Agent that the
proposed Disposition of Collateral is permitted under Section 6.05. To the extent the Administrative Agent is required to execute any release documents in accordance with the immediately preceding sentence, the
Administrative Agent shall do so promptly upon request of the Parent Borrower without the consent or further agreement of any Secured Party. If the Disposition of Collateral is not permitted under or pursuant to the Loan Documents, the Liens
encumbering the Collateral may only be released in accordance with the other provisions of this Section 9.10 or the provisions of Section 10.02. 

(c) Other Authorized Release and Subordination. The Administrative Agent is irrevocably authorized by the Secured
Parties, without any consent or further agreement of any Secured Party to: (i) subordinate or release the Liens granted to the Administrative Agent to secure the Obligations with respect to any property which is permitted to be subject to a
Lien of 

  
 CREDIT AGREEMENT, Page 152 

 
the type described in clauses (d) (to the extent such property constitutes cash or Permitted Investments), (e), (g), (h), (i), (j), (k),
(l), (m), (n), (o), (p), (r)(i)(A), (r)(ii), (u), (v), (w) (to the extent such Lien arises in connection with Indebtedness permitted by clause (h), or, if utilized for
Indebtedness of the type specified in clause (f) or (h) of Section 6.01, (v) of Section 6.01), (x) or (y) of Section 6.02,
(ii) release the Administrative Agent’s Liens upon the Date of Full Satisfaction, (iii) release and/or modify the Administrative Agent’s Liens on the Collateral of the Foreign Subsidiary Loan Parties on or after the Pari Passu Notes
Repayment Date so that such Liens only secure the Foreign Obligations and (iv) release the Foreign Subsidiary Loan Parties from their guarantee of the Obligations (other than the Foreign Obligations) on and after the Pari Passu Notes Repayment
Date; provided that any subordination or release of property pursuant to clause (i) above in reliance on Section 6.02(w) shall be limited to property which may secure Indebtedness of the type specified in Section
6.01(f), or property securing Indebtedness permitted under or of the type permitted under Section 6.01(h) as of the date of the acquisition of the Person owning such property; provided further that if as of the date of the
requested release under clause (i) or, solely with regard to the condition in clause (A), clause (iii) above: (A) any Borrower is subject to a proceeding of the type described in clauses (g) or (h)
of Section 8.01, or (B) the Administrative Agent is applying the proceeds of Collateral in accordance with Section 2.18(f), then the Administrative Agent shall not release its Liens until the Date of Full
Satisfaction. 
 (d) Authorized Release of Subsidiary Loan Party. If the Administrative Agent shall have received a
certificate of a Responsible Officer of the Parent Borrower requesting the release of a Subsidiary Loan Party, certifying that the Administrative Agent is authorized to release such Subsidiary Loan Party because either: (1) the Equity Interest
issued by such Subsidiary Loan Party or the assets of such Subsidiary Loan Party have been disposed of to a non-Loan Party in a transaction permitted by Section 6.05 (or with the
consent of the Required Lenders pursuant to Section 10.02(b)) or (2) such Subsidiary Loan Party has been designated as an Unrestricted Subsidiary in accordance with the designation provisions of the definition of the term
“Unrestricted Subsidiary”; provided that no such release shall occur if such Subsidiary Loan Party continues to be a guarantor in respect of any New Unsecured Notes, Incremental Equivalent Debt, Refinancing Notes or any Refinancing
Junior Loans of any Loan Party or any Permitted Refinancing of any of the foregoing; 
 then the Administrative Agent is irrevocably authorized by the
Secured Parties, without any consent or further agreement of any Secured Party to release the Liens granted to the Administrative Agent to secure the Obligations in the assets of such Subsidiary Loan Party and release such Subsidiary Loan Party from
all obligations under the Loan Documents. To the extent the Administrative Agent is required to execute any release documents in accordance with the immediately preceding sentence, the Administrative Agent shall do so promptly upon request of the
Parent Borrower without the consent or further agreement of any Secured Party; and 
 (e) the Administrative Agent is
authorized to enter into any intercreditor agreement contemplated hereby with respect to Indebtedness that is (i) required or permitted to be subordinated hereunder and/or (ii) secured by Liens and which Indebtedness contemplates an
intercreditor, subordination or collateral trust agreement (any such intercreditor agreement, an “Additional Agreement”), and the parties hereto acknowledge that any Additional Agreement is binding upon them. Each Lender and Issuing
Bank (a) hereby agrees that it will be bound by, and will not take any action contrary to, the provisions of any Additional Agreement and (b) hereby authorizes and instructs the Administrative Agent to enter into any Additional Agreement
and to subject the Liens on the Collateral securing the Obligations to the provisions thereof. The foregoing provisions are intended as an inducement to the Secured Parties to extend credit to the Borrowers, and the Secured Parties are intended
third-party beneficiaries of such provisions and the provisions of any Additional Agreement. 

  
 CREDIT AGREEMENT, Page 153 

 Section 9.11 Perfection by Possession and Control. The Administrative Agent hereby
appoints each of the other Lenders to serve as bailee to perfect the Administrative Agent’s Liens in any Collateral (other than deposit, securities or commodity accounts) in the possession of any such other Lender and each Lender possessing any
such Collateral agrees to so act as bailee for the Administrative Agent in accordance with the terms and provisions hereof. 

Section 9.12 Lender Affiliates Rights. By accepting the benefits of the Loan Documents, any Affiliate of a Lender that is owed any
Obligation is bound by the terms of the Loan Documents. But notwithstanding the foregoing: (a) neither the Administrative Agent, any Lender nor any Loan Party shall be obligated to deliver any notice or communication required to be delivered to
any Lender under any Loan Documents to any Affiliate of any Lender; and (b) no Affiliate of any Lender that is owed any Obligation shall be included in the determination of the Required Lenders or entitled to consent to, reject, or participate
in any manner in any amendment, waiver or other modification of any Loan Document. The Administrative Agent shall not have any liabilities, obligations or responsibilities of any kind whatsoever to any Affiliate of any Lender who is owed any
Obligation. The Administrative Agent shall deal solely and directly with the related Lender of any such Affiliate in connection with all matters relating to the Loan Documents. The Obligation owed to such Affiliate shall be considered the Obligation
of its related Lender for all purposes under the Loan Documents and such Lender shall be solely responsible to the other parties hereto for all the obligations of such Affiliate under any Loan Document. 

Section 9.13 Actions in Concert. Notwithstanding anything contained in any of the Loan Documents, each Borrower, the
Administrative Agent and each Lender hereby agree that (A) no Lender shall have any right individually to realize upon any of the Collateral under any Security Documents or to enforce the guarantee set forth in the Guaranty Agreement, it being
understood and agreed that all powers, rights and remedies under the Guaranty Agreement and the other Security Documents may be exercised solely by the Administrative Agent for the benefit of the Secured Parties in accordance with the terms thereof
and (B) in the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale, the Administrative Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale and
the Administrative Agent, as agent for and representative of the Lenders (but not any Lender or Lenders in its or their respective individual capacities unless the Required Lenders shall otherwise agree in writing), shall be entitled, for the
purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold in any such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any Collateral
payable by the Administrative Agent at such sale. 
 Section 9.14 Certain Canadian Matters. For greater certainty, and without
limiting the powers of the Administrative Agent or any other person acting as an agent, attorney-in-fact or mandatory for the Administrative Agent under this Agreement
or under any of the other Loan Documents, and for the purposes of holding any security granted by a Borrower or any other Loan Party pursuant to the laws of the Province of Quebec to secure payment of any bond issued by a Borrower or any Loan Party,
each Lender hereby irrevocably appoints and authorizes the Administrative Agent to act as the person holding the power of attorney (i.e. “fondé de pouvoir”) (in such capacity, the “Attorney”) of the Lenders
as contemplated under Article 2692 of the Civil Code of Québec, and to enter into, to take and to hold on its behalf, and for its benefit, any hypothec, and to exercise such powers and duties that are conferred upon the Attorney under any
hypothec. Moreover, without prejudice to such appointment and authorization to act as the person holding the power of attorney as aforesaid, each Lender hereby irrevocably appoints and authorizes the Administrative Agent (in such capacity, the
“Custodian”) to act as agent and custodian for 

  
 CREDIT AGREEMENT, Page 154 

 
and on behalf of the Lenders to hold and be the sole registered holder of any bond which may be issued under any hypothec, the whole notwithstanding Section 32 of An Act respecting the
special powers of legal persons (Quebec) or any other applicable law, and to execute all related documents. Each of the Attorney and the Custodian shall: (a) have the sole and exclusive right and authority to exercise, except as may be
otherwise specifically restricted by the terms hereof, all rights and remedies given to the Attorney and the Custodian (as applicable) pursuant to any hypothec, bond, pledge, applicable laws or otherwise, (b) benefit from and be subject to all
provisions hereof with respect to the Administrative Agent mutatis mutandis, including, without limitation, all such provisions with respect to the liability or responsibility to and indemnification by the Lenders, and (c) be entitled to
delegate from time to time any of its powers or duties under any hypothec, bond, or pledge on such terms and conditions as it may determine from time to time. Any person who becomes a Lender shall, by its execution of an Assignment and Assumption,
be deemed to have consented to and confirmed: (i) the Attorney as the person holding the power of attorney as aforesaid and to have ratified, as of the date it becomes a Lender, all actions taken by the Attorney in such capacity, and
(ii) the Custodian as the agent and custodian as aforesaid and to have ratified, as of the date it becomes a Lender, all actions taken by the Custodian in such capacity. The Substitution of the Administrative Agent pursuant to the provisions of
this Article 8 shall also constitute the substitution of the Attorney and the Custodian. 
 ARTICLE X 

Miscellaneous 

Section 10.01 Notices. Except in the case of notices and other communications expressly permitted to be given by telephone or
other means, all notices and other communications provided for herein shall be in writing and (to the extent permitted by the applicable notice provision) shall be delivered by hand or overnight courier service, mailed by certified or registered
mail or sent by telecopy or email, as follows: 
 (i) if to the Parent Borrower or any other Loan Party, to it at 251
O’Connor Ridge Boulevard, Suite 300, Irving, Texas 75038, Attention of John O. Muse, Chief Financial Officer, (Telecopy No.: 972.281.4449); email: JMuse@darlingii.com, with a copy to Brad Phillips, Vice President and Treasurer (Telecopy:
972.281.4449); email: bphillips@darlingii.com. 
 (ii) if to the Administrative Agent, for notice regarding a Multicurrency
Revolving Loan, to J.P. Morgan Europe Limited, Loans Agency, 6th Floor, 25 Bank Street, Canary Wharf, London, El 4 5JP, Attention: Loans. Agency; Fax: +44 (0)207 777 2360; email: loan_and_agency_london@jpmorgan.com. 

(iii) if to the Administrative Agent, for any other notice
herein (other than updates to the list of Disqualified Institutions), to JPMorgan
Chase Bank, N.A., Loan and Agency Services Group, 10 S. Dearborn – IL1-0010, Chicago, IL 60603; attention: Sherese Cork; Telephone: 312.732.4843; Telecopy: 888-303-9732; email: jpm.agency.servicing.1@jpmchase.com with a copy to JPMorgan Chase Bank, N.A., 2200 Ross Avenue, Third Floor, Dallas, Texas 75201, Attention: Gregory T. Martin, Telephone: 214.965.2171;
Telecopy: 214.965.2044; email: gregory.t.martin@jpmorgan.com. 
 (iv)
if to the Administrative Agent, for any update to the list of Disqualified Institutions: to JPMDQ_Contact@jpmorgan.com, with a
copy (which shall not constitute notice) to the contacts set forth in clause (ii) above. 

(ivv) if to any other Lender, to it at its address (or telecopy number) set forth in its
Administrative Questionnaire. 

  
 CREDIT AGREEMENT, Page 155 

 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable
Lender. Each of the Administrative Agent or each Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of
such procedures may be limited to particular notices or communications. Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other
communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

Each Loan Party understands that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and
other risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution, except to the extent caused by the gross negligence, bad faith or willful misconduct of, or a material breach of any
obligations under the Loan Documents by, any agent hereunder, as determined by a final, non-appealable judgment of a court of competent jurisdiction. The Platform and any Approved Electronic Communications are
provided “as is” and “as available” and none of the agents party hereto nor any of their Related Parties warrant the accuracy, adequacy, or completeness of the Approved Electronic Communications or the Platform and each expressly
disclaims liability for errors or omissions in the Platform and the Approved Electronic Communications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects is made by the agents party hereto nor any of their Related Parties in connection with the Platform or the Approved Electronic
Communications. 
 Section 10.02 Waivers; Amendments. 

(a) No Waiver; Rights Cumulative. No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in
exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and
are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) of this Section 10.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the
making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 

(b) Amendments. Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived,
amended or modified except (i) pursuant to an Incremental Assumption Agreement executed in accordance with the terms and conditions of Section 2.20 and (ii) in the case of this Agreement and any circumstance other
than as described in clause (i) pursuant to an agreement or agreements in writing entered into by or with the 

  
 CREDIT AGREEMENT, Page 156 

 
consent of the Borrowers and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the
Loan Party or Loan Parties that are parties thereto in each case with the consent of the Required Lenders; provided that no such agreement shall, (A) without the written consent of each Lender directly and adversely affected thereby (but
not the Required Lenders) (1) increase the Commitment of any Lender (it being understood that a waiver of any condition precedent in Section 4.01, Section 4.03 or
Section 4.04 or the waiver of any Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall not be an increase of a Commitment of any Lender), (2) reduce the principal amount of any Loan
or LC Disbursement or reduce the rate of interest thereon (other than interest accruing pursuant to Section 2.13(c) or a waiver thereof), extend the scheduled date of any interim amortization of any Loan or reduce any fees payable hereunder,
(it being understood that any change to the definition of “Total Leverage Ratio” or in the component definitions thereof shall not constitute a reduction in the rate of interest or fees thereon), (3) postpone the scheduled date of payment
of any interest on any Loan or LC Disbursement (other than interest accruing pursuant to Section 2.13(c) or a waiver thereof), or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, (4) postpone the
final scheduled date of payment of the principal amount of any Loan or LC Disbursement, (5) postpone the scheduled date of expiration of any Commitment (it being understood that a waiver of any condition precedent in
Section 4.01, Section 4.03 or Section 4.04 or the waiver of any Default or Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall not be an
extension of a Commitment of any Lender), or (6) change the currency in which any Loan or Commitment of any Lender is denominated without the written consent of such Lender (it being understood that designations of additional Alternative
Currencies in accordance with the definition thereof shall not constitute a change of currency for purposes of this clause (6)), (B) waive any condition precedent in Section 4.03 without the consent of the
Required TLB Lenders and (C) without the written consent of each Lender (1) change any of the provisions of this Section or the definition of “Required Lenders,”, “Required TLA/RC Lenders” or “Required TLB
Lenders” (or for the avoidance of doubt any provision that requires the consent of all Lenders or all directly affected Lenders) (2) release all or substantially all of the value of the Guarantees of the Obligations by the Subsidiary Loan
Parties (it being understood that the Foreign Collateral Reallocation shall not be deemed a release of Guarantees), (3) release all or substantially all of the Collateral from the Liens of the Security Documents (it being understood that
(A) the determination that any assets acquired after the Effective Date shall not constitute Collateral and (B) the Foreign Collateral Reallocation, in each case, shall not be deemed a release of Collateral) or (4) change
Section 2.18(b), (c) or (f) in a manner that would alter the pro rata sharing of payments required thereby (except that modifications to such pro rata sharing provisions in connection with (x) loan buy back or
similar programs, (y) “amend and extend” transactions or (z) adding one or more tranches of Loans (which may but are not required to be new money tranches of Loans), which, in each case, shall only require the written consent of the
Required Lenders and each Lender participating in such transaction); provided further that (1) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the
Swingline Lender without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be, and (2) notwithstanding the terms of clause (ii) above, any waiver, amendment or
modification of this Agreement that by its terms affects the rights or duties under this Agreement of the Revolving Lenders and/or the Term A Lenders (but not the Term B Lenders) or the Term B Lenders (but not the Revolving Lenders and/or the Term A
Lenders) may be effected by an agreement or agreements in writing entered into by the Borrowers and requisite percentage in interest of the affected Class of Lenders. 

  
 CREDIT AGREEMENT, Page 157 

 Notwithstanding anything in this Agreement (including, without limitation, this
Section 10.02(b)) or any other Loan Document to the contrary, (i) this Agreement and the other Loan Documents may be amended to effect an incremental facility or refinancing facility pursuant to Section 2.20 or
2.22 (and the Administrative Agent and the Borrowers may effect such amendments to this Agreement and the other Credit Documents without the consent of any other party as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent and the Parent Borrower, to effect the terms of any such incremental facility or refinancing facility); (ii) no Lender consent is required to effect any amendment or supplement to any intercreditor agreement or arrangement
permitted under this Agreement that is for the purpose of adding the holders of any Indebtedness as expressly contemplated by the terms of such intercreditor agreement or arrangement permitted under this Agreement, as applicable (it being understood
that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent, are required to effectuate the foregoing and provided that such other
changes are not adverse, in any material respect, to the interests of the Lenders); provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder or under
any other Loan Document without the prior written consent of the Administrative Agent; (iii) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by the Borrowers and the
Administrative Agent to cure any ambiguity, omission, mistake, defect or inconsistency and such amendment shall be deemed approved by the Lenders if the Lenders shall have received at least five (5) Business Days’ prior written notice of
such change and the Administrative Agent shall not have received, within five (5) Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment;
and (iv) guarantees, collateral documents and related documents executed by Loan Parties in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be, together with any other Loan Document,
entered into, amended, supplemented or waived, without the consent of any other person, by the applicable Loan Party or Loan Parties and the Administrative Agent in its sole discretion, to (A) effect the granting, perfection, protection,
expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, (B) as required by local law to give effect to, or protect any security interest for the
benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable requirements of law, or (C) to cure ambiguities, omissions, mistakes or defects or to cause such guarantee, collateral security
document or other document to be consistent with this Agreement and the other Loan Documents. 
 Notwithstanding the foregoing, only the
consent of the Required TLA/RC Lenders shall be required to (and only the Required TLA/RC Lenders shall have the ability to) waive, amend, supplement or modify the covenants set forth in Sections 7.01, 7.02 and 7.03
(including any defined terms as they relate thereto). 
 Section 10.03 Expenses; Indemnity; Damage Waiver. 

(a) Expenses. Each Borrower shall pay, within 30 days of a written demand therefor (together with reasonable backup
documentation supporting such reimbursement request), (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the
reasonable fees, charges and disbursements of counsel (limited to one primary counsel for the Administrative Agent and the Lenders, taken as a whole, and one additional counsel in each relevant material jurisdiction), in connection with the
syndication of the credit facilities provided for herein, the preparation, execution, delivery and administration of the Loan Documents or any amendments, modifications or waivers of the provisions thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), in connection with the enforcement or protection of its rights in connection with the Loan Documents, including its rights under this Section 10.03, or in connection
with the Loans made 

  
 CREDIT AGREEMENT, Page 158 

 
or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit; (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the
Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of counsel (limited to one counsel to the Administrative Agent and the Lenders, taken as a whole, one additional counsel in each jurisdiction in
which any Collateral is located or any proceedings are held and, in the case of an actual or perceived conflict of interest, one additional counsel to the Lenders, taken as a whole), in connection with the enforcement or protection of its rights in
connection with the Loan Documents, including its rights under this Section 10.03, or in connection with the Loans made or Letters of Credit issued hereunder. 

(b) Indemnity. EACH BORROWER SHALL INDEMNIFY THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND EACH LENDER, AND EACH
RELATED PARTY OF ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, LIABILITIES AND RELATED EXPENSES, INCLUDING THE
FEES, CHARGES AND DISBURSEMENTS OF ANY COUNSEL FOR ANY INDEMNITEE (LIMITED TO ONE COUNSEL TO THE INDEMNITEES, TAKEN AS A WHOLE, AND ONE ADDITIONAL COUNSEL IN EACH JURISDICTION IN WHICH ANY COLLATERAL IS LOCATED OR ANY PROCEEDINGS ARE HELD AND, IN
THE CASE OF AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST, ONE ADDITIONAL COUNSEL TO THE INDEMNITEES, TAKEN AS A WHOLE), INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (I) THE SYNDICATION OF THE
COMMITMENTS OR THE LOANS, THE EXECUTION OR DELIVERY OF ANY LOAN DOCUMENT OR ANY OTHER AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY, THE PERFORMANCE BY THE PARTIES TO THE LOAN DOCUMENTS OF THEIR RESPECTIVE OBLIGATIONS THEREUNDER OR THE CONSUMMATION OF
THE TRANSACTIONS, ANY OTHER ACQUISITION PERMITTED HEREBY OR ANY OTHER TRANSACTIONS CONTEMPLATED HEREBY, (II) ANY LOAN OR
LETTER OF CREDIT OR THE USE OF THE PROCEEDS THEREFROM (INCLUDING ANY REFUSAL BY THE ISSUING BANK TO HONOR A DEMAND FOR PAYMENT UNDER A LETTER OF CREDIT IF THE DOCUMENTS PRESENTED IN CONNECTION WITH SUCH DEMAND DO NOT STRICTLY COMPLY WITH THE TERMS
OF SUCH LETTER OF CREDIT), (III) ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON OR FROM ANY PROPERTY CURRENTLY OR FORMERLY OWNED OR OPERATED BY THE PARENT BORROWER OR ANY OF ITS SUBSIDIARIES, OR ANY ENVIRONMENTAL LIABILITY
RELATED IN ANY WAY TO THE PARENT BORROWER OR ANY OF ITS SUBSIDIARIES, OR (IV) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY AND
REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES RESULTED FROM THE GROSS
NEGLIGENCE, BAD FAITH OR WILLFUL MISCONDUCT OF, OR A MATERIAL BREACH OF ANY OBLIGATION UNDER THE LOAN DOCUMENTS BY, SUCH INDEMNITEE AS DETERMINED BY A FINAL, NON-APPEALABLE JUDGEMENT OF A COURT OF COMPETENT
JURISDICTION OR ANY DISPUTE SOLELY AMONG THE 

  
 CREDIT AGREEMENT, Page 159 

 
INDEMNITEES (OTHER THAN A COMMITMENT PARTY, AN ARRANGER OR THE ADMINISTRATIVE AGENT ACTING IN THEIR RESPECTIVE CAPACITY AS SUCH) AND NOT ARISING OUT OF ANY ACT OR OMISSION OF THE PARENT BORROWER,
ROTHSAY, THE ROTHSAY SELLER, THE VION SELLER OR ANY OF THEIR AFFILIATES OR RELATED TO THE PRESENCE OR RELEASE OF HAZARDOUS MATERIALS OR VIOLATIONS OF ENVIRONMENTAL LAWS THAT FIRST OCCUR AT A PROPERTY OWNED OR LEASED BY PARENT BORROWER OR ITS
SUBSIDIARIES AFTER SUCH PROPERTY IS TRANSFERRED TO AN INDEMNITEE OR ITS SUCCESSORS OR ASSIGNS BY WAY OF A FORECLOSURE, DEED–IN–LIEU OF FORECLOSURE OR SIMILAR TRANSFER. NOTWITHSTANDING THE FOREGOING, EACH INDEMNITEE SHALL BE OBLIGATED TO
REFUND AND RETURN ANY AND ALL AMOUNTS PAID BY YOU UNDER THIS PARAGRAPH TO SUCH INDEMNITEE FOR ANY SUCH FEES, EXPENSES OR DAMAGES TO THE EXTENT SUCH INDEMNIFIED PERSON IS NOT ENTITLED TO PAYMENT OF SUCH AMOUNT IN ACCORDANCE WITH THE TERMS HEREOF.

 (c) Lender’s Agreement to Pay. To the extent that any Borrower fails to pay any amount required to be paid by
it to the Administrative Agent, the Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section 10.03, each Lender severally agrees to pay to the Administrative Agent, the Issuing Bank
or the Swingline Lender, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense
or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity as such. For purposes hereof, a
Lender’s “pro rata share” shall be determined based upon its share of the sum of the total Revolving Exposures, outstanding Term Loans and unused Commitments at the time. 

(d) Waiver of Damages. To the extent permitted by applicable law, none of parties hereto shall assert, and each hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, any Loan Document or any
agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

(e) Payment. Unless otherwise specified, all amounts due under this Section 10.03 shall be
payable not later than 30 days after written demand therefor. 
 Section 10.04 Successors and Assigns. 

(a) Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrowers may not assign or otherwise transfer any of their rights
or obligations hereunder without the prior written consent of each Lender except as otherwise permitted under Section 6.03 (and any attempted assignment or transfer by any Borrower without such consent shall be null and
void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 10.04. Nothing in this Agreement, expressed or implied, shall be construed to confer upon
any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit and any Secured Party related to any

  
 CREDIT AGREEMENT, Page 160 

 
Lender), Participants (to the extent provided in paragraph (c) of this Section 10.04) and, to the extent expressly contemplated hereby, the Secured Parties
and other Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders), any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignment. (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to
one or more assignees (except to
any natural person, any Defaulting Lender or any Disqualified Institution (it being understood assignments to the Parent Borrower, any and its
Subsidiaryies or a Disqualified Institution (to the extent a list of Disqualified Institutions has been posted to all Lenders) or any readily
identifiable Affiliate of such Disqualified Institutionshall be made in accordance with paragraph (e) below) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be
unreasonably withheld, delayed or conditioned) of: 
 (A) the Parent Borrower; provided that no consent of the
Parent Borrower shall be required for (1) an assignment of (x) any Revolving Commitment to an assignee that is a Lender with a Revolving Commitment immediately prior to giving effect to such assignment or (y) all or any portion of a
Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund or (2) if an Event of Default under Sections 8.01(a), (b), (g) or (h) exists, an assignment to any other assignee; and provided,
further, that the Parent Borrower shall be deemed to have consented to any such assignment of Term B Loans unless the Parent Borrower shall object thereto by written notice to the Administrative Agent within twelve (12) Business Days after having received notice thereof; 

(B) the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment
of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; and 
 (C) to the extent the
assignment relates to the Revolving Facility, any Issuing Bank that has issued Letters of Credit in an aggregate face amount in excess of $5,000,000. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not be less than (1) $1,000,000 in the case of the Term Facility and (2) $5,000,000 in the case of the Revolving Facility unless each of the Parent Borrower and the
Administrative Agent otherwise consent (such consent not to be unreasonably withheld, delayed or conditioned); 
 (B) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; provided that this clause shall not be construed to prohibit the assignment of a
proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans; 

  
 CREDIT AGREEMENT, Page 161 

 (C) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent); and 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in
which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Loan Parties and their related parties or their
respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

Any assignment by a Lender without the Parent Borrower’s consent to any
Disqualified Institutions who have been identified as such to all Lenders (and any readily identifiable Affiliate of such Disqualified Institutions), or, to the extent the Parent Borrower’s consent is required under the terms hereof (and not
obtained), to any other Person, shall be void ab initio, and the Parent Borrower shall be entitled to seek specific performance to unwind any such assignment or participation in addition to any other remedies available to the Parent
Borrower at law or at equity. 
 The amount transferred to a new lender or
transferee in relation to a Loan or Commitment made to a Dutch Borrower shall be at least €100,000 (or its equivalent in another currency) or, if it is less, the new lender
or transferee shall confirm in writing to such Dutch Borrower that it, the new lender or transferee, is a professional market party within the meaning of the Dutch FSA. 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this
Section 10.04, from and after the effective date specified in each Assignment and Assumption, the
Eligible
aAssignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement (including with respect to
any Ancillary Facility), and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and
10.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.04 shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with paragraph (c) of this Section 10.04. 

(iv) The Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices a
copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent, the Issuing Bank and the Lenders shall
treat each Person whose name is recorded in the Register pursuant to the 

  
 CREDIT AGREEMENT, Page 162 

 
terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by any Borrower, the Issuing Bank and
any Lender, at any reasonable time and from time to time upon reasonable prior notice (it being understood that no Lender shall be entitled to view any information in the Register except such information contained therein with respect to the
Class and amount of Obligations owing to such Lender). 
 (v) Upon its receipt of a duly completed Assignment and
Assumption executed by an assigning Lender and an Eligible aAssignee,
 the Eligible aAssignee’s
 completed Administrative Questionnaire (unless the Eligible aAssignee
 shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section 10.04 and any written consent to such assignment required by paragraph (b) of
this Section 10.04, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the Eligible
aAssignee shall have failed to make any payment required to be made by it pursuant to Sections 2.04(c), 2.05(d) or (e), 2.06(b), 2.18(c) or (d) or 10.03(c), the
Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No
assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph (v). 

(c) Participations. (i) Any Lender may, without the consent of any other Person, sell participations to one or more
banks or other entities (except natural persons, the Parent Borrower,
and any Subsidiary or a Disqualified Institution (to the extent a list of Disqualified Institutions has been posted to all Lenders) or any readily identifiable Affiliate of such Disqualified
Institution)) (except as set forth in Section 10.04(f) below) (a
“Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrowers, the Administrative Agent, the Issuing Bank
and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 10.02(b) that affects such Participant. Subject to paragraph (c)(ii) of this
Section 10.04, each Borrower agrees that each Participant shall be entitled to the benefits of, and subject to the limitations of, Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to paragraph (b) of this Section 10.04. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 10.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. 

Any participation by a Lender without the Parent Borrower’s consent to
any Disqualified Institutions who have been identified as such to all Lenders or, to the extent the Parent Borrower’s consent is required under the terms hereof (and not obtained), to any other Person, shall be void ab initio, and the Parent
Borrower shall be entitled to seek specific performance to unwind any such assignment or participation in addition to any other remedies available to the Parent Borrower at law or at equity.

  
 CREDIT AGREEMENT, Page 163 

 (ii) Each Lender that sells a participation, acting solely for this purpose as a non-fiduciary agent of the Borrowers solely for United States federal tax purposes, shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the
Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under this Agreement or any other Loan
Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United
States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender, each Loan Party and the Administrative Agent shall treat each person whose name is recorded in the Participant Register
pursuant to the terms hereof as the owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary. 

(d) Pledge. Any Lender may, in accordance with applicable law, at any time pledge or assign a security interest in all
or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority, and this
Section 10.04 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto. 
 (e)
Dutch Auction/Open Market Purchases. Notwithstanding anything else to the contrary contained in this Agreement, any Lender may
assign all or a portion of its Term Loans to the Parent Borrower or any Subsidiary (collectively, “Affiliated Lenders”) on a non-pro rata basis (i) through “Dutch auctions” open to all Lenders holding the relevant Term Loans, on
a pro rata basis or (ii) through open market purchases, in each case with respect to clauses (i) and (ii), without the consent of the Administrative Agent or any other Person; provided that:

 (i) with respect to any assignment to an Affiliated Lender, no Default has occurred or is
continuing at the time of acceptance of bids for the “Dutch auction” or entry into a binding agreement with respect to open market purchases; 

(ii) the assigning Lender and Affiliated Lender purchasing such Term Loans, as applicable, shall
execute and deliver to the Administrative Agent an assignment and assumption consistent with the terms of this Section 10.04(e);

(iii) for the avoidance of doubt, Lenders shall not be permitted to assign Revolving Commitments or Revolving Loans to any Affiliated Lender; 

(iv) any Term Loans assigned to any Affiliated Lender shall be automatically and permanently
cancelled upon the effectiveness of such assignment and will thereafter no longer be outstanding for any purpose hereunder; 

(v) any purchases or assignments of Loans by an Affiliated Lender made through “Dutch
auctions” shall be conducted pursuant to procedures to be established by the Administrative Agent and the Parent Borrower that are consistent with Section 10.04(e); and 

  
 CREDIT AGREEMENT, Page 164 

(vi) no Affiliated Lender shall be required to represent or warrant that it is not in possession
of material non-public information with respect to any Borrower and/or any Subsidiary thereof and/or their respective securities in connection with any assignment or purchase permitted by this Section 10.04(e). 

(f)
 Disqualified Institutions; Non-Qualified Persons. 

(i)
 No assignment or participation shall be made to any Person that was a Disqualified
Institution as of the date (the “Trade Date”) on which the assigning or participating, as applicable, Lender entered into a binding agreement to sell and assign or participate in all or a portion of its rights and obligations under this
Agreement to such Person (unless the Parent Borrower has consented to such assignment in writing in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose of such assignment or
participation). For the avoidance of doubt,
with respect to any assignee that becomes a Disqualified Institution after the applicable Trade Date (including as a result of the
delivery of a notice pursuant to, and/or the expiration of the notice period referred to in, the definition of
“Disqualified Institution”), (x) such assignee shall not retroactively be disqualified from becoming a Lender and (y) the execution by any Borrower of an Assignment and Assumption with respect to such assignee will not by itself
result in such assignee no longer being considered a Disqualified Institution. Any assignment in violation of this clause (f)(i) shall not be void, but the other provisions of this clause (f) shall apply. 

(ii)
 If any assignment or participation is made to any Disqualified Institution without
the Parent Borrower’s prior written consent in violation of clause (f)(i) above or to any Affiliate of a Disqualified Institution, or if any Person becomes a Disqualified Institution or an Affiliate thereof after the applicable Trade Date, the
Parent Borrower may upon notice to the applicable Disqualified Institution or Affiliate and the Administrative Agent, (A) terminate any Revolving Commitment of such Disqualified Institution or Affiliate and cause the relevant Borrower to repay all
Loan Obligations owing to such Disqualified Institution or Affiliate in connection with such Revolving Commitment, (B) in the case of any outstanding Term Loans held by Disqualified Institutions or their respective Affiliates, purchase or prepay (or
cause the relevant Borrower to purchase or prepay) such Term Loan by paying the lowest of (x) the par value of the principal amount thereof, (y) the amount that such Disqualified Institution or its Affiliate paid to acquire such Term Loans and (z)
the most recent trading price of such Term Loans, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder on such Loans and/or (C) require such Disqualified Institution or
Affiliate to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 10.04), all of its interest, rights and obligations under this Agreement to one or more assignees at the lowest of (x) the par value
of the principal amount thereof, (y) the amount that such Disqualified Institution or its Affiliates paid to acquire such Revolving and/or Term Loans and (z) the most recent trading price of such Revolving and/or Term Loans, in each case plus
accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder in respect thereof; provided that if any Lender (including any Disqualified Institution or Affiliate thereof) does not execute and deliver an
Assignment and Assumption to the Administrative Agent by the later of (a) the date the replacement Lender executes and delivers such Assignment and Assumption to the Administrative Agent and (b) the date as of which the Disqualified Institution
or Affiliate shall be paid by the assignee lender (or, at its option, a Borrower) the amount required pursuant to this Section 10.04(f)(ii),

  
 CREDIT AGREEMENT, Page 165 

 
then such Disqualified Lender or such Affiliate shall be deemed to have executed
and delivered such Assignment and Assumption and consented to the Administrative Agent effectuating any assignment in full of such Lender’s interests hereunder and taking any such actions as appropriate to facilitate the foregoing. 

(iii)
 Notwithstanding anything to the contrary contained in this Agreement, Disqualified
Institutions or any of their Affiliates (A) will not (x) have the right to receive information, reports or other materials provided to Lenders by or on behalf of the Borrowers or their respective Subsidiaries, the Administrative Agent or any other
Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative Agent, or (z) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the
Administrative Agent or the Lenders and (B) (x) for purposes of any consent to any waiver, amendment or consent, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender
to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each
Disqualified Institution or its Affiliates, as applicable, will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such matter, and (y) for purposes of voting on any plan of
reorganization or plan of liquidation pursuant to any Debtor Relief Laws, each Disqualified Institution or its Affiliates, as applicable, party hereto hereby agrees (1) not to vote on such plan of reorganization or plan of liquidation pursuant to
any Debtor Relief Laws, (2) if such Disqualified Institution or its Affiliates, as applicable, does vote on such plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws notwithstanding the restriction in the foregoing
clause (1), such vote will be deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall not be counted
in determining whether the applicable class has accepted or rejected such plan in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (3) not to contest any request by any
party for a determination by the Bankruptcy Court (or other applicable court of competent jurisdiction) effectuating the foregoing clause (2). 

(iv)
 The Administrative Agent shall have the right, and the Parent Borrower hereby
expressly authorizes the Administrative Agent, to provide the list of Disqualified Institutions provided by the Parent Borrower and any updates thereto from time to time (collectively, the “DQ List”) to each Lender requesting the same and
such lenders may so provide the DQ List to any potential assignees or participants on a confidential basis. 

(v)
 For the avoidance of doubt, the provisions in Section 10.04(f)(ii), (iii) and (iv)
applicable to Affiliates of Disqualified Institutions shall not apply to Bona Fide Debt Funds, unless such Bona Fide Debt Fund is otherwise a Disqualified Institution pursuant to the definition thereof. 
 Section 10.05 Survival. All covenants, agreements, representations and warranties
made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties
hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the
Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder. The provisions of Sections 2.15, 2.16,
2.17 and 10.03 and 

  
 CREDIT AGREEMENT, Page 166 

 
Article IX shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or
termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. For the avoidance of doubt, if any entity ceases to be a Lender under this Agreement pursuant to an Assignment and Acceptance,
such entity shall be entitled to the benefits of the surviving provisions in the previous sentence but only with respect to the period during which such entity was a Lender under this Agreement. 

Section 10.06 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ANY SEPARATE LETTER AGREEMENTS WITH RESPECT TO FEES
PAYABLE TO THE ADMINISTRATIVE AGENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY AND ALL PREVIOUS COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER ORAL OR WRITTEN,
RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when
taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Delivery of an executed counterpart
of a signature page of this Agreement by telecopy or email or other electronic means (including a “.pdf” or “.tif” file) shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 10.07 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 Section 10.08 Right of
Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Borrower against any of and all the Loan Obligations
held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each party exercising rights under this Section 10.08 shall
promptly notify the applicable Borrower (with a copy to the Administrative Agent) after any such exercise; provided that the failure to give such notice shall not effect the validity of such right. The rights of each Lender under this Section
are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
 Section 10.09
Governing Law; Jurisdiction; Consent to Service of Process. 
 (a) Governing Law. This Agreement shall be
construed in accordance with and governed by the law of the State of New York without regard to conflicts of law principles; provided that (a) the
interpretation of the definition of “Rothsay Material Adverse Effect” (and whether or not a Rothsay Material Adverse Effect has occurred), (b) the determination of the

  
 CREDIT AGREEMENT, Page 167 

 
accuracy of any Acquisition Agreement Representation and whether as a result of any inaccuracy thereof either
the Parent Borrower or its applicable Affiliate has the right to terminate its
obligations under the Rothsay Acquisition Agreement or to decline to consummate the Acquisition and (c) the determination of whether the Rothsay Acquisition has been consummated in accordance with the terms of the Rothsay Acquisition Agreement
and, in any case, claims or disputes arising out of any such interpretation or determination or any aspect thereof shall, in each case, be governed by, and construed in accordance with, the laws of the Province of Ontario, regardless of the laws
that might otherwise govern under applicable principles of conflicts of laws thereof; provided further that the determination of whether the Vion Acquisition has been
consummated in accordance with the terms of the Vion Acquisition Agreement and, in any case, claims or disputes arising out of any such interpretation or determination or any aspect thereof shall, in each case, be governed by, and construed in
accordance with, the laws of The Netherlands, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws
thereof.. 

(b) Jurisdiction. EACH LENDER, EACH LOAN PARTY AND THE ADMINISTRATIVE AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO ANY LOAN DOCUMENT (EXCLUDING THE ENFORCEMENT OF THE SECURITY DOCUMENTS TO THE EXTENT SUCH SECURITY DOCUMENTS EXPRESSLY PROVIDE OTHERWISE), OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF SUCH PARTIES HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF SUCH PARTIES HERETO AGREES THAT
A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW;
PROVIDED, THAT WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THE ROTHSAY ACQUISITION AGREEMENT OR VION ACQUISITION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND WHICH DO NOT INVOLVE CLAIMS AGAINST THE COMMITMENT PARTIES, THE ADMINISTRATIVE AGENT, ANY ISSUING BANK, THE LENDERS OR THEIR
AFFILIATES, THIS SENTENCE SHALL NOT OVERRIDE ANY JURISDICTION PROVISION SET FORTH IN THE VION ACQUISITION AGREEMENT OR THE ROTHSAY ACQUISITION AGREEMENT,
RESPECTIVELY.. 

(c) Venue. Each Loan Party and each other party to this Agreement hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court
referred to in paragraph (b) of this Section 10.09. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court. 
 (d) Service of Process. Each Loan Party and each other party to this
Agreement irrevocably appoints the Parent Borrower as its agent for service of process and consents to service of process in the manner provided for notices in Section 10.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this
Agreement to serve process in any other manner permitted by law. 

  
 CREDIT AGREEMENT, Page 168 

 Section 10.10 WAIVER OF JURY TRIAL. EACH LOAN PARTY AND EACH OTHER PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH LOAN PARTY AND EACH OTHER PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THE LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 10.10. 
 Section 10.11 Headings. Article and Section headings and the Table of Contents
used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 10.12 Confidentiality. Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed: (a) to its Related Parties, including accountants, legal counsel and other advisors on a “need-to-know” basis (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential and the Administrative Agent, the Issuing Bank and the Lenders shall be responsible for the compliance with this paragraph by its Related Parties), (b) to the extent requested by any Governmental Authority, (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process (in which case, to the extent permitted by law, the party in receipt of such request shall promptly inform the Parent Borrower in advance other than in connection
with any examination of the financial condition or other routine examination of such Lender), (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to
this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions not less restrictive than those of this Section 10.12, to (i) any Eligible
aAssignee of or Participant in, or any prospective Eligible
aAssignee of or Participant in, any of its rights or obligations under this Agreement (but excluding any Disqualified Institution (to the
extent a list of Disqualified Institutions has been posted to all Lenders) or any readily identifiable Affiliate of such Disqualified
Institution)it being understood the DQ List may be shared in accordance with Section 10.04(f)(iv)) or (ii) any actual or prospective direct or indirect counterparty (or its advisors) to any swap or derivative transaction relating to any Loan Party and its obligations, (g) with the written consent of
the Parent Borrower (h) to the extent such Information becomes publicly available other than as a result of a breach of this Section 10.12 or (i) to any rating agency when required by it, provided that,
prior to any disclosure, such rating agency shall undertake to preserve the confidentiality of any confidential Information relating to the Loan Parties received by it from such Person. In addition, the Administrative Agent and the Lenders may
disclose the existence of this Agreement and any customary information about this Agreement required for league table or similar credit. For the purposes of this Section, “Information” means all information received from the Borrowers
relating to the Borrowers or their business. Any Person required to maintain the confidentiality of Information as provided in this Section 10.12 shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. EACH LENDER 

  
 CREDIT AGREEMENT, Page 169 

 
ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THIS SECTION FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING
THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE
SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS,
FURNISHED BY ANY BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT
THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO EACH BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE
INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. Notwithstanding anything in this Section 10.12 to the
contrary, (x) to the extent any legal counsel, independent auditors, professionals
and other experts or agents of a Lender receives any Information, such legal counsel, independent auditors, professionals and other experts or agents shall sign an undertaking that they will treat such Information as confidential (subject to certain
customary exceptions) unless there are established and enforceable codes of professional conduct governing the confidential treatment of such Information so
received.
and (y) in no event shall any disclosure of any Information be made to a Person that is a Disqualified Institution at the
time of disclosure (except to the extent set forth in clauses (c) or (f)(i)
(solely with respect to the
DQ List as set forth above) above). 

Section 10.13 Maximum Interest Rate. 

(a) Limitation to Maximum Rate; Recapture. No interest rate specified in any Loan Document shall at any time exceed the
Maximum Rate. If at any time the interest rate (the “Contract Rate”) for any obligation under the Loan Documents shall exceed the Maximum Rate, thereby causing the interest accruing on such obligation to be limited to the Maximum
Rate, then any subsequent reduction in the Contract Rate for such obligation shall not reduce the rate of interest on such obligation below the Maximum Rate until the aggregate amount of interest accrued on such obligation equals the aggregate
amount of interest which would have accrued on such obligation if the Contract Rate for such obligation had at all times been in effect. As used herein, the term “Maximum Rate” means, at any time with respect to any Lender, the
maximum rate of nonusurious interest under applicable law that such Lender may charge applicable Borrower. The Maximum Rate shall be calculated in a manner that takes into account any and all fees, payments, and other charges contracted for,
charged, or received in connection with the Loan Documents that constitute interest under applicable law. Each change in any interest rate provided for herein based upon the Maximum Rate resulting from a change in the Maximum Rate shall take effect
without notice to any Borrower at the time of such change in the Maximum Rate. For purposes of determining the Maximum Rate under Texas law, the applicable rate ceiling shall be the weekly rate ceiling described in, and computed in accordance with,
Chapter 303 of the Texas Finance Code. 
 (b) Cure Provisions. No provision of any Loan Document shall require the
payment or the collection of interest in excess of the Maximum Rate. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan
transaction, the provisions of this Section 10.13 shall 

  
 CREDIT AGREEMENT, Page 170 

 
govern and prevail and neither any Borrower nor the sureties, guarantors, successors, or assigns of any Borrower shall be obligated to pay the excess amount of such interest or any other excess
sum paid for the use, forbearance, or detention of sums loaned pursuant hereto. In the event any Lender ever receives, collects, or applies as interest any such sum, such amount which would be in excess of the maximum amount permitted by applicable
law shall be applied as a payment and reduction of the principal of the obligations outstanding hereunder, and, if the principal of the obligations outstanding hereunder has been paid in full, any remaining excess shall forthwith be paid to the
applicable Borrower. In determining whether or not the interest paid or payable exceeds the Maximum Rate, each Borrower and each Lender shall, to the extent permitted by applicable law, (a) characterize any
non-principal payment as an expense, fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or
unequal parts the total amount of interest throughout the entire contemplated term of the obligations outstanding hereunder so that interest for the entire term does not exceed the Maximum Rate. 

(c) Chapter 346 of the Texas Finance Code. The provisions of Chapter 346 of the Finance Code of Texas are specifically
declared by the parties hereto not to be applicable to this Agreement or to the transactions contemplated hereby. 
 (d)
Canadian Interest Limitation. Notwithstanding anything in this Section 10.13 or otherwise in this Agreement, the provisions of this clause (d) shall apply to the Canadian Loan Parties. If any provision of
this Agreement or of any of the other Loan Documents would obligate any Canadian Loan Party to make any payment of interest or other amount payable to the Lenders in an amount or calculated at a rate which would be prohibited by law or would result
in a receipt by the Lenders of interest at a criminal rate (as such terms are construed under the Criminal Code (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the
maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by the Lenders of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows:
(1) firstly, by reducing the amount or rate of interest required to be paid to the Lenders under Section 2.13, and (2) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid
to the Lenders which would constitute “interest” for purposes of Section 347 of the Criminal Code (Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if the Lenders shall have
received an amount in excess of the maximum permitted by Section 347 of the Criminal Code (Canada), the Canadian Loan Parties shall be entitled, by notice in writing to the Administrative Agent, to obtain reimbursement from the Lenders in an
amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by the Lenders to the Canadian Borrower. Any amount or rate of interest referred to in Section 2.13 shall be
determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the applicable Loan remains outstanding on the assumption that any charges, fees or expenses that fall
within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the Effective Date to the date this Agreement is terminated and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the
Administrative Agent shall be conclusive for the purposes of such determination. 
 Section 10.14 Limitation of Liability. None
of Loan Parties, the Administrative Agent, any Lender, or any of their respective Related Parties shall have any liability with respect to, and each Borrower, the Administrative Agent and each Lender and, by the execution of the Loan Documents to

  
 CREDIT AGREEMENT, Page 171 

 
which it is a party, each other Loan Party, hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, consequential or punitive damages
suffered or incurred by such party in connection with, arising out of, or in any way related to any of the Loan Documents, or any of the transactions contemplated by any of the Loan
Documents; provided that for the avoidance of doubt, the foregoing shall not limit any of the Loan Parties’ indemnity obligations
set forth in Section 10.03. 
 Section 10.15 No Duty. All
attorneys, accountants, appraisers, and other professional Persons and consultants retained by the Administrative Agent or any Lender shall have the right to act exclusively in the interest of the Administrative Agent and the Lenders and shall have
no duty of disclosure, duty of loyalty, duty of care, or other duty or obligation of any type or nature whatsoever to any Borrower, any other Loan Party, any of the Parent Borrower’s shareholders or any other Person. 

Section 10.16 No Fiduciary Relationship. The relationship between the Loan Parties on the one hand and the Administrative Agent,
each other agent party hereto and each Lender on the other is solely that of debtor and creditor, and neither the Administrative Agent, nor any other agent party hereto nor any Lender has any fiduciary or other special relationship with any Loan
Party, and no term or condition of any of the Loan Documents shall be construed so as to deem the relationship between the Loan Parties on the one hand and the Administrative Agent, each other agent party hereto and each Lender on the other to be
other than that of debtor and creditor. In addition, the Administrative Agent, each other agent party hereto and each Lender and their Affiliates may have economic interests that conflict with those of the Loan Parties, their stockholders and/or
their Affiliates. The Loan Parties acknowledge and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are
arm’s-length commercial transactions between the Lenders, on the one hand, and the Loan Parties, on the other, and (ii) in connection therewith (x) no Lender has assumed an advisory or fiduciary
responsibility in favor of any Loan Party, its stockholders or its Affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether
any Lender has advised, is currently advising or will advise any Loan Party, its stockholders or its Affiliates on other matters) or any other obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and
(y) each Lender is acting solely as principal and not as the agent or fiduciary of any Loan Party, its management, stockholders, creditors or any other Person. Each Loan Party acknowledges and agrees that it has consulted its own legal and
financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Loan Party agrees that it will not claim that any
Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Loan Party, in connection with the transactions contemplated hereby. 

Section 10.17 Construction. Each Loan Party, the Administrative Agent and each Lender acknowledges that each of them has had the
benefit of legal counsel of its own choice and has been afforded an opportunity to review the Loan Documents with its legal counsel and that the Loan Documents shall be construed as if jointly drafted by the parties thereto. 

Section 10.18 USA Patriot Act and Canadian Anti-Money Laundering Legislation. 

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

  
 CREDIT AGREEMENT, Page 172 

 (b) Each Borrower acknowledges that, pursuant to the Proceeds of Crime Act and
other applicable anti-money laundering, anti-terrorist financing, government sanction and “know your client” laws in each relevant jurisdiction (collectively, including any guidelines or orders thereunder, “AML
Legislation”), the Lenders may be required to obtain, verify and record information regarding the Borrowers, their respective Related Parties, the Transactions and any other transactions contemplated hereby. The Borrowers shall promptly
provide all such information, including supporting documentation and other evidence, as may be reasonably requested by any Lender, any Issuing Bank or the Administrative Agent, in order to comply with any applicable AML Legislation, whether now or
hereafter in existence. 
 (i) If the Administrative Agent has ascertained the identity of any Borrower or any authorized
signatories of the Borrower for the purposes of applicable AML Legislation, then the Administrative Agent: 
 (A) shall be
deemed to have done so as an agent for each Lender, and this Agreement shall constitute a “written agreement” in such regard between each Lender and the Administrative Agent within the meaning of the applicable AML Legislation; and 

(B) shall provide to each Lender copies of all information obtained in such regard without any representation or warranty as
to its accuracy or completeness. 
 (iiC) Notwithstanding the preceding sentence and except as may otherwise be agreed in
writing, each of the Lenders agrees that the Administrative Agent has no obligation to ascertain the identity of the Borrowers or any authorized signatories of the Borrowers on behalf of any Lender, or to confirm the completeness or accuracy of any
information it obtains from any Borrower or any such authorized signatory in doing so. 
 Section 10.19 Parallel Debt (Covenant to
pay the Administrative Agent). 

(a) Notwithstanding any other provision of this Agreement, each Parallel Debt Loan Party hereby irrevocably and unconditionally
undertakes to pay to the Administrative Agent as creditor in its own right and not as representative of the other Secured Parties, sums equal to and in the currency of each amount payable by such Parallel Debt Loan Party to each of the Secured
Parties under each of the Loan Documents as and when that amount falls due for payment under the relevant Loan Document (the “Parallel Debt”). 

(b) The Administrative Agent shall have its own independent right to demand payment of the amounts payable by each Parallel
Debt Loan Party under this Section 10.19. 
 (c) Any amount due and payable by a Parallel Debt Loan
Party to the Administrative Agent under this Section 10.19 shall be decreased to the extent that the other Secured Parties have received payment in full or in part (which payment has not been rescinded or otherwise required
by any Governmental Authority to be restored or returned) of the 

  
 CREDIT AGREEMENT, Page 173 

 
corresponding amount under the other provisions of the Loan Documents, and any amount due and payable by a Parallel Debt Loan Party to the other Secured Parties under those provisions shall be
decreased to the extent that the Administrative Agent has received payment in full or in part (which payment has not been rescinded or otherwise required by any Governmental Authority to be restored or returned) of the corresponding amount under
this Section 10.19. For the absence of doubt, the Administrative Agent shall not demand payment from a Parallel Debt Loan Party under the Parallel Debt to the extent that such Parallel Debt Loan Party’s corresponding
obligations under the Loan Documents have been irrevocably repaid or, in the case of Guarantee obligations, discharged. 

Section 10.20 Additional Borrowers. The Parent Borrower may designate any wholly-owned Subsidiary as a Borrower under any
Revolving Commitments or any Incremental Facility (an “Additional Borrower”); provided that the Administrative Agent shall be reasonably satisfied that, with respect to any such Subsidiary which is not a Domestic Subsidiary,
the applicable Lenders to such Additional Borrower may make loans and other extensions of credit to such Subsidiary in such person’s jurisdiction of organization in compliance with applicable laws and regulations, without being required or
qualified to do business in such jurisdiction and without being subject to any unreimbursed or unindemnified Taxes or other expense. Such wholly-owned Subsidiary shall become an Additional Borrower and a party to this Agreement, and all references
to the “Borrowers” and “Subsidiary Borrowers” shall also include such Additional Borrower, as applicable, upon (a) the receipt by applicable Additional Borrower becoming a party to this Agreement by delivering to the Administrative Agent of documentation consistent in scope with the documentation set forth in the definition of “Vion Subsidiary Borrower Joinder Date” and (ban executed counterpart to a Foreign Security Agreement and an executed counterpart to a joinder agreement in form and substance reasonably
acceptable to the Administrative Agent to each of this Agreement and the Guaranty Agreement (it being agreed that the Lenders hereby authorize the Administrative Agent to execute and deliver any such joinder agreement),
(b) the Administrative Agent shall have received documents, certificates and other deliverables with respect to the applicable
Additional Borrower consistent in scope with such items delivered pursuant to Sections 4.01(b), (c) (or (d) in the case of Dutch Subsidiary Borrowers)
and (e), as applicable, on the Effective Date with respect to the other Loan Parties and (c) the Lenders being provided with ten
(10) Business
Days’ prior notice (or such shorter period of time as the Administrative Agent shall reasonably agree) of any Additional Borrower being added pursuant to this Section 10.20. This Agreement may be amended as necessary
or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower to effect the provisions of or be consistent with this Section 10.20. Notwithstanding any other provision of this Agreement to
the contrary (including Section 10.02), any such deemed amendment may be memorialized in writing by the Administrative Agent with the Parent Borrower’s consent, but without the consent of any other Lenders, and
furnished to the other parties hereto. 

Section 10.21 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. 

Notwithstanding anything to
the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to
the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a)
 the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)
 the effects of any Bail-In Action on any such liability, including, if
applicable: 
 (i)
a reduction in full or in part or cancellation of any such liability;

  
 CREDIT AGREEMENT, Page 174 

(ii)
 a conversion of all, or a portion of, such liability into shares or other instruments
of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any
rights with respect to any such liability under this Agreement or any other Loan Document; or 

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

Section 11.01 Implementation of CAM. (a) On the CAM Exchange Date, (i) the Commitments shall automatically and without
further act be terminated as provided in Article VIII and (ii) the Lenders shall automatically and without further act (and without regard to the provisions of Section 10.04) be deemed to have exchanged interests in
the Credit Facilities such that in lieu of the interest of each Lender in each Credit Facility in which it shall participate as of such date (including such Lender’s interest in the Specified Obligations of each Loan Party in respect of each
such Credit Facility), such Lender shall hold an interest in every one of the Credit Facilities (including the Specified Obligations of each Loan Party in respect of each such Credit Facility and each LC Reserve Account established pursuant to
Section 11.02 below), whether or not such Lender shall previously have participated therein, equal to such Lender’s CAM Percentage thereof. Each Lender and each Loan Party hereby consents and agrees to the CAM
Exchange, and each Lender agrees that the CAM Exchange shall be binding upon its successors and assigns and any person that acquires a participation in its interests in any Credit Facility. 

(b) As a result of the CAM Exchange, upon and after the CAM Exchange Date, each payment received by the Administrative Agent
pursuant to any Loan Document in respect of the Specified Obligations, and each distribution made by the Administrative Agent pursuant to any Security Documents in respect of the Specified Obligations, shall be distributed to the Lenders pro rata in
accordance with their respective CAM Percentages. Any direct payment received by a Lender upon or after the CAM Exchange Date, including by way of setoff, in respect of a Specified Obligation shall be paid over to the Administrative Agent for
distribution to the Lenders in accordance herewith. 
 Section 11.02 Letters of Credit. (a) In the event that on the CAM
Exchange Date any Letter of Credit shall be outstanding and undrawn in whole or in part, or any amount drawn under a Letter of Credit shall not have been reimbursed by any Borrower or with the proceeds of a Revolving Loan, each Revolving Lender
shall promptly pay over to the Administrative Agent, in immediately available funds and in dollars, an amount equal to such Revolving Lender’s Applicable Percentage (as notified to such Lender by the Administrative Agent) of such Letter of
Credit’s undrawn face amount (or, in the case of any Letter of Credit denominated in a currency other than dollars, the Dollar Equivalent thereof) or (to the extent it has not already done so) such Letter of Credit’s unreimbursed drawing
(or, in the case of any Letter of Credit denominated in a currency other than dollars, the Dollar Equivalent thereof), together with interest thereon from the CAM Exchange Date to the date on which such amount shall be paid to the Administrative
Agent at the rate that would be applicable at the time to an ABR Revolving Loan in a principal amount equal to such amount, as the case may be. The Administrative Agent shall establish a separate account or accounts for each Revolving Lender (each,
an “LC Reserve Account”) for the amounts received with respect to each such Letter of Credit pursuant to the preceding sentence. The 

  
 CREDIT AGREEMENT, Page 175 

 
Administrative Agent shall deposit in each Revolving Lender’s LC Reserve Account such Lender’s CAM Percentage of the amounts received from the Revolving Lenders as provided above. The
Administrative Agent shall have sole dominion and control over each LC Reserve Account, and the amounts deposited in each LC Reserve Account shall be held in such LC Reserve Account until withdrawn as provided in paragraph (b), (c),
(d) or (e) below. The Administrative Agent shall maintain records enabling it to determine the amounts paid over to it and deposited in the LC Reserve Accounts in respect of each Letter of Credit and the amounts on deposit in respect
of each Letter of Credit attributable to each Lender’s CAM Percentage. The amounts held in each Lender’s LC Reserve Account shall be held as a reserve against the LC Exposure, shall be the property of such Lender, shall not constitute
Loans to or give rise to any claim of or against any Loan Party and shall not give rise to any obligation on the part of the Parent Borrower or any other Borrower to pay interest to such Lender, it being agreed that the reimbursement obligations in
respect of Letters of Credit shall arise only at such times as drawings are made thereunder, as provided in Section 2.05. 

(b) In the event that after the CAM Exchange Date any drawing shall be made in respect of a Letter of Credit, the
Administrative Agent shall, at the request of the Issuing Bank, withdraw from the LC Reserve Account of each Revolving Lender any amounts, up to the amount of such Lender’s CAM Percentage of such drawing (or in the case of any drawing under a
Letter of Credit denominated in a currency other than dollars, the Dollar Equivalent of such drawing), deposited in respect of such Letter of Credit and remaining on deposit and deliver such amounts to the Issuing Bank in satisfaction of the
reimbursement obligations of the Revolving Lenders under Section 2.05(e) (but not of the Parent Borrower and the other Borrowers under Section 2.05(f), respectively). In the event any Revolving Lender shall default on its
obligation to pay over any amount to the Administrative Agent in respect of any Letter of Credit as provided in this Section 11.02, the Issuing Bank shall, in the event of a drawing thereunder, have a claim against such
Revolving Lender to the same extent as if such Lender had defaulted on its obligations under Section 2.05(e), but shall have no claim against any other Lender in respect of such defaulted amount, notwithstanding the exchange of interests in
the reimbursement obligations pursuant to Section 11.01. Each other Lender shall have a claim against such defaulting Revolving Lender for any damages sustained by it as a result of such default, including, in the event
such Letter of Credit shall expire undrawn, its CAM Percentage of the defaulted amount. 
 (c) In the event that after the
CAM Exchange Date any Letter of Credit shall expire undrawn, the Administrative Agent shall withdraw from the LC Reserve Account of each Revolving Lender the amount remaining on deposit therein in respect of such Letter of Credit and distribute such
amount to such Lender. 
 (d) With the prior written approval of the Administrative Agent and the Issuing Bank, any Revolving
Lender may withdraw the amount held in its LC Reserve Account in respect of the undrawn amount of any Letter of Credit. Any Revolving Lender making such a withdrawal shall be unconditionally obligated, in the event there shall subsequently be a
drawing under such Letter of Credit, to pay over to the Administrative Agent, for the account of the Issuing Bank on demand, its CAM Percentage of such drawing. 

(e) Pending the withdrawal by any Revolving Lender of any amounts from its LC Reserve Account as contemplated by the above
paragraphs, the Administrative Agent will, at the direction of such Lender and subject to such rules as the Administrative Agent may prescribe for the avoidance of inconvenience, invest such amounts in Permitted Investments. Each Revolving Lender
that has not withdrawn its CAM Percentage of amounts in its LC Reserve Account as provided in paragraph (d) above shall have the right, at intervals reasonably specified by the Administrative Agent, to withdraw the earnings on investments so
made by the Administrative Agent with amounts in its LC Reserve Account and to retain such earnings for its own account. 

  
 CREDIT AGREEMENT, Page 176 

 [Signature Pages Begin on the Next Page] 

  
 CREDIT AGREEMENT, Page 177 

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

			
	DARLING INTERNATIONAL INC., as Parent Borrower

[See signature pages to
Fourth Amendment] 
  

					
	By:	 	  

		 	Name:
		 	Title:
	
	DARLING INTERNATIONAL NL HOLDINGS B.V., as Dutch Parent Borrower
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
	
	DARLING INTERNATIONAL CANADA INC., as Canadian Borrower
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 
			
	 JPMORGAN CHASE BANK, N.A.,

as Administrative Agent on behalf of the Revolving Lenders and Term A Lenders and as a Lender

		
	By:	 	  

		 	Name:
		 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}]]