Document:

Credit Agreement

 Exhibit 10.1 

 
  
 PUBLISHED CUSIP NUMBER: [                    ] 

CREDIT AGREEMENT 
 Dated as of July 25, 2011 
 by and among 

UNIVERSAL HEALTH REALTY INCOME TRUST, 
 THE LENDERS PARTY HERETO 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 
 BANK OF AMERICA, N.A., 

as Syndication Agent 
 FIFTH THIRD BANK, N.A., 
 JPMORGAN CHASE BANK, N.A. 

and 
 SUNTRUST
BANK, 
 as Co-Documentation Agents 
 WELLS FARGO SECURITIES, LLC, 
 and 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
 as Joint Lead Arrangers and Joint Bookrunners 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 Section 1.1
	  	 Defined Terms
	  	 	1	  
	 Section 1.2
	  	 Other Definitional Provisions
	  	 	24	  
	 Section 1.3
	  	 Accounting Terms
	  	 	24	  
	 Section 1.4
	  	 Execution of Documents
	  	 	25	  
	 Section 1.5
	  	 Time References
	  	 	25	  
		
	 ARTICLE II LOANS; AMOUNTS AND TERMS
	  	 	25	  
	 Section 2.1
	  	 Revolving Loans
	  	 	25	  
	 Section 2.2
	  	 Revolving Facility Increase
	  	 	27	  
	 Section 2.3
	  	 Letters of Credit
	  	 	29	  
	 Section 2.4
	  	 Fees
	  	 	34	  
	 Section 2.5
	  	 Commitment Reductions
	  	 	34	  
	 Section 2.6
	  	 Prepayments
	  	 	35	  
	 Section 2.7
	  	 Default Rate and Payment Dates
	  	 	36	  
	 Section 2.8
	  	 Conversion Options
	  	 	37	  
	 Section 2.9
	  	 Swingline Loan Subfacility
	  	 	37	  
	 Section 2.10
	  	 Computation of Interest and Fees; Usury
	  	 	39	  
	 Section 2.11
	  	 Pro Rata Treatment and Payments
	  	 	41	  
	 Section 2.12
	  	 Non-Receipt of Funds by the Agent
	  	 	43	  
	 Section 2.13
	  	 Inability to Determine Interest Rate
	  	 	44	  
	 Section 2.14
	  	 Yield Protection
	  	 	45	  
	 Section 2.15
	  	 Compensation for Losses
	  	 	46	  
	 Section 2.16
	  	 Taxes
	  	 	47	  
	 Section 2.17
	  	 Indemnification; Nature of Issuing Lender’s Duties
	  	 	50	  
	 Section 2.18
	  	 Illegality
	  	 	51	  
	 Section 2.19
	  	 Replacement of Lenders
	  	 	52	  
	 Section 2.20
	  	 Cash Collateral
	  	 	53	  
	 Section 2.21
	  	 Defaulting Lenders
	  	 	54	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	57	  
	 Section 3.1
	  	 Corporate Existence
	  	 	57	  
	 Section 3.2
	  	 Subsidiaries
	  	 	57	  
	 Section 3.3
	  	 Authority, Etc.
	  	 	57	  
	 Section 3.4
	  	 Binding Effect Of Documents, Etc.
	  	 	58	  
	 Section 3.5
	  	 No Events Of Default, Etc.
	  	 	58	  
	 Section 3.6
	  	 Title to Properties; Leases
	  	 	58	  
	 Section 3.7
	  	 Financial Statements
	  	 	59	  
	 Section 3.8
	  	 No Material Changes; No Internal Control Event, Full Disclosure, Etc.
	  	 	59	  
	 Section 3.9
	  	 Permits; Patents; Copyrights
	  	 	59	  
	 Section 3.10
	  	 Litigation
	  	 	59	  
	 Section 3.11
	  	 Compliance With Other Instruments, Laws, Etc.
	  	 	60	  
	 Section 3.12
	  	 Tax Status; REIT Status
	  	 	60	  
	 Section 3.13
	  	 Investment Company Act
	  	 	60	  

  
 i 

							
	 Section 3.14
	  	 Absence of Financing Statements, Etc.
	  	 	60	  
	 Section 3.15
	  	 Certain Transactions
	  	 	61	  
	 Section 3.16
	  	 Pension Plans
	  	 	61	  
	 Section 3.17
	  	 Margin Regulations
	  	 	61	  
	 Section 3.18
	  	 Environmental Matters
	  	 	61	  
	 Section 3.19
	  	 Use of Proceeds
	  	 	62	  
	 Section 3.20
	  	 Indebtedness
	  	 	63	  
	 Section 3.21
	  	 Solvency
	  	 	63	  
	 Section 3.22
	  	 Investments
	  	 	63	  
	 Section 3.23
	  	 Labor Matters
	  	 	63	  
	 Section 3.24
	  	 Accuracy and Completeness of Information
	  	 	63	  
	 Section 3.25
	  	 Material Contracts
	  	 	64	  
	 Section 3.26
	  	 Insurance
	  	 	64	  
	 Section 3.27
	  	 Anti-Terrorism Laws
	  	 	64	  
	 Section 3.28
	  	 Compliance with OFAC Rules and Regulations
	  	 	64	  
	 Section 3.29
	  	 Compliance with FCPA
	  	 	64	  
	 Section 3.30
	  	 Equity Interests
	  	 	65	  
	 Section 3.31
	  	 Security Documents
	  	 	65	  
		
	 ARTICLE IV CONDITIONS PRECEDENT
	  	 	 65
	  
	 Section 4.1
	  	 Conditions Precedent to Closing
	  	 	65	  
	 Section 4.2
	  	 Conditions To Loans
	  	 	69	  
		
	 ARTICLE V COVENANTS OF THE COMPANY
	  	 	 70
	  
	 Section 5.1
	  	 Punctual Payment
	  	 	70	  
	 Section 5.2
	  	 Legal Existence, Etc.
	  	 	70	  
	 Section 5.3
	  	 Financial Statements, Etc.
	  	 	71	  
	 Section 5.4
	  	 Health Care Facilities - Financial Statements, Etc.
	  	 	73	  
	 Section 5.5
	  	 Tangible Net Worth
	  	 	74	  
	 Section 5.6
	  	 Ratio of Debt To Total Capital
	  	 	74	  
	 Section 5.7
	  	 Debt Service Coverage Ratio
	  	 	74	  
	 Section 5.8
	  	 Debt To Cash Flow Available For Debt Service
	  	 	74	  
	 Section 5.9
	  	 Indebtedness
	  	 	74	  
	 Section 5.10
	  	 Security Interests and Liens; Negative Pledge
	  	 	76	  
	 Section 5.11
	  	 No Further Negative Pledge
	  	 	76	  
	 Section 5.12
	  	 Guarantees
	  	 	77	  
	 Section 5.13
	  	 Notice of Litigation And Judgments
	  	 	77	  
	 Section 5.14
	  	 Notice of Defaults; Material Adverse Effect
	  	 	77	  
	 Section 5.15
	  	 Notices With Regard to Health Care Operators
	  	 	78	  
	 Section 5.16
	  	 Books and Records
	  	 	78	  
	 Section 5.17
	  	 Maintenance of Properties
	  	 	78	  
	 Section 5.18
	  	 Insurance
	  	 	78	  
	 Section 5.19
	  	 Taxes
	  	 	79	  
	 Section 5.20
	  	 Compliance With Laws, Contracts, and Licenses
	  	 	79	  
	 Section 5.21
	  	 Access
	  	 	79	  
	 Section 5.22
	  	 ERISA Compliance
	  	 	80	  
	 Section 5.23
	  	 Reserves
	  	 	80	  
	 Section 5.24
	  	 Distributions
	  	 	80	  

  
 ii 

							
	 Section 5.25
	  	 Investments
	  	 	80	  
	 Section 5.26
	  	 Mortgage Loans
	  	 	81	  
	 Section 5.27
	  	 Construction Loans
	  	 	81	  
	 Section 5.28
	  	 Environmental Audits
	  	 	82	  
	 Section 5.29
	  	 Merger, Consolidation and Disposition of Assets
	  	 	82	  
	 Section 5.30
	  	 Sale and Leaseback
	  	 	83	  
	 Section 5.31
	  	 Use of Proceeds
	  	 	83	  
	 Section 5.32
	  	 Fiscal Year; Organizational Documents; Material Contracts
	  	 	83	  
	 Section 5.33
	  	 Subsidiary Guarantors
	  	 	83	  
	 Section 5.34
	  	 Pledged Assets
	  	 	84	  
	 Section 5.35
	  	 Further Assurances
	  	 	84	  
	 Section 5.36
	  	 Transactions with Affiliates
	  	 	84	  
		
	 ARTICLE VI [RESERVED]
	  	 	84	  
		
	 ARTICLE VII EVENTS OF DEFAULT; ACCELERATION
	  	 	84	  
	 Section 7.1
	  	 Events of Default
	  	 	84	  
	 Section 7.2
	  	 Acceleration; Remedies
	  	 	87	  
		
	 ARTICLE VIII THE ADMINISTRATIVE AGENT
	  	 	87	  
	 Section 8.1
	  	 Appointment and Authority
	  	 	88	  
	 Section 8.2
	  	 Nature of Duties
	  	 	88	  
	 Section 8.3
	  	 Exculpatory Provisions
	  	 	88	  
	 Section 8.4
	  	 Reliance by Agent
	  	 	89	  
	 Section 8.5
	  	 Notice of Default
	  	 	89	  
	 Section 8.6
	  	 Non-Reliance on Agent and Other Lenders
	  	 	90	  
	 Section 8.7
	  	 Indemnification
	  	 	90	  
	 Section 8.8
	  	 Agent in Its Individual Capacity
	  	 	91	  
	 Section 8.9
	  	 Successor Agent
	  	 	91	  
	 Section 8.10
	  	 Collateral and Guaranty Matters
	  	 	92	  
	 Section 8.11
	  	 Bank Products
	  	 	92	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	93	  
	 Section 9.1
	  	 Amendments, Waivers and Consents
	  	 	93	  
	 Section 9.2
	  	 Notices
	  	 	95	  
	 Section 9.3
	  	 No Waiver; Cumulative Remedies
	  	 	97	  
	 Section 9.4
	  	 Survival of Representations and Warranties
	  	 	97	  
	 Section 9.5
	  	 Payment of Expenses and Taxes; Indemnity
	  	 	98	  
	 Section 9.6
	  	 Successors and Assigns; Participations
	  	 	100	  
	 Section 9.7
	  	 Right of Set-off; Sharing of Payments
	  	 	104	  
	 Section 9.8
	  	 Table of Contents and Section Headings
	  	 	105	  
	 Section 9.9
	  	 Counterparts; Effectiveness; Electronic Execution
	  	 	105	  
	 Section 9.10
	  	 Severability
	  	 	106	  
	 Section 9.11
	  	 Integration
	  	 	106	  
	 Section 9.12
	  	 Governing Law
	  	 	106	  
	 Section 9.13
	  	 Consent to Jurisdiction; Service of Process and Venue
	  	 	106	  
	 Section 9.14
	  	 Confidentiality
	  	 	107	  
	 Section 9.15
	  	 Acknowledgments
	  	 	108	  
	 Section 9.16
	  	 Waivers of Jury Trial; Waiver of Consequential Damages
	  	 	108	  

  
 iii

							
	 Section 9.17
	  	 Patriot Act Notice
	  	 	109	  
	 Section 9.18
	  	 Resolution of Drafting Ambiguities
	  	 	109	  
	 Section 9.19
	  	 Continuing Agreement
	  	 	109	  
	 Section 9.20
	  	 Press Releases and Related Matters
	  	 	109	  
	 Section 9.21
	  	 [Reserved]
	  	 	110	  
	 Section 9.22
	  	 No Advisory or Fiduciary Responsibility
	  	 	110	  
	 Section 9.23
	  	 Responsible Officers
	  	 	110	  

  
 iv 

 EXHIBITS AND SCHEDULES 

 

			
	 Exhibit 1.1(a)
	  	 Form of Account Designation Letter

	 Exhibit 1.1(b)
	  	 Form of Assignment and Assumption

	 Exhibit 1.1(c)
	  	 Form of Bank Product Provider Notice

	 Exhibit 1.1(d)
	  	 Form of Notice of Borrowing

	 Exhibit 1.1(e)
	  	 Form of Notice of Conversion/Extension

	 Exhibit 1.1(f)
	  	 Form of Subsidiary Guaranty

	 Exhibit 2.1(a)
	  	 Form of Funding Indemnity Letter

	 Exhibit 2.1(e)
	  	 Form of Revolving Note

	 Exhibit 2.6(a)
	  	 Form of Notice of Prepayment

	 Exhibit 2.9(d)
	  	 Form of Swingline Note

	 Exhibit 4.1(p)
	  	 Form of Solvency Certificate

	 Exhibit 4.1(u)
	  	 Form of Patriot Act Certificate

	 Exhibit 5.3(d)
	  	 Form of Compliance Certificate

		
	 Schedule 1.1
	  	 Existing Letters of Credit

	 Schedule 2.1
	  	 Commitments

	 Schedule 3.2
	  	 Subsidiaries; Capital Structure

	 Schedule 3.6
	  	 Title to Properties; Leases

	 Schedule 3.18
	  	 Environmental Matters

	 Schedule 3.25
	  	 Material Contracts

	 Schedule 3.26
	  	 Insurance

	 Schedule 3.30
	  	 Equity Interests

	 Schedule 5.9
	  	 Indebtedness

	 Schedule 5.10(e)
	  	 Liens

	 Schedule 5.25(e)
	  	 Existing Investments

  
 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT is made as of July 25, 2011 among UNIVERSAL HEALTH REALTY INCOME TRUST, a real
estate investment trust organized under the laws of the State of Maryland and having its principal place of business at 367 South Gulph Road, King of Prussia, Pennsylvania 19406 (the “Company”), the financial institutions from
time to time party hereto (individually, a “Lender” and collectively, the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (the “Agent”).

 BACKGROUND 
 A. The Company has requested that the Lenders provide a $150 million revolving credit facility for the purposes hereinafter set forth; 

B. The Lenders have agreed to make the requested revolving credit facility available to the Company on the terms and
conditions hereinafter set forth; 
 NOW, THEREFORE, IN CONSIDERATION of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 
 Section 1.1 Defined Terms. 
 The following
terms shall have the meanings set forth in this Article I or elsewhere in the provisions of this Agreement referred to below: 
 “2011 Portfolio Transaction” shall have the meaning specified in that certain letter dated as of the Closing Date from the Company and addressed to the Administrative Agent and Lenders.

 “Account Designation Letter” shall mean the Notice of Account Designation Letter dated as of
the Closing Date from the Company to the Agent substantially in the form of Exhibit 1.1(a). 

“Administrative Questionnaire” shall mean an Administrative Questionnaire in a form supplied by the
Agent. 
 “Affiliate” shall mean as to any Person, any other Person (excluding any Subsidiary)
which, directly or indirectly, is in control of, is controlled by, or is under common control with, 

 
such Person. For purposes of this definition, a Person shall be deemed to be “controlled by” a Person if such Person possesses, directly or indirectly, power either (a) to vote 10%
or more of the securities having ordinary voting power for the election of directors of such Person or (b) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. Notwithstanding the
foregoing, neither the Agent nor any Lender shall be deemed an affiliate of the Company solely by reason of the relationship created by the Loan Documents. 
 “Agent” shall have the meaning set forth in the preamble hereto and shall include any successors in such capacity. 

“Agreement” shall mean this Credit Agreement, including the Exhibits and Schedules hereto, as originally
executed, or if this Agreement is amended, restated, modified, varied or supplemented from time to time, as so amended, restated, modified, varied or supplemented. 

“Anti-Terrorism Order” shall mean that certain Executive Order 13224 signed into law on
September 23, 2001. 
 “Applicable Law” means all applicable provisions of constitutions,
laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities and all orders and decrees of all courts and arbitrators. 

“Applicable Margin” shall mean, for any day, the rate per annum set forth below opposite the applicable
Level then in effect, it being understood that the Applicable Margin for (a) Loans that are Base Rate Loans shall be the percentage set forth under the column “Base Rate Margin”, (b) Loans that are LIBO Rate Loans or Swingline
Loans shall be the percentage set forth under the column “LIBO Rate Margin”, (c) the Letter of Credit Fee shall be the percentage set forth under the column “Letter of Credit Fee” and (d) the Commitment Fee shall be the
percentage set forth under the column “Commitment Fee”: 
  

											
	 Level
	  	 Ratio of Debt to Total Capital
	  	 Base Rate

Margin
	  	 LIBO Rate

Margin
	  	 Letter of

Credit

Fee
	  	 Commitment

Fee

	I	  	less than 35%	  	75.0 bps	  	175.0 bps	  	175.0 bps	  	30.0 bps
	II	  	 greater than or equal to 35%
 but less than 45%
	  	100.0 bps	  	200.0 bps	  	200.0 bps	  	35.0 bps
	III	  	 greater than or equal to 45%
 but less than 50%
	  	125.0 bps	  	225.0 bps	  	225.0 bps	  	45.0 bps
	IV	  	greater than or equal to 50%	  	150.0 bps	  	250.0 bps	  	250.0 bps	  	50.0 bps

 The Applicable Margin shall, in each case, be determined and adjusted quarterly on the
date five (5) Business Days after the date on which the Agent has received from the Company the financial information and the certifications required to be delivered to the Agent and the Lenders in accordance with the provisions of
Sections 5.3(a), (b), (d) and (e) (each an “Interest Rate Determination Date”). Such Applicable Margin shall be effective from such Interest Rate Determination Date until the next such Interest Rate Determination
Date. The initial Applicable 

  
 2 

 
Margins shall be based on Level I (which corresponds to the ratio of Debt to Total Capital of the Company calculated based on the unaudited quarterly financial statements of the Company
dated as of March 31, 2011) and shall remain at such level until the first Interest Rate Determination Date occurring after the delivery of the officer’s compliance certificate pursuant to Section 5.3(d) for the quarter ended
September 30, 2011. After the Closing Date, if the Company shall fail to provide the financial information or certifications in accordance with the provisions of Sections 5.3(a), (b), (d) and (e), the Applicable Margin shall, on the
date five (5) Business Days after the date by which the Company was so required to provide such financial information or certifications to the Agent and the Lenders, be based on Level IV until such time as such information or certifications or
corrected information or corrected certificates are provided, whereupon the Level shall be determined by the then current ratio of Debt to Total Capital. In the event that any financial information or certification provided to the Agent in
accordance with the provisions of Sections 5.3(a), (b), (d) and (e) is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected,
would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, the Company shall immediately (a) deliver to the Agent a
corrected compliance certificate for such Applicable Period, (b) determine the Applicable Margin for such Applicable Period based upon the corrected compliance certificate, and (c) immediately pay to the Agent for the benefit of the
Lenders the accrued additional interest and other fees owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly distributed by the Agent to the Lenders entitled thereto. It is acknowledged and
agreed that nothing contained herein shall limit the rights of the Agent and the Lenders under the Loan Documents, including their rights under Sections 2.7 and 7.1. 

“Applicable Percentage” shall mean, with respect to any Lender, the percentage of the total
Revolving Commitments represented by such Lender’s Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentage shall be determined based on the Revolving Commitments most recently in effect, giving
effect to any assignments.  
 “Approved Fund” shall mean any Fund that is administered,
managed or underwritten by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Arrangers” shall mean WFS and MLPFS, in their capacity as joint lead arrangers and joint bookrunners,
and their respective successors. 
 “Assignment and Assumption” shall mean an assignment and
assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 9.6), and accepted by the Agent, in substantially the form of Exhibit 1.1(b) or any other form approved
by the Agent. 
 “Bank Product” shall mean any of the following products, services or
facilities extended to any Credit Party or any Subsidiary by any Bank Product Provider: (a) Cash Management Services; (b) products under any Hedging Agreement; and (c) commercial credit card, purchase

  
 3 

 
card and merchant card services; provided, however, that for any of the foregoing to be included as “Credit Party Obligations” for purposes of a distribution under
Section 2.11(b), the applicable Bank Product Provider must have previously provided a Bank Product Provider Notice to the Agent which shall provide the following information: (i) the existence of such Bank Product and (ii) the maximum
dollar amount (if reasonably capable of being determined) of obligations arising thereunder (the “Bank Product Amount”). The Bank Product Amount may be changed from time to time upon written notice to the Agent by the Bank Product
Provider. Any Bank Product established from and after the time that the Lenders have received written notice from the Company or the Agent that an Event of Default exists, until such Event of Default has been waived in accordance with
Section 9.1, shall not be included as “Credit Party Obligations” for purposes of a distribution under Section 2.11(b). 
 “Bank Product Provider” shall mean any Person that provides Bank Products to a Credit Party or any Subsidiary to the extent that (a) such Person is a Lender, an Affiliate of a Lender
or any other Person that was a Lender (or an Affiliate of a Lender) at the time it entered into the Bank Product but has ceased to be a Lender (or whose Affiliate has ceased to be a Lender) under this Agreement or (b) such Person is a Lender or
an Affiliate of a Lender on the Closing Date and the Bank Product was entered into on or prior to the Closing Date (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender). 

“Bank Product Provider Notice” shall mean a notice substantially in the form of
Exhibit 1.1(c). 
 “Bankruptcy Code” shall mean the Bankruptcy Code in Title 11 of
the United States Code, as amended, modified, succeeded or replaced from time to time. 
 “Bankruptcy
Event” shall mean any of the events described in Section 7.1(f). 
 “Base Rate”
shall mean, 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 Effective Rate in effect on such day plus 1/2 of 1% and (c) the sum of (i) LIBO (as
determined pursuant to the definition of LIBO), for an Interest Period of one (1) month commencing on such day plus (ii) 1.00%, in each instance as of such date of determination. For purposes hereof: “Prime Rate”
shall mean, at any time, the rate of interest per annum publicly announced or otherwise identified from time to time by Wells Fargo at its principal office in Charlotte, North Carolina as its prime rate. Each change in the Prime Rate shall be
effective as of the opening of business on the day such change in the Prime Rate occurs. The parties hereto acknowledge that the rate announced publicly by Wells Fargo as its Prime Rate is an index or base rate and shall not necessarily be its
lowest or best rate charged to its customers or other banks; and “Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve
System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published on the next succeeding Business Day, the average of the quotations for the day
of such transactions received by the Agent from three federal funds brokers of recognized standing selected by it. If for any reason the Agent shall have determined (which determination shall be conclusive in the absence of manifest error)
(A) that it is unable to ascertain the Federal Funds Effective Rate, for any reason, including the inability or failure of the Agent to obtain sufficient quotations in 

  
 4 

 
accordance with the terms above or (B) that the Prime Rate or LIBO no longer accurately reflects an accurate determination of the prevailing Prime Rate or LIBO, the Agent may select a
reasonably comparable replacement index or source to use as one of the bases for determining the Base Rate, until the circumstances giving rise to such inability no longer exist. Any change in the Base Rate due to a change in any of the foregoing
will become effective on the effective date of such change in the Federal Funds Effective Rate, the Prime Rate or LIBO for an Interest Period of one (1) month. Notwithstanding anything contained herein to the contrary, to the extent that the
provisions of Section 2.13 shall be in effect in determining LIBO pursuant to clause (c) hereof, the Base Rate shall be the greater of (i) the Prime Rate in effect on such day and (ii) the Federal Funds Effective Rate in effect
on such day plus 1/2 of 1%. 
 “Base Rate Loans” shall mean Revolving Loans that bear
interest based on the Base Rate. 
 “Business” shall have the meaning set forth in
Section 3.18. 
 “Business Day” shall mean any day other than a Saturday, Sunday or other
day on which commercial banks in Charlotte, North Carolina or New York, New York are authorized or required by law to close, it being recognized that a Business Day relating to interest calculated or payable by the reference to the LIBO Rate shall
also exclude any day on which banks in London, England are not open for dealings in Dollar deposits in the London interbank market. 
 “Capital Lease” shall mean any lease of property, real or personal, the obligations with respect to which are required to be capitalized on a balance sheet of the lessee in accordance
with GAAP. 
 “Cash Available for Distributions” shall mean with respect to any fiscal period
of the Company, (i) Net Income of the Company and its Subsidiaries, plus (ii) depreciation and amortization, plus (iii) provision for investment losses, plus (iv) any loss on marketable securities,
minus (v) any gain on marketable securities, in each case determined for such period and in accordance with GAAP. 
 “Cash Collateralize” shall mean to pledge and deposit with or deliver to the Agent, for the benefit of the Agent, the Issuing Lender or Swingline Lender (as applicable) and the Lenders,
as collateral for LOC Obligations, obligations in respect of Swingline Loans, or obligations of Lenders to fund participations in respect of either thereof (as the context may require), cash or deposit account balances or, if the Issuing Lender or
Swingline Lender benefiting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to (a) the Agent and (b) the applicable Issuing Lender or
the Swingline Lender. “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 Available For Debt Service” shall mean for any fiscal period of a Person, Net Income for such
period plus (i) expenses for interest on Indebtedness and for Commitment Fees, Letter of Credit Fees and any other fees in connection with the borrowing of money or the maintenance of letters of credit by such Person, plus
(ii) depreciation and amortization plus 

  
 5 

 
(iii) losses on the sale of real estate, less (iv) gains on the sale of real estate, in each case determined for such period and in accordance with GAAP. 

“Cash Management Services” shall mean any services provided from time to time to any Credit Party or
Subsidiary in connection with operating, collections, payroll, trust, or other depository or disbursement accounts, including automatic clearinghouse, controlled disbursement, depository, electronic funds transfer, information reporting, lockbox,
stop payment, overdraft and/or wire transfer services and all other treasury and cash management services. 

“CERCLA” shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of 1980.

 “Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental
Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in
Law”, regardless of the date enacted, adopted or issued. 
 “Closing Date” shall mean the
date of this Agreement. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended.

 “Collateral” shall mean a collective reference to the collateral which is identified in, and
at any time will be covered by, the Security Documents. 
 “Company” shall have the meaning set
forth in the preamble hereto. 
 “Commitment” shall mean the Revolving Commitments, the LOC
Commitment and the Swingline Commitment, individually or collectively, as appropriate. 
 “Commitment
Fee” shall have the meaning set forth in Section 2.4(a). 
 “Commitment Period”
shall mean (a) with respect to Revolving Loans and Swingline Loans, the period from and including the Closing Date to but excluding the Maturity Date and (b) with respect to Letters of Credit, the period from and including the Closing Date
to but excluding the Letter of Credit Expiration Date. 

  
 6 

 “Consolidated Subsidiary” shall mean any Subsidiary or
other entity the results of whose operations are, for financial accounting purposes, consolidated with the results of the operations of the Company and its other Consolidated Subsidiaries in accordance with GAAP. 

“Construction Loans” shall mean secured loans from time to time made by the Company to various borrowers
the proceeds of which are designated for the construction of Health Care Facilities or for the acquisition of real estate and the construction thereon of Health Care Facilities. 

“Contractual Obligation” shall mean, as to any Person, any provision of any security issued by such
Person or of any contract, agreement, instrument or undertaking to which such Person is a party or by which it or any of its property is bound. 
 “Credit Party” shall mean any of the Company or the Guarantors. 
 “Credit Party Obligations” shall mean, without duplication, (a) the Obligations and (b) for purposes of the Security Documents and the Subsidiary Guaranty and all provisions
under the other Loan Documents relating to the Collateral, the sharing thereof and/or payments from proceeds of the Collateral, all Bank Product Debt. 
 “Debt” shall mean with respect to any Person, all Indebtedness of such Person for borrowed money other than Non-Recourse Debt of such Person. 

“Debt Service Charges” shall mean for any fiscal period of the Company, the sum of (i) the expenses
of the Company and its Subsidiaries, on a consolidated basis, for such period for interest on Debt and for Commitment Fees, Letter of Credit Fees and any other fees in connection with the borrowing of money by the Company or its Subsidiaries or the
maintenance of Letters of Credit for the account of the Company or its Subsidiaries plus (ii) required principal payments to be made by the Company or its Subsidiaries for such period on Debt of the Company or its Subsidiaries (excluding any
principal payments made by the Company pursuant to Section 2.6 hereof), in each case determined in accordance with GAAP. 
 “Debt Service Coverage Ratio” shall mean, at any date of determination thereof, the ratio of Cash Flow Available for Debt Service of the Company and its Subsidiaries, on a
consolidated basis, for the period of the four most recently ended fiscal quarters of the Company to Debt Service Charges for such period. 
 “Debtor Relief Laws” shall mean the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect. 

“Default” shall mean any event which but for the giving of notice or the lapse of time or both would
constitute an Event of Default. 

  
 7 

 “Default Rate” shall mean (a) when used with respect
to the Obligations, other than Letter of Credit Fees, an interest rate equal to (i) for Base Rate Loans (A) the Base Rate plus (B) the Applicable Margin applicable to Base Rate Loans plus (C) 2.00% per annum and
(ii) for LIBO Rate Loans, (A) the LIBO Rate plus (B) the Applicable Margin applicable to LIBO Rate Loans plus (C) 2.00% per annum, (b) when used with respect to Letter of Credit Fees, a rate equal to the
Applicable Margin applicable to Letter of Credit Fees plus 2.00% per annum and (c) when used with respect to any other fee or amount due hereunder, a rate equal to the Applicable Margin applicable to Base Rate Loans plus
2.00% per annum. 
 “Defaulting Lender” means, subject to Section 2.21(g), any Lender
that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Agent and the Company in writing that such failure is the
result of such Lender’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
(ii) pay to the Agent, any Issuing Lender, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two Business
Days of the date when due unless subject to a good faith dispute, (b) has notified the Company, the Agent or any Issuing Lender or Swingline Lender 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 Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’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 Business Days after written request by the Agent
or the Company, to confirm in writing to the Agent and the Company that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt
of such written confirmation by the Agent and the Company), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver,
custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or
federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof
by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Agent that a Lender is a Defaulting Lender under clauses (a) through
(d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.21(g)) upon delivery of written notice of such reasonable determination to the Company, each
Issuing Lender, each Swingline Lender and each Lender. 

  
 8 

 “Distribution” shall mean (i) the declaration or
payment of any dividend on or in respect of any shares of any class of capital stock of the Company or any Subsidiary other than dividends payable solely in shares of common stock of the Company or such Subsidiary; (ii) the purchase,
redemption, or other retirement of any shares of any class of capital stock of the Company or any Subsidiary directly or indirectly or otherwise; (iii) the return of capital by the Company or any Subsidiary to its shareholders as such; or
(iv) any other distribution on or in respect of any shares of any class of capital stock of the Company or any Subsidiary. 
 “Dollars” or “$” shall mean dollars in lawful currency of the United States of America. 

“Domestic Subsidiary” shall mean any Subsidiary that is organized and existing under the laws of the
United States or any state or commonwealth thereof or under the laws of the District of Columbia. 

“Drawdown Date” shall mean (i) with respect to a Loan, the date on which any Loan is made or is to
be made and (ii) with respect to a Letter of Credit, the date any Letter of Credit is issued or extended. 

“Eligible Assignee” shall mean (a) a Lender, (b) an Affiliate of a Lender, (c) an
Approved Fund and (d) any other Person (other than a natural person) approved by (i) the Agent, (ii) in the case of any assignment of a Revolving Commitment, the Issuing Lender and (iii) unless an Event of Default has occurred
and is continuing, the Company (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include (A) any Credit Party or any of the Credit
Party’s Affiliates or Subsidiaries or (B) any Defaulting Lender or any Subsidiary of a Defaulting Lender or any Person who, upon becoming a Lender hereunder would constitute a Defaulting Lender. 

“Environmental Laws” shall mean any and all applicable foreign, Federal, state, local or municipal laws,
rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirement of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning
protection of human health or the environment, as now or may at any time be in effect during the term of this Agreement. 
 “Equity Interests” shall mean (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general, preferred or limited), (d) in the case of a limited liability company, membership
interests and (e) any other interest or participation that confers or could confer on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, without limitation, options, warrants
and any other “equity security” as defined in Rule 3a11-1 of the Exchange Act. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, and regulations thereunder, as
amended from time to time. 

  
 9 

 “ERISA Affiliate” shall mean any Person which is treated as
a single employer with the Company under Section 414 of the Code. 
 “Eurodollar Reserve
Percentage” shall mean for any day, the percentage (expressed as a decimal and rounded upwards, if necessary, to the next higher 1/100th of 1%) which is in effect for such day as prescribed by the Board of Governors of the Federal Reserve
System (or any successor) for determining the maximum reserve requirement (including, without limitation, any basic, supplemental or emergency reserves) in respect of Eurocurrency liabilities, as defined in Regulation D of such Board as in effect
from time to time, or any similar category of liabilities for a member bank of the Federal Reserve System in New York City. 
 “Event of Default” shall mean any event described in Article VII hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Existing Letters of Credit” shall mean those certain letters of credit set forth on Schedule 1.01 attached hereto. 

“Excluded Subsidiary” shall mean any Subsidiary that is (x) acquired in connection with the 2011
Portfolio Transaction or (y) any other Subsidiary acquired or formed following the Closing Date and designated by the Company at any time thereafter as an “Excluded Subsidiary”, in each case, so long as such Subsidiary (i) is
organized as a single purpose entity, (ii) owns directly or indirectly one or more Health Care Facilities and (iii) is a party to, or in connection with being designated as an Excluded Subsidiary will incur, Non-Recourse Debt (including
Non-Recourse Debt of the type described in clause (y) of the definition thereof) the terms of which do (or will) not permit such Subsidiary to be (or would be breached by such Subsidiary becoming) a Subsidiary Guarantor hereunder;
provided, however, that the aggregate amount of assets held by Excluded Subsidiaries (other than those acquired in connection with the 2011 Portfolio Transaction) shall not exceed 20% of Consolidated Total Assets; provided
further, that, upon any Subsidiary Guarantor being designated an “Excluded Subsidiary” pursuant to the foregoing, such Subsidiary shall be released from all obligations under the Subsidiary Guaranty. 

“Excluded Taxes” means, with respect to the Agent, any Lender, the Issuing Lender or any other recipient
of any payment to be made by or on account of any obligation of the Company hereunder, (a) Taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the
United States of America or the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office
is located, in which it books an interest in any Note for tax accounting purposes or to which the Company is directed to make payments, (b) any branch profits taxes imposed by the United States or any similar Tax imposed by any other
jurisdiction described in clause (a), (c) backup withholding tax imposed under Section 3406 of the Code on amounts payable to a Lender other than a Foreign Lender, (d) in the case of a Foreign Lender (other than an assignee pursuant
to a request by the Company under Section 2.19(e)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the 

  
 10 

 
time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in
Law) to comply with Section 2.16(e), 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 the Company with
respect to such withholding tax pursuant to Section 2.19(e) and (e) any Taxes imposed under FATCA and (f) any Taxes to the extent that such Taxes would not have been imposed but for a failure by such Person to file or supply any
forms, returns or other documentation pursuant to Applicable Law that such Person is legally permitted to supply or provide, if such form, return or other item has been provided to such Person by the Company in a form reasonably acceptable to such
Person in a timely manner, and such Person will not suffer any unimdemnified cost or expense in connection therewith or any legal or regulatory burdens reasonably deemed by such Person to be material. 

“Extension of Credit” shall mean, as to any Lender, the making of a Loan by such Lender, any conversion
of a Loan from one Type to another Type, any extension of any Loan or the issuance, extension or renewal of, or participation in, a Letter of Credit or Swingline Loan by such Lender. 

“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) and any current or future regulations or official interpretations thereof (including any Revenue Ruling, Revenue Procedure, Notice or similar
guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from Taxes under such provisions). 
 “Facility Cash Flow Available for Debt Service” shall mean for any fiscal period of an owner or operator of a Health Care Facility, the Net Income of such Person plus (i) expenses
for interest on Indebtedness and for Commitment Fees, Letter of Credit Fees and any other fees in connection with the borrowing of money by such person plus (ii) depreciation and amortization plus (iii) rental expenses plus
(iv) management fees plus (v) intercompany interest expenses, in each case to the extent attributable to such Health Care Facility and determined for such period and in accordance with GAAP. 

“Facility Coverage Ratio” shall mean for any fiscal period of an owner or operator of a Health Care
Facility, the ratio of (a) Cash Flow Available for Debt Service attributable to such Health Care Facility to (b) interest expense plus current maturities of long-term Indebtedness plus rental expense, in each case to the extent
attributable to such Health Care Facility and determined for such period and in accordance with GAAP. 

“Federal Funds Effective Rate” shall have the meaning set forth in the definition of Base Rate.

 “Fee Letters” shall mean each of the Wells Fargo Fee Letter and the MLPFS Fee Letter.

  
 11 

 “Foreign Lender” means any Lender that is organized under
the laws of a jurisdiction other than that in which the Company is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 “Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary.

 “Fronting Exposure” shall mean, at any time there is a Defaulting Lender, (a) with
respect to any Issuing Lender, such Defaulting Lender’s Applicable Percentage of the outstanding LOC Obligations with respect to Letters of Credit issued by such Issuing Lender other than LOC Obligations as to which such Defaulting
Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to any Swingline Lender, such Defaulting Lender’s Applicable Percentage of
outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

 “Fund” shall mean any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “GAAP” shall mean generally accepted accounting principles as in effect from time to time in the United States, consistently applied, subject, however, in the case of
determination of compliance with the financial covenants set forth in Sections 5.5, 5.6, 5.7 and 5.8 to the provisions of Section 1.3. 
 “Government Acts” shall have the meaning set forth in Section 2.17(a). 
 “Governmental Authority” shall mean 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 any supra-national
bodies such as the European Union or the European Central Bank). 
 “Guarantor” shall mean each
Subsidiary of the Company that executes the Subsidiary Guaranty on the Closing Date and any Significant Subsidiary that executes and/or joins the Subsidiary Guaranty from time to time. 

“Health Care Facility” or “Health Care Facilities” shall mean, individually or
collectively as appropriate, real estate and improvements thereon used exclusively or primarily for the delivery of health or human services, including but not limited to hospitals, clinics, long term care facilities, custodial care facilities
(including but not limited to childcare centers), congregate care facilities, assisted living facilities, surgery centers and medical office buildings. 

  
 12 

 “Hedging Agreements” shall mean, with respect to any
Person, any agreement entered into to protect such Person against fluctuations in interest rates, or currency or raw materials values, including, without limitation, any interest rate swap, cap or collar agreement or similar arrangement between such
Person and one or more counterparties, any foreign currency exchange agreement, currency protection agreements, commodity purchase or option agreements or other interest or exchange rate or commodity price hedging agreements. 

“Incremental Increase Amount” shall have the meaning set forth in Section 2.2(a). 

“Indebtedness” shall mean, without duplication, with respect to any Person, all indebtedness,
liabilities and other obligations of such Person which would, in accordance with GAAP, be classified upon a balance sheet of such Person as liabilities but in any event including: 

(a) all debt and similar monetary obligations, whether direct or indirect; 

(b) all guaranties of such Person, endorsements and other contingent liabilities and other obligations of
such Person, whether direct or indirect in respect of indebtedness of others, to purchase indebtedness, or to assure the owner of indebtedness against loss, through an agreement to purchase goods, supplies or services for the purpose of enabling the
debtor to make payment of the indebtedness held by such owner or otherwise, and any obligations to reimburse the issuer in respect of any letters of credit; 

(c) all liabilities and other obligations to the extent not, included in (a) secured by any mortgage,
lien, pledge, charge, security interest or other encumbrance in respect of property owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligations; 

(d) all indebtedness, liabilities and other obligations of such Person arising under any conditional sale
or other title retention agreement, whether or not the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property; 

(e) all indebtedness, liabilities and other obligations of such Person in respect of leases of real and
personal property (whether or not required to be capitalized); 
 (f) all cash obligations of
such Person then due under Hedging Agreements; and 
 (g) the principal balance outstanding under
any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product plus any accrued interest thereon (excluding operating leases). 

“Indemnified Taxes” means Taxes and Other Taxes other than Excluded Taxes. 

“Indemnitee” shall have the meaning set forth in Section 9.5(b). 

  
 13 

 “Interest Payment Date” shall mean (a) as to any Base
Rate Loan or any Swingline Loan, the last Business Day of each March, June, September and December during the term of this Agreement and on the Maturity Date, (b) as to any LIBO Rate Loan having an Interest Period of three months or less, the
last day of such Interest Period, (c) as to any LIBO Rate Loan having an Interest Period longer than three months, (i) each day which is three months after the first day of such Interest Period and (ii) the last day of such Interest
Period and (d) as to any Loan which is the subject of a mandatory prepayment required pursuant to Section 2.6(b), the date that such prepayment is due. 

“Interest Period” shall mean, with respect to any LIBO Rate Loan, 

(a) initially, the period commencing on the Drawdown Date or conversion date, as the case may be, with
respect to such LIBO Rate Loan and ending one, two, three, or six months thereafter as selected by the Company in the Notice of Borrowing or Notice of Conversion/Extension given with respect thereto; and 

(b) thereafter, each period commencing on the last day of the immediately preceding Interest Period
applicable to such LIBO Rate Loan and ending one, two, three, or six months thereafter as selected by the Company by irrevocable notice to the Agent not less than three Business Days prior to the last day of the then current Interest Period with
respect thereto; provided that the foregoing provisions are subject to the following: 

(i) if any Interest Period pertaining to a LIBO Rate Loan would otherwise end on a day that is not a
Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the
immediately preceding Business Day; 
 (ii) any Interest Period pertaining to a LIBO Rate Loan
that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month;

 (iii) if the Company shall fail to give notice as provided above, the Company shall be deemed
to have selected a Base Rate Loan to replace the affected LIBO Rate Loan; 
 (iv) no Interest
Period in respect of any Loan shall extend beyond the Maturity Date; and 
 (v) no more than ten
(10) LIBO Rate Loans may be in effect at any time; provided that, for purposes hereof, LIBO Rate Loans with different Interest Periods shall be considered as separate LIBO Rate Loans, even if they shall begin on the same date and have
the same duration, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at 

  
 14 

 
the end of existing Interest Periods to constitute a new LIBO Rate Loan with a single Interest Period. 
 “Internal Control Event” shall mean a material weakness in, or fraud that involves management or other employees who have a significant role in the Company’s internal controls over
financial reporting, in each case as described in the Securities Laws. 
 “Investments” shall
mean all expenditures made and all liabilities incurred (contingently or otherwise) for the acquisition of stock, partnership or limited liability company interests or Indebtedness of, or for loans, advances, capital contributions or transfers of
property to, or in respect of any guaranties (or other commitments as described under Indebtedness), or obligations of, any Person, or for the acquisition of real estate or interests therein. In determining the aggregate amount of Investments
outstanding at any particular time: (a) the amount of any Investment represented by a guaranty shall be taken at not less than the principal amount of the obligations guaranteed; (b) there shall be included as an Investment all interest
accrued with respect to Indebtedness constituting an Investment unless and until such interest is paid; (c) there shall be deducted in respect of each such investment any amount received as a return of capital (but only by repurchase,
redemption, retirement, repayment, liquidating dividend or liquidating distribution); (d) there shall not be deducted in respect of any Investment any amounts received as earnings on such Investment, whether as dividends, interest or otherwise,
except that interest included as provided in the foregoing clause (b) may be deducted when paid; and (e) there shall not be deducted from the aggregate amount of Investments any decrease in the value thereof. 

“Issuing Lender” shall mean Wells Fargo together with any successor. 

“Issuing Lender Fees” shall have the meaning set forth in Section 2.4(c). 

“Lender” shall mean any of the several banks and other financial institutions as are, or may from time
to time become parties to this Agreement; provided that notwithstanding the foregoing, “Lender” shall not include any Credit Party or any of the Credit Party’s Affiliates or Subsidiaries. 

“Lending Office” shall mean, with respect to any Lender, the office of such Lender maintaining such
Lender’s Extensions of Credit. 
 “Letter of Credit” shall mean (a) any letter
of credit issued by the Issuing Lender pursuant to the terms hereof, as such letter of credit may be amended, modified, restated, extended, renewed, increased, replaced or supplemented from time to time in accordance with the terms of this Agreement
and (b) any Existing Letter of Credit, in each case as such letter of credit may be amended, modified, extended, renewed or replaced from time to time in accordance with the terms of this Agreement.  

“Letter of Credit Expiration Date” shall have the meaning set forth in Section 2.3(a). 

“Letter of Credit Facing Fee” shall have the meaning set forth in Section 2.4(c). 

  
 15 

 “Letter of Credit Fee” shall have the meaning set forth in
Section 2.4(b). 
 “LIBO” shall mean, for any LIBO Rate Loan for any Interest
Period therefor, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or any successor page) as the London interbank offered rate for deposits in Dollars at approximately
11:00 A.M. (London time) two (2) Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period. If for any reason such rate is not available, then “LIBO” shall mean the rate per annum
at which, as determined by the Agent in accordance with its customary practices, Dollars in an amount comparable to the Loans then requested are being offered to leading banks at approximately 11:00 A.M. London time, two (2) Business Days
prior to the commencement of the applicable Interest Period for settlement in immediately available funds by leading banks in the London interbank market for a period equal to the Interest Period selected.  

“LIBO Rate” shall mean a rate per annum (rounded upwards, if necessary, to the next higher 1/100th of
1%) determined by the Agent pursuant to the following formula: 
  

					
	LIBO Rate =	  	LIBO	  	
		  	1.00 - Eurodollar Reserve Percentage	  	

 “LIBO Rate Loans” shall mean Loans that bear interest at an interest
rate based on the LIBO Rate. 
 “LIBO Reference Rate” shall mean a rate determined by reference
to the LIBO Rate for a one (1) month interest period that would be applicable for a Loan at the LIBO Rate, as such rate may fluctuate in accordance with changes in the LIBO Rate on a daily basis. If such rate is not available at such time for
any reason, then the rate for that interest period will be determined by an alternate method as reasonably selected by the Lender. 
 “LIBO Tranche” shall mean the collective reference to LIBO Rate Loans whose Interest Periods begin and end on the same day. 

“Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, (a) any conditional sale or other
title retention agreement and any Capital Lease having substantially the same economic effect as any of the foregoing and (b) the filing of, or the agreement to give, any UCC financing statement). 

“Loans” shall mean the Revolving Loans and/or the Swingline Loans, as appropriate, and
“Loan” shall mean any one of them. 
 “Loan Documents” shall mean
collectively, this Agreement, the Notes, the Subsidiary Guaranty, the LOC Documents and the Security Documents and any document or instrument delivered pursuant to or in connection with this Agreement or the LOC Documents (including,

  
 16 

 
without limitation, any guaranty delivered in connection with this Agreement), each as amended and in effect from time to time. 

“LOC Commitment” shall mean the commitment of the Issuing Lender to issue Letters of Credit and with
respect to each Lender, the commitment of such Lender to purchase Participation Interests in the Letters of Credit up to such Lender’s Revolving Commitment Percentage of the LOC Committed Amount. 

“LOC Committed Amount” shall have the meaning set forth in Section 2.3(a). 

“LOC Documents” shall mean, with respect to any Letter of Credit, such Letter of Credit, any amendments
thereto, any documents delivered in connection therewith, any application therefor, and any agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing
for (a) the rights and obligations of the parties concerned or (b) any collateral for such obligations. 
 “LOC Obligations” shall mean, at any time, the sum of (a) the maximum amount which is, or at any time thereafter may become, available to be drawn under Letters of Credit then
outstanding, assuming compliance with all requirements for drawings referred to in such Letters of Credit plus (b) the aggregate amount of all drawings under Letters of Credit honored by the Issuing Lender but not theretofore reimbursed.

 “Mandatory LOC Borrowing” shall have the meaning set forth in Section 2.3(e).

 “Mandatory Swingline Borrowing” shall have the meaning set forth in Section 2.9(b)(ii).

 “Material Adverse Effect” means (A) a material adverse change in, or a material adverse
effect on, the operations, business, assets, properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Company and its subsidiaries, taken as a whole, (B) a material impairment of the rights and remedies of the
Agent or any Lender under any Loan Document, or of the ability of the Credit Parties, taken as a whole, to perform their obligations, when such obligations are required to be performed, under any Loan Document to which it is a party or (C) a
material adverse effect upon the legality, validity, binding effect or enforceability against any Credit Party of any Loan Document to which it is a party. 
 “Material Contract” shall mean any contract or other arrangement, whether written or oral, to which the Company or any of its Subsidiaries (other than Excluded Subsidiaries) is a party as
to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect. 
 “Materials of Environmental Concern” shall mean any gasoline or petroleum (including crude oil or any extraction thereof) or petroleum products or any hazardous or toxic substances,
materials or wastes, defined or regulated as such in or under any Environmental Law, including, without limitation, asbestos, perchlorate, polychlorinated biphenyls and urea-formaldehyde insulation. 

  
 17 

 “Maturity Date” shall mean the date that is four
(4) years following the Closing Date; provided, however, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day. 

“MLPFS” shall mean Merrill Lynch, Pierce, Fenner and Smith Incorporated. 

“MLPFS Fee Letter” means the letter agreement dated June 27, 2011, addressed to the Company from
MLFPS, as amended, modified, extended, restated, replaced, or supplemented from time to time. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“Mortgage Loans” shall mean loans from time to time made by the Company, in each case secured by a first
mortgage lien on a Health Care Facility. 
 “Net Income” shall mean for any fiscal period of a
Person, the net income (or loss), after income taxes, of such Person determined in accordance with GAAP. 

“Non-Defaulting Lender” shall mean, at any time, each Lender that is not a Defaulting Lender at such
time. 
 “Non-Recourse Debt” shall mean (x) in the case of any Person other than an
Excluded Subsidiary (except as otherwise provided in clause (y) below), Indebtedness of the Company or its Subsidiaries which is at all times non-recourse in nature to the Company or any of its wholly-owned Subsidiaries, except to the extent of
any recourse to an asset of the Company or a Subsidiary purchased or otherwise financed by such Indebtedness including, without limitation, Indebtedness of multi-member limited liability companies in which the Company or any of its Subsidiaries has
an ownership interest, but only to the extent that such Indebtedness remains non-recourse to the Company or any of its wholly-owned Subsidiaries and (y) in the case of an Excluded Subsidiary and any Subsidiary acquired in connection with the
2011 Portfolio Transaction (whether or not an Excluded Subsidiary), Indebtedness of such Excluded Subsidiary or Subsidiary which is at all times non-recourse in nature to the Company or its wholly-owned Subsidiaries (except such Excluded Subsidiary
or Subsidiary and or such assets of such Excluded Subsidiary or Subsidiary). 
 “Notes” shall
mean the Revolving Notes and/or the Swingline Notes, as applicable. 
 “Notice of Borrowing”
shall mean a request for a Revolving Loan borrowing pursuant to Section 2.1(b)(i) or a request for a Swingline Loan borrowing pursuant to Section 2.9(b)(i), as appropriate. A Form of Notice of Borrowing is attached as Exhibit
1.1(d). 
 “Notice of Conversion/Extension” shall mean the written notice of conversion of
a LIBO Rate Loan to a Base Rate Loan or a Base Rate Loan to a LIBO Rate Loan, or extension of a LIBO Rate Loan, in each case substantially in the form of Exhibit 1.1(e). 

“Notice of Prepayment” shall have the meaning set forth in Section 2.6(a). 

  
 18 

 “Obligations” shall mean, collectively, all of the
obligations, Indebtedness and liabilities of the Credit Parties to the Lenders (including the Issuing Lender) and the Agent, whenever arising, under this Agreement, the Notes or any of the other Loan Documents, including principal, interest, fees,
costs, charges, expenses, professional fees, reimbursements, all sums chargeable to the Credit Parties or for which any Credit Party is liable as an indemnitor and whether or not evidenced by a note or other instrument and indemnification
obligations and other amounts (including, but not limited to, any interest accruing after the occurrence of a filing of a petition of bankruptcy under the Bankruptcy Code with respect to any Credit Party, regardless of whether such interest is an
allowed claim under the Bankruptcy Code). 
 “OFAC” shall mean the U.S. Department of the
Treasury’s Office of Foreign Assets Control. 
 “Other Taxes” means all present or future
stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to,
this Agreement or any other Loan Document. 
 “Participant” has the meaning assigned to such
term in clause (d) of Section 9.6. 
 “Participation Interest” shall mean a
participation interest purchased by a Lender in LOC Obligations as provided in Section 2.3(c) and in Swingline Loans as provided in Section 2.9. 
 “Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 (Title III of
Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time. 

“Payment Event of Default” shall mean an Event of Default specified in Section 7.1(a). 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of
Title IV of ERISA. 
 “Permitted Liens” shall have the meaning set forth in
Section 5.10(g). 
 “Pension Plan” shall mean pension plan shall include (a) any
multi employer plan within the meaning of Section 3(37) of ERISA, (b) any employee benefit plan within the meaning of Section 3(3) of ERISA, other than plans described in (a) above and (c) any employee pension benefit plan
within the meaning of Section 3(2) of ERISA the benefits of which are guaranteed on termination in full or in part by PBGC pursuant to Title IV of ERISA, other than plans described in (a) above, each as maintained or contributed to by
the Company or any ERISA Affiliate. 

  
 19 

 “Person” shall mean any corporation, unincorporated
association, partnership, trust, organization, business, individual or other legal entity and any government or any governmental agency or political subdivision thereof. 

“Pledge Agreement” shall mean the Pledge Agreement dated as of the Closing Date executed by the Company
in favor of the Agent, for the benefit of the Secured Parties, as the same may from time to time be amended, modified, extended, restated, replaced, or supplemented from time to time in accordance with the terms hereof and thereof. 

“Prime Rate” shall have the meaning set forth in the definition of Base Rate. 

“Pro Forma Basis” shall mean, with respect to any transaction, that such transaction shall be deemed to
have occurred as of the first day of the four-quarter period (or twelve month period, as applicable) ending as of the most recent quarter end (or month end, as applicable) preceding the date of such transaction for which financial statement
information is available; provided, for purposes of Section 5.9(c), 5.9(h) and 5.25(e), the rental income for any newly-acquired Health Care Facility which is used for purposes of such calculation shall be based on the amounts contractually due
under any related leases that are then in effect. 
 “Properties” shall have the meaning set
forth in Section 3.18(a). 
 “Register” shall have the meaning set forth in
Section 9.6(c). 
 “Reimbursement Obligation” shall mean the obligation of the Company to
reimburse the Issuing Lender pursuant to Section 2.3(d) for amounts drawn under Letters of Credit. 

“Related Parties” shall mean, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Required Lenders” shall mean, as of any date of determination, Lenders holding at least a majority of, if the Revolving Commitments have been terminated, the outstanding Loans and
Participation Interests; provided, however, that if any Lender shall be a Defaulting Lender at such time, then there shall be excluded from the determination of Required Lenders, Obligations (including Participation Interests) owing to
such Defaulting Lender and such Defaulting Lender’s Commitments. 
 “Requirement of Law”
shall mean, as to any Person, (a) the articles or certificate of incorporation, trust documents and by-laws or other organizational or governing documents of such Person, and (b) all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority (in each case whether or not

  
 20 

 
having the force of law); in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer” shall mean, for any Credit Party, the chief executive officer, the president or
chief financial officer of such Credit Party and any additional responsible officer that is designated as such to the Agent. 
 “Revolving Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make Revolving Loans in an aggregate principal amount at any time outstanding up to an
amount equal to such Lender’s Revolving Commitment Percentage of the Revolving Committed Amount. 

“Revolving Commitment Percentage” shall mean, for each Lender, the percentage identified as its
Revolving Commitment Percentage on Schedule 2.1(a) or in the Assignment and Assumption pursuant to which such Lender became a Lender hereunder, as such percentage may be modified in connection with any assignment made in accordance with the
provisions of Section 9.6(b). 
 “Revolving Committed Amount” shall mean the amount of
each Lender’s Revolving Commitment as specified on Schedule 2.1(a), as such amount may be reduced or increased from time to time in accordance with the provisions hereof. 

“Revolving Facility” shall have the meaning set forth in Section 2.1(a). 

“Revolving Facility Increase” shall have the meaning set forth in Section 2.2(a). 

“Revolving Note” or “Revolving Notes” shall mean the promissory notes of the Company
provided pursuant to Section 2.1(e) in favor of any of the Lenders evidencing the Revolving Loan provided by any such Lender pursuant to Section 2.1(a), individually or collectively, as appropriate, as such promissory notes may be amended,
modified, extended, restated, replaced, or supplemented from time to time. 
 “Revolving Loans”
shall have the meaning set forth in Section 2.1(a). 
 “S&P” shall mean
Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. 

“Sanctioned Entity” shall mean (a) a country or a government of a country, (b) an agency of
the government of a country, (c) an organization directly or indirectly controlled by a country or its government, or (d) a person or entity resident in or determined to be resident in a country, that is subject to a country sanctions
program administered and enforced by OFAC. 
 “Sanctioned Person” shall mean a Person named on
the list of Specially Designated Nationals maintained by OFAC. 
 “Sarbanes-Oxley” shall mean
the Sarbanes-Oxley Act of 2002. 

  
 21 

 “SEC” shall mean the Securities and Exchange Commission or
any successor Governmental Authority. 
 “Secured Parties” shall mean the Agent, the Lenders
and the Bank Product Providers. 
 “Securities Act” shall mean the Securities Act of 1933,
together with any amendment thereto or replacement thereof and any rules or regulations promulgated thereunder. 

“Securities Laws” shall mean the Securities Act, the Exchange Act, Sarbanes-Oxley and the applicable
accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing may be amended and in effect on any applicable date
hereunder. 
 “Security Documents” shall mean the Pledge Agreement and all other agreements,
documents and instruments relating to, arising out of, or in any way connected with any of the Pledge Agreement or granting to the Agent, for the benefit of the Secured Parties, Liens or security interests to secure, inter alia, the Credit
Party Obligations whether now or hereafter executed and/or filed, each as may be amended from time to time in accordance with the terms hereof, executed and delivered in connection with the granting, attachment and perfection of the Agent’s
security interests and liens arising thereunder, including, without limitation, UCC financing statements. 

“Significant Subsidiary” shall mean each Subsidiary of the Company (other than an Excluded Subsidiary)
with assets totaling more than 3.5% of the total assets of the Company and its Subsidiaries taken as a whole. Notwithstanding the foregoing, the Guarantors that execute the Subsidiary Guaranty as of the Closing Date shall be deemed to be Significant
Subsidiaries and in any event will include each of 73 Medical Building L.L.C., Cypresswood Investment L.P. and Sheffield Properties L.L.C. 
 “Subsidiary” shall mean with respect to any Person, any corporation, association, trust or other business entity with respect to which such Person owns directly, or indirectly through a
subsidiary, at least a majority of voting interest entitling such Person to direct the management and policies of such entity. 
 “Subsidiary Guaranty” shall mean the guaranty executed by the Guarantors in substantially the form of Exhibit 1.1(f). 

“Swingline Commitment” shall mean the commitment of the Swingline Lender to make Swingline Loans in an
aggregate principal amount at any time outstanding up to the Swingline Committed Amount, and the commitment of the Lenders to purchase participation interests in the Swingline Loans as provided in Section 2.9(b)(ii), as such amounts may be
reduced from time to time in accordance with the provisions hereof. 
 “Swingline Committed
Amount” shall mean the amount of the Swingline Lender’s Swingline Commitment as specified in Section 2.9(a). 

  
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 “Swingline Lender” shall mean Wells Fargo and any successor
swingline lender. 
 “Swingline Loan” shall have the meaning set forth in Section 2.9(a).

 “Swingline Note” shall mean the promissory note of the Company in favor of the Swingline
Lender evidencing the Swingline Loans provided pursuant to Section 2.9(d), as such promissory note may be amended, modified, extended, restated, replaced, or supplemented from time to time. 

“Tangible Net Worth” shall mean the aggregate of the capital stock (but excluding treasury stock and
capital stock subscribed and unissued) and surplus (including earned surplus, capital surplus and the balance of the current profit and loss account not transferred to surplus) of the Company and its Subsidiaries as the same properly appears on a
balance sheet of the Company prepared in accordance with GAAP, less the sum of the total book value of all assets of the Company and its Subsidiaries which would be treated as intangibles under GAAP including without limitation, such items as good
will, leasehold improvements, trademarks, trade names, service marks, brand names, copyrights, patents and licenses, and rights with respect to the foregoing. 
 “Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any
interest, additions to tax or penalties applicable thereto. 
 “Total Capital” shall mean the
aggregate of the capital stock (but excluding treasury stock and capital stock that is subscribed and unissued) and surplus (including earned surplus, capital surplus and the balance of the current profit and loss account not transferred to surplus)
of the Company and its Subsidiaries, on a consolidated basis, as the same properly appears on a balance sheet of the Company prepared in accordance with GAAP, plus all Debt of the Company and its Subsidiaries. 

“Tranche” shall mean the collective reference to (a) LIBO Rate Loans whose Interest Periods begin
and end on the same day and (b) Base Rate Loans made on the same day. 
 “Transactions”
shall mean the closing of this Agreement and the other Loan Documents and the other transactions contemplated hereby and pursuant to the other Loan Documents (including, without limitation, the initial borrowings under the Loan Documents and the
payment of fees and expenses in connection with all of the foregoing). 
 “Type” shall mean, as
to any Loan, its nature as a Base Rate Loan or LIBO Rate Loan, as the case may be. 
 “UCC”
shall mean the Uniform Commercial Code from time to time in effect in any applicable jurisdiction. 

“UHS” Universal Health Services, Inc., a Delaware corporation. 

  
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 “UHS Subsidiaries” shall mean, as of any date of
determination, any Subsidiary or other entity the accounts of which would be consolidated with those of Universal Health Services, Inc. in its consolidated financial statements if such statements were prepared as of such date. 

“Unencumbered Property” shall mean any property owned or held under a Capital Lease by the Company which
is not subject to any form of mortgage, deed of trust, or other lien or encumbrance; provided that for purposes of this definition, leases shall not be deemed to be encumbrances. 

“Wells Fargo” shall mean Wells Fargo Bank, National Association, a national banking association,
together with its successors and/or assigns. 
 “Wells Fargo Fee Letter” means the letter
agreement dated June 28, 2011, addressed to the Company from Wells Fargo and WFS, as amended, modified, extended, restated, replaced, or supplemented from time to time. 

“WFS” shall mean Wells Fargo Securities, LLC, together with its successors and assigns. 

Section 1.2 Other Definitional Provisions. 

The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (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, amended and restated or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and 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, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to
time, (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract
rights and (g) all terms defined in this Agreement shall have the defined meanings when used in any other Loan Document or any certificate or other document made or delivered pursuant hereto. 

Section 1.3 Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial 

  
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ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to
time, applied in a manner consistent with that used in preparing the most recently delivered audited consolidated financial statements of the Company, except as otherwise specifically prescribed herein. 

(b) Changes in GAAP. If at any time any change in GAAP would affect the computation of any
financial ratio or requirement set forth in any Loan Document, and either the Company or the Required Lenders shall so request, the Agent, the Lenders and the Company shall negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior
to such change therein and (ii) the Company shall provide to the Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 

Section 1.4 Execution of Documents. 

Unless otherwise specified, all Loan Documents and all other certificates executed in connection therewith must be signed
by a Responsible Officer. 
 Section 1.5 Time References. 

Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or
standard, as applicable). 
 ARTICLE II 
 LOANS; AMOUNTS AND TERMS 
 Section 2.1 Revolving
Loans. 
 (a) Revolving Commitment. During the Commitment Period, subject to the
terms and conditions hereof, each Lender severally, but not jointly, agrees to make revolving credit loans in Dollars (“Revolving Loans”) to the Company from time to time in an aggregate principal amount of up to ONE HUNDRED
FIFTY MILLION DOLLARS ($150,000,000) (as increased from time to time as provided in Section 2.2 and as such aggregate maximum amount may be reduced from time to time as provided in Section 2.6, the “Revolving Committed
Amount”) for the purposes hereinafter set forth (such facility, the “Revolving Facility”); provided, however, that (i) with regard to each Lender individually, the sum of such Lender’s Revolving
Commitment Percentage of the aggregate principal amount of outstanding Revolving Loans plus such Lender’s Revolving Commitment Percentage of outstanding Swingline Loans plus such Lender’s

  
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Revolving Commitment Percentage of outstanding LOC Obligations shall not exceed such Lender’s Revolving Commitment and (ii) with regard to the Lenders collectively, the sum of the
aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect. Revolving Loans may consist of Base Rate Loans
or LIBO Rate Loans, or a combination thereof, as the Company may request, and may be repaid and reborrowed in accordance with the provisions hereof; provided, however, the Revolving Loans made on the Closing Date or any of the three
(3) Business Days following the Closing Date, may only consist of Base Rate Loans unless the Company delivers a funding indemnity letter, substantially in the form of Exhibit 2.1(a), reasonably acceptable to the Agent not less than three
(3) Business Days prior to the Closing Date. 
 (b) Revolving Loan Borrowings.

 (i) Notice of Borrowing. The Company shall request a Revolving Loan borrowing by
delivering a written Notice of Borrowing (or telephone notice promptly confirmed in writing by delivery of a written Notice of Borrowing, which delivery may be by fax or electronic mail) to the Agent not later than 11:00 A.M. (Charlotte, North
Carolina time) on the Business Day of the requested borrowing in the case of Base Rate Loans, and on the third Business Day prior to the date of the requested borrowing in the case of LIBO Rate Loans. Each such Notice of Borrowing shall be
irrevocable and shall specify (A) that a Revolving Loan is requested, (B) the date of the requested borrowing (which shall be a Business Day), (C) the aggregate principal amount to be borrowed and (D) whether the borrowing shall
be comprised of Base Rate Loans, LIBO Rate Loans or a combination thereof, and if LIBO Rate Loans are requested, the Interest Period(s) therefor. If the Company shall fail to specify in any such Notice of Borrowing (1) an applicable Interest
Period in the case of a LIBO Rate Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (2) the Type of Revolving Loan requested, then such notice shall be deemed to be a request for a Base Rate Loan
hereunder. The Agent shall give notice to each Lender promptly upon receipt of each Notice of Borrowing, the contents thereof and each such Lender’s share thereof. 

(ii) Minimum Amounts. Each Revolving Loan that is made as a Base Rate Loan shall be in a minimum
aggregate amount of $100,000 and in integral multiples of $100,000 in excess thereof (or the remaining amount of the Revolving Committed Amount, if less). Each Revolving Loan that is made as a LIBO Rate Loan shall be in a minimum aggregate amount of
$100,000 and in integral multiples of $100,000 in excess thereof (or the remaining amount of the Revolving Committed Amount, if less). 
 (iii) Advances. Each Lender will make its Revolving Commitment Percentage of each Revolving Loan borrowing available to the Agent for the account of the Company at the office of the Agent specified
in Section 9.2, or at 

  
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such other office as the Agent may designate in writing, by 1:00 P.M. (Charlotte, North Carolina time) on the date specified in the applicable Notice of Borrowing, in Dollars and in funds
immediately available to the Agent. Such borrowing will then be made available to the Company by the Agent by crediting the account of the Company on the books of such office (or such other account that the Company may designate in writing to the
Agent) with the aggregate of the amounts made available to the Agent by the Lenders and in like funds as received by the Agent. 
 (c) Repayment. Subject to the terms of this Agreement, Revolving Loans may be borrowed, repaid and reborrowed during the Commitment Period, subject to Section 2.6(a). The principal amount of
all Revolving Loans shall be due and payable in full on the Maturity Date, unless accelerated sooner pursuant to Section 7.2. 
 (d) Interest. Subject to the provisions of Section 2.7, Revolving Loans shall bear interest as follows: 

(i) Base Rate Loans. During such periods as any Revolving Loans shall be comprised of Base Rate
Loans, each such Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Base Rate plus the Applicable Margin; and 
 (ii) LIBO Rate Loans. During such periods as Revolving Loans shall be comprised of LIBO Rate Loans, each such LIBO Rate Loan shall bear interest at a per annum rate equal to the sum of the LIBO
Rate plus the Applicable Margin. 
 Interest on Revolving Loans shall be payable in arrears on each
Interest Payment Date. 
 (e) Revolving Notes; Covenant to Pay. The Company’s
obligation to pay each Lender shall be evidenced by this Agreement and, upon such Lender’s request, by a duly executed promissory note of the Company to such Lender in substantially the form of Exhibit 2.1(e). The Company covenants and
agrees to pay the Revolving Loans in accordance with the terms of this Agreement. 
 Section 2.2
Revolving Facility Increase. 
 (a) Revolving Facility Increases. Subject to
the terms and conditions set forth herein, the Company shall have the right, at any time and from time to time prior to the Maturity Date to increase the Revolving Committed Amount (each, a “Revolving Facility Increase”) by an
aggregate principal amount for all such Revolving Facility Increases of up to $50,000,000 (“Incremental Increase Amount”). 
 (b) Terms and Conditions. The following terms and conditions shall apply to any Revolving Facility Increase: (i) no Default or Event of Default shall exist immediately prior to or after giving
effect to such Revolving Facility Increase, (ii) the terms and documentation of such Revolving Facility Increase (other than the Applicable 

  
 27 

 
Margin and fees, which shall be determined as set forth below in clause (c)) shall be the same as the existing Revolving Facility, (iii) any loans made pursuant to a Revolving Facility
Increase shall constitute Credit Party Obligations and will be secured and guaranteed with the other Credit Party Obligations on a pari passu basis, (iv) any Lenders providing such Revolving Facility Increase shall be entitled to the same
voting rights as the existing Lenders and shall be entitled to receive proceeds of prepayments on the same basis as the existing Lenders, (v) any such Revolving Facility Increase shall be in a minimum principal amount of $10,000,000 and
integral multiples of $1,000,000 in excess thereof (or the remaining amount of the Incremental Increase Amount, if less), (vi) the proceeds of any such Revolving Facility Increase will be used for the purposes set forth in Section 3.19,
(vii) the Company shall execute a Revolving Note, in favor of any new Lender or any existing Lender requesting a Revolving Note, to evidence its Revolving Commitment to the extent increased pursuant to this Section, (viii) the conditions
to Extensions of Credit in Section 4.2 shall have been satisfied, (ix) the Agent shall have received (A) upon request of the Agent, an opinion or opinions of counsel for the Credit Parties, addressed to the and the Lenders, in form
and substance acceptable to the Agent substantially similar to those opinions delivered to the Agent on the Closing Date, (B) any authorizing corporate documents as the Agent may reasonably request and (C) if applicable, a duly executed
Notice of Borrowing, and (x) the Agent shall have received from the Company an officer’s certificate, in form and substance reasonably satisfactory to the Agent, demonstrating that, after giving effect to any such Revolving Facility
Increase on a Pro Forma Basis, the Company will be in compliance with the financial covenants set forth in Sections 5.5, 5.6, 5.7 and 5.8. 
 (c) Applicable Margin and Fees. The Applicable Margin and any other fees (including upfront fees and commitment fees) on the Revolving Facility Increase will be determined by the Company and the
Lenders providing such Revolving Facility Increase at the time such Revolving Facility Increase is made; provided that in the event that the Applicable Margin, Commitment Fee, upfront fees or other fees, taken as a whole, for any Revolving
Facility Increase are higher than the Applicable Margin, Commitment Fee, upfront fees or other fees, taken as a whole, for the Revolving Facility, then the Applicable Margin, Commitment Fee, upfront fees or other fees for the Revolving Facility
shall be increased to the extent necessary so that such Applicable Margin, Commitment Fee, upfront fees or other fees, as applicable, are equal to Applicable Margin, Commitment Fee, upfront fees or other fees, as applicable, for such Revolving
Facility Increase; provided, further, that in determining the interest rate margins applicable to the Revolving Facility Increase and the Revolving Facility, (i) upfront fees payable by the Company to the Lenders under the
Revolving Facility or any Revolving Facility Increase in the initial primary syndication thereof (with such upfront fees being equated to interest based on assumed four-year life to maturity) and the effects of any and all interest rate floors shall
be included and (ii) customary arrangement or commitment fees payable to the Arrangers (or their affiliates) in connection with the Revolving Facility or to one or more arrangers (or their affiliates) of any Revolving Facility Increase shall be
excluded. 
 (d) Revolving Facility Increase. In connection with the closing of any
Revolving Facility Increase, the outstanding Revolving Loans and Participation Interests 

  
 28 

 
shall be reallocated by causing such fundings and repayments (which shall not be subject to any processing and/or recordation fees) among the Lenders (which the Company shall be responsible for
any costs arising under Section 2.15 resulting from such reallocation and repayments) of Revolving Loans as necessary such that, after giving effect to such Revolving Facility Increase, each Revolving Lender will hold Revolving Loans and
Participation Interests based on its Revolving Commitment Percentage (after giving effect to such Revolving Facility Increase). 
 (e) Participation. Participation in any Revolving Facility Increase may be offered to each of the existing Lenders, but each such Lender shall have no obligation to provide all or any portion of
such Revolving Facility Increase. The Company may invite other banks and financial institutions reasonably acceptable to the Agent (such consent not to be unreasonably withheld or delayed) to join this Agreement as Lenders hereunder for any portion
of such Revolving Facility Increase; provided that such other banks and financial institutions shall enter into such joinder agreements to give effect thereto as the Agent may reasonably request. 

(f) Amendments. The Agent is authorized to enter into, on behalf of the Lenders, any amendment to
this Agreement or any other Loan Document as may be necessary to incorporate the terms of any such Revolving Facility Increase. 
 Section 2.3 Letters of Credit. 

(a) Issuance. Subject to the terms and conditions hereof and of the LOC Documents, if any, and any
other terms and conditions which the Issuing Lender may reasonably require which are not inconsistent with this Agreement, during the Commitment Period the Issuing Lender shall issue, and the Lenders shall participate in, Letters of Credit for the
account of the Company from time to time upon request in a form acceptable to the Issuing Lender; provided, however, that (i) the aggregate amount of LOC Obligations shall not at any time exceed FIFTY MILLION DOLLARS
($50,000,000) (the “LOC Committed Amount”), (ii) the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not at any time
exceed the Revolving Committed Amount then in effect, (iii) all Letters of Credit shall be denominated in Dollars, (iv) Letters of Credit shall be issued for any lawful corporate purposes and may be issued as standby letters of credit,
including in connection with workers’ compensation and other insurance programs, and (v) no Letter of Credit shall be issued after the occurrence and during the continuance of a Default or an Event of Default. Except as otherwise expressly
agreed in writing upon by all the Lenders, no Letter of Credit shall have an original expiry date more than one year from the date of issuance; provided, however, so long as no Default or Event of Default has occurred and is continuing
and subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be extended annually or periodically from time to time on the request of the Company or by operation of the terms
of the applicable Letter of Credit to a date not more than one year from the date of extension; provided, further, except as otherwise set forth in clause (k) hereof, no Letter of Credit, as originally issued or as

  
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extended, shall have an expiry date extending beyond the date that is five (5) Business Days prior to the Maturity Date (the “Letter of Credit Expiration Date”). Each Letter
of Credit shall comply with the related LOC Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. Each Letter of Credit issued hereunder shall be in a minimum original face amount of $50,000, or such lesser amount
as approved by the Issuing Lender. The Company’s Reimbursement Obligations in respect of each Existing Letter of Credit, and each Lender’s participation obligations in connection therewith, shall be governed by the terms of this Agreement.
Wells Fargo shall be the Issuing Lender on all Letters of Credit issued after the Closing Date. The Existing Letters of Credit shall, as of the Closing Date, be deemed to have been issued as Letters of Credit hereunder and subject to and governed by
the terms of this Agreement. 
 (b) Notice and Reports. The request for the issuance of a
Letter of Credit shall be submitted to the Issuing Lender at least five (5) Business Days prior to the requested date of issuance. The Issuing Lender will promptly upon request provide to the Agent for dissemination to the Lenders a detailed
report specifying the Letters of Credit which are then issued and outstanding and any activity with respect thereto which may have occurred since the date of any prior report, and including therein, among other things, the account party, the
beneficiary, the face amount, expiry date as well as any payments or expirations which may have occurred. The Issuing Lender will further provide to the Agent promptly upon request copies of the Letters of Credit. The Issuing Lender will provide to
the Agent promptly upon request a summary report of the nature and extent of LOC Obligations then outstanding. 
 (c) Participations. Each Lender, (i) on the Closing Date with respect to each Existing Letter of Credit and (ii) upon issuance of a Letter of Credit, shall be deemed to have purchased
without recourse a risk participation from the Issuing Lender in such Letter of Credit and the obligations arising thereunder and any Collateral relating thereto, in each case in an amount equal to its Revolving Commitment Percentage of the
obligations under such Letter of Credit and shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its Revolving Commitment
Percentage of the obligations arising under such Letter of Credit; provided that any Person that becomes a Lender after the Closing Date shall be deemed to have purchased a Participation Interest in all outstanding Letters of Credit on the
date it becomes a Lender hereunder and any Letter of Credit issued on or after such date, in each case in accordance with the foregoing terms. Without limiting the scope and nature of each Lender’s participation in any Letter of Credit, to the
extent that the Issuing Lender has not been reimbursed as required hereunder or under any LOC Document, each such Lender shall pay to the Issuing Lender its Revolving Commitment Percentage of such unreimbursed drawing in same day funds pursuant to
and in accordance with the provisions of subsection (d) hereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default
or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Company to 

  
 30 

 
reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided. 

(d) Reimbursement. In the event of any drawing under any Letter of Credit, the Issuing Lender will
promptly notify the Company and the Agent. The Company shall reimburse the Issuing Lender on the day of drawing under any Letter of Credit if notified prior to 3:00 P.M. (Charlotte, North Carolina time) on a Business Day or, if after
3:00 P.M. (Charlotte, North Carolina time), on the following Business Day (either with the proceeds of a Revolving Loan obtained hereunder or otherwise) in same day funds as provided herein or in the LOC Documents. If the Company shall fail to
reimburse the Issuing Lender as provided herein, the unreimbursed amount of such drawing shall automatically bear interest at a per annum rate equal to the Default Rate. Unless the Company shall immediately notify the Issuing Lender and the Agent of
its intent to otherwise reimburse the Issuing Lender, the Company shall be deemed to have requested a Mandatory LOC Borrowing in the amount of the drawing as provided in subsection (e) hereof, the proceeds of which will be used to satisfy the
Reimbursement Obligations. The Company’s Reimbursement Obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of set-off, counterclaim or defense to payment the Company may claim or have
against the Issuing Lender, the Agent, the Lenders, the beneficiary of the Letter of Credit drawn upon or any other Person, including, without limitation, any defense based on any failure of the Company to receive consideration or the legality,
validity, regularity or unenforceability of the Letter of Credit. The Agent will promptly notify the other Lenders of the amount of any unreimbursed drawing and each Lender shall promptly pay to the Agent for the account of the Issuing Lender, in
Dollars and in immediately available funds, the amount of such Lender’s Revolving Commitment Percentage of such unreimbursed drawing. Such payment shall be made on the Business Day such notice is received by such Lender from the Agent if such
notice is received at or before 2:00 P.M. (Charlotte, North Carolina time), otherwise such payment shall be made at or before 12:00 Noon (Charlotte, North Carolina time) on the Business Day next succeeding the Business Day such notice is
received. If such Lender does not pay such amount to the Agent for the account of the Issuing Lender in full upon such request, such Lender shall, on demand, pay to the Agent for the account of the Issuing Lender interest on the unpaid amount during
the period from the date of such drawing until such Lender pays such amount to the Agent for the account of the Issuing Lender in full at a rate per annum equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds
Effective Rate and thereafter at a rate equal to the Base Rate. Each Lender’s obligation to make such payment to the Issuing Lender, and the right of the Issuing Lender to receive the same, shall be absolute and unconditional, shall not be
affected by any circumstance whatsoever and without regard to the termination of this Agreement or the Commitments hereunder, the existence of a Default or Event of Default or the acceleration of the Obligations hereunder and shall be made without
any offset, abatement, withholding or reduction whatsoever. 
 (e) Repayment with Revolving
Loans. On any day on which the Company shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Lenders that a

  
 31 

 
Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing comprised entirely of Base Rate Loans (each
such borrowing, a “Mandatory LOC Borrowing”) shall be made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Lender’s respective Revolving Commitment Percentage
(determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Agent for the account of the Issuing Lender for application to the respective LOC
Obligations. Each Lender hereby irrevocably agrees to make such Revolving Loans on the day such notice is received by the Lenders from the Agent if such notice is received at or before 2:00 P.M. (Charlotte, North Carolina time), otherwise such
payment shall be made at or before 12:00 Noon (Charlotte, North Carolina time) on the Business Day next succeeding the day such notice is received, in each case notwithstanding (i) the amount of Mandatory LOC Borrowing may not
comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists,
(iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed
Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory LOC Borrowing should be less than the minimum amount for borrowings of Loans otherwise provided in
Section 2.1(b), the Company shall pay to the Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without
limitation, as a result of the occurrence of a Bankruptcy Event), then each such Lender hereby agrees that it shall forthwith fund its Participation Interests in the outstanding LOC Obligations on the Business Day such notice to fund is received by
such Lender from the Agent if such notice is received at or before 2:00 P.M. (Charlotte, North Carolina time), otherwise such payment shall be made at or before 12:00 Noon (Charlotte, North Carolina time) on the Business Day next
succeeding the Business Day such notice is received; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the amount of such Lender’s unfunded Participation
Interest therein shall automatically bear interest payable by such Lender to the Agent for the account of the Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate,
and thereafter at a rate equal to the Base Rate. 
 (f) Modification, Extension. The
issuance of any supplement, modification, amendment, renewal, or extension to any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder. 

(g) ISP98 and UCP. Unless otherwise expressly agreed by the Issuing Lender and the Company, when a
Letter of Credit is issued, (i) the rules of the “International Standby Practices 1998,” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of
issuance) shall apply to each standby Letter of Credit, and (ii) the rules of The Uniform Customs and 

  
 32 

 
Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each documentary Letter of Credit. 

(h) Conflict with LOC Documents. In the event of any conflict between this Agreement and any LOC
Document (including any letter of credit application and any LOC Documents relating to the Existing Letters of Credit), this Agreement shall control. 

(i) Designation of Subsidiaries as Account Parties. Notwithstanding anything to the contrary set
forth in this Agreement, including, without limitation, Section 2.3(a), a Letter of Credit issued hereunder may contain a statement to the effect that such Letter of Credit is issued for the account of a Subsidiary of the Company;
provided that, notwithstanding such statement, the Company shall be the actual account party for all purposes of this Agreement for such Letter of Credit and such statement shall not affect the Company’s Reimbursement Obligations
hereunder with respect to such Letter of Credit. 
 (j) Cash Collateral. At any point in
time in which there is a Defaulting Lender, the Issuing Lender may require the Company to Cash Collateralize the LOC Obligations pursuant to Section 2.20. 

(k) Letters of Credit. The Issuing Lender shall, at the request of the Company, issue one or more
Letters of Credit hereunder, with expiry dates that would occur after the Letter of Credit Expiration Date (and after the Maturity Date), based upon the Company’s agreement to fully Cash Collateralize the LOC Obligations relating to such
Letters of Credit on the Letter of Credit Expiration Date pursuant to the terms of Section 2.20(a)(ii). In the event the Company fails to fully Cash Collateralize the outstanding LOC Obligations on the Letter of Credit Expiration Date,
each outstanding Letter of Credit shall automatically be deemed to be drawn in full, and the Company shall be deemed to have requested a Base Rate Loan to be funded by the Lenders on the Letter of Credit Expiration Date to reimburse such drawing
(with the proceeds of such Base Rate Loan being used to Cash Collateralize outstanding LOC Obligations as set forth in Section 2.20). If the event a Mandatory LOC Borrowing cannot for any reason be made on such date (including, without
limitation, as a result of the occurrence of a Bankruptcy Event) then each such Revolving Lender hereby agrees that it shall fund its Participation Interests in the outstanding LOC Obligations on such day (with the proceeds of such funded
Participation Interests being used to Cash Collateralize outstanding LOC Obligations as set forth in Section 2.20). Each Lender’s obligation to make such payment to the Issuing Lender, and the right of the Issuing Lender to receive
the same, shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and without regard to the termination of this Agreement or the Commitments hereunder, the existence of a Default or Event of Default or the
acceleration of the Obligations hereunder and shall be made without any offset, abatement, withholding or reduction whatsoever. 

  
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 Section 2.4 Fees. 

(a) Commitment Fee. Subject to Section 2.21, in consideration of the Revolving Commitments,
the Company agrees to pay to the Agent, for the ratable benefit of the Lenders, a commitment fee (the “Commitment Fee”) in an amount equal to the Applicable Margin for the Commitment Fee per annum on the average daily unused amount
of the Revolving Committed Amount. The Commitment Fee shall be calculated quarterly in arrears. For purposes of computation of the Commitment Fee, LOC Obligations shall be considered usage of the Revolving Committed Amount but Swingline Loans shall
not be considered usage of the Revolving Committed Amount. The Commitment Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter. 

(b) Letter of Credit Fees. Subject to Section 2.21, in consideration of the LOC Commitments,
the Company agrees to pay to the Agent, for the ratable benefit of the Lenders, a fee (the “Letter of Credit Fee”) equal to the Applicable Margin for Letter of Credit Fee per annum on the average daily maximum amount available to be
drawn under each Letter of Credit from the date of issuance to the date of expiration. The Letter of Credit Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter. 

(c) Issuing Lender Fees. In addition to the Letter of Credit Fees payable pursuant to subsection
(b) hereof, the Company shall pay to the Issuing Lender for its own account without sharing by the other Lenders the reasonable and customary charges from time to time of the Issuing Lender with respect to the amendment, transfer,
administration, cancellation and conversion of, and drawings under, such Letters of Credit (collectively, the “Issuing Lender Fees”). The Issuing Lender may charge, and retain for its own account without sharing by the other
Lenders, an additional facing fee (the “Letter of Credit Facing Fee”) of 0.150% per annum on the average daily maximum amount available to be drawn under each such Letter of Credit issued by it. The Issuing Lender Fees and the
Letter of Credit Facing Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter. 
 (d) Administrative Fee. The Company agrees to pay to the Agent the annual administrative fee as described in the Wells Fargo Fee Letter. 

Section 2.5 Commitment Reductions. 

(a) Voluntary Reductions. The Company shall have the right to terminate or permanently reduce the
unused portion of the Revolving Committed Amount at any time or from time to time upon not less than five (5) Business Days’ prior written notice to the Agent (which shall notify the Lenders thereof as soon as practicable) of each such
termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction which shall be in a minimum amount of $500,000 or a whole multiple of $250,000 in excess thereof and shall be irrevocable and
effective upon receipt by the Agent; provided that no such reduction or termination shall be permitted if 

  
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after giving effect thereto, and to any prepayments of the Revolving Loans made on the effective date thereof, the sum of the aggregate principal amount of outstanding Revolving Loans plus
outstanding Swingline Loans plus outstanding LOC Obligations would exceed the Revolving Committed Amount then in effect. Any reduction in the Revolving Committed Amount shall be applied to the Commitment of each Lender in according to its
Revolving Commitment Percentage. 
 (b) LOC Committed Amount. If the Revolving Committed
Amount is reduced below the then current LOC Committed Amount, the LOC Committed Amount shall automatically be reduced by an amount such that the LOC Committed Amount equals the Revolving Committed Amount. 

(c) Swingline Committed Amount. If the Revolving Committed Amount is reduced below the then current
Swingline Committed Amount, the Swingline Committed Amount shall automatically be reduced by an amount such that the Swingline Committed Amount equals the Revolving Committed Amount. 

(d) Maturity Date. The Revolving Commitments, the Swingline Commitment and the LOC Commitment shall
automatically terminate on the Maturity Date. 
 Section 2.6 Prepayments. 

(a) Optional Prepayments. The Company shall have the right to prepay Loans in whole or in
part from time to time; provided, however, that (i) each partial prepayment of any Base Rate Loan shall be in a minimum principal amount of (i) $100,000 and integral multiples of $100,000 in excess thereof, (ii) each
partial prepayment of a Swingline Loan shall be in a minimum principal amount of $100,000 and integral multiples of $100,000 in excess thereof and (iii) each partial prepayment of a LIBO Rate Loan shall be in a minimum principal amount of
$100,000 and integral multiples of $100,000 in excess thereof. The Company shall notify the Agent of such prepayment by written notice in the form of Exhibit 2.6(a) (a “Notice of Prepayment”). The Company shall give three
Business Days’ irrevocable notice in the case of LIBO Rate Loans and one Business Day’s irrevocable notice in the case of Base Rate Loans, to the Agent (which shall notify the Lenders thereof as soon as practicable). Amounts prepaid under
this Section shall be applied to the outstanding Loans as the Company may elect. Within the foregoing parameters, prepayments under this Section 2.6(a) shall be applied first to Base Rate Loans and then to LIBO Rate Loans in direct order of
Interest Period maturities. All prepayments under this Section 2.6(a) shall be subject to Section 2.15, but otherwise without premium or penalty. Interest on the principal amount prepaid shall be payable on the next occurring Interest
Payment Date that would have occurred had such Loan not been prepaid or, at the request of the Agent, interest on the principal amount prepaid shall be payable on any date that a prepayment is made hereunder through the date of prepayment. Amounts
prepaid on the Loans may be reborrowed in accordance with the terms hereof. 

  
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 (b) Mandatory Prepayments. If at any time after the
Closing Date, the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall exceed the Revolving Committed Amount, the Company shall immediately prepay
the Revolving Loans and Swingline Loans and (after all Revolving Loans and Swingline Loans have been repaid) Cash Collateralize the LOC Obligations in an amount sufficient to eliminate such excess. All amounts required to be paid pursuant to this
Section shall be applied as follows: (1) first to the outstanding Swingline Loans, (2) second to the outstanding Revolving Loans and (3) third to Cash Collateralize the LOC Obligations. Within the foregoing
parameters, prepayments under this Section 2.6(b) shall be applied first to Base Rate Loans and then to LIBO Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.6(b) shall be subject to
Section 2.15, but otherwise without premium or penalty. 
 (c) Bank Product Obligations
Unaffected. Any prepayment made pursuant to this Section 2.6 shall not affect the Company’s obligation to continue to make payments under any Bank Product, which shall remain in full force and effect notwithstanding such repayment or
prepayment, subject to the terms of such Bank Product. 
 Section 2.7 Default Rate and Payment
Dates. 
 (a) If all or a portion of the principal amount of any Loan which is a LIBO
Rate Loan shall not be paid when due or continued as a LIBO Rate Loan in accordance with the provisions of Section 2.8 (whether at the stated maturity, by acceleration or otherwise), such overdue principal amount of such Loan shall be converted
to a Base Rate Loan at the end of the Interest Period applicable thereto. 
 (b) Upon the
occurrence and during the continuance of a (i) Bankruptcy Event or a Payment Event of Default, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Loan Documents
shall automatically bear interest at a rate per annum which is equal to the Default Rate and (ii) any other Event of Default hereunder, at the option of the Required Lenders, the principal of and, to the extent permitted by law, interest on the
Loans and any other amounts owing hereunder or under the other Loan Documents shall automatically bear interest, at a per annum rate which is equal to the Default Rate, in each case from the date of such Event of Default until such Event of Default
is waived in accordance with Section 9.1. Any default interest owing under this Section 2.7(b) shall be due and payable on the earlier to occur of (x) demand by the Agent (which demand the Agent shall make if directed by the Required
Lenders) and (y) the Maturity Date. 
 (c) Interest on each Loan shall be payable in arrears
on each Interest Payment Date; provided that interest accruing pursuant to paragraph (b) of this Section shall be payable from time to time on demand. 

  
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 Section 2.8 Conversion Options. 

(a) The Company may, in the case of Revolving Loans, elect from time to time to convert Base Rate Loans to
LIBO Rate Loans or to continue LIBO Rate Loans, by delivering a Notice of Conversion/Extension to the Agent at least three Business Days’ prior to the proposed date of conversion or continuation. In addition, the Company may elect from time to
time to convert all or any portion of a LIBO Rate Loan to a Base Rate Loan by giving the Agent irrevocable written notice thereof by 11:00 A.M. one (1) Business Day prior to the proposed date of conversion. If the date upon which a Base
Rate Loan is to be converted to a LIBO Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan
shall bear interest as if it were a Base Rate Loan. LIBO Rate Loans may only be converted to Base Rate Loans on the last day of the applicable Interest Period. If the date upon which a LIBO Rate Loan is to be converted to a Base Rate Loan is not a
Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were a Base Rate Loan. All or
any part of outstanding Base Rate Loans may be converted as provided herein; provided that (i) no Loan may be converted into a LIBO Rate Loan when any Default or Event of Default has occurred and is continuing and (ii) partial
conversions shall be in an aggregate principal amount of $100,000 or a whole multiple of $100,000 in excess thereof. All or any part of outstanding LIBO Rate Loans may be converted as provided herein; provided that partial conversions shall
be in an aggregate principal amount of $100,000 or a whole multiple of $100,000 in excess thereof. 
 (b) Any LIBO Rate Loans may be continued as such upon the expiration of an Interest Period with respect thereto by compliance by the Company with the notice provisions contained in Section 2.8(a);
provided, that no LIBO Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, in which case such Loan shall be automatically converted to a Base Rate Loan at the end of the applicable Interest
Period with respect thereto. If the Company shall fail to give timely notice of an election to continue a LIBO Rate Loan, or the continuation of LIBO Rate Loans is not permitted hereunder, such LIBO Rate Loans shall be automatically converted to
Base Rate Loans at the end of the applicable Interest Period with respect thereto. 
 Section 2.9
Swingline Loan Subfacility. 
 (a) Swingline Commitment. During the Commitment
Period, subject to the terms and conditions hereof, the Swingline Lender, in its individual capacity, agrees to, in reliance upon the agreements of the other Lenders set forth in this Section, make certain revolving credit loans to the Company (each
a “Swingline Loan” and, collectively, the “Swingline Loans”) for the purposes hereinafter set forth; provided, however, (i) the aggregate principal amount of Swingline Loans outstanding at any
time shall not exceed TWENTY MILLION DOLLARS ($20,000,000) (the “Swingline Committed  

  
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Amount”), and (ii) the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall
not exceed the Revolving Committed Amount then in effect. Swingline Loans hereunder may be repaid and reborrowed in accordance with the provisions hereof. 

(b) Swingline Loan Borrowings. 

(i) Notice of Borrowing and Disbursement. Upon receiving a Notice of Borrowing from the Company not
later than 3:00 P.M. (Charlotte, North Carolina time) on any Business Day requesting that a Swingline Loan be made, the Swingline Lender will make Swingline Loans available to the Company on the same Business Day such request is received by the
Agent. Swingline Loan borrowings hereunder shall be made in minimum amounts of $50,000 (or the remaining available amount of the Swingline Committed Amount if less) and in integral amounts of $50,000 in excess thereof. 

(ii) Repayment of Swingline Loans. Each Swingline Loan borrowing shall be due and payable on the
earlier of thirty (30) days following the date such Swingline Loan is made and the Maturity Date. The Swingline Lender may, at any time, in its sole discretion, by written notice to the Company and the Agent, demand repayment of its Swingline
Loans by way of a Revolving Loan borrowing, in which case the Company shall be deemed to have requested a Revolving Loan borrowing comprised entirely of Base Rate Loans in the amount of such Swingline Loans; provided, however, that, in
the following circumstances, any such demand shall also be deemed to have been given one Business Day prior to each of (A) the Maturity Date, (B) the occurrence of any Bankruptcy Event, (C) upon acceleration of the Obligations
hereunder, whether on account of a Bankruptcy Event or any other Event of Default, and (D) the exercise of remedies in accordance with the provisions of Section 7.2 hereof (each such Revolving Loan borrowing made on account of any such
deemed request therefor as provided herein being hereinafter referred to as “Mandatory Swingline Borrowing”). Each Lender hereby irrevocably agrees to make such Revolving Loans promptly upon any such request or deemed request on
account of each Mandatory Swingline Borrowing in the amount and in the manner specified in the preceding sentence on the date such notice is received by the Lenders from the Agent if such notice is received at or before 2:00 P.M., otherwise
such payment shall be made at or before 12:00 Noon on the Business Day next succeeding the date such notice is received notwithstanding (1) the amount of Mandatory Swingline Borrowing may not comply with the minimum amount for
borrowings of Revolving Loans otherwise required hereunder, (2) whether any conditions specified in Section 4.2 are then satisfied, (3) whether a Default or an Event of Default then exists, (4) failure of any such request or
deemed request for Revolving Loans to be made by the time otherwise required in Section 2.1(b)(i), (5) the date of such Mandatory Swingline Borrowing, or (6) any reduction in the Revolving Committed Amount or termination of the
Revolving Commitments immediately prior to such Mandatory Swingline Borrowing or contemporaneously 

  
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therewith. In the event that any Mandatory Swingline Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement
of a proceeding under the Bankruptcy Code), then each Lender hereby agrees that it shall forthwith purchase (as of the date the Mandatory Swingline Borrowing would otherwise have occurred, but adjusted for any payments received from the Company on
or after such date and prior to such purchase) from the Swingline Lender such Participation Interest in the outstanding Swingline Loans as shall be necessary to cause each such Lender to share in such Swingline Loans ratably based upon its
respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2); provided that (x) all interest payable on the Swingline Loans shall be for the account of
the Swingline Lender until the date as of which the respective Participation Interest is purchased, and (y) at the time any purchase of a Participation Interest pursuant to this sentence is actually made, the purchasing Lender shall be required
to pay to the Swingline Lender interest on the principal amount of such Participation Interest purchased for each day from and including the day upon which the Mandatory Swingline Borrowing would otherwise have occurred to but excluding the date of
payment for such Participation Interest, at the rate equal to, if paid within two (2) Business Days of the date of the Mandatory Swingline Borrowing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Base Rate. The Company
shall have the right to repay the Swingline Loan in whole or in part from time to time in accordance with Section 2.6(a). 
 (c) Interest on Swingline Loans. Subject to the provisions of Section 2.7, Swingline Loans shall bear interest at a per annum rate equal to the LIBO Reference Rate plus the Applicable
Margin for Revolving Loans. Interest on Swingline Loans shall be payable in arrears on each Interest Payment Date. 
 (d) Swingline Note; Covenant to Pay. The Swingline Loans shall be evidenced by this Agreement and, upon request of the Swingline Lender, by a duly executed promissory note of the Company in favor
of the Swingline Lender in the original amount of the Swingline Committed Amount and substantially in the form of Exhibit 2.9(d). The Company covenants and agrees to pay the Swingline Loans in accordance with the terms of this Agreement.

 (e) Cash Collateral. At any point in time in which there is a Defaulting Lender, the
Swingline Lender may require the Company to Cash Collateralize the outstanding Swingline Loans pursuant to Section 2.20. 
 Section 2.10 Computation of Interest and Fees; Usury. 
 (a) Interest payable hereunder with respect to any Base Rate Loan based on the Prime Rate shall be calculated on the basis of a year of 365 days (or 366 days, as applicable) for the actual days elapsed.
All other fees, interest and all other amounts payable hereunder shall be calculated on the basis of a 360-day year for the actual days 

  
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elapsed. The Agent shall as soon as practicable notify the Company and the Lenders of each determination of a LIBO Rate on the Business Day of the determination thereof. Any change in the
interest rate on a Loan resulting from a change in the Base Rate shall become effective as of the opening of business on the day on which such change in the Base Rate shall become effective. The Agent shall as soon as practicable notify the Company
and the Lenders of the effective date and the amount of each such change. 
 (b) Each
determination of an interest rate by the Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Company and the Lenders in the absence of manifest error. The Agent shall, at the request of the Company, deliver to
the Company a statement showing the computations used by the Agent in determining any interest rate. 
 (c) It is the intent of the Lenders and the Credit Parties to conform to and contract in strict compliance with applicable usury law from time to time in effect. All agreements between the Lenders and the
Credit Parties are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency
(including, but not limited to, prepayment or acceleration of the maturity of any Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Agreement, under the Notes or otherwise, exceed the maximum
nonusurious amount permissible under applicable law. If, from any possible construction of any of the Loan Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall
be subject to the provisions of this paragraph and such interest shall be automatically reduced to the maximum nonusurious amount permitted under applicable law, without the necessity of execution of any amendment or new document. If any Lender
shall ever receive anything of value which is characterized as interest on the Loans under applicable law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been
excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Company or the other payor thereof if and to the extent such amount which would
have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Loan Documents does not include the right to receive any interest which has not
otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent
permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of such Indebtedness does not exceed the maximum
nonusurious amount permitted by applicable law. 

  
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 Section 2.11 Pro Rata Treatment and Payments. 

(a) Allocation of Payments Prior to Exercise of Remedies. Each borrowing of Revolving Loans and any
reduction of the Revolving Commitments shall be made pro rata according to the respective Revolving Commitment Percentages of the Lenders. Unless otherwise required by the terms of this Agreement, each payment under this Agreement shall be applied,
first, to any fees then due and owing by the Company pursuant to Section 2.4, second, to interest then due and owing hereunder of the Company and, third, to principal then due and owing hereunder and under this Agreement of
the Company. Each payment on account of any fees pursuant to Section 2.4 shall be made pro rata in accordance with the respective amounts due and owing (except as to the Letter of Credit Facing Fees and the Issuing Lender Fees which shall be
paid to the Issuing Lender). Each payment by the Company on account of principal of and interest on the Revolving Loans, shall be applied to such Loans on a pro rata basis and, to the extent applicable, in accordance with the terms of
Section 2.6 hereof. All payments (including prepayments) to be made by the Company on account of principal, interest and fees shall be made without defense, set-off or counterclaim and shall be made to the Agent for the account of the Lenders
at the Agent’s office specified on Section 9.2 in Dollars and in immediately available funds not later than 1:00 P.M. (Charlotte, North Carolina time) on the date when due. The Agent shall distribute such payments to the Lenders
entitled thereto promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the LIBO Rate Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding
Business Day, and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. If any payment on a LIBO Rate Loan becomes due and payable on a day other than a Business Day, such
payment date shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day.

 (b) Allocation of Payments After Exercise of Remedies. Notwithstanding any other
provisions of this Agreement to the contrary, after the exercise of remedies (other than the application of default interest pursuant to Section 2.7) by the Agent or the Lenders pursuant to Section 7.2 (or after the Commitments shall
automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Loan Documents (including, without limitation, the maximum amount of all contingent liabilities under Letters of Credit) shall automatically become
due and payable in accordance with the terms of such Section), all amounts collected or received by the Agent or any Lender on account of the Credit Party Obligations or any other amounts outstanding under any of the Loan Documents shall or in
respect of the Collateral shall be paid over or delivered as follows (irrespective of whether the following costs, expenses, fees, interest, premiums, scheduled periodic payments or Credit Party Obligations are allowed, permitted or recognized as a
claim in any proceeding resulting from the occurrence of a Bankruptcy Event): 

  
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 FIRST, to the payment of all reasonable out-of-pocket costs
and expenses (including, without limitation, reasonable attorneys’ fees) of the Agent in connection with enforcing the rights of the Lenders under the Loan Documents and any protective advances made by the Agent with respect to the Collateral
under or pursuant to the terms of the Security Documents; 
 SECOND, to the payment of any fees
owed to the Agent and the Issuing Lender; 
 THIRD, to the payment of all reasonable
out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees) of each of the Lenders in connection with enforcing its rights under the Loan Documents or otherwise with respect to the Credit Party Obligations owing
to such Lender; 
 FOURTH, to the payment of all of the Credit Party Obligations consisting of
accrued fees and interest, and including, with respect to any Bank Product, any fees, premiums and scheduled periodic payments due under such Bank Product and any interest accrued thereon; 

FIFTH, to the payment of the outstanding principal amount of the Credit Party Obligations and the payment
or cash collateralization of the outstanding LOC Obligations, and including with respect to any Bank Product, any breakage, termination or other payments due under such Bank Product and any interest accrued thereon; 

SIXTH, to all other Credit Party Obligations and other obligations which shall have become due and payable
under the Loan Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and 
 SEVENTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. 

In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided
until exhausted prior to application to the next succeeding category; (b) each of the Lenders and any Bank Product Provider shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loans and LOC
Obligations held by such Lender or the outstanding obligations payable to such Bank Product Provider bears to the aggregate then outstanding Loans and LOC Obligations and obligations payable under all Bank Products) of amounts available to be
applied pursuant to clauses “THIRD”, “FOURTH”, “FIFTH” and “SIXTH” above; and (c) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable to
the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Agent in a cash collateral account and applied (i) first, to reimburse the Issuing Lender from time to time for any drawings under such Letters of
Credit and (ii) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “FIFTH” and “SIXTH” above in the manner

  
 42 

 
provided in this Section. Notwithstanding the foregoing terms of this Section, only Collateral proceeds and payments under the Subsidiary Guaranty (as opposed to ordinary course principal,
interest and fee payments hereunder) shall be applied to obligations under any Bank Product. 

Section 2.12 Non-Receipt of Funds by the Agent. 

(a) Funding by Lenders; Presumption by Agent. Unless the Agent shall have received written notice
from a Lender prior to the proposed date of any Extension of Credit that such Lender will not make available to the Agent such Lender’s share of such Extension of Credit, the Agent may assume that such Lender has made such share available on
such date in accordance with this Agreement and may, in reliance upon such assumption, make available to the Company a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Extension of Credit available to
the Agent, then the applicable Lender and the Company severally agree to pay to the Agent within two Business Days on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to
the Company to but excluding the date of payment to the Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry
rules on interbank compensation and (ii) in the case of a payment to be made by the Company, the interest rate applicable to Loans. If the Company and such Lender shall pay such interest to the Agent for the same or an overlapping period, the
Agent shall promptly remit to the Company the amount of such interest paid by the Company for such period. If such Lender pays its share of the applicable Extension of Credit to the Agent, then the amount so paid shall constitute such Lender’s
Loan included in such Extension of Credit. Any payment by the Company shall be without prejudice to any claim the Company may have against a Lender that shall have failed to make such payment to the Agent. 

(b) Payments by Company; Presumptions by Agent. Unless the Agent shall have received notice from
the Company prior to the date on which any payment is due to the Agent for the account of the Lenders or the Issuing Lender hereunder that the Company will not make such payment, the Agent may assume that the Company has made such payment on such
date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lender, as the case may be, the amount due. In such event, if the Company has not in fact made such payment, then each of the Lenders or
the Issuing Lender, as the case may be, severally agrees to repay to the Agent forthwith on demand the amount so distributed to such Lender or the Issuing Lender, 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 Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. 

A notice of the Agent to any Lender or the Company with respect to any amount owing under subsections
(a) and (b) of this Section shall be conclusive, absent manifest error. 

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

(d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Revolving
Loans, to fund participations in Letters of Credit and Swingline Loans and to make payments pursuant to Section 9.5(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any such
payment under Section 9.5(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to
purchase its participation or to make its payment under Section 9.5(c). 
 (e) Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any
particular place or manner. 
 Section 2.13 Inability to Determine Interest Rate. 

Notwithstanding any other provision of this Agreement, if (a) the Agent shall reasonably determine (which
determination shall be conclusive and binding absent manifest error) that, by reason of circumstances affecting the relevant market, reasonable and adequate means do not exist for ascertaining the LIBO Rate for such Interest Period, or (b) the
Required Lenders shall reasonably determine (which determination shall be conclusive and binding absent manifest error) that the LIBO Rate does not adequately and fairly reflect the cost to such Lenders of funding LIBO Rate Loans that the Company
has requested be outstanding as a LIBO Tranche during such Interest Period, the Agent shall forthwith give telephone notice of such determination, confirmed in writing, to the Company, and the Lenders at least two (2) Business Days prior to the
first day of such Interest Period. Unless the Company shall have notified the Agent upon receipt of such telephone notice that it wishes to rescind or modify its request regarding such LIBO Rate Loans, any Loans that were requested to be made as
LIBO Rate Loans shall be made as Base Rate Loans and any Loans that were requested to be converted into or continued as LIBO Rate Loans shall remain as or be converted into Base Rate Loans. Until any such notice has been withdrawn by the Agent, no
further Loans shall be made as, continued as, or converted into, LIBO Rate Loans for the Interest Periods so affected. 

  
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 Section 2.14 Yield Protection. 

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

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or
similar requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBO Rate) or the Issuing Lender; 

(ii) subject any Lender or the Issuing Lender to any tax of any kind whatsoever with respect to this
Agreement, any Letter of Credit, any participation in a Letter of Credit or any LIBO Rate Loan made by it, or change the basis of taxation of payments to such Lender or the Issuing Lender in respect thereof (it being understood that Indemnified
Taxes and Other Taxes are covered by Section 2.16); or 
 (iii) impose on any Lender or the
Issuing Lender or the London interbank market any other condition, cost or expense affecting this Agreement or LIBO Rate Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting into or maintaining any LIBO
Rate Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the Issuing Lender of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or
to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the Issuing Lender hereunder (whether of principal, interest or any other amount) then, upon written request of such Lender or the Issuing
Lender, the Company shall promptly pay to any such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender, as the case may be, for such additional costs incurred or
reduction suffered. 
 (b) Capital Requirements. If any Lender or the Issuing Lender
determines that any Change in Law affecting such Lender or the Issuing Lender or any lending office of such Lender or such Lender’s or the Issuing Lender’s holding company, if any, regarding capital requirements has or would have the
effect of reducing the rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of
such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such Lender’s or the Issuing
Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s holding company with
respect to capital adequacy), then from time to time the Company will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the

  
 45 

 
Issuing Lender or such Lender’s or the Issuing Lender’s holding company for any such reduction suffered. 

(c) Certificates for Reimbursement. A certificate of a Lender or the Issuing Lender setting forth
the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to the Company shall be conclusive absent
manifest error. The Company shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within fifteen (15) days after receipt thereof; provided any such amounts being demanded of the
Company by such Lender shall be made on a nondiscriminatory basis, consistent with other requests being made by such Lender in connection with other similar loans held by such Lender. 

(d) Delay in Requests. Failure or delay on the part of any Lender or the Issuing Lender to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation, provided that the Company shall not be required to compensate a Lender or the Issuing
Lender pursuant to this Section for any increased costs incurred or reductions suffered, as the case may be, to the extent that such Lender or the Issuing Lender fails to make a demand for such compensation more than six (6) months after
becoming aware of such Change in Law giving arise to such increased costs or reductions. 
 Section 2.15
Compensation for Losses. 
 Upon demand of any Lender (with a copy to the Agent) from time to time,
the Company shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense (it being understood that Indemnified Taxes and Other Taxes are covered by Section 2.16) incurred by it as a result of:

 (i) any continuation, conversion, payment or prepayment (other than pursuant to
Section 2.12) of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(ii) any failure by the Company (for a reason other than the failure of such Lender to make a Loan) to
prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Company; or 
 (iii) any assignment of a LIBO Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Company pursuant to Section 2.19; 

excluding any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds
obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Company 

  
 46 

 
shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. 
 For purposes of calculating amounts payable by the Company to the Lenders under this Section, each Lender shall be deemed to have funded each LIBO Rate Loan made by it at the LIBO Rate for such Loan by a
matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such LIBO Rate Loan was in fact so funded. 

Section 2.16 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Company
hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if the Company shall be required by Applicable Law to deduct any
Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section) the Agent, the applicable Lender or the Issuing Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Company shall make such deductions and (iii) the
Company shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with Applicable Law. 
 (b) Payment of Other Taxes by the Company. Without limiting the provisions of paragraph (a) above, the Company shall timely pay any Other Taxes to the relevant Governmental Authority in
accordance with Applicable Law. 
 (c) Indemnification by the Company. The Company shall
indemnify the Agent, each Lender and the Issuing Lender, within thirty (30) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section) paid by the Agent, such Lender or the Issuing Lender, as the case may be, 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 Company by a Lender or the Issuing Lender (with a
copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender or the Issuing Lender, shall be conclusive absent manifest error. The Company shall also indemnify the Agent, within thirty (30) days after demand therefor, for any
amount which a Lender or the Issuing Lender for any reason fails to pay indefeasibly to the Agent as required by paragraph (g) below; provided that, such Lender or the Issuing Lender, as the case may be, shall indemnify the Company to
the extent of any payment the Company makes to the Agent pursuant to this sentence. In addition, the Company shall indemnify the Agent, each Lender and the Issuing Lender, within thirty (30) days after demand therefor, for any incremental Taxes
that may become payable by such 

  
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Agent, Lender (or its beneficial owners) or Issuing Lender as a result of any failure of any Credit Party to pay any Taxes when due to the appropriate Governmental Authority or to deliver to such
Agent, pursuant to clause (d), documentation evidencing the payment of Taxes. 
 (d) Evidence
of Payments. As soon as practicable and in any event within thirty (30) days after any payment of Indemnified Taxes or Other Taxes by the Company to a Governmental Authority, the Company 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. 

(e) Status of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of
withholding tax under the law of the jurisdiction in which the Company is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document shall deliver to the
Company (with a copy to the Agent), at the time or times prescribed by Applicable Law or reasonably requested by the Company or the Agent, such properly completed and executed documentation prescribed by Applicable Law as will permit such payments
to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if 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 Lender is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, in the event that the Company is a
resident for tax purposes in the United States, any Foreign Lender shall 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 Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the request of the Company or the Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 

(i) duly completed copies of IRS Form W-8BEN claiming eligibility for benefits of an income tax treaty to
which the United States is a party; 
 (ii) duly completed copies of IRS Form W-8ECI; 

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Company
within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies of IRS Form W-8BEN; or 

  
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 (iv) any other form prescribed by Applicable Law as a basis
for claiming exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by Applicable Law to permit the Company to determine the withholding or deduction
required to be made. 
 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 fails to comply with any requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall (A) enter into such agreements with the
IRS as necessary to establish an exemption from withholding under FATCA; (B) comply with any certification, documentation, information, reporting or other requirement necessary to establish an exemption from withholding under FATCA;
(C) provide any documentation reasonably requested by the Company or the Agent sufficient for the Agent and the Company to comply with their respective obligations, if any, under FATCA and to determine that such Lender has complied such
applicable requirements; and (D) provide a certification signed by the chief financial officer, principal accounting officer, treasurer or controller of such Lender certifying that such Lender has complied with any necessary requirements to
establish an exemption from withholding under FATCA. To the extent that the relevant documentation provided pursuant to this paragraph is rendered obsolete or inaccurate in any material respect as a result of changes in circumstances with respect to
the status of a Lender or Issuing Lender, such Lender or Issuing Lender shall, to the extent permitted by Applicable Law, deliver to the Company and the Agent revised and/or updated documentation sufficient for the Company and the Agent to confirm
such Lender’s or such Issuing Lender’s compliance with their respective obligations under FATCA. 
 (f) Treatment of Certain Refunds. If the Agent, a Lender or the Issuing Lender determines, in its reasonable discretion, that it has received a refund of any Taxes or Other Taxes as to which it has
been indemnified pursuant to this Section (including additional amounts paid by the Company pursuant to this Section), it shall pay to the applicable indemnifying party an amount equal to such refund (but only to the extent of indemnity payments
made, or additional amounts paid, under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Agent, such Lender or the Issuing Lender, as the case may be, and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the applicable indemnifying party, upon the request of the Agent, such Lender or the Issuing Lender, agrees to repay the amount
paid over pursuant to this Section (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Agent, such Lender or the Issuing Lender in the event the Agent, such Lender or the Issuing Lender is required
to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will the Agent, the Issuing Lender or any Lender be required to pay any amount to an indemnifying party pursuant to this
paragraph (f) the payment of which would place the Agent, Issuing Lender or Lender in a less favorable net after-Tax position than the Agent, Issuing Lender or Lender 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 the Agent, any Lender or the 

  
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Issuing Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Company or any other Person. 

(g) Indemnification of the Agent. Each Lender and the Issuing Lender shall indemnify the Agent
within ten (10) days after demand therefor, for the full amount of any Excluded Taxes attributable to such Lender or Issuing Lender that are payable or paid by the Agent, and reasonable expenses arising therefrom or with respect thereto,
whether or not such Excluded 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 Agent shall be conclusive absent
manifest error. Each Lender and the Issuing Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender or the Issuing Lender, as the case may be, under any Loan Document against any amount due to the
Agent under this paragraph (g). The agreements in paragraph (g) shall survive the resignation and/or replacement of the Agent. 
 (h) Survival. Without prejudice to the survival of any other agreement of the Company hereunder, the agreements and obligations of the Company contained in this Section shall survive the payment in
full of the Obligations and the termination of the Revolving Commitment. 
 Section 2.17
Indemnification; Nature of Issuing Lender’s Duties. 
 (a) In addition to its
other obligations under Section 2.3, the Credit Parties hereby agree to protect, indemnify, pay and save the Issuing Lender and each Lender harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and
expenses (including reasonable attorneys’ fees) (it being understood that Indemnified Taxes and Other Taxes are covered by Section 2.16) that the Issuing Lender or such Lender may incur or be subject to as a consequence, direct or
indirect, of (i) the issuance of any Letter of Credit or (ii) the failure of the Issuing Lender to honor a drawing under a Letter of Credit as a result of any act or omission, whether rightful or wrongful, of any present or future de jure
or de facto government or Governmental Authority (all such acts or omissions, herein called “Government Acts”). 
 (b) As between the Credit Parties, the Issuing Lender and each Lender, the Credit Parties shall assume all risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof.
Neither the Issuing Lender nor any Lender shall be responsible: (i) for the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any
Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer
or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may prove to be invalid or ineffective for any reason; (iii) for failure of the beneficiary of a Letter of Credit to comply fully
with conditions required in order to draw upon a Letter of Credit so long as the Issuing Bank acts with reasonable care in connection therewith; 

  
 50 

 
(iv) for errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) for
errors in interpretation of technical terms; (vi) for any loss or delay in the transmission or otherwise of any document required in order to make a drawing under a Letter of Credit or of the proceeds thereof; and (vii) for any
consequences arising from causes beyond the control of the Issuing Lender or any Lender, including, without limitation, any Government Acts. None of the above shall affect, impair, or prevent the vesting of the Issuing Lender’s rights or powers
hereunder. 
 (c) In furtherance and extension and not in limitation of the specific provisions
hereinabove set forth, any action taken or omitted by the Issuing Lender or any Lender, under or in connection with any Letter of Credit or the related certificates, if taken or omitted in the absence of gross negligence or willful misconduct, shall
not put such Issuing Lender or such Lender under any resulting liability to the Credit Parties. It is the intention of the parties that this Agreement shall be construed and applied to protect and indemnify the Issuing Lender and each Lender against
any and all risks involved in the issuance of the Letters of Credit, all of which risks are hereby assumed by the Credit Parties, including, without limitation, any and all risks of the acts or omissions, whether rightful or wrongful, of any
Governmental Authority. The Issuing Lender and the Lenders shall not, in any way, be liable for any failure by the Issuing Lender or anyone else to pay any drawing under any Letter of Credit as a result of any Government Acts or any other cause
beyond the control of the Issuing Lender and the Lenders. 
 (d) Nothing in this Section is
intended to limit the Reimbursement Obligation of the Company contained in Section 2.3(d) hereof. The obligations of the Credit Parties under this Section shall survive the termination of this Agreement. No act or omissions of any current or
prior beneficiary of a Letter of Credit shall in any way affect or impair the rights of the Issuing Lender and the Lenders to enforce any right, power or benefit under this Agreement. 

(e) Notwithstanding anything to the contrary contained in this Section, the Credit Parties shall have no
obligation to indemnify the Issuing Lender or any Lender in respect of any liability incurred by the Issuing Lender or such Lender arising out of the gross negligence or willful misconduct of the Issuing Lender (including action not taken by the
Issuing Lender or such Lender), as determined by a court of competent jurisdiction or pursuant to arbitration. 

Section 2.18 Illegality. 

Notwithstanding any other provision of this Agreement, if any Change in Law shall make it unlawful for such Lender or its
Lending Office to make or maintain LIBO Rate Loans as contemplated by this Agreement or to obtain in the interbank eurodollar market through its Lending Office the funds with which to make such Loans, (a) such Lender shall promptly notify the
Agent and the Company thereof, (b) the commitment of such Lender hereunder to make LIBO Rate Loans or continue LIBO Rate Loans as such shall forthwith be suspended until the Agent shall give notice that the condition or situation which gave
rise to the suspension shall no 

  
 51 

 
longer exist, and (c) such Lender’s Loans then outstanding as LIBO Rate Loans, if any, shall be converted on the last day of the Interest Period for such Loans or within such earlier
period as required by law as Base Rate Loans. The Company hereby agrees to promptly pay any Lender, upon its demand, any additional amounts necessary to compensate such Lender for actual and direct costs (but not including anticipated profits)
reasonably incurred by such Lender in making any repayment in accordance with this Section including, but not limited to, any interest or fees payable by such Lender to lenders of funds obtained by it in order to make or maintain its LIBO Rate Loans
hereunder; provided any such amounts being demanded of the Company by such Lender shall be made on a nondiscriminatory basis, consistent with other requests being made by such Lender in connection with other similar loans held by such Lender.
A certificate (which certificate shall include a description of the basis for the computation) as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Agent, to the Company shall be conclusive in the
absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Lending Office) to avoid or to minimize any amounts which may otherwise be payable pursuant to this Section; provided,
however, that such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be material. 

Section 2.19 Replacement of Lenders 

(a) Designation of a Different Lending Office. If any Lender requests compensation under
Section 2.14, or requires the Company to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, 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 2.14 or Section 2.16, 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. The Company hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders. If any Lender requests compensation under Section 2.14, any Lender
does not provide its consent in the case of any request of the Company where all Lenders are required to so consent (and the Required Lenders have consented thereto), or if the Company is required to pay any Indemnified Taxes or additional amounts
to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, or if any Lender becomes a Defaulting Lender then the Company may, at its sole expenses and effort, upon notice to such Lender and the Agent,
require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 9.6), all of its interests, rights and obligations under this Agreement and the
related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

  
 52 

 (i) the Company shall have paid to the Agent the assignment
fee (if any) specified in Section 9.6; 
 (ii) such Lender shall have received payment of an
amount equal to the outstanding principal of its Loans and participations in Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 2.15) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts); 

(iii) in the case of any such assignment resulting from a claim for compensation under Section 2.14
or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments thereafter; and 

(iv) such assignment does not conflict with applicable law. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by
such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. 
 Section 2.20 Cash Collateral. 

(a) Cash Collateral. 

(i) At any time that there shall exist a Defaulting Lender, immediately upon the request of the Agent, the
Issuing Lender or any Swingline Lender, the Company shall deliver to the Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.21(g) and any Cash Collateral provided by the Defaulting
Lender). 
 (ii) If, as of the Letter of Credit Expiration Date, any Letter of Credit may for any
reason remain outstanding, the Company shall immediately deliver to the Agent for the benefit of the Issuing Lender Cash Collateral in an amount to equal 105% of the stated amount of all such Letters of Credit. 

(b) Grant of Security Interest. All Cash Collateral (other than credit support not constituting
funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts with the Agent. The Company, and to the extent provided by any Lender, such Lender, hereby grants to (and subjects to the control of) the Agent, for the
benefit of the Agent, the Issuing Lenders and the Lenders (including the Swingline Lender), and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as
collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to clause (c) below. If at any time the Agent, Issuing Lender or Swingline Lender
determines that Cash Collateral is subject to 

  
 53 

 
any right or claim of any Person other than the Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations
secured thereby, the Company or the relevant Defaulting Lender will, promptly upon demand by the Agent, Issuing Lender or Swingline Lender pay or provide to the Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

 (c) Application. Notwithstanding anything to the contrary contained in this Agreement,
Cash Collateral provided under any of this Section or Section 2.21 in respect of Letters of Credit or Swingline Loans, shall be held and applied to the satisfaction of the specific LOC Obligations, Swingline Loans, obligations to fund
participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property
as may be provided for herein. 
 (d) Release. Cash Collateral (or the appropriate portion
thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting
Lender status of the applicable Lender (or, as appropriate, its assignee)), or (ii) the Agent’s good faith determination that there exists excess Cash Collateral (which determination shall be confirmed by any Issuing Lender or Swingline
Lender affected by such release of Cash Collateral); provided, however, (A) that Cash Collateral furnished by or on behalf of a Credit Party shall not be released during the continuance of a Default (and following application as provided
in this Section may be otherwise applied in accordance with Section 2.11), and (B) the Person providing Cash Collateral and each applicable Issuing Lender or Swingline Lender may agree that Cash Collateral shall not be released but instead
held to support future anticipated Fronting Exposure or other obligations. 
 Section 2.21 Defaulting
Lenders. 
 Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes
a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 
 (a) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in
Section 9.1. 
 (b) Reallocation of Payments. Any payment of principal, interest,
fees or other amounts received by the Agent under this Agreement for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by the Agent from a Defaulting Lender pursuant
to Section 9.7 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 Lender to the Agent hereunder; second, to the payment on a pro rata
basis of any amounts owing by such 

  
 54 

 
Defaulting Lender to any Issuing Lender or Swingline Lender hereunder; third, to Cash Collateralize the Issuing Lenders’ Fronting Exposure with respect to such Defaulting Lender in
accordance with Section 2.20; 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 Lender 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 and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding
obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lenders’ future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in
accordance with Section 2.20; sixth, to the payment of any amounts owing to the Lenders, the Issuing Lenders or Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing
Lenders or Swingline Lenders against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts
owing to the Company as a result of any judgment of a court of competent jurisdiction obtained by the Company against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and
eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Revolving Loans or funded participations in Swingline
Loans or Letters of Credit in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Revolving Loans or funded participations in Swingline Loans or Letters of Credit were issued at a time when the
conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Revolving Loans of, and funded participations in Swingline Loans or Letters of Credit owed to, all Non-Defaulting Lenders on a pro
rata basis prior to being applied to the payment of any Loans of, or Letters of Credit owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in LOC Obligations and Swingline Loans are held by the Lenders
pro rata in accordance with the Revolving Commitments without giving effect to Section 2.21(c). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a
Defaulting Lender or to post Cash Collateral pursuant to this Section 2.21(b) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(c) Reallocation of Revolving Commitment Percentages to Reduce Fronting Exposure. All or any part
of such Defaulting Lender’s participation in LOC Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Commitment Percentage (calculated without regard to such
Defaulting Lender’s Revolving Commitment) but only to the extent that (x) the conditions set forth in Section 4.2 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 Revolving Loans outstanding, participations in LOC Obligations and
Swingline Loans of any Non-

  
 55 

 
Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a
Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(d) New Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender,
(i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and to any reallocation under Section 2.21(c) and
(ii) no Issuing Lender shall 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 and to any reallocation under Section 2.21(c).

 (e) Cash Collateral, Repayment of Swingline Loans. If the reallocation described in
Section 2.21(c) above cannot, or can only partially, be effected, the Company shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline
Lender’s Fronting Exposure and (y) second, Cash Collateralize the Swingline Lender’s Fronting Exposure in accordance with the procedures set forth in Section 2.20. 

(f) Certain Fees. For any period during which such Lender is a Defaulting Lender, such Defaulting
Lender (i) shall not be entitled to receive any Commitment Fee pursuant to Section 2.4 (and the Company shall not be required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender) and
(ii) shall not be entitled to receive any letter of credit fees pursuant to Section 2.4(b) otherwise payable to the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided
Cash Collateral pursuant to Section 2.20. With respect to any Letter of Credit fee pursuant to Section 2.4(b) not required to be paid to any Defaulting Lender pursuant to this Section 2.21(f), the Company shall (x) pay to each
Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in LOC Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender
pursuant to Section 2.21(c) above, (y) after giving effect to any reallocation under Section 2.21(c), pay to each Issuing Lender and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting
Lender to the extent allocable to such Issuing Lender’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

(g) Defaulting Lender Cure. If the Company, the Agent, the Swingline Lender and the Issuing Lender
agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the date specified in such notice and subject to any conditions set
forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding 

  
 56 

 
Revolving Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit
and Swingline Loans to be held on a pro rata basis by the Lenders in accordance with their Revolving Commitment Percentages (without giving effect to Section 2.21(c)), whereupon such Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly
agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender. 

ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 The Company hereby
represents and warrants to the Lenders and the Agent as follows: 
 Section 3.1 Corporate
Existence. 
 (a) The Company (i) is a real estate investment trust duly organized,
validly existing and in good standing under the laws of the State of Maryland, (ii) has adequate power and authority and full legal right to own or to hold under lease its properties and to carry on the business in which it is presently
engaged; and (iii) is qualified, licensed, admitted or approved to do business as a foreign business entity in each jurisdiction wherein the character of the properties owned or held under lease by it, or the nature of the business conducted by
it, makes such qualification necessary, except where such failure to qualify could not reasonably be expected to have a Material Adverse Effect. 
 (b) The Company has adequate power and authority and has full legal right to enter into each of the Loan Documents to which it is or is to become a party, to perform, observe and comply with all of its
agreements and obligations under each of such documents, and to make all of the borrowings contemplated by this Agreement. 
 Section 3.2 Subsidiaries. 
 The Company has no
Subsidiaries other than those Subsidiaries listed on Schedule 3.2 and such other Subsidiaries established by the Company from time to time subject to the requirements of Section 5.33. As of the applicable date indicated thereon, the
capital structure of the Company is set forth on Schedule 3.2. 
 Section 3.3 Authority,
Etc. 
 The execution and delivery by the Company of each of the Loan Documents to which it is or is to
become a party, the performance by the Company of all of its agreements and 

  
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obligations under each of such documents and the making by the Company of all of the borrowings contemplated by this Agreement as and when such borrowings are made, have been duly authorized by
all necessary action on the part of the Company and its shareholders and do not (i) contravene any provision of its declaration of trust, by-laws or other organizational document, (ii) conflict with, or result in a breach of any material
term, condition or provision of, or constitute a default under or result in the creation of any mortgage, lien, pledge, charge, security interest or other encumbrance upon any of its property under, any agreement, trust deed, indenture, mortgage or
other instrument to which it is or may become a party or by which it or any of its property is or may become bound or affected, (iii) violate or contravene any provision of any law, regulation, order or judgment of any court or governmental or
regulatory, bureau, agency or official except where such violation or contravention could not reasonably be expected to have a Material Adverse Effect, (iv) require any waivers, consents or approvals by any of the creditors of the Company,
(v) require any consents or approvals by any shareholders of the Company (except such as will be duly obtained on or prior to the Closing Date and will be in full force and effect on and as of the Closing Date), or (vi) require any
approval, consent, order, authorization or license by, or giving notice to, or taking any other action with respect to, any governmental or regulatory authority or agency under any provision of any applicable law, except those actions which have
been taken or will be taken prior to the Closing Date or where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 Section 3.4 Binding Effect Of Documents, Etc. 

The Company has duly executed and delivered each of the Loan Documents to which it is a party and each of such documents
is in full force and effect. The agreements and obligations of the Company contained in each of the Loan Documents to which it is a party constitute its legal, valid and binding obligations enforceable against it in accordance with their respective
terms except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and except to the extent that the availability of the remedy
of specific performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought. 
 Section 3.5 No Events Of Default, Etc. 
 No
Event of Default has occurred and is continuing. Neither the Company nor any of its Subsidiaries is in default under or with respect to any of its Contractual Obligations in any respect which could reasonably be expected to have a Material Adverse
Effect. No event has occurred and is continuing, and no condition exists within the knowledge of the Company which would, with notice or the lapse of time, or both, constitute an Event of Default. 

Section 3.6 Title to Properties; Leases. 

Except as indicated on Schedule 3.6 hereto, the Company and its Subsidiaries own all of the assets reflected
in the balance sheet of the Company as at December 31, 2010, or acquired since that date (except property and assets sold or otherwise disposed of in the ordinary course of business since that date), subject to no mortgages, leases, liens or
other encumbrances except Permitted Liens. 

  
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 Section 3.7 Financial Statements. 

The Company has delivered to the Agent and the Lenders (a) the balance sheets and related statements of income and of
cash flows of the Company and its Subsidiaries for the fiscal years ended December 31, 2008, December 31, 2009 and December 31, 2010, audited by KPMG, (b) a company-prepared unaudited balance sheet and related statement of income
for the three months ending March 30, 2011, (c) balance sheets and related statements of income for each of the Company’s Health Care Facilities which is leased to UHS, in each case for the year ended December 31, 2010 and
(d) the five-year projections of the Company which have been prepared in good faith based upon reasonable assumptions. The financial statements referred to in clauses (a) and (b) above are complete and correct in all material respects
and present fairly the financial condition of the Company and its Subsidiaries as of such dates. The financial statements referred to in clauses (a) and (b) above, including the related schedules and notes thereto, have been prepared in
accordance with GAAP applied consistently throughout the periods involved (except as disclosed therein). 

Section 3.8 No Material Changes; No Internal Control Event, Full Disclosure, Etc. 

Since December 31, 2010 (and, in addition, after delivery of annual audited financial statements in accordance with
Section 5.3(a), from the date of the most recently delivered annual audited financial statements), (a) there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect and (b) no
Internal Control Event has occurred. No representation or warranty made by the Company in this Agreement, the other Loan Documents or in any agreement instrument, document, certificate, statement or letter furnished to the Lenders or the Agent by or
on behalf of the Company in connection with any of the transactions contemplated by any of the Loan Documents contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained
therein not misleading in light of the circumstances in which they are made. Except as disclosed in writing to the Lenders and the Agent, there is no fact known to the Company or its Subsidiaries which, in the Company’s reasonable belief, has
had or could be reasonably expected to have a Material Adverse Effect. 
 Section 3.9 Permits;
Patents; Copyrights. 
 The Company and its Subsidiaries possess all franchises, patents, copyrights,
trademarks, tradenames, licenses and permits and rights in respect of the foregoing, adequate for the conduct of their respective businesses substantially as now conducted without known conflict with any rights of others. 

Section 3.10 Litigation. 

There are no actions, suits, proceedings or investigations of any kind pending or threatened against the Company or any of
its Subsidiaries or against any of their properties or 

  
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revenues before any court, tribunal or administrative agency or board which, if adversely determined, could be reasonably expected to have a Material Adverse Effect. 

Section 3.11 Compliance With Other Instruments, Laws, Etc. 

Neither the Company nor any of its Subsidiaries is in violation of any provision of its declaration of trust (or corporate
charter or similar document) or by-laws or any agreement or instrument by which it or any of its properties may be bound or any decree, order, judgment, or, to the knowledge of the Company’s officers, any Requirement of Law, including without
limitation, the provisions of the Code and related regulations governing real estate investment trusts, ERISA and environmental laws, in a manner which could result in the imposition of substantial penalties or could be reasonably expected to have a
Material Adverse Effect. 
 Section 3.12 Tax Status; REIT Status. 

(a) The Company and its Subsidiaries have made or filed all federal and state income and, all other
material tax returns, reports and declarations required by any jurisdiction to which it is subject; and has paid all taxes and other governmental assessments and charges shown or determined to be due on such returns, reports and declarations, except
those being contested in good faith; and has set aside on its books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in
any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim. 

(b) The Company has operated its business at all times so as to satisfy all requirements necessary to
qualify and maintain the Company’s status as a real estate investment trust under Section 856 through 860 of the Code. The Company has maintained adequate records so as to comply with all the record-keeping requirements relating to its
qualification as a real estate investment trust as required by the Code and applicable regulations of the Department of the Treasury promulgated thereunder and has properly prepared and timely filed (taking into account any valid extensions) with
the U.S. Internal Revenue Service all returns and reports required thereby. 
 Section 3.13
Investment Company Act. 
 Neither the Company nor any of its Subsidiaries is an “investment
company”, or an “affiliated company” or a “principal underwriter” of an “investment company”, as such terms are defined in the Investment Company Act of 1940. Neither the Company nor any of its Subsidiaries is
subject to regulation under the Federal Power Act, the Interstate Commerce Act, or any federal or state statute or regulation limiting its ability to incur the Indebtedness hereunder. 

Section 3.14 Absence of Financing Statements, Etc. 

Except as indicated on Schedule 5.11(e) hereto and except in connection with the Loan Documents, there is no
financing statement, security agreement, chattel mortgage, real estate 

  
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mortgage or other document executed by the Company or any of its Subsidiaries (other than Excluded Subsidiaries) filed or recorded with any filing records, registry, or other public office of any
jurisdiction, which purports to cover, affect or give notice of any present or possible future lien on, or security interest in, any assets or property of the Company or any of its Subsidiaries (other than any Excluded Subsidiary) or rights
thereunder. 
 Section 3.15 Certain Transactions. 

Except for arm’s length transactions pursuant to which the Company or any of its Subsidiaries makes payments in the
ordinary course of business upon terms no less favorable than the Company or such Subsidiary could obtain from third parties, none of the officers, directors, or employees of the Company or any of its Subsidiaries is presently a party to any
transaction with the Company or any of its Subsidiaries having a value in excess of $250,000 (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of
services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any corporation, partnership, trust or other
entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner. 
 Section 3.16 Pension Plans. 
 Neither the
Company nor any of its Subsidiaries maintains nor contributes, or has maintained or contributed in the last seven years, to any Pension Plan. 
 Section 3.17 Margin Regulations. 
 No part of
the proceeds of any Loan hereunder will be used directly or indirectly for any purpose which violates, or which would be inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System as now
and from time to time hereafter in effect. The Company does not own “margin stock” except as identified in the financial statements of the Company delivered to Agent pursuant to Section 5.3 and the aggregate value of all “margin
stock” owned by the Company does not exceed 25% of the value of its assets. 
 Section 3.18
Environmental Matters. 
 (a) To the best knowledge of the Company, the facilities and
properties owned, leased or operated by the Company or any of its Subsidiaries (collectively, the “Properties”) do not contain any Materials of Environmental Concern in amounts or concentrations which (i) constitute a violation
of, or (ii) could reasonably be expected to give rise to liability under, any Environmental Law except to the extent such violation or liability could not reasonably be expected to have a Material Adverse Effect. 

(b) To the best knowledge of the Company, (i) the Properties and all operations of the Company at the
Properties are in compliance, and have in the last five 

  
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years been in compliance, in all material respects with all applicable Environmental Laws, and (ii) there is no contamination at, under or about the Properties or violation of any
Environmental Laws with respect to the Properties or the business operated by the Company (the “Business”) except to the extent such noncompliance or violation could not reasonably be expected to have a Material Adverse Effect.

 (c) Except as set forth on Schedule 3.18, the Company has not received any written
or actual notice of material violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the Business, nor does the
Company have knowledge or reason to believe that any such notice will be received or is being threatened. 
 (d) To the best knowledge of the Company, Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location which could
reasonably be expected to give rise to material liability under any Environmental Law, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a
manner that could reasonably be expected to give rise to material liability under, any applicable Environmental Law. 
 (e) No judicial proceeding or governmental or administrative action is pending or, to the knowledge of the Company, threatened, under any Environmental Law to which the Company is or will be named as a
party with respect to the Properties or the Business, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law
with respect to the Properties or the Business that, in each case, individually or in the aggregate could reasonably be expected to have a Material Adverse Effect. 

(f) To the best knowledge of the Company, there has been no release or threat of release of Materials of
Environmental Concern at or from the Properties, or arising from or related to the operations of the Company in connection with the Properties or otherwise in connection with the Business, in violation of or in amounts or in a manner that could
reasonably be expected to give rise to material liability under Environmental Laws. 
 Section 3.19
Use of Proceeds. 
 The proceeds of the Loans and Letters of Credit shall be used solely by the
Company as follows: 
 (a) with respect to the Loans, (i) to refinance certain existing
indebtedness of the Company, (ii) to pay any fees and expenses, (iii) to provide for the working capital and general corporate requirements of the Company and its Subsidiaries (including to make Investments permitted by
Section 5.25(e) and for acquisitions permitted under this 

  
 62 

 
Agreement), (iv) to provide mortgage and construction financing permitted by Sections 7.26 and 7.27, (v) to make Distributions permitted by Section 5.24, and (vi) for
other general corporate purposes; and 
 (b) the Letters of Credit shall be used only for or in
connection with appeal bonds, reimbursement obligations arising in connection with surety and reclamation bonds, reinsurance, domestic or international trade transactions and obligations not otherwise aforementioned relating to transactions entered
into by the applicable account party in the ordinary course of business. 
 Section 3.20
Indebtedness. 
 Except as otherwise permitted under Sections 5.9, the Company and its Subsidiaries
(other than Excluded Subsidiaries) have no Indebtedness. 
 Section 3.21 Solvency.

 The fair saleable value of the assets of the Company and its Subsidiaries, taken as a whole, measured on a
going concern basis, exceeds all probable liabilities, including those to be incurred pursuant to this Agreement. The Company and its Subsidiaries, taken as a whole, do not (a) have unreasonably small capital in relation to the business in
which it is or proposes to be engaged or (b) have incurred, or believes that it will incur after giving effect to the transactions contemplated by this Agreement, debts beyond its ability to pay such debts as they become due. 

Section 3.22 Investments. 

All Investments of the Company and its Subsidiaries are Investments permitted under Section 5.25. 

Section 3.23 Labor Matters. 

There are no collective bargaining agreements or multiemployer plans covering the employees of the Company or any of its
Subsidiaries as of the Closing Date and neither the Company nor any of its Subsidiaries (i) has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five years, or (ii) has knowledge of any
potential or pending strike, walkout or work stoppage. No unfair labor practice complaint is pending against the Company or any of its Subsidiaries or, to the best knowledge of the Company, before any Governmental Authority. 

Section 3.24 Accuracy and Completeness of Information. 

All factual information (which does not include projections) heretofore, contemporaneously or hereafter furnished by or on
behalf of the Company or any of its Subsidiaries or the Agent or any Lender for purposes of or in connection with this Agreement or any other Loan Document, or any transaction contemplated hereby or thereby, is or will be true and accurate in all
material respects and not incomplete by omitting to state any material fact 

  
 63 

 
necessary to make such information not misleading. There is no fact now known to the Company which has, or could reasonably be expected to have, a Material Adverse Effect which fact has not been
set forth herein, in the financial statements of the Company furnished to the Agent and/or the Lenders, or in any certificate, opinion or other written statement made or furnished by the Company to the Agent and/or the Lender. 

Section 3.25 Material Contracts. 

As of the Closing Date, Schedule 3.25 sets forth a true and correct and complete list of all Material
Contracts currently in effect. Except as permitted by Section 5.32, all of the Material Contracts are in full force and effect and no material defaults currently exist thereunder. 

Section 3.26 Insurance. 

As of the Closing Date, the present insurance coverage of the Company and its Subsidiaries and, where available, of the
lessees of each Health Care Facility is outlined as to carrier, policy number, expiration date, type and amount on Schedule 3.26. The insurance coverage of the Company complies with the requirements set forth in Section 5.18.

 Section 3.27 Anti-Terrorism Laws. 

Neither the Company nor any of its Subsidiaries is an “enemy” or an “ally of the enemy” within the
meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.), as amended. Neither the Company nor any of its subsidiaries is in violation of (a) the Trading with the Enemy
Act, as amended, (b) any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto, or (c) the Patriot
Act. Neither the Company nor any of its subsidiaries (i) is a blocked person described in section 1 of the Anti-Terrorism Order or (ii) to the best of its knowledge, engages in any dealings or transactions, or is otherwise associated, with
any such blocked person. 
 Section 3.28 Compliance with OFAC Rules and Regulations.

 Neither the Company nor any of its Subsidiaries (i) is a Sanctioned Person, (ii) has more than
15% of its assets in Sanctioned Entities, or (iii) derives more than 15% of its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. No part of the proceeds of any Extension of Credit hereunder
will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Entity. 

Section 3.29 Compliance with FCPA. 

The Company and each of its Subsidiaries is in compliance with the Foreign Corrupt Practices Act, 15 U.S.C. §§
78dd-1, et seq., and any foreign counterpart thereto. Neither the Company nor any of its Subsidiaries has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in
obtaining or 

  
 64 

 
retaining business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign political office, (b) to a foreign official,
foreign political party or party official or any candidate for foreign political office, and (c) with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to the Company or such subsidiary or
to any other Person, in violation of the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq. 
 Section 3.30 Equity Interests. 
 Set forth on
Schedule 3.30, as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.3(i), is a list of 100% (or, if less, the full amount owned by the Company) of the issued and outstanding
Equity Interests owned by the Company of each Domestic Subsidiary of the Company. 
 Section 3.31
Security Documents. 
 The Security Documents create valid and enforceable security interests in, and
Liens on, the Collateral purported to be covered thereby. Except as set forth in the Security Documents, such security interests and Liens are currently (or will be, upon (a) the filing of appropriate financing statements with the Secretary of
State of the state of incorporation or organization for each Credit Party, and (b) the Agent obtaining control or possession over those items of Collateral in which a security interest is perfected through control or possession) perfected
security interests and Liens in favor of the Agent, for the benefit of the Secured Parties, prior to all other Liens other than Permitted Liens. 
 ARTICLE IV 
 CONDITIONS PRECEDENT 

Section 4.1 Conditions Precedent to Closing. 

This Agreement shall be effective as of the date on which all of the conditions set forth below shall have been satisfied
or waived in writing by the Agent and each of the Lenders: 
 (a) Execution of Agreement.
Each Lender, the Agent and the Company shall have executed and delivered this Agreement. 
 (b)
Subsidiary Guaranty. The Company shall have caused each (i) 73 Medical Building, L.L.C., (ii) Cypresswood Investments L.P. and (iii) Sheffield Properties, L.L.C. to execute and deliver to the Agent the Subsidiary Guaranty.

  
 65 

 (c) Pledge Agreement. The Company shall have executed
and delivered the Pledge Agreement. 
 (d) Corporate Documents. The Agent shall have
received from the Company: 
 (i) a certificate of recent date of the Secretary of State of the
applicable state of jurisdiction as to the good standing of the Company and each Guarantor and a certificate of recent date of the Secretary of State of each foreign jurisdiction in which the Company and each Guarantor is qualified as a foreign
corporation, unless the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect; 
 (ii) a certificate from the President, Chief Financial Officer or Treasurer of the Company certifying that the representations and warranties of the Company set forth herein are true and correct as of the
date hereof; 
 (iii) a certificate from the Secretary or an Assistant Secretary of the Company
and each Guarantor certifying as to the declaration of trust, bylaws and any other organizational documents of the Company and each Guarantor and the resolutions of the Board of Directors of the Company and each Guarantor authorizing the execution,
delivery and performance of this Agreement; 
 (iv) an incumbency certificate from the Secretary
or an Assistant Secretary of the Company and each Guarantor certifying to the signatures and status of the officers signing this Agreement; 
 (v) Notes to the extent requested by the Lenders in accordance with Sections 2.1(e) and 2.9(d), each duly executed by the Company and dated the Closing Date; 

(vi) an opinion of the general counsel for the Company, as to the Company and each Guarantor, in the form
of satisfactory to the Agent and the Lenders; 
 (vii) an opinion of Fulbright &
Jaworski L.L.P. counsel for the Company, as to the Company and each Guarantor, in a form satisfactory to the Agent and the Lenders; 
 (viii) stock certificates or other certificates evidencing the Equity Interest pledged pursuant to the Security Documents, together with an undated stock power for each such certificate duly executed in
blank by the registered owner thereof; and 
 (ix) completed UCC financing statements for
each appropriate jurisdiction as is necessary, in the Agent’s sole discretion, to perfect the Agent’s security interest in the Collateral; 

  
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 (e) Arranger Fee. The Company shall have paid to each
Arranger, all structuring and arrangement fees due and payable to such Arranger. 
 (f)
Fees. The Company shall have paid to the Lenders, the Agent and Arrangers all fees due and payable pursuant to the Fee Letters and Section 2.4 and any other fees required to be paid prior to or on the Closing Date in connection with the
execution and delivery of this Agreement, together with all legal fees and expenses incurred by the Agent in connection with this Agreement. 
 (g) Proceedings And Documents. All corporate, governmental and other proceedings in connection with the transactions contemplated by the Loan Documents and all instruments and documents incidental
thereto shall be in form and substance reasonably satisfactory to the Agent and the Agent shall have received (with copies for each Lender) all such counterpart originals or certified or other copies of all such instruments and documents as the
Agent shall have reasonably requested. 
 (h) Consents. The Company shall have provided to
the Agent evidence satisfactory to the Agent that all governmental, shareholder and third party consents and approvals necessary in connection with the transactions contemplated hereby have been obtained and remain in effect. 

(i) Corporate Structure and Other Matters. The corporate, capital and ownership structure of the
Company and its Subsidiaries shall be as described on Schedule 3.2 and shall otherwise be satisfactory to the Agent and the Lenders. 
 (j) No Material Adverse Change. Since December 31, 2010, there shall have not occurred any event or condition that has had or could be reasonably expected, either individually or in the
aggregate, to have a Material Adverse Effect. 
 (k) No Material Litigation. There shall
be no action, suit, investigation or proceeding pending or, to the knowledge of the Company, threatened in any court or before any arbitrator or governmental authority that could reasonably be expected to have a Material Adverse Effect. 

(l) Repayment of Existing Indebtedness. All of the existing indebtedness for borrowed money of the
Company and its Subsidiaries (other than Excluded Subsidiaries) shall be repaid in full and all liens relating thereto, if any, extinguished on or prior to the Closing Date (including, without limitation, that certain Credit Agreement dated as of
January 19, 2007 by and among the Company, the lenders party thereto and Wells Fargo, as successor in interest by merger of Wachovia Bank, National Association, as administrative agent) other than Non-Recourse Debt and the Indebtedness set
forth on Schedule 5.9. 
 (m) Due Diligence. The Agent and Arranger shall have
completed in form and scope satisfactory thereto their business, legal, financial and environmental due diligence 

  
 67 

 
on the Company and its Subsidiaries (including due diligence related to management, strategy, material customers and contracts) and shall be satisfied with the corporate and capital structure of
the Company and its Subsidiaries in all material aspects. 
 (n) Financial Statements. All
financial statements referred to in Section 3.7 shall have been received by the Agent and shall be in form and substance satisfactory to the Agent and the Lenders. 

(o) [Reserved]. 

(p) Solvency. The Agent shall have received a certificate from the Company executed by the Chief
Financial Officer as to the financial condition, solvency and related matters of the Company and its Subsidiaries taken as a whole, in each case after giving effect to the initial borrowings under the Loan Documents, in substantially the form of
Exhibit 4.1(p). 
 (q) Account Designation Letter. The Agent shall have received
the executed Account Designation Letter in the form of Exhibit 1.1(a) hereto. 
 (r)
Compliance with Laws. The financings and other transactions contemplated hereby shall be in compliance with all applicable laws and regulations (including all applicable securities and banking laws, rules and regulations). 

(s) Bankruptcy. There shall be no bankruptcy or insolvency proceedings pending or threatened with
respect to the Company or any of the Subsidiaries. 
 (t) Officer’s Certificates. The
Agent shall have received a certificate executed by a the President, Chief Financial Officer or Treasurer of the Company as of the Closing Date stating that (i) no action, suit, investigation or proceeding is pending or, to the knowledge of the
Company, threatened in any court or before any arbitrator or governmental instrumentality that purports to affect the Company or any transaction contemplated by the Loan Documents, if such action, suit, investigation or proceeding could reasonably
be expected to have a Material Adverse Effect and (ii) immediately after giving effect to this Agreement (including the initial Loans made and Letters of Credit issued hereunder), the other Loan Documents and all the transactions contemplated
herein and therein to occur on such date, (A) no Default or Event of Default exists, (B) all representations and warranties contained herein and in the other Loan Documents are true and correct in all material respects, and (C) the
Company is in compliance with each of the financial covenants set forth in Sections 5.5, 5.6, 5.7 and 5.8, and demonstrating compliance with such financial covenants. 

(u) Patriot Act Certificate. The Agent shall have received a certificate satisfactory thereto,
substantially in the form of Exhibit 4.1(u), for benefit of itself and the Lenders, provided by the Company that sets forth information required by the Patriot Act including, without limitation, the identity of the Company and the Guarantors,
the name and address of the Company and the Guarantors and other information that will 

  
 68 

 
allow the Agent or any Lender, as applicable, to identify the Company and the Guarantors in accordance with the Patriot Act. 

(v) Additional Matters. All other documents and legal matters in connection with the transactions
contemplated by this Agreement shall be reasonably satisfactory in form and substance to the Agent and its counsel. 
 Section 4.2 Conditions To Loans. 
 The
obligation of each Lender to make any Extension of Credit hereunder (other than a conversion or continuation under Section 2.8) is subject to the satisfaction of the following conditions precedent on the date of making such Extension of Credit:

 (a) Representations and Warranties. The representations and warranties made by the
Credit Parties herein, in the other Loan Documents and which are contained in any certificate furnished at any time under or in connection herewith shall (i) with respect to representations and warranties that contain a materiality
qualification, be true and correct and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects, in each case on and as of the date of such Extension of
Credit as if made on and as of such date except for any representation or warranty made as of an earlier date, which representation and warranty shall remain true and correct as of such earlier date. 

(b) No Default or Event of Default. No Default or Event of Default shall have occurred and be
continuing on such date or after giving effect to the Extension of Credit to be made on such date unless such Default or Event of Default shall have been waived in accordance with this Agreement. 

(c) Compliance with Commitments. Immediately after giving effect to the making of any such
Extension of Credit (and the application of the proceeds thereof), (i) the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed the
Revolving Committed Amount then in effect, (ii) the outstanding LOC Obligations shall not exceed the LOC Committed Amount, and (iii) the outstanding Swingline Loans shall not exceed the Swingline Committed Amount. 

(d) Additional Conditions to Revolving Loans. If a Revolving Loan is requested, all conditions set
forth in Section 2.1 shall have been satisfied. 
 (e) Additional Conditions to Letters
of Credit. If the issuance of a Letter of Credit is requested, (i) all conditions set forth in Section 2.3 shall have been satisfied and (ii) there shall exist no Lender that is a Defaulting Lender unless the Issuing Lender has
entered into satisfactory arrangements with the Company or such Defaulting Lender to eliminate the Issuing Lender’s risk with respect to such Defaulting Lender’s LOC Obligations. 

  
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 (f) Additional Conditions to Swingline Loans. If a
Swingline Loan is requested, (i) all conditions set forth in Section 2.9 shall have been satisfied and (ii) there shall exist no Lender that is a Defaulting Lender unless the Swingline Lender has entered into satisfactory arrangements
with the Company or such Defaulting Lender to eliminate the Swingline Lender’s risk with respect to such Defaulting Lender’s in respect of its Swingline Commitment. 

Each request for an Extension of Credit (other than a conversion or a continuation under Section 2.8) and each
acceptance by the Company of any such Extension of Credit shall be deemed to constitute representations and warranties by the Credit Parties as of the date of such Extension of Credit that the conditions set forth above in paragraphs
(a) through (f), as applicable, have been satisfied. 
 ARTICLE V 

COVENANTS OF THE COMPANY 
 The Company covenants and agrees that, so long as any portion of any Loan or Note or Letter of Credit is outstanding or the Lenders have any obligation to make any Loan or issue any Letter of Credit
hereunder, unless the Lenders otherwise agree, in writing: 
 Section 5.1 Punctual Payment.

 The Company will duly and punctually pay or cause to be paid the principal and interest on the Loans, the
Commitment Fees, the Letter of Credit Fee, the outstanding LOC Obligations, fees associated with the closing of this Agreement, any other fees payable in connection herewith and any other amounts payable hereunder, all in accordance with the terms
of this Agreement, the Notes, and the LOC Documents. 
 Section 5.2 Legal Existence, Etc.

 The Company will maintain its legal existence as a real estate investment trust and qualify as such under
the Code and will maintain its good standing under the laws of its jurisdiction of organization, maintain its qualification to do business in each state in which the failure to do so could reasonably be expected to have a Material Adverse Effect,
and maintain all of its rights and franchises reasonably necessary to the conduct of its business. The Company will furnish to the Agent and each Lender copies of all amendments to its declaration of trust, by-laws or other organizational documents
promptly upon their adoption by the Company or its shareholders. The Company and its Subsidiaries taken as a whole will continue to engage in business of the same general type as now conducted by it on the Closing Date. 

  
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 Section 5.3 Financial Statements, Etc. 

The Company will deliver to the Agent and each Lender: 

(a) Annual Financial Statements. Within 90 days (or, if earlier, within 5 days after the
required date of delivery to the SEC) after the close of each fiscal year of the Company, a copy of the consolidated and consolidating balance sheet of the Company and its Consolidated Subsidiaries as of the end of such fiscal year and the related
statements of income and retained earnings and of cash flows of the Company and its Consolidated Subsidiaries for such year, including the notes thereto and audited, except with respect to the consolidating statements, by KPMG, in each case setting
forth in comparative form consolidated and consolidating figures for the preceding fiscal year, reported on without a “going concern” or like qualification or exception, or qualification indicating that the scope of the audit was
inadequate to permit such independent certified public accountants to certify such financial statements without qualification and accompanied by a report and a certificate of KPMG or other firm of independent certified public accountants selected by
the Company and acceptable to the Agent or other firm of independent certified public accountants selected by the Company and acceptable to the Agent, reporting on such financial statements stating that in making the examination necessary therefor
no knowledge was obtained of any Default or Event of Default, except as specified in such certificate, which report shall be prepared in accordance with generally accepted auditing standards and applicable Securities Laws; 

(b) Quarterly Financial Statements. Within 45 days (or, if earlier, within 5 days after the
required date of delivery to the SEC) after the end of each fiscal quarter of the Company, other than the final quarter in a fiscal year, (i) unaudited company-prepared consolidated and consolidating balance sheet of the Company and its
Consolidated Subsidiaries, as of the end of such period and related statements Company prepared consolidated and consolidating statements of income and retained earnings and of cash flows for the Company and its Consolidated Subsidiaries for such
quarterly period and for the portion of the fiscal year ending with such period, in each case, setting forth in comparative form consolidated and consolidating figures for the period or periods in the preceding fiscal year (subject to normal
year-end audit adjustments) and including management discussion and analysis of operating results in comparative form; 
 (c) Annual Budget Plan. As soon as available, but in any event within sixty (60) days of the end of each fiscal year, a copy of the detailed annual operating budget and cash flows or plan of
the Company for the then fiscal year on a quarterly basis, in form and detail reasonably acceptable to the Agent and the Required Lenders, together with a summary of the material assumptions made in the preparation of such annual budget or plan;

 (d) Compliance Certificate. At the delivery of each quarterly and annual financial
statement delivered pursuant to clauses (a) and (b) above, a compliance certificate, substantially in the form of Exhibit 5.3(d) hereto, showing compliance by the Company with the covenants set forth in Sections 5.5 - 5.8
hereof; 

  
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 (e) Officer’s Certificate. At the time of
delivery of each quarterly and annual statement, a certificate, executed by the chief executive officer or Chief Financial Officer or Treasurer of the Company, stating that such officer has caused this Agreement to be reviewed and has no knowledge
of any Default by the Company during such quarter or at the end of such year or, if such officer has such knowledge, specifying each Default and the nature thereof; 

(f) Management Letters. Promptly upon receipt thereof, copies of all management letters and other
material reports which are submitted to the Company by its independent accountants in connection with any annual or interim audit of the Company made by such accountants; 

(g) SEC Reports, Etc. As soon as practicable but, in any event, within ten (10) Business Days
after the issuance thereof, copies of such other financial statements and reports sent by the Company to its shareholders, copies of all press releases, and copies of all regular and periodic reports which the Company may be required to file with
the SEC (including any certifications required under Sarbanes-Oxley) or any similar or corresponding governmental commission, department or agency substituted therefor; 

(h) Prospectus Update. Promptly after the effective date, copies of any new, revised or updated
prospectus used by the Company to effect sales of its shares; and 
 (i) Updated
Schedules. Concurrently with or prior to the delivery of the financial statements referred to in Sections 5.3(a) and 5.3(b) above, (i) an updated copy of Schedule 3.2 and Schedule 3.30 if the Credit Parties or
any of their Subsidiaries has formed or acquired a new Subsidiary since the Closing Date or since such Schedule was last updated, as applicable, (ii) an updated copy of Schedule 3.25 if any new Material Contract has been entered
into since the Closing Date or since such Schedule was last updated, as applicable, together with a copy of each new Material Contract and (iii) an updated copy of Schedule 3.26 if the Credit Parties or any of their Subsidiaries has
altered or acquired any insurance policies since the Closing Date or since such Schedule was last updated. 
 (j) Other Matters. With reasonable promptness, such other information related to the Company as the Agent or any Lender may reasonably request in writing. 

All such financial statements to be complete and correct in all material respects (subject, in the case of interim statements, to normal
recurring year-end audit adjustments) and to be prepared in reasonable detail and, in the case of the annual and quarterly financial statements provided in accordance with subsections (a) and (b) above, in accordance with GAAP applied
consistently throughout the periods reflected therein and further accompanied by a description of, and an estimation of the effect on the financial statements on account of, a change, if any, in the application of accounting principles as provided
in Section 1.3. 

  
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 Documents required to be delivered pursuant to Section 5.3 or
Section 5.4 may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such documents, or provides a link thereto on the Company’s website on the Internet; or
(ii) on which such documents are posted on the Company’s behalf on an Internet or intranet website, if any, to which each Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent);
provided that: (i) the Company shall deliver paper copies of such documents to the Agent or any Lender that requests the Company to deliver such paper copies until a written request to cease delivering paper copies is given by the Agent
or such Lender and (ii) the Company shall notify the Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Agent by electronic mail electronic versions of such documents. The Agent
shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Company with any such request for delivery, and each Lender shall
be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

Section 5.4 Health Care Facilities - Financial Statements, Etc. 

The Company will use commercially reasonable efforts to obtain from each operator of a Health Care Facility leased by the
Company or on which the Company holds a Mortgage Loan, a consent to deliver to the Agent and each Lender copies of the financial statements, notices and information described in (a), (b) and (d) below. The Company will deliver to the
Agent and each Lender: 
 (a) upon the later of receipt by the Company or, in the case of
quarterly information, the date the Company delivers its financial statements pursuant to Section 5.2(b), or in the case of annual information, the date the Company delivers its financial statements pursuant to Section 5.2(a), copies of
any quarterly or annual balance sheets and statements of income of any operator of any Health Care Facility leased by the Company or on which the Company holds a Mortgage Loan and copies of any quarterly or annual balance sheets and statements of
income of any Person which is a guarantor of any such lease or loan, including in each case a calculation by the Chief Financial Officer or Treasurer of the Company of the applicable Facility Coverage Ratio; 

(b) promptly upon receipt thereof by the Company, any notice of deficiency with respect to any of its
Health Care Facilities from any Governmental Authority, licensing board or agency, or any notice of any inquiry, proceeding, investigation, or other action with respect to any of its Health Care Facilities, including, without limitation, any notice
from any federal, state or local environmental agency or board of potential liability, that could materially affect the financial condition, properties or business of the Company; 

(c) upon request, an appraisal, made at the Company’s expense (except as limited hereby) in form and
substance satisfactory to the Agent, of any Health Care Facility of the Company (other than those leased to UHS or a UHS Subsidiary) that has a Facility Coverage Ratio of less than 1.6 to 1.0 for the most recent four fiscal quarters;

  
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provided that the Company shall not be required to pay for more than one appraisal of any single Health Care Facility during any period of twenty-four (24) consecutive months; and

 (d) with reasonable promptness, such other information related to the operators of such Health
Care Facilities as the Agent or any Lender may reasonably request in writing. 
 Section 5.5 Tangible
Net Worth. 
 The Company will maintain at all times (but which shall be calculated only for the last day
of each fiscal quarter) Tangible Net Worth of not less than $125,000,000. 
 Section 5.6 Ratio of
Debt To Total Capital. 
 The Company will not permit the ratio of Debt of the Company and its
Subsidiaries on a consolidated basis to Total Capital to exceed .55 to 1.0 as of the last day of each fiscal quarter of the Company. 
 Section 5.7 Debt Service Coverage Ratio. 
 The
Company will not permit the Debt Service Coverage Ratio as of the last day of any fiscal quarter occurring during the fiscal year set forth below to be less than the ratio corresponding to such fiscal year set forth below: 

 

			
	 For each fiscal quarter ending in the

fiscal year set forth below
	  	Minimum Debt Service
Coverage Ratio
	 2011
	  	6.0 to 1.0
	 2012
	  	5.0 to 1.0
	 2013
	  	4.0 to 1.0
	 2014 and thereafter
	  	3.0 to 1.0

 Section 5.8 Debt To Cash Flow Available For Debt Service. 

The Company will not permit the ratio of Debt of the Company and its Subsidiaries on a consolidated basis as of such date
of determination to Cash Flow Available for Debt Service of the Company and its Subsidiaries on a consolidated basis (for the four most recently ended fiscal quarters) to be greater than 3.5 to 1.0 as of the last day of each fiscal quarter of the
Company. 
 Section 5.9 Indebtedness. 

The Company will not, nor will it permit any Subsidiary to, incur or permit to exist or remain outstanding any
Indebtedness to any Person provided, however, that the Company and its Subsidiaries may incur or permit to exist or remain outstanding: 

  
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 (a) Indebtedness of the Company arising under this Agreement
or the other Loan Documents; 
 (b) Indebtedness in respect of taxes, including withholding and
payroll taxes, assessments, governmental charges or levies, and claims for labor, materials and supplies to the extent that payment therefor is not at the time required to be made in accordance with the provisions of Section 5.19; 

(c) Indebtedness incurred in connection with the acquisition after the date hereof of any real or personal
property by the Company or any of its Subsidiaries provided that the aggregate principal amount of all such Indebtedness shall not exceed the lesser of (i) 100% of the aggregate cost, to the Company or such Subsidiary of the real or personal
property so acquired and (ii) the fair market value of such acquired property, determined on or about the time of such acquisition on the basis of an MAI appraisal or such other valuation method as may from time to time be acceptable to the
Required Lenders (it being understood that an MAI appraisal shall be a valuation method which is acceptable to the Required Lenders) and further provided that after giving effect to such Indebtedness the Company would (on a Pro Forma Basis,
calculated as of the last day of the immediately preceding fiscal quarter) be in compliance with Sections 5.5 – 5.8; 
 (d) Indebtedness in respect of leases of real and personal property by the Company and its Subsidiaries provided that the aggregate amount due is not greater than $2,000,000 in any one fiscal year;

 (e) Non-Recourse Debt; 

(f) Indebtedness and obligations owing under Hedging Agreements entered into to manage existing or
anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes; 
 (g) Indebtedness outstanding on the date of this Agreement and described on Schedule 5.9 of such Agreement (and renewals, refinancings or extensions thereof in a principal amount not in excess of
that outstanding as of the date of such renewal, refinancing or extension); and 
 (h)
Indebtedness incurred after the date hereof which is secured by a mortgage, pledge, security interest or other lien or encumbrance on any of its property, provided that, after giving effect to such Indebtedness the Company would (on a Pro
Forma Basis, calculated as of the last day of the immediately preceding fiscal quarter) be in compliance with Sections 5.5 – 5.8, the aggregate amount of all such secured Indebtedness shall not exceed $30,000,000. 

  
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 Section 5.10 Security Interests and Liens; Negative Pledge.

 The Company will not, nor will it permit any of its Subsidiaries to, create or permit to exist any
mortgage, pledge, security interest or other lien or encumbrance on any of their respective properties except: 
 (a) Liens under the Security Documents; 
 (b) Liens
arising from attachments or similar proceedings, pending litigation, judgments or taxes or assessments in any such event whose validity or amount is being contested in good faith by appropriate proceedings and for which adequate reserves have been
established and are maintained in accordance with GAAP, or taxes and assessments which are not due and delinquent; 
 (c) Liens of carriers, warehousemen, mechanics and materialmen and other like liens; 
 (d) pledges or deposits made in connection with workmen’s compensation, unemployment or other insurance, old age pensions, or other Social Security benefits, and good faith deposits in connection
with tenders, contracts or leases to which it is a party or deposits to secure, or in lieu of, surety, penalty or appeal bonds, performance bonds and other similar obligations; 

(e) such minor defects, irregularities, encumbrances, easements, rights of way, and clouds on title as
normally exist with respect to similar properties which do not materially impair the property affected thereby for the purpose for which it was acquired; 

(f) Liens existing on the date of this Agreement and described on Schedule 5.10(f) of such
Agreement and purchase money security interests in or purchase money mortgages on, or mortgages given in connection with the contemporaneous refinancing of, real property acquired after the date hereof to secure purchase money indebtedness of the
type incurred in connection with the acquisition or refinancing of such property, which security interests or mortgages cover only the real or personal property so acquired or refinanced and proceeds thereof and reasonable attachments and accessions
thereto; and 
 (g) Liens securing Indebtedness permitted by Section 5.9 (collectively,
“Permitted Liens”). 
 Section 5.11 No Further Negative Pledge. 

The Company will not, nor will it permit any of its Subsidiaries (other than Excluded Subsidiaries) to, enter into any
commitment or agreement with any other party that limits or impairs the ability of the Company or any such Subsidiaries to grant security interests, liens or mortgages in favor of the Lenders, except that this Section 5.11 shall not be deemed
to prohibit the granting of any Lien permitted by Section 5.10. 

  
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 Section 5.12 Guarantees. 

The Company will not, nor will it permit any of its Subsidiaries to, guarantee or otherwise in any way become or be
responsible for indebtedness or obligations (including working capital maintenance, take-or-pay contracts, etc.) of any other Person, contingently or otherwise, except: 

(a) the endorsement of negotiable instruments of deposit in the normal course of business; 

(b) guarantees by the Company or a Subsidiary issued to secure Indebtedness permitted by
Sections 5.9; and 
 (c) guarantees (other than those described in (a) and (b) of
this Section) made in the ordinary course of business which shall not at any time exceed $5,000,000 in the aggregate. 
 For the
avoidance of doubt, the Company nor any wholly-owned Subsidiary of the Company (other than an Excluded Subsidiary) shall be permitted to guarantee any Non-Recourse Debt. 

Section 5.13 Notice of Litigation And Judgments. 

The Company will give notice to the Agent and each of the Lenders in writing, in form and detail satisfactory to the
Lenders, within ten (10) Business Days of becoming aware of any litigation or proceedings threatened in writing or any pending litigation and proceedings affecting the Company or any of its Subsidiaries or to which the Company or any of its
Subsidiaries is or becomes a party involving an uninsured or unindemnified claim of more than $5,000,000 against the Company or any of its Subsidiaries and stating the nature and status of such litigation or proceedings. The Company will give
notice, in writing, in form and detail satisfactory to the Lenders, within ten (10) Business Days of any judgment, final or otherwise, against the Company or any of its Subsidiaries in an amount in excess of $5,000,000. 

Section 5.14 Notice of Defaults; Material Adverse Effect. 

(a) The Company will give notice to the Agent and each of the Lenders immediately upon becoming aware of
the occurrence of any Default or Event of Default under this Agreement. If any Person shall give any notice or take any other action in respect of a claimed default (whether or not constituting an Event of Default) under this Agreement or any other
note, evidence of Indebtedness, indenture or other obligation to which or with respect to which the Company or any of its Subsidiaries is a party or obligor, whether as principal or surety, and such claimed default has potential total liability in
excess of $5,000,000 the Company shall forthwith give written notice thereof to each of the Lenders, describing the notice or action and the nature of the claimed default; and 

  
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 (b) The Company will give notice to the Agent and each of
the Lenders immediately upon becoming aware, but in any event within five (5) Business Days, of the occurrence of any event that has resulted or could reasonably be expected to result in a Material Adverse Effect. 

Section 5.15 Notices With Regard to Health Care Operators. 

The Company will give notice to the Agent and each of the Lenders, and will provide information to the Agent and each of
the Lenders, of the types set forth in Sections 5.13 and 5.14 hereof as to each operator of Health Care Facilities owned by the Company or on which the Company holds a mortgage, provided, that such operator consents in writing to the
release of such information. The Company will use commercially reasonable efforts to acquire the written consent of each operator for the release of such information. 

Section 5.16 Books and Records. 

The books and records relating to the financial affairs of the Company and its Subsidiaries shall at all times be
maintained in accordance with GAAP consistently applied. 
 Section 5.17 Maintenance of
Properties. 
 The Company shall maintain (or cause to be maintained) and shall cause each of its
Subsidiaries to maintain (or cause to be maintained) each of its properties in good physical condition and shall make (or cause to be made) all necessary repairs, replacements and renewals thereon except where the failure to so maintain could not
reasonably be expected to result in a Material Adverse Effect. 
 Section 5.18 Insurance.

 The Company will require that the lessees of its properties maintain at all times with financially sound
and reputable insurers insurance with respect to their properties and business and against such casualties and contingencies and in such types and such amounts as shall be in accordance with sound business practices and reasonably satisfactory to
the Agent. Without limiting the foregoing, the Company will use commercially reasonable efforts cause such lessees to (i) keep all of its physical property insured against fire and extended coverage risks in amounts and with deductibles equal
to those generally maintained by businesses of similar size engaged in similar activities in similar geographic areas, (ii) maintain all such workers’ compensation or similar insurance as may be required by law, and (iii) maintain, in
amounts and with deductibles equal to those generally maintained by businesses of similar size engaged in similar activities in similar geographic areas, general public liability insurance against claims for bodily injury, death or property damage
occurring on, in or about the properties of the Company and business interruption insurance. In the event that any lessee shall fail to maintain such insurance, the Company will maintain such insurance. The Company will notify the Agent and each
Lender of any cancellation of any such insurance. Evidence of all renewals or replacements of such insurance from time to time in force, satisfactory to the Agent shall be delivered to the Agent before the expiration date of the then current
insurance. 

  
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 Section 5.19 Taxes. 

The Company will pay all taxes or other assessments or governmental charges or levies imposed upon it or upon its income
or profits or upon its property prior to the time when any penalties or interest (except interest during extensions of time for filing of federal income tax returns not in excess of six months) accrue with respect thereto, as well as all claims for
labor, materials or supplies that if unpaid might by law become a lien or charge upon any of its property unless, in any such case, the amount, applicability or validity of such amounts is contested in good faith by appropriate proceedings and other
appropriate action and an adequate reserve therefor has been established and is maintained in accordance with GAAP. The Company will, and will cause each of its Subsidiaries to, also pay all such taxes, assessments, charges, levies or claims
forthwith upon the commencement of proceedings to foreclose any lien that may have attached as security therefor, except where the failure to do so could not reasonably be expected to have an Material Adverse Effect. 

Section 5.20 Compliance With Laws, Contracts, and Licenses. 

The Company will, and will cause each of its Subsidiaries to (i) comply with all laws, including the Patriot Act,
CERCLA and Environmental Laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, the Company’s or Subsidiary’s noncompliance with which could reasonably be expected to have a Material
Adverse Effect, including, without limitation, the provisions of the Code and related regulations governing real estate investment trusts, as the same may be as amended and in effect from time to time and (ii) promptly obtain, maintain, apply
for renewal, and not allow to lapse, any authorization, consent, approval, license or order, and accomplish any filing or registration with, any court or judicial, administrative or Governmental Authority which may be or may become necessary in
order that it perform in all material respects all of its obligations under this Agreement or the other Loan Documents and in order that the same may be valid and binding and effective in accordance with their terms and in order that the Lenders may
be able freely to exercise and enforce any and all of their rights under this Agreement or the other Loan Documents, (iii) comply with the provisions of its charter documents and by-laws and (iv) comply with all agreements and instruments
by which it or any of its properties may be bound. 
 Section 5.21 Access. 

The Company will, and will cause each of its Subsidiaries to, permit any Lender, by its representatives and agents, to
inspect any of the properties, including, without limitation, corporate books, computer files and tapes and financial records of the Company and its Subsidiaries to examine and make copies of the books of accounts and other financial records of the
Company and its Subsidiaries, and to discuss the affairs, finances and accounts of the Company and its Subsidiaries with, and to be advised as to the same by, its officers at such reasonable times and intervals as such Lender may designate.

  
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 Section 5.22 ERISA Compliance. 

Neither the Company nor any of its Subsidiaries will permit any employee pension benefit plan (as that term is defined in
Section 3 of ERISA) maintained by the Company to (x) engage in any “prohibited transaction” as such term is defined in Section 4975 of the Code that is likely to result in a material liability for the Company; or
(y) incur any “accumulated funding deficiency”, as such term is defined in Section 302 of ERISA, whether or not waived; or (z) terminate any such benefit plan in a manner which could result in the imposition of a lien or
encumbrance on the assets of the Company pursuant to Section 4068 of ERISA. 
 Section 5.23
Reserves. 
 The Company will, and will cause each of its Subsidiaries to, maintain reserves,
appropriate for the Company and its Subsidiaries, for depreciation, taxes and other expenses or liabilities in accordance with GAAP. 
 Section 5.24 Distributions. 
 Neither the
Company nor any of its Subsidiaries will make any Distributions other than (a) Distributions required by the Code and related regulations governing real estate investment trusts, (b) Distributions by a Subsidiary to the Company and
(c) Distributions to shareholders in excess of the amounts permitted by clause (a) above provided that no Default or Event of Default then exists or would result from such payment; provided, however, in no event may the
Company make any Distributions with respect to any fiscal year that exceed ninety-five percent (95%) of the Company’s Cash Available for Distributions for such fiscal year unless and to the extent that such Distributions are required to be
made by the Code and related regulations governing real estate investment trusts. 
 Section 5.25
Investments. 
 Neither the Company nor any of its Subsidiaries will make or maintain any Investment,
except for Investments which consist of: 
 (a) obligations having an original maturity of not
greater than three years issued or guaranteed as to principal and interest by the United States of America; 
 (b) certificates of deposit issued by any of the Lenders or any other bank organized under the laws of the United States of America or any state thereof and having capital and unimpaired surplus of
at least $50,000,000 or of foreign subsidiaries of such banks; 
 (c) commercial paper or finance
company paper which is rated not less than BBB or its equivalent by S&P or Moody’s; 

(d) repurchase agreements secured by any one or more of the Investments permitted by paragraphs (a),
(b) or (c) above; 

  
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 (e) direct or indirect Investments in domestic
(United States) Health Care Facilities which Investments either (i) existed on the Closing Date and set forth on Schedule 5.25(e), or (ii) were or are made after such date, provided that no Investment in any one Health Care
Facility made after such date shall be made with respect to any Health Care Facility the acquisition cost of which exceeds the lesser of $40,000,000 or the fair market value of the acquired property, determined on the basis of an MAI appraisal or
such other valuation method as may from time to time be acceptable to the Required Lenders, provided that after giving effect to such Investment the Company would (on a Pro Forma Basis, calculated as of the last day of the immediately preceding
fiscal quarter) be in compliance with Sections 5.5 – 5.8. Any indirect Investment shall be restricted to an Investment made by the Company in a Person engaged exclusively in the business of owning or operating domestic Health Care
Facilities and in which the Company has an Equity Interest of at least 25%; 
 (f) Mortgage Loans
permitted by Section 5.26; 
 (g) Construction Loans permitted by Section 5.27; and

 (h) Investments made in connection with the 2011 Portfolio Transaction. 

Section 5.26 Mortgage Loans. 

The Company will not permit at any time the aggregate outstanding principal amount of the Mortgage Loans held by the
Company and its Subsidiaries to exceed $30,000,000 and will not make any Mortgage Loan in an original principal amount in excess of $20,000,000. In no event may the Company or any of its Subsidiaries provide any Mortgage Loan to any Person except on
a full recourse basis to an owner or operator of a domestic (United States) Health Care Facility and except upon using the Company’s commercially reasonable efforts to obtain the agreement and consent of such Person to provide its
quarterly and annual balance sheets and income statements to the Company or to the its Subsidiary for delivery to the Agent and each Lender. 
 Section 5.27 Construction Loans. 

(a) In the event that any portion of the Loans is to be used by the Company to finance the construction of
Health Care Facilities, the Company will monitor such construction to insure that all approvals, consents, waivers, orders, agreements, acknowledgments, authorizations, permits and licenses required under any law, ordinance, code, order, rule or
regulation of any Governmental Authority, or under the terms of any restriction, covenant or easement affecting the construction project, or otherwise necessary, for the ownership and acquisition of the subject properties and the improvements
thereon, the construction and equipping of the improvements being constructed on the subject properties, and the use, occupancy and operation of the construction project as a Health Care Facility following completion of construction of the

  
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improvements on the subject property, have been obtained, whether from a Governmental Authority or other Person. Further, the Company will give notice to the Agent and each of the Lenders
immediately after becoming aware that any construction project will likely not be completed in a timely manner or on budget. The Company shall from time to time deliver such further information and take such further action as may be reasonably
requested by the Agent or any Lender to effect the purposes of this Section 5.27. 
 (b) The
Company will not permit at any time the aggregate outstanding principal amount of Construction Loans to exceed $25,000,000. In no event may the Company provide any Construction Loans to any Person except on a full recourse basis to an owner or
operator of a domestic (United States) Health Care Facility and except upon using the Company’s commercially reasonable efforts to obtain the agreement and consent of such Person to provide its quarterly and annual balance sheets and
income statements to the Company for delivery to the Agent and each Lender. 
 Section 5.28
Environmental Audits. 
 The Company will not make any Investment, Mortgage Loan or Construction Loan
otherwise permitted by Section 5.25(e), 5.26 or 5.27, respectively, unless the Company shall have first received a Phase I environmental audit report with respect to the property involved, which audit shall have been conducted not
earlier than twenty-four (24) months prior to the date of the transaction, a copy of such audit shall have been furnished to the Lenders, and such audit shall not have reported or uncovered any environmental matters which could have a material
adverse effect on such property or on the financial condition, properties or business of the Company. 

Section 5.29 Merger, Consolidation and Disposition of Assets. 

(a) Neither the Company, nor any of its Subsidiaries, will at any time merge or consolidate with or into
any Person or sell or otherwise dispose of any Health Care Facility of the Company leased to UHS or to a UHS Subsidiary, except (i) that the Company may sell, if after giving effect to such sale no Default or Event of Default exists or would
result as a consequence thereof, any Health Care Facility of the Company leased to UHS or to a UHS Subsidiary so long as such Health Care Facilities so sold do not in the aggregate account for more than 5% of the total assets of the Company and its
Subsidiaries as determined in accordance with GAAP over the term of this Agreement, (ii) a Subsidiary of the Company may merge with and into any wholly-owned Subsidiary of the Company and (iii) any Subsidiary of the Company may merge with
and into the Company so long as the Company is the surviving corporation. 
 (b) No Subsidiary
that is not an Excluded Subsidiary will at any time (x) merge or consolidate with an Excluded Subsidiary or (y) sell or otherwise transfer of any assets to an Excluded Subsidiary. Notwithstanding the foregoing, the Company or any
Subsidiary may sell or otherwise transfer assets to an Excluded Subsidiary so long as the aggregate amount of the fair market value of all such assets does not exceed $17,000,000. 

  
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 Section 5.30 Sale and Leaseback. 

Neither the Company, nor any of its Subsidiaries, will enter into any arrangement, directly or indirectly, whereby the
Company or a Subsidiary shall sell or transfer any property owned by it and then or thereafter lease such property or lease other property that the Company or such Subsidiary intends to use for substantially the same purpose as the property being
sold or transferred. 
 Section 5.31 Use of Proceeds. 

After the date of this Agreement the Company will use the proceeds of the Loans (a) to refinance certain existing
indebtedness of the Company, (b) to pay any fees and expenses, (c) to provide for the working capital and general corporate requirements of the Company and its Subsidiaries (including to make Investments permitted by Section 5.25(e)
and for acquisitions permitted under this Agreement), (d) to provide mortgage and construction financing permitted by Sections 5.26 and 5.27, (e) to make Distributions permitted by Section 5.24, and (f) for other general
corporate purposes. The Company will not use the proceeds of any Loan, either directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock within the meaning of Regulation U of the Board
of Governors of the Federal Reserve System, as amended from time to time. 
 Section 5.32 Fiscal
Year; Organizational Documents; Material Contracts. 
 Neither the Company, nor any of its Subsidiaries,
will, upon less than thirty (30) days prior written notice, change its fiscal year or accounting policies except to comply with changes in GAAP. Neither the Company, nor any of its Subsidiaries, will amend, modify or change its declaration of
trust (or corporate charter or other similar document) in any matter materially adverse to the Lenders, without the prior written consent of the Required Lenders. Neither the Company, nor any of its Subsidiaries, will, without the prior written
consent of the Agent, amend, modify, cancel or terminate or fail to renew or extend any of the Material Contracts, except in the event that such amendments, modifications, cancellations, terminations or failure to renew could not reasonably be
expected to have a Material Adverse Effect. 
 Section 5.33 Subsidiary Guarantors.

 The Company shall promptly upon the formation or acquisition of any additional wholly-owned Significant
Subsidiary or upon any wholly-owned Subsidiary (other than an Excluded Subsidiary) becoming a Significant Subsidiary, and in any event within 30 days of such formation, acquisition or change to status of a Significant Subsidiary, (i) cause such
Significant Subsidiary to (i) execute joinder to the Subsidiary Guaranty substantially in the form of the Guarantor Accession (as defined in the Subsidiary Guaranty) and (ii) deliver such organizational documents, secretary’s
certificates and legal opinions in connection therewith as the Agent may reasonably request. 

  
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 Section 5.34 Pledged Assets. 

The Company will cause 100% of the Equity Interests in each of its direct Domestic Subsidiaries and 65% (to the extent
the pledge of a greater percentage would be unlawful or may cause any adverse tax consequences to the Company) of the voting Equity Interests and 100% of the non-voting Equity Interests of its first-tier Foreign Subsidiaries, to be subject at all
times to a first priority, perfected Lien in favor of the Agent pursuant to the terms and conditions of the Security Documents or such other security documents as the Agent shall reasonably request. 

Section 5.35 Further Assurances. 

The Company shall at any time or from time to time execute and deliver such further instruments and take such further
action as may reasonably be requested by the Agent or any Lender, in each case further and more perfectly to effect the purposes of this Agreement and the other Loan Documents. 

Section 5.36 Transactions with Affiliates. 

Enter into any transaction of any kind with any Affiliate of the Company, whether or not in the ordinary course of
business, other than on fair and reasonable terms substantially as favorable to the Company or such Subsidiary as would be obtainable by the Company or such Subsidiary at the time in a comparable arm’s length transaction with a Person other
than an Affiliate; provided that the foregoing restriction shall not apply to the 2011 Portfolio Transaction or any other transaction between or among the Company and any of its wholly-owned Subsidiaries (other than Excluded Subsidiaries) or
between and among any wholly-owned Subsidiaries (other than Excluded Subsidiaries). 
 ARTICLE VI 

[RESERVED] 

ARTICLE VII 
 EVENTS OF DEFAULT; ACCELERATION 
 Section 7.1
Events of Default. 
 If any of the following events (an “Event of Default”) has
occurred and is continuing: 
 (a) if the Company shall fail to (i) pay any principal on the
Loans or any Note owing hereunder or fail to reimburse the Issuing Lender for any LOC Obligations in each case when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other
date fixed for payment in accordance with the terms hereof or thereof or (ii) the Company shall fail to pay any interest on the 

  
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Loans or any other amount payable hereunder or under the LOC Documents when the same shall become due and payable and such failure shall continue for three (3) Business Days(or any Guarantor
shall fail to pay on the Guaranty in respect of any of the foregoing within the applicable period of time); 
 (b) if the Company shall fail to comply with any of its covenants contained in Sections 5.1, 5.2, 5.5-5.12, or 5.24-5.32; 

(c) if the Company or any Subsidiary shall fail to perform any term, covenant or agreement contained
herein or in any other Loan Document (other than those specified in subsections (a) and (b) above) and the continuance of such failure shall exist for 30 days after written notice of such failure has been given to the Company by the
Agent; 
 (d) if any representation or warranty of the Company in this Agreement or of the
Company or any Guarantor in any other Loan Document shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; 

(e) if the Company or any of its Significant Subsidiaries shall (i) fail to make any payment due on
any Indebtedness (having a total amount outstanding in excess of $5,000,000), or (ii) fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound, evidencing or securing any Indebtedness
(having a total amount outstanding in excess of $5,000,000) and the effect of such failure could or would have permitted (assuming the giving of appropriate notice if required) the holder or holders thereof or a trustee for such holder or holders or
of any obligations issued thereunder to accelerate the maturity thereof; 
 (f) if the Company or
any of its Significant Subsidiaries shall be involved in financial difficulties as evidenced (i) by its admission in writing of its inability to pay its debts generally as they become due; (ii) by its commencement of a voluntary case under
Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceedings of its board of directors or other governing body, the commencement of such a voluntary case; (iii) by its filing an
answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case under Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its
failing to controvert or challenge in a timely manner the material allegation of any such petition; (iv) by the entry of an order for relief against it in any involuntary case commenced under Title 11 which remains undischarged or unstayed
for more than sixty (60) days; (v) by its seeking relief as a debtor under any applicable law, other than Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of
the rights of creditors, or by its consenting to or acquiescing in such relief; (vi) by entry of an order by a court of competent jurisdiction (A) finding it to be bankrupt or insolvent or (B) ordering or approving its liquidation,
reorganization or any modification or alteration of the rights of its creditors which remains undischarged or unstayed for more than sixty (60) days; (vii) by the entry of an order by a court of competent jurisdiction assuming custody of,
or 

  
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appointing a receiver or other custodian for, all or a substantial part of its property which remains undischarged or unstayed for more than sixty (60) days; or (viii) by its making an
assignment for the benefit of, or entering into a composition with, its creditors, or appointing or consenting to the appointment of a receiver or other custodian for all or a substantial part of its property (the occurrence of any of the foregoing
shall constitute a “Bankruptcy Event”); 
 (g) if there shall remain in force,
undischarged, unsatisfied and unstayed, for more than sixty days, whether or not consecutive, any final judgment against the Company or any of its Significant Subsidiaries which, with other outstanding final judgments which are also undischarged,
unsatisfied and unstayed for more than sixty days, against such Person(s) exceeds $5,000,000 in aggregate amount with respect to the Company or any of its Significant Subsidiaries; 

(h) if UHS of Delaware, Inc., a subsidiary of UHS, shall cease to be the real estate investment trust
advisor to the Company and a new advisor satisfactory to each of the Lenders has not been appointed, or a group of managers satisfactory to each of the Lenders has not been hired, within ninety (90) days of such cessation; 

(i) (i) if any Person or group of Persons (within the meaning of Section 13 or 14 of the
Exchange Act) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the
Company; or, (ii) during any period of twelve consecutive calendar months, individuals who were directors of the Company on the first day of such period shall cease to constitute a majority of the board of directors of the Company; 

(j) if any guarantee by UHS of any lease by the Company to a UHS Subsidiary is disavowed, terminated, or
ceases to be in full force and effect, or is waived or amended without the prior written consent of the Required Lenders (other than the termination of a guarantee of such a lease in connection with the sale of a Health Care Facility permitted by
Section 5.29) or if UHS shall fail to pay when due (after giving effect to any applicable grace period) amounts owing under any guarantee of obligations of a UHS Subsidiary owed to the Company under any lease; 

(k) any lease by the Company to a UHS Subsidiary is terminated (other than as scheduled by its terms)
prior to its stated term, or is amended or compliance by the lessee is waived, without the prior written consent of the Required Lenders (other than the termination of a lease of a Health Care Facility in connection with a sale of such Health Care
Facility permitted by Section 5.29); 
 (l) if the Company or any of its Significant
Subsidiaries shall fail to make any payment due under any Hedging Agreement or if the Company or any of its Significant Subsidiaries shall fail to observe or perform any material term, covenant or agreement contained in any Hedging Agreement and the
effect of such failure could or would have permitted (assuming the giving of appropriate notice if required) the counterparty thereof 

  
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to terminate such Hedging Agreement and demand payment from the Company or such Significant Subsidiary in excess of $5,000,000; or 

(m) if the Subsidiary Guaranty or any material provision thereof shall cease to be in full force and
effect or any Guarantor or any Person acting by or on behalf of any Guarantor shall deny or disaffirm any Guarantor’s obligations under the Subsidiary Guaranty; 

(n) if any material provision of any Loan Document shall fail to be in full force and effect or to give
the Agent and/or the Lenders the security interests, liens, rights, powers, priority and privileges purported to be created thereby (except as such documents may be terminated or no longer in force and effect in accordance with the terms thereof,
other than those indemnities and provisions which by their terms shall survive) or any Lien shall fail to be a first priority, perfected Lien on a material portion of the Collateral; or 

(o) if the Company or any of its Subsidiaries maintains or contributes to any Pension Plan. 

Section 7.2 Acceleration; Remedies. 

Upon the occurrence and during the continuance of an Event of Default, then, and in any such event, (a) if such
event is a Bankruptcy Event, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon), and all other amounts under the Loan Documents (including, without limitation, the maximum amount of all contingent
liabilities under Letters of Credit) shall immediately become due and payable, and (b) if such event is any other Event of Default, any or all of the following actions may be taken: (i) with the written consent of the Required Lenders, the
Agent may, or upon the written request of the Required Lenders, the Agent shall, declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; (ii) the Agent may, or upon the written request of the
Required Lenders, the Agent shall, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the Notes to be due and payable forthwith and direct the Company to pay to the Agent cash collateral as
security for the LOC Obligations for subsequent drawings under then outstanding Letters of Credit an amount equal to the maximum amount of which may be drawn under Letters of Credit then outstanding, whereupon the same shall immediately become due
and payable; and/or (iii) with the written consent of the Required Lenders, the Agent may, or upon the written request of the Required Lenders, the Agent shall, exercise such other rights and remedies as provided under the Loan Documents and
under applicable law. 
 ARTICLE VIII 
 THE ADMINISTRATIVE AGENT 

  
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 Section 8.1 Appointment and Authority. 

Each of the Lenders and the Issuing Lender hereby irrevocably appoints Wells Fargo to act on its behalf as the Agent
hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Agent, the Lenders and the Issuing Lender, and neither the Company nor any other Credit Party shall have rights as a third party beneficiary of any of
such provisions. 
 Section 8.2 Nature of Duties. 

Anything herein to the contrary notwithstanding, none of the bookrunners, arrangers or other agents listed on the cover
page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Agent, a Lender, the Swingline Lender or the Issuing Lender hereunder. Without
limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other
Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 

The Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan
Document by or through any one or more sub-agents appointed by the Agent. The Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory
provisions of this Article shall apply to any such sub-agent and to the Related Parties of the 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 Agent. 
 Section 8.3 Exculpatory Provisions. 

The Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan
Documents. Without limiting the generality of the foregoing, the Agent: 
 (a) shall not be
subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that
the Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Agent shall not
be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or applicable law; and 

  
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 (c) shall not, except as expressly set forth herein and in
the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Credit Party or any of its Affiliates that is communicated to or obtained by the Person serving as the Agent or
any of its Affiliates in any capacity. 
 The Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in
Sections 9.1 and 7.2) or (ii) in the absence of its own gross negligence or willful misconduct. 
 The
Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in
Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Agent. 
 Section 8.4 Reliance by Agent. 
 The Agent
shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting
or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by
the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction
of a Lender or the Issuing Lender, the Agent may presume that such condition is satisfactory to such Lender or the Issuing Lender unless the Agent shall have received notice to the contrary from such Lender or the Issuing Lender prior to the making
of such Loan or the issuance of such Letter of Credit. The Agent may consult with legal counsel (who may be counsel for the Company), 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 8.5
Notice of Default. 
 The Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default or Event of Default hereunder unless the Agent has received written notice from a Lender or the Company referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of
default”. In the event that the Agent receives such a notice, the Agent shall give prompt notice thereof to the Lenders. The Agent shall take such 

  
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action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided, however, that unless and until the Agent shall have
received such directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to
the extent that this Agreement expressly requires that such action be taken, or not taken, only with the consent or upon the authorization of the Required Lenders, or all of the Lenders, as the case may be. 

Section 8.6 Non-Reliance on Agent and Other Lenders. 

Each Lender and the Issuing Lender expressly acknowledges that neither the Agent nor any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates has made any representation or warranty to it and that no act by the Agent hereinafter taken, including any review of the affairs of any Credit Party, shall be deemed to constitute any
representation or warranty by the Agent to any Lender. Each Lender and the Issuing Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Lender also acknowledges that it will, independently and without reliance upon the Agent or any other
Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan
Document or any related agreement or any document furnished hereunder or thereunder. 
 Section 8.7
Indemnification. 
 The Lenders agree to indemnify the Agent, the Issuing Lender and the Swingline
Lender in its capacity hereunder and their Affiliates and their respective officers, directors, agents and employees (to the extent not reimbursed by the Credit Parties and without limiting the obligation of the Credit Parties to do so), ratably
according to their respective Revolving Commitment Percentages in effect on the date on which indemnification is sought under this Section, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Credit Party Obligations) be imposed on, incurred by or asserted against any such indemnitee in
any way relating to or arising out of any Loan Document or any documents contemplated by or referred to herein or therein or the Transactions or any action taken or omitted by any such indemnitee under or in connection with any of the foregoing;
provided, however, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent resulting from
such indemnitee’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction. The agreements in this Section shall survive the termination of this Agreement and payment of the Notes, any Reimbursement Obligation
and all other amounts payable hereunder. 

  
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 Section 8.8 Agent in Its Individual Capacity. 

The Person serving as the 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 Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Agent
hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Credit Parties or
any Subsidiary or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders. 
 Section 8.9 Successor Agent. 
 The Agent may at
any time give notice of its resignation to the Lenders, the Issuing Lender and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the approval of the Company, to appoint a successor, or an
Affiliate of any such bank. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Agent gives notice of its resignation, then the retiring
Agent may on behalf of the Lenders and the Issuing Lender, appoint a successor Agent meeting the qualifications set forth above provided that if the Agent shall notify the Company and the Lenders that no qualifying Person has accepted such
appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (b) all
payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender and the Issuing Lender directly, until such time as the Required Lenders appoint a successor Agent as provided for
above in this paragraph. Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Agent, and the
retiring Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Company to a successor Agent
shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the retiring Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and
Section 9.5 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent.

 Any resignation by Wells Fargo, as Agent pursuant to this Section shall also constitute its resignation as
Issuing Lender and Swingline Lender. Upon the acceptance of a successor’s appointment as Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing
Lender and Swingline Lender, (b) the retiring Issuing Lender and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor Issuing Lender
shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the 

  
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retiring Issuing Lender to effectively assume the obligations of the retiring Issuing Lender with respect to such Letters of Credit. 

Section 8.10 Collateral and Guaranty Matters. 

(a) The Lenders and the Bank Product Provider irrevocably authorize and direct the Agent: 

(i) to release any Lien on any Collateral granted to or held by the Agent under any Loan Document
(A) upon termination of the Commitments and payment in full of all Credit Party Obligations (other than contingent indemnification obligations for which no claim has been made or cannot be reasonably identified by an Indemnitee based on the
then-known facts and circumstances) and the expiration or termination of all Letters of Credit, (B) that is transferred or to be transferred as part of or in connection with any sale or other disposition permitted under Section 6.29, or
(C) subject to Section 9.1, if approved, authorized or ratified in writing by the Required Lenders; 
 (ii) to release any Guarantor from its obligations under the applicable Guaranty if such Person ceases to be a Guarantor as a result of a transaction permitted hereunder. 

(b) In connection with a termination or release pursuant to this Section, the Agent shall promptly execute
and deliver to the Company, at the Company’s expense, all documents that the Company shall reasonably request to evidence such termination or release. Upon request by the Agent at any time, the Required Lenders will confirm in writing the
Agent’s authority to release or subordinate its interest in particular types or items of Collateral, or to release any Guarantor from its obligations under the Subsidiary Guaranty pursuant to this Section. 

Section 8.11 Bank Products. 

No Bank Product Provider that obtains the benefits of Sections 2.11 and 7.2, any guaranty by virtue of the provisions
hereof or of any guaranty shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document other than in its capacity as a Lender and, in such case, only to the extent expressly
provided in the Loan Documents. The Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Bank Products unless the Agent has received written notice
(including, without limitation, a Bank Product Provider Notice) of such Obligations, together with such supporting documentation as the Agent may request, from the applicable Bank Product Provider. 

  
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 ARTICLE IX 
 MISCELLANEOUS 
 Section 9.1 Amendments, Waivers
and Consents. 
 Neither this Agreement nor any of the other Loan Documents, nor any terms hereof or
thereof may be amended, modified, extended, restated, replaced, or supplemented (by amendment, waiver, consent or otherwise) nor may Collateral be released except as specifically provided herein or in the Security Documents or in accordance with the
provisions of this Section. The Required Lenders may or, with the written consent of the Required Lenders, the Agent may, from time to time, (a) enter into with the Company written amendments, supplements or modifications hereto and to the
other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Company hereunder or thereunder or (b) waive or consent to the departure
from, on such terms and conditions as the Required Lenders may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided,
however, that no such amendment, supplement, modification, release, waiver or consent shall: 
 (i) reduce the amount or extend the scheduled date of maturity of any Loan or Note or any installment thereon, or reduce the stated rate of any interest or fee payable hereunder (except in connection
with a waiver of interest at the Default Rate which shall be determined by a vote of the Required Lenders) or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Lender’s Commitment, in
each case without the written consent of each Lender directly affected thereby; or 

(ii) amend, modify or waive any provision of this Section or reduce the percentage specified in the
definition of Required Lenders, without the written consent of all the Lenders; or 

(iii) release the Company or all or substantially all of the value of the Guaranty, without the
written consent of all of the Lenders; provided that the Agent may release any Guarantor permitted to be released pursuant to the terms of this Agreement; or 

(iv) release all or substantially all of the value of the Collateral without the written consent of
all of the Lenders; provided that the Agent may release any Collateral permitted to be released pursuant to the terms of this Agreement or the Security Documents; or 

(v) subordinate the Loans to any other Indebtedness without the written consent of all of the
Lenders; or 

  
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 (vi) permit the Company to assign or transfer any of
its rights or obligations under this Agreement or other Loan Documents without the written consent of all of the Lenders; or 
 (vii) amend, modify or waive any provision of the Loan Documents requiring consent, approval or request of the Required Lenders or all Lenders without the written consent of the Required Lenders or
all the Lenders as appropriate; or 
 (viii) amend, modify or waive the pro rata sharing of
payments by and among the Lenders without the written consent of each Lender directly affected thereby; or 
 (ix) amend, modify or waive any provision of Article VIII without the written consent of the then Agent. 
 provided, further, that no amendment, waiver or consent affecting the rights or duties of the Agent, the Issuing Lender or the Swingline Lender under any Loan Document shall in any event be
effective, unless in writing and signed by the Agent, the Issuing Lender and/or the Swingline Lender, as applicable, in addition to the Lenders required hereinabove to take such action. 

Any such waiver, any such amendment, supplement or modification and any such release shall apply equally to each of the
Lenders and shall be binding upon the Company, the Lenders, the Agent and all future holders of the Notes. In the case of any waiver, the Company, the Lenders and the Agent shall be restored to their former position and rights hereunder and under
the outstanding Loans and Notes and other Loan Documents, and any Default or Event of Default permanently waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default,
or impair any right consequent thereon. 
 Notwithstanding any of the foregoing to the contrary, the consent of
the Company shall not be required for any amendment, modification or waiver of the provisions of Article VIII (other than the provisions of Section 8.9). 

Notwithstanding any of the foregoing to the contrary, the Company and the Agent, without the consent of any Lender, may
enter into any amendment, modification or waiver of any Loan Document, or enter into any new agreement or instrument, to correct any obvious error or omission of a technical nature, in each case that is immaterial (as determined by the Agent), in
any provision of any Loan Document, if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof. 

Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above,
(a) each Lender is entitled to vote as such Lender sees fit on any 

  
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bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions
set forth herein, (b) the Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and (c) no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except (i) that the Commitment of such Lender may not be increased or extended without the consent of such Lender and (ii) to the extent such amendment, waiver or consent impacts such Defaulting
Lender more than the other Lenders (other a as a result of being a Defaulting Lender). 
 For the avoidance of
doubt and notwithstanding any provision to the contrary contained in this Section 9.1, this Agreement may be amended (or amended and restated) with the written consent of the Credit Parties and the Agent in accordance with Section 2.2.

 Section 9.2 Notices. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted
to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopier as follows: 
 (i) If to the Company or any other
Credit Party: 
 Cheryl K. Ramagano 

Vice President & Treasurer 

Universal Health Realty Income Trust 

367 South Gulph Road 

King of Prussia, PA 19406 

Telecopier:     (610) 382-4407 

Telephone:     (610) 768-3402 

Email: cheryl.ramagano@uhsinc.com 

(ii) If to the Agent: 

Wells Fargo Bank, National Association, as Agent 

1525 West W.T. Harris Blvd. 

Mail Code NC 0680 

Charlotte, North Carolina 28262 

Attention:     Syndication Agency Services 

Telephone:   (704) 590-2912 

Fax:              (704) 715-0017

 Email: andrew.wullshleger@wachovia.com 

  
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 with a copy to: 

Wells Fargo Bank, National Association 

301 South College Street,
15th Floor 

MAC D1053-150 

Charlotte, North Carolina 28202 

Attention:     Andrea Chen 

Telephone:   (704) 383-3747 

Fax:              (704) 715 -1438

 Email: andrea.chen@wachovia.com 

(iii) if to a Lender, to it at its address (or telecopier number) set forth in its Administrative
Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when confirmed receipt (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at
the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 

(b) Electronic Communications. Notices and other communications to the Lenders, the Swingline
Lender and the Issuing Lender hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agent, provided that the foregoing shall not apply
to notices to any Lender, the Swingline Lender or the Issuing Lender pursuant to Article II if such Lender, the Swingline Lender or the Issuing Lender, as applicable, has notified the Agent that it is incapable of receiving notices under such
Article by electronic communication. The Agent or the Company 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. 
 Unless the Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function,
as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent
at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address
as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

  
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 (c) Change of Address, Etc. Any party hereto may
change its address or telecopier number for notices and other communications hereunder by notice to the other parties hereto. 
 (d) Platform. 
 (i) The Company agrees that
the Agent may make the Communications (as defined below) available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the “Platform”). 

(ii) The Platform is provided “as is” and “as available.” The Agent Parties (as
defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the communications effected thereby (the “Communications”). No warranty of any kind, express, implied or
statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the
Communications or the Platform. In no event shall the Agent or any of its affiliates or any of their respective officers, directors, employees, agents, advisors or representatives (collectively, “Agent Parties”) have any liability
to the Credit Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise)
arising out of any Credit Party’s or the Agent’s transmission of communications through the Platform. 

Section 9.3 No Waiver; Cumulative Remedies. 

No failure to exercise and no delay in exercising, on the part of the Agent or any Lender, any right, remedy, power or
privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

Section 9.4 Survival of Representations and Warranties. 

All representations and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto
or in connection herewith shall survive the execution and delivery of this Agreement and the Notes and the making of the Loans; provided that all such representations and warranties shall terminate on the date upon which the Commitments have
been terminated and all Credit Party Obligations have been paid in full. 

  
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 Section 9.5 Payment of Expenses and Taxes; Indemnity.

 (a) Costs and Expenses. The Company shall pay (i) all reasonable out-of-pocket
expenses incurred by the Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Agent), and shall pay all fees and time charges and disbursements for attorneys who may be employees of the Agent, in
connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the
provisions hereof or thereof (whether or not the Transactions shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Lender and the Swingline Lender in connection with the issuance, amendment, renewal or
extension of any Letter of Credit or Swingline Loan or any demand for payment thereunder and (iii) all reasonable out-of-pocket expenses incurred by the Agent, any Lender, the Issuing Lender or the Swingline Lender (including the fees, charges
and disbursements of any counsel for the Agent, any Lender, the Swingline Lender or the Issuing Lender), and shall pay the reasonable fees and time charges for attorneys who may be employees of the Agent, any Lender, the Issuing Lender or the
Swingline Lender, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or
Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) Indemnification by the Company. The Company shall indemnify the Agent (and any sub-agent
thereof), each Lender, the Issuing Lender and the Swingline 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, penalties, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and
disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Company or any other Credit Party arising out of, in connection with, or as a result of
(i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the
consummation of the Transactions, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender 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 Materials of Environmental Concern on or from any property owned or operated by any
Credit Party or any of its Subsidiaries, or any liability under Environmental Law related in any way to any Credit Party 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, whether brought by a third party or by the Company or 

  
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any other Credit Party, 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 are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or result from a
claim brought by the Company or any other Credit Party against an Indemnitee for a material breach of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Company or such Credit Party has obtained a final and
nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. This section (b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from non-Tax claim.

 (c) Reimbursement by Lenders. To the extent that the Company for any reason fails to
indefeasibly pay any amount required under paragraph (a) or (b) of this Section to be paid by it to the Agent (or any sub-agent thereof), the Issuing Lender, Swingline Lender or any Related Party of any of the foregoing, each Lender
severally agrees to pay to the Agent (or any such sub-agent), the Issuing Lender, Swingline Lender or such Related Party, as the case may be, such Lender’s Revolving Commitment Percentage (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
Agent (or any such sub-agent), the Issuing Lender or Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Agent (or any such sub-agent), Issuing Lender or Swingline Lender in connection with
such capacity. 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent
permitted by applicable law, none of the Credit Parties shall assert, and each of the Credit Parties 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, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds
thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the Transactions. 
 (e) Payments. All amounts due under this Section shall be payable promptly/not later than ten (10) days after demand therefor. 

(f) Survival. The agreements contained in this Section shall survive the resignation of the Agent,
the Swingline Lender and the Issuing Lender, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of the Credit Party Obligations. 

  
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 Section 9.6 Successors and Assigns; Participations.

 (a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Company nor any other Credit Party may assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of the Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b)
of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this
Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Agent and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by
Lenders. Any Lender may at any time assign to one or more Eligible Assignees 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);
provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment
and the Loans at the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund,
no minimum amount need be assigned; and 
 (B) in any case not described in
paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of
the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Agent or, if “Trade Date” is specified in the Assignment and Assumption, as
of the Trade Date) shall not be less than $5,000,000, in the case of any assignment in respect of any portion of the Revolving Facility, unless each of the Agent and, so long as no Event of Default has occurred and is continuing, the Company
otherwise consents (each such consent not to be unreasonably withheld or delayed). 

  
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 (ii) Proportionate Amounts. Each partial
assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (ii) shall not
prohibit any Lender from assigning all or a portion of its rights and obligations among separate Tranches on a non-pro rata basis. 
 (iii) Required Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section and, in addition: 

(A) the consent of the Company (such consent not to be unreasonably withheld or delayed) shall be
required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Company shall be deemed to
have consented to any such assignment unless it shall object thereto by written notice to the Agent within ten (10) Business Days after having received notice thereof; 

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

(C) the consent of the Issuing Lender and Swingline Lender (such consent not to be unreasonably withheld
or delayed) shall be required for assignments in respect of a Revolving Commitment. 

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

(v) No Assignment to Certain Persons. No such assignment shall be made to (A) any Credit
Party or any Credit Party’s Affiliates or Subsidiaries or (B) any Defaulting Lender or any of its Subsidiaries or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B).

 (vi) No Assignment to Natural Persons. No such assignment shall be made to a
natural person. 

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

Subject to acceptance and recording thereof by the Agent pursuant to paragraph (c) of this Section,
from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations
of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.14 and 9.5 with respect to facts
and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph 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 (d) of this Section. 
 (c) Register. The Agent, acting solely for this purpose as an agent of the Company, shall maintain at one of its offices in Charlotte, North Carolina 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 Commitments of, and principal amounts of the Loans 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 Company, the Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for 

  
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inspection by the Company and any Lender, at any reasonable time and from time to time upon reasonable prior notice; provided that a Lender shall only be entitled to inspect its own entry
in the Register and not that of any other Lender. In addition, the Agent shall maintain on the Register information regarding the designation and revocation of designation, of any Lender as a Defaulting Lender. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Company
or the Agent, sell participations to any Person (other than a natural person or any Credit Party or any Credit Party’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Company, the Agent and the Lenders, Issuing Lender and Swingline Lender shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 9.1(b) with respect to any payments made by such Lender to its
Participant(s). 
 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 that affects such Participant. Subject to paragraph (e) of this Section, the Company agrees that each Participant shall be
entitled to the benefits of Sections 2.14 and 2.16 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided such Participant agrees to be subject to
Sections 2.19 as if it were a Lender. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.7 as though it were a Lender, provided such Participant agrees to be subject to Section 2.11 as
though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company, maintain a register in the United States on which it enters the name and address of each Participant and
the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”). The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

(e) Limitations Upon Participant Rights. A Participant shall not be entitled to receive any greater
payment under Sections 2.14 and 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Company’s prior written consent (such consent not to be unreasonably withheld or delayed). 

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

Section 9.7 Right of Set-off; Sharing of Payments. 

(a) If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Lender, the
Swingline Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender, the Swingline Lender or any such Affiliate to or for the credit or the account of the
Company against any and all of the obligations of the Company now or hereafter existing under this Agreement or any other Loan Document to such Lender, the Swingline Lender or the Issuing Lender, irrespective of whether or not such Lender, the
Swingline Lender or the Issuing Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Company may be contingent or unmatured or are owed to a branch or office of such Lender, the
Swingline Lender or the Issuing Lender different from the branch or office holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff,
(i) all amounts so set off shall be paid over immediately to the Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds
and deemed held in trust for the benefit of the Agent and the Lenders, and (ii) the Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail the Credit Party Obligations owing to such Defaulting Lender
as to which it exercised such right of setoff. The rights of each Lender, the Swingline Lender, the Issuing Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff)
that such Lender, the Swingline Lender, the Issuing Lender or their respective Affiliates may have. Each Lender, the Swingline Lender and the Issuing Lender agrees to notify the Company and the Agent promptly after any such setoff and application,
provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 (b) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder
resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than its pro rata share thereof as provided herein, then the Lender
receiving such greater proportion shall (i) notify the Agent of such fact, and (ii) purchase (for cash at face value) participations in the Loans and such other obligations of the other

  
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Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal
of and accrued interest on their respective Loans and other amounts owing them, provided that: 
 (A) 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 
 (B) the provisions of this paragraph shall not be
construed to apply to (x) any payment made by the Company pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) 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 Letters of Credit to any assignee or participant, other than to any Credit Party or any Subsidiary thereof (as to which
the provisions of this paragraph shall apply) or (z) (1) any amounts applied by the Swingline Lender to outstanding Swingline Loans and (2) any amounts received by the Issuing Lender and/or Swingline Lender to secure the obligations
of a Defaulting Lender to fund risk participations hereunder. 
 (c) The Company consents to the
foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Company of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of the Company in the amount of such participation. 
 Section 9.8 Table of Contents and Section Headings. 
 The table of contents and the Section and subsection headings herein are intended for convenience only and shall be ignored in construing this Agreement. 

Section 9.9 Counterparts; Effectiveness; Electronic Execution. 

(a) Counterparts; Effectiveness. This Agreement may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Except as provided in Section 4.1, this Agreement shall become effective when
(i) it shall have been executed by the Company, the Guarantors and the Agent, the Lenders and the Agent shall have received copies hereof and thereof (telefaxed or otherwise), and thereafter this Agreement shall be binding upon and inure to the
benefit of the Company, the Guarantors, the Agent and each Lender and their respective successors and permitted assigns. Delivery of an executed counterpart of a signature 

  
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page of this Agreement by telecopy or email shall be effective as delivery of a manually executed counterpart of this Agreement. 

(b) Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 Section 9.10 Severability. 
 Any provision of
this 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, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 9.11 Integration. 
 This Agreement and
the other Loan Documents represent the agreement of the Company, the other Credit Parties, the Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Agent, the
Company, the other Credit Parties, or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or therein. 
 Section 9.12 Governing Law. 
 This Agreement
and the other Loan Documents, any claims, controversy or dispute arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) shall be governed by, and construed in
accordance with, the laws of the State of New York without reference to principles of conflicts or choice of law. 
 Section 9.13 Consent to Jurisdiction; Service of Process and Venue. 
 (a) Consent to Jurisdiction. The Company irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York sitting State court or, to the fullest extent 

  
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permitted by applicable law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Agent, any Lender, the Swingline Lender or the Issuing Lender may otherwise have to
bring any action or proceeding relating to this Agreement or any other Loan Document against the Company or any other Credit Party or its properties in the courts of any jurisdiction. 

(b) Service of Process. Each party hereto irrevocably consents to service of process in the manner
provided for notices in Section 9.2. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 

(c) Venue. The Company irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this
Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

Section 9.14 Confidentiality. 

Each of the Agent, the Lenders, the Swingline Lender and the Issuing Lender agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority
purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal
process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder, under any other Loan Document or Bank Product or any action or proceeding relating to this Agreement, any other Loan Document or Bank
Product or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement, (g) (i) any actual or prospective party (or its partners, directors, officers, employees, managers, administrators, trustees, agents, advisors or other representatives) to any swap
or derivative or similar transaction under which payments are to be made by reference to the Company and its obligations, this Agreement or payments hereunder, (ii) an investor or prospective investor in securities issued by an Approved Fund
that also agrees that Information shall be used solely for the purpose of evaluating an investment in such securities issued by the Approved Fund, (iii) a trustee, collateral manager, servicer, backup servicer, noteholder or secured party in
connection with the administration, servicing and 

  
 107

 
reporting on the assets serving as collateral for securities issued by an Approved Fund, or (iv) a nationally recognized rating agency that requires access to information regarding the
Credit Parties, the Loans and Loan Documents in connection with ratings issued in respect of securities issued by an Approved Fund (in each case, 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), (h) with the consent of the Company or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach
of this Section or (y) becomes available to the Agent, any Lender, the Swingline Lender, the Issuing Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Company. 

For purposes of this Section, “Information” shall mean all information received from any Credit Party or
any of its Subsidiaries relating to any Credit Party or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Agent, any Lender, the Swingline Lender or the Issuing Lender on a
nonconfidential basis prior to disclosure by any Credit Party or any of its Subsidiaries; provided that, in the case of information received from any Credit Party or any of its Subsidiaries after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 Section 9.15 Acknowledgments. 
 The Company
hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and
delivery of each Loan Document; 
 (b) neither the Agent nor any Lender has any fiduciary
relationship with or duty to the Company or any other Credit Party arising out of or in connection with this Agreement and the relationship between the Agent and the Lenders, on one hand, and the Company and the other Credit Parties, on the other
hand, in connection herewith is solely that of creditor and debtor; and 
 (c) no joint venture
exists among the Lenders and the Agent or among the Company, the Agent or the other Credit Parties and the Lenders. 
 Section 9.16 Waivers of Jury Trial; Waiver of Consequential Damages. 
 EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED 

  
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ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 9.17 Patriot Act Notice.

 Each Lender and the Agent (for itself and not on behalf of any other party) hereby notifies the Company
that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Company and the other Credit Parties, which information includes the name and address of the Company and the other
Credit Parties and other information that will allow such Lender or the Agent, as applicable, to identify the Company and the other Credit Parties in accordance with the Patriot Act. 

Section 9.18 Resolution of Drafting Ambiguities. 

The Company acknowledges and agrees that it was represented by counsel in connection with the execution and delivery of
this Agreement and the other Loan Documents to which it is a party, that it and its counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction to the effect that ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation hereof or thereof. 

Section 9.19 Continuing Agreement. 

This Agreement shall be a continuing agreement and shall remain in full force and effect until all Credit Party
Obligations (other than those obligations that expressly survive the termination of this Agreement) have been paid in full and all Commitments and Letters of Credit have been terminated. 

Section 9.20 Press Releases and Related Matters. 

The Company and its Affiliates agree that they will not in the future issue any press releases or other public disclosure
using the name of Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the Loan Documents without the prior written consent of such Person (other than in connection with standard SEC 10-q, 8-k and other similar
filings), unless (and only to the extent that) the Company or such Affiliate are required to do so under law and then, in any event, the Credit Parties or such Affiliate will consult with such Person before issuing such press release or other public
disclosure. The Credit Parties consent to the publication by Agent or any Lender of customary advertising material relating to the Transactions using the name, product photographs, logo or trademark of the Credit Parties. 

  
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 Section 9.21 [Reserved]. 

Section 9.22 No Advisory or Fiduciary Responsibility. 

In connection with all aspects of each Transaction, each of the Credit Parties acknowledges and agrees, and acknowledges
its Affiliates’ understanding, that: (a) the credit facility provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of
any other Loan Document) are an arm’s-length commercial transaction between the Credit Parties and their Affiliates, on the one hand, and the Lenders, Agent and the Arrangers, on the other hand, and the Credit Parties are capable of evaluating
and understanding and understands and accepts the terms, risks and conditions of the Transactions and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (b) in connection with the process
leading to such transaction, each Lender, the Agent, WFS and MLPFS each is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for any Credit Party or any of their Affiliates, stockholders, creditors or
employees or any other Person; (c) no Lender, the Agent, WFS nor MLPFS has assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Credit Party with respect to any of the Transactions or the process leading
thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether any Lender, the Agent, WFS or MLPFS has advised or is currently advising any Credit Party or any of its
Affiliates on other matters) and none of the Lenders, the Agent, WFS nor MLPFS has any obligation to any Credit Party or any of their Affiliates with respect to the Transactions except those obligations expressly set forth herein and in the other
Loan Documents; (d) the Lenders, the Agent and the Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Credit Parties and their Affiliates, and none of
the Lenders, the Agent or the Arrangers has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (e) the Lenders, the Agent and the Arrangers have not provided and will not provide
any legal, accounting, regulatory or tax advice with respect to any of the Transactions (including any amendment, waiver or other modification hereof or of any other Loan Document) and the Credit Parties have consulted their own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate. Each of the Credit Parties hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Lenders, the Agent, WFS or MLPFS with respect
to any breach or alleged breach of agency or fiduciary duty. 
 Section 9.23 Responsible
Officers. 
 The Agent and each of the Lenders are authorized to rely upon the continuing authority of
the Responsible Officers with respect to all matters pertaining to the Loan Documents including, but not limited to, the selection of interest rates, the submission of requests for Extensions of Credit and certificates with regard thereto. Such
authorization may be changed only upon written notice to Agent accompanied by evidence, reasonably satisfactory to Agent, of the authority of the Person giving such notice and such notice shall be effective not sooner than five (5) Business
Days following receipt thereof by Agent (or such earlier time as agreed to by the Agent). 

  
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 [Signature Pages Follow] 

  
 111

 IN WITNESS WHEREOF, the undersigned have duly executed this Agreement under
seal as of the date first set forth above. 
  

			
	 UNIVERSAL HEALTH REALTY INCOME
 TRUST, a real investment trust organized under the laws of the state of Maryland

		
	By:	 	/s/ Cheryl K. Ramagano
	Name: Cheryl Ramagano
	Title: Vice President, Treasurer and Secretary

 
			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as a Lender, Agent, Swingline Lender and Issuing Lender

		
	 By:
	 	 /s/ Andrea S. Chen

	 Name:
	 	 Andrea Chen

	 Title:
	 	 Director

  

			
	Bank of America, N.A., as a Lender
		
	 By:
	 	 /s/ Jill J. Hogan

	 Name:
	 	 Jill J. Hogan

	 Title:
	 	 Vice President

  

			
	SunTrust Bank, as a Lender
		
	 By:
	 	 /s/ Mary E. Coke

	 Name:
	 	 Mary E. Coke

	 Title:
	 	 Vice President

  

			
	PNC Bank, National Association, as a Lender
		
	 By:
	 	 /s/ Jeffrey Wymard

	 Name:
	 	 Jeffrey Wymard

	 Title:
	 	 Managing Director

  

			
	Fifth Third Bank, as a Lender
		
	 By:
	 	 /s/ Megan Brearey

	 Name:
	 	 Megan Brearey

	 Title:
	 	 AVP

  

			
	JPMorgan Chase Bank, N.A., as a Lender
		
	 By:
	 	 /s/ Dawn Lee Lum

	 Name:
	 	 Dawn Lee Lum

	 Title:
	 	 Executive Director

  

			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK as a Lender
		
	 By:
	 	 /s/ Tanya Crossley

	 Name:
	 	 Tanya Crossley

	 Title:
	 	 Managing Director

 
			
	By:	 	/s/ David Christiansen
	Name:	 	David Christiansen
	Title:	 	Director

  

			
	The Royal Bank of Scotland plc, as a Lender
		
	By:	 	/s/ Scott Mac Vicar
	Name:	 	Scott Mac Vicar
	Title:	 	Vice PresidentAmended and Restated Credit Agreement

 Exhibit 10.1 
 Execution Version 
 AMENDED AND RESTATED CREDIT AGREEMENT

 DATED AS OF 
 NOVEMBER 2, 2011 
 AMONG 

HORNBECK OFFSHORE SERVICES, LLC 
 and 
 HORNBECK OFFSHORE TRANSPORTATION, LLC, 

AS BORROWERS, 
 HORNBECK OFFSHORE SERVICES, INC., 
 AS PARENT GUARANTOR, 

WELLS FARGO BANK, N.A., 
 AS ADMINISTRATIVE AGENT 
 AND 

THE LENDERS PARTY HERETO 
 SOLE LEAD ARRANGER AND SOLE BOOKRUNNER 
 WELLS FARGO SECURITIES, LLC

 TABLE OF CONTENTS 

Page 
  

							
	 ARTICLE I
	  	Definitions and Accounting Matters	  	 	1	  
	 Section 1.01
	  	 Terms Defined Above
	  	 	1	  
	 Section 1.02
	  	 Certain Defined Terms
	  	 	1	  
	 Section 1.03
	  	 Types of Loans and Borrowings
	  	 	20	  
	 Section 1.04
	  	 Terms Generally; Rules of Construction
	  	 	20	  
	 Section 1.05
	  	 Accounting Terms and Determinations; GAAP
	  	 	21	  
	 ARTICLE II
	  	 The Credits
	  	 	21	  
	 Section 2.01
	  	 Commitments
	  	 	21	  
	 Section 2.02
	  	 Reserved
	  	 	22	  
	 Section 2.03
	  	 Borrowings; Several Obligations
	  	 	22	  
	 Section 2.04
	  	 Interest Elections
	  	 	24	  
	 Section 2.05
	  	 Funding of Borrowings
	  	 	25	  
	 Section 2.06
	  	 Termination and Reduction of Commitments
	  	 	25	  
	 Section 2.07
	  	 Reserved
	  	 	26	  
	 Section 2.08
	  	 Letters of Credit
	  	 	26	  
	 Section 2.09
	  	 Swing Line Loans
	  	 	30	  
	 Section 2.10
	  	 Commitment Increase
	  	 	32	  
	 Section 2.11
	  	 Joint and Several Liability of the Borrowers
	  	 	34	  
	 Section 2.12
	  	 Replacement of Lender
	  	 	35	  
	 Section 2.13
	  	 Defaulting Lenders
	  	 	35	  
	 ARTICLE III
	  	 Payments of Principal and Interest; Prepayments; Fees
	  	 	38	  
	 Section 3.01
	  	 Repayment of Loans
	  	 	38	  
	 Section 3.02
	  	 Interest
	  	 	38	  
	 Section 3.03
	  	 Alternate Rate of Interest
	  	 	38	  
	 Section 3.04
	  	 Prepayments
	  	 	39	  
	 Section 3.05
	  	 Fees
	  	 	40	  
	 ARTICLE IV
	  	 Payments; Pro Rata Treatment; Sharing of Set-offs
	  	 	41	  
	 Section 4.01
	  	 Payments; Pro Rata Treatment; Sharing of Set-offs
	  	 	41	  
	 Section 4.02
	  	 Presumption of Payment by the Borrowers
	  	 	42	  
	 Section 4.03
	  	 Certain Deductions by the Administrative Agent
	  	 	42	  
	 ARTICLE V
	  	 Increased Costs; Break Funding Payments; Taxes; Illegality
	  	 	43	  
	 Section 5.01
	  	 Increased Costs
	  	 	43	  
	 Section 5.02
	  	 Break Funding Payments
	  	 	44	  
	 Section 5.03
	  	 Taxes
	  	 	44	  
	 Section 5.04
	  	 Mitigation Obligations
	  	 	47	  
	 Section 5.05
	  	 Illegality
	  	 	47	  
	 ARTICLE VI
	  	 Conditions Precedent
	  	 	48	  
	 Section 6.01
	  	 Effective Date
	  	 	48	  
	 Section 6.02
	  	 Each Credit Event
	  	 	50	  
	 ARTICLE VII
	  	 Representations and Warranties
	  	 	50	  

  
 -i-

							
	 Section 7.01
	  	Organization; Powers	  	 	51	  
	 Section 7.02
	  	 Authority; Enforceability
	  	 	51	  
	 Section 7.03
	  	 Approvals; No Conflicts
	  	 	51	  
	 Section 7.04
	  	 Financial Projections; No Material Adverse Change
	  	 	51	  
	 Section 7.05
	  	 Litigation
	  	 	52	  
	 Section 7.06
	  	 Environmental Matters
	  	 	52	  
	 Section 7.07
	  	 Compliance with the Laws and Agreements; No Defaults
	  	 	53	  
	 Section 7.08
	  	 Investment Company Act
	  	 	53	  
	 Section 7.09
	  	 Reserved
	  	 	53	  
	 Section 7.10
	  	 Taxes
	  	 	53	  
	 Section 7.11
	  	 ERISA
	  	 	54	  
	 Section 7.12
	  	 Disclosure; No Material Misstatements
	  	 	54	  
	 Section 7.13
	  	 Insurance
	  	 	55	  
	 Section 7.14
	  	 Restriction on Liens
	  	 	55	  
	 Section 7.15
	  	 Subsidiaries
	  	 	55	  
	 Section 7.16
	  	 Location of Business and Offices
	  	 	55	  
	 Section 7.17
	  	 Properties; Titles, Etc
	  	 	55	  
	 Section 7.18
	  	 Reserved
	  	 	56	  
	 Section 7.19
	  	 Swap Agreements
	  	 	56	  
	 Section 7.20
	  	 Use of Proceeds
	  	 	56	  
	 Section 7.21
	  	 Solvency
	  	 	56	  
	 ARTICLE VIII
	  	 Affirmative Covenants
	  	 	56	  
	 Section 8.01
	  	 Financial Statements and Reports
	  	 	56	  
	 Section 8.02
	  	 Certificates of Compliance
	  	 	57	  
	 Section 8.03
	  	 Taxes and Other Liens
	  	 	58	  
	 Section 8.04
	  	 Existence; Compliance
	  	 	58	  
	 Section 8.05
	  	 Further Assurances
	  	 	58	  
	 Section 8.06
	  	 Performance of Obligations
	  	 	59	  
	 Section 8.07
	  	 Reserved
	  	 	59	  
	 Section 8.08
	  	 Insurance
	  	 	59	  
	 Section 8.09
	  	 Accounts and Records
	  	 	61	  
	 Section 8.10
	  	 Right of Inspection
	  	 	61	  
	 Section 8.11
	  	 Maintenance of Properties
	  	 	61	  
	 Section 8.12
	  	 Notice of Certain Events
	  	 	61	  
	 Section 8.13
	  	 ERISA Information and Compliance
	  	 	62	  
	 Section 8.14
	  	 Charters
	  	 	62	  
	 Section 8.15
	  	 Security
	  	 	63	  
	 Section 8.16
	  	 Collateral Value
	  	 	63	  
	 Section 8.17
	  	 Deposit Accounts
	  	 	64	  
	 Section 8.18
	  	 Appraisal
	  	 	64	  
	 Section 8.19
	  	Liquidity	  	 	64	  
	 ARTICLE IX
	  	Negative Covenants	  	 	64	  
	 Section 9.01
	  	Financial Covenants	  	 	65	  
	 Section 9.02
	  	Debt	  	 	65	  
	 Section 9.03
	  	Liens	  	 	65	  
	 Section 9.04
	  	Restricted Payments	  	 	67	  

  
 -ii-

							
	 Section 9.05
	  	Nature of Business	  	 	68	  
	 Section 9.06
	  	 Mergers, Acquisitions, New Subsidiaries
	  	 	68	  
	 Section 9.07
	  	 ERISA Compliance
	  	 	69	  
	 Section 9.08
	  	 Indentures
	  	 	70	  
	 Section 9.09
	  	 Prepayment of the Indentures and Other Debt
	  	 	70	  
	 Section 9.10
	  	 Loans
	  	 	70	  
	 Section 9.11
	  	 Proceeds of Loans
	  	 	71	  
	 Section 9.12
	  	 Transactions with Affiliates
	  	 	71	  
	 Section 9.13
	  	 Reserved
	  	 	71	  
	 Section 9.14
	  	 Reserved
	  	 	71	  
	 Section 9.15
	  	 Sale of Properties
	  	 	71	  
	 Section 9.16
	  	 Negative Pledge Agreements; Dividend Restrictions
	  	 	72	  
	 ARTICLE X
	  	 Events of Default; Remedies
	  	 	72	  
	 Section 10.01
	  	 Events of Default
	  	 	72	  
	 Section 10.02
	  	 Remedies
	  	 	74	  
	 Section 10.03
	  	 Reserved
	  	 	75	  
	 Section 10.04
	  	 Acceleration of Swap Agreements
	  	 	75	  
	 ARTICLE XI
	  	 The Administrative Agent
	  	 	75	  
	 Section 11.01
	  	 Appointment; Powers
	  	 	75	  
	 Section 11.02
	  	 Duties and Obligations of the Administrative Agent
	  	 	75	  
	 Section 11.03
	  	 Action by Administrative Agent
	  	 	76	  
	 Section 11.04
	  	 Reliance by Administrative Agent
	  	 	77	  
	 Section 11.05
	  	 Sub-Administrative Agents
	  	 	77	  
	 Section 11.06
	  	 Resignation or Removal of Administrative Agent
	  	 	77	  
	 Section 11.07
	  	 Administrative Agents as Lenders
	  	 	78	  
	 Section 11.08
	  	 No Reliance
	  	 	78	  
	 Section 11.09
	  	 Administrative Agent May File Proofs of Claim
	  	 	78	  
	 Section 11.10
	  	 Authority of the Administrative Agent to Release Collateral and Liens
	  	 	79	  
	 ARTICLE XII
	  	 Miscellaneous
	  	 	79	  
	 Section 12.01
	  	 Notices
	  	 	79	  
	 Section 12.02
	  	 Waivers; Amendments.
	  	 	80	  
	 Section 12.03
	  	 Expenses, Indemnity; Damage Waiver
	  	 	81	  
	 Section 12.04
	  	 Successors and Assigns
	  	 	83	  
	 Section 12.05
	  	 Survival; Revival; Reinstatement
	  	 	86	  
	 Section 12.06
	  	 Counterparts; Integration; Effectiveness
	  	 	87	  
	 Section 12.07
	  	 Severability
	  	 	87	  
	 Section 12.08
	  	 Right of Setoff
	  	 	87	  
	 Section 12.09
	  	 GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL
	  	 	88	  
	 Section 12.10
	  	 Headings
	  	 	89	  
	 Section 12.11
	  	 Confidentiality
	  	 	89	  
	 Section 12.12
	  	Interest Rate Limitation	  	 	89	  
	 Section 12.13
	  	EXCULPATION PROVISIONS	  	 	90	  
	 Section 12.14
	  	Collateral Matters; Swap Agreements	  	 	90	  
	 Section 12.15
	  	No Third Party Beneficiaries	  	 	91	  
	 Section 12.16
	  	Electronic Communications	  	 	91	  

  
 -iii-

							
	 Section 12.17
	  	USA Patriot Act Notice	  	 	92	  
	 Section 12.18
	  	Existing Credit Agreement	  	 	92	  
	 Section 12.19
	  	Reallocation of Commitments	  	 	93	  

 ANNEXES, EXHIBITS, AND SCHEDULES 
  

			
	 Annex I
	  	Amended and Restated Credit Agreement Commitments
	 Annex II
	  	Existing Credit Agreement Commitments
	 Exhibit A-1
	  	Form of Note
	 Exhibit A-2
	  	Form of Swing Line Note
	 Exhibit B-1
	  	Form of Swing Line Notice
	 Exhibit B-2
	  	Form of Borrowing Request
	 Exhibit B-3
	  	Form of Notice of Prepayment
	 Exhibit C
	  	Form of Interest Election Request
	 Exhibit D
	  	Form of Closing Certificate
	 Exhibit E
	  	Form of Legal Opinion of Winstead PC
	 Exhibit F-1
	  	Form of Guaranty and Collateral Agreement
	 Exhibit F-2
	  	Form of Fleet Mortgage
	 Exhibit G
	  	Form of Assignment and Assumption Agreement
	 Exhibit H-1
	  	Form of Commitment Increase Certificate
	 Exhibit H-2
	  	Form of Additional Lender Certificate
	 Exhibits I-1 –I-4
	  	Forms of Tax Certificates
	Schedule 7.05	  	Litigation
	 Schedule 7.06(f)
	  	Property Subject to OPA
	 Schedule 7.15
	  	Subsidiaries
	 Schedule 7.17
	  	Properties, Titles, Etc.
	 Schedule 7.19
	  	Swap Agreements
	 Schedule 8.16
	  	Vessel Collateral
	 Schedule 12.01(a)
	  	Notice Information of Additional Lenders

  
 -iv-

 THIS AMENDED AND RESTATED CREDIT AGREEMENT dated as of November 2, 2011 (the
“Effective Date”), is among: Hornbeck Offshore Services, LLC and Hornbeck Offshore Transportation, LLC, each a limited liability company duly formed and existing under the laws of the State of Delaware (collectively, the
“Borrowers” and individually, a “Borrower”); Hornbeck Offshore Services, Inc., a corporation duly formed and existing under the laws of the State of Delaware (the “Parent Guarantor”); each of the
Lenders from time to time party hereto; and Wells Fargo Bank, N.A. (in its individual capacity, “Wells Fargo”), as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the
“Administrative Agent”). 
 R E C I T A L S 

A. The Borrowers, certain of the Lenders, the Administrative Agent and the other parties thereto entered into the Existing Credit
Agreement (as defined below). 
 B. The Borrowers have requested and the Lenders have consented to the amendment and restatement
of the Existing Credit Agreement, and the renewal and extension of all obligations and Indebtedness thereunder. 
 C. In
consideration of the mutual covenants and agreements herein contained and of the loans, extensions of credit and commitments hereinafter referred to, the parties hereto agree that the Existing Credit Agreement is amended and restated as follows:

 ARTICLE I 
 Definitions and Accounting Matters 
 Section 1.01 Terms Defined
Above. As used in this Agreement, each term defined above has the meaning indicated above. 
 Section 1.02 Certain
Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “2013
Convertible Senior Unsecured Notes” means the 1.625% Senior Unsecured Convertible Notes due 2026 and subject to a first put option in favor of the holders of such notes in 2013, issued pursuant to the 2013 Convertible Senior Unsecured Notes
Indenture. 
 “2013 Convertible Senior Unsecured Notes Indenture” means that certain Indenture, dated as of
November 13, 2006, among Hornbeck Offshore Services, Inc. and Wells Fargo Bank, National Association, as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof. 

“2014 Senior Unsecured Notes” means the 6.125% Senior Unsecured Notes due 2014 issued pursuant to the 2014 Senior
Unsecured Notes Indenture. 
 “2014 Senior Unsecured Notes Indenture” means that certain Indenture, dated as of
November 23, 2004, among Hornbeck Offshore Services, Inc. and Wells Fargo Bank, National Association, as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof. 

“2017 Senior Unsecured Notes” means the 8% Senior Unsecured Notes due 2017 issued pursuant to the 2017 Senior Unsecured
Notes Indenture. 

 “2017 Senior Unsecured Notes Indenture” means that certain Indenture, dated
as of August 17, 2009, among Hornbeck Offshore Services, Inc. and Wells Fargo Bank, National Association, as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof. 

“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. 
 “Act” has the
meaning assigned such term in Section 12.17. 
 “Additional Lender” has the meaning assigned such term in
Section 2.10(a). 
 “Additional Lender Certificate” has the meaning assigned such term in
Section 2.10(b)(iii). 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any
Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Affected Loans” has the meaning assigned such term in Section 5.05. 

“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. 

“Agreement” means this Amended and Restated Credit Agreement, together with any and all supplements, restatements,
renewals, refinances, modifications, amendments, extensions for any period, increases or rearrangements thereof. 
 “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 Effective Rate in effect on
such day plus  1/2 of 1% and (c) the 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%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the LIBO
Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the LIBO Rate, respectively. 
 “APB 14” means Accounting Standards Codification Topic 470-20 (formerly Financial Accounting Standards Board (FASB) Staff Position APB14-1, Accounting for Convertible Debt Instruments
That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)), promulgated by the FASB. 

“Applicable Margin” means, for any day, with respect to any ABR Loan, Eurodollar Loan or the Commitment Fee Rate, as the
case may be, the rate per annum set forth in the grid below, based upon the Leverage Ratio as set forth below: 
  

	
	Grid

  
 -2-

									
	 Pricing

Level
	  	 Leverage Ratio
	  	LIBO Rate
Margin	 	Alternate Base
Rate Margin	 	Commitment
Fee Rate
	1	  	< 1.50 x	  	2.00%	 	1.00%	 	0.375%
	2	  	> 1.50 x < 2.00 x	  	2.25%	 	1.25%	 	0.375%
	3	  	> 2.00 x < 2.50 x	  	2.50%	 	1.50%	 	0.500%
	4	  	> 2.50 x < 3.00 x	  	2.75%	 	1.75%	 	0.500%
	5	  	> 3.00 x	  	3.00%	 	2.00%	 	0.500%

 Any increase or decrease in the Applicable Margin under the grid set forth above with respect to ABR Loans, Eurodollar
Loans, or the Commitment Fee Rate, as the case may be, resulting from a change in the Leverage Ratio shall become effective as of the first Business Day immediately following the date a compliance certificate is delivered pursuant to
Section 8.02(b); provided, however, that if a compliance certificate is not delivered when due in accordance with Section 8.02(b), then Pricing Level 5 shall apply as of the first Business Day after the date on which such compliance
certificate was required to have been delivered until such compliance certificate is delivered to the Administrative Agent. 

“Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such
Lender’s Commitment from time to time in effect. 
 “Appraisal” means a written opinion of value of the
Vessels by the Surveyor, including the appraisal prepared by the Surveyor dated March 29, 2011. 

“Arranger” means Wells Fargo Securities, LLC in its capacity as sole lead arranger and sole book runner hereunder.

 “Assignment” has the meaning assigned such term in Section 12.04(b)(i). 

“Availability Period” means the period from and including the Effective Date to but excluding the Maturity Date.

 “Available Liquidity” means, on any date of determination, the sum of (i) all amounts available to be
borrowed by the Borrowers under this Agreement as of such date plus (ii) the amount of unencumbered cash and cash equivalents (determined in accordance with GAAP) of the Parent Guarantor (on a consolidated basis with its Consolidated
Subsidiaries) in excess of $20,000,000. 
 “Bankruptcy Law” means Title 11, United States Code, or any similar
federal or state law for the relief of debtors. 
 “Board” means the Board of Governors of the Federal Reserve
System of the United States of America or any successor Governmental Authority. 
 “Board of Directors” means
the Board of Directors of the Parent Guarantor or any other Person, as applicable, or any authorized committee of the Board of Directors. 
 “Borrowing” means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

  
 -3-

 “Borrowing Request” means a request by the Borrowers for a Borrowing in
accordance with Section 2.03. 
 “Business Day” means any day that is not a Saturday, Sunday or other day
on which commercial banks in Houston, Texas are authorized or required by law to remain closed; and if such day relates to a Borrowing or continuation of, a payment or prepayment of principal of or interest on, or a conversion of or into, or the
Interest Period for, a Eurodollar Loan or a notice by the Borrowers with respect to any such Borrowing or continuation, payment, prepayment, conversion or Interest Period, any day which is also a day on which dealings in dollar deposits are carried
out in the London interbank market. 
 “Capital Leases” means, in respect of any Person, all leases which shall
have been, or should have been, in accordance with GAAP, recorded as capital leases on the balance sheet of the Person liable (whether contingent or otherwise) for the payment of rent thereunder. 

“Casualty Event” means any actual, constructive, agreed, compromised or arranged total loss, material casualty or other
insured material damage to, or any nationalization, requisition, taking under power of eminent domain or by condemnation or similar proceeding of, any Vessel Collateral. 
 “Change in Control” means the occurrence of any of the following: (a) the Parent Guarantor fails to own one hundred percent (100%) of the membership interests of each Borrower
except pursuant to a merger permitted by Section 9.06, (b) the consummation of any transaction (including, without limitation, any merger or consolidation, but excluding the effect of any voting arrangement pursuant to any agreement among
the Parent Guarantor and any stockholders of the Parent Guarantor as in effect on the Effective Date) the result of which is that any “person” (as such term is used in Section 13(d) (3) of the Exchange Act) becomes the
“beneficial owner” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly through one or more intermediaries, of more than fifty percent (50%) of the voting power of the outstanding
Voting Stock of the Parent Guarantor or (c) the first day on which more than a majority of the members of the Board of Directors are not Continuing Directors; provided, however, that a transaction in which the Parent Guarantor becomes a
Subsidiary of another Person (other than a Person that is an individual) shall not constitute a Change in Control if (i) the stockholders of the Parent Guarantor immediately prior to such transaction “beneficially own” (as such term
is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly through one or more intermediaries, at least a majority of the voting power of the outstanding Voting Stock of such other Person immediately following the
consummation of such transaction and (ii) immediately following the consummation of such transaction, no “person” (as such term is defined above), other than such other Person (but including the holders of the Equity Interests of such
other Person), “beneficially owns” (as such term is defined above), directly or indirectly through one or more intermediaries, more than fifty percent (50%) of the voting power of the outstanding Voting Stock of the Parent Guarantor.

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

  
 -4-

 “Code” means the Internal Revenue Code of 1986, as amended from time to
time, and any successor statute. 
 “Commitment” means with respect to each Lender, the commitment of such
Lender to make Loans pursuant to Section 2.01 and Section 2.09(c), to acquire participations in Letters of Credit pursuant to Section 2.08(d), and to acquire participations in Swing Line Loans pursuant to Sections 2.09(a) and
(c) as such commitment may be (a) reduced or terminated from time to time pursuant to Section 2.06, (b) terminated pursuant to ARTICLE X, (c) modified from time to time to reflect any assignments permitted by
Section 12.04 or (d) increased pursuant to Section 2.10. The initial amount of each Lender’s Commitment shall be the amount set forth on Annex I attached hereto. 

“Commitment Fee Rate” has the meaning assigned such term in the grid contained in the definition of Applicable Margin.

 “Commitment Increase” means any increase of the total Commitments pursuant to Section 2.10. 

“Commitment Increase Certificate” has the meaning assigned such term in Section 2.10(b)(ii). 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated Net Income” means, with
respect to the Parent Guarantor for any period, the aggregate of the Net Income of the Parent Guarantor and its Consolidated Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP, before any adjustment for
discontinued operations, the cumulative effect of a change in accounting principles or any extraordinary items that are unusual and infrequent, as contemplated by GAAP. 
 “Consolidated Net Tangible Assets” means, with respect to any Person as of any date, the sum of the amounts that would appear on a consolidated balance sheet of such Person and its
Consolidated Subsidiaries as the total assets of such Person and its Consolidated Subsidiaries, determined on a consolidated basis in accordance with GAAP and after deducting therefrom, (a) to the extent otherwise included, unamortized debt
discount and expenses and other unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights, licenses, organization or development expenses and other intangible items and (b) the aggregate amount of
liabilities of such Person and its Consolidated Subsidiaries which may be properly classified as current liabilities (including tax accrued as estimated), determined on a consolidated basis in accordance with GAAP. Notwithstanding the foregoing,
deferred drydocking expenses and the HOS Port leasehold improvements are not included in (a) above. 

“Consolidated Subsidiaries” means each Subsidiary of the Parent Guarantor (whether now existing or hereafter created or
acquired) the financial statements of which shall be (or should have been) consolidated with the financial statements of the Parent Guarantor in accordance with GAAP. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors who (a) was a member of the Board of Directors on the Effective Date or
(b) was nominated for election to the Board of Directors with the approval of, or whose election to the Board of Directors was ratified by, at least two-thirds of the directors who were members of the Board of Directors on the Effective Date or
who were so elected to the Board of Directors thereafter. 

  
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 “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 Exposure” means, with respect to any Lender at any time, the sum of the outstanding
principal amount of such Lender’s Loans, risk participations in Swing Line Loans and its LC Exposure at such time. 

“Debt” means any and all amounts or liabilities owing from time to time by a Borrower or Guarantor, as applicable, to
any Person, including the Administrative Agent or any of the Lenders, direct or indirect, liquidated or contingent, now existing or hereafter arising, including without limitation (i) indebtedness for money borrowed; (ii) unfunded portions
of commitments for money to be borrowed; (iii) the amounts of all standby and commercial letters of credit and bankers acceptances, matured or unmatured, issued on behalf of a Borrower or Guarantor, as applicable; (iv) guaranties of the
obligations of any other Person, whether direct or indirect, whether by agreement to purchase the indebtedness of any other Person or by agreement for the furnishing of funds to any other Person through the purchase or lease of goods, supplies or
services (or by way of stock purchase, capital contribution, advance or loan) for the purpose of paying or discharging the indebtedness of any other Person, or otherwise; (v) the present value of all obligations for the payment of rent or hire
of Property of any kind (real or personal) under leases or lease agreements required to be capitalized under generally accepted accounting principles, and (vi) trade payables incurred in the ordinary course of business or otherwise. For the
avoidance of doubt, all Debt subject to APB 14 will be calculated at par value. 
 “Debt Covenant” has the
meaning assigned such term in Section 9.02. 
 “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. 
 “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, subject to Section 2.13(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such
Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each
of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Lender, any Swing Line Lender or any other
Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two Business Days of the date when due, (b) has notified the Borrowers, the Administrative
Agent or any Issuing Lender or Swing Line Lender 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
Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’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 Business Days after written request by the Administrative Agent or the Borrowers, to confirm in writing to the Administrative Agent
and the Borrowers that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the
Administrative Agent and the 

  
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Borrowers), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a
receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other
state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company
thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on
its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under
any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.13(b)) upon delivery of written notice of such
determination to the Borrowers, each Issuing Lender, each Swing Line Lender and each Lender. 
 “Default Rate”
means the rate of interest described in Section 3.02(c). 
 “Deposit Accounts” means all deposit accounts
and demand deposit accounts of the Parent Guarantor or the Borrowers maintained with the Administrative Agent or any Lender, but expressly excluding all Investment Accounts and all foreign accounts of the Borrowers and the Parent Guarantor.

 “Disqualified Stock” means any Equity Interests that, by its terms (or by the terms of any security into
which it is convertible or for which it is exchangeable), or upon the happening of any event, matures (excluding any maturity as a result of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is six (6) months after the Maturity Date. 
 “dollars” or “$” refers to lawful money of the United States of America. 
 “Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States of America or any state thereof or the District of Columbia. 

“EBITDA” shall mean, for any rolling four fiscal quarter period preceding any applicable date of calculation,
Consolidated Net Income for that period; plus, without duplication and to the extent included in the calculation of such Consolidated Net Income for such period, the sum of (a) depreciation, amortization and all other non-cash expenses for that
period; plus (b) gross interest expense for that period; plus (c) the aggregate amount of federal and state taxes on or measured by income for that period (whether or not payable during that period); plus (d) losses on early
extinguishment of debt for that period (including, without limitation, any nonrecurring charges relating to any premium or penalty paid, write off of deferred finance costs or original issue discount or other charges in connection with redeeming or
otherwise retiring any Debt prior to its Stated Maturity); plus (e) stock-based compensation expense reported for that period under FAS 123R; plus or minus, as applicable, (f) any other adjustment(s) to Consolidated Net Income included by
Parent Guarantor in calculating EBITDA for that period as reported in a public filing with the SEC, all calculated for Parent Guarantor and its Subsidiaries on a consolidated basis. Notwithstanding the foregoing, interest income will be included in
EBITDA. 
 “Environmental Laws” means any law, statute, code, ordinance, order, determination, rule,
regulation, judgment, decree, injunction, franchise, permit, certificate, license, authorization or other directive or requirement, whether now or hereafter in effect, pertaining in any way to health, safety, the environment or the preservation or
reclamation of natural resources, in effect in any and all jurisdictions 

  
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in which the Parent Guarantor or any Subsidiary is conducting or at any time has conducted business, or where any Property of the Parent Guarantor or any Subsidiary is located, including without
limitation, the Oil Pollution Act of 1990 (“OPA”), as amended, the Clean Air Act, as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980 (“CERCLA”), as amended, the Federal
Water Pollution Control Act, as amended, the Occupational Safety and Health Act of 1970, as amended, the Resource Conservation and Recovery Act of 1976 (“RCRA”), as amended, the Safe Drinking Water Act, as amended, the Toxic
Substances Control Act (“TSCA”), as amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, the Hazardous Materials Transportation Act (“HMTA”), as amended, and other environmental
conservation or protection Governmental Requirements. The term “oil” shall have the meaning specified in OPA, the terms “hazardous substance” and “release” (or “threatened release”) have
the meanings specified in CERCLA, the terms “solid waste” and “disposal” (or “disposed”) have the meanings specified in RCRA and the term “oil and gas waste” shall have the meaning
specified in Section 91.1011 of the Texas Natural Resources Code (“Section 91.1011”); provided, however, that (a) in the event either OPA, CERCLA, RCRA or Section 91.1011 is amended so as to broaden the
meaning of any term defined thereby, such broader meaning shall apply subsequent to the effective date of such amendment and (b) to the extent the laws of the state or other jurisdiction in which any Property of the Parent Guarantor or any
Subsidiary is located establish a meaning for “oil,” “hazardous substance,” “release,” “solid waste,” “disposal” or “oil and gas waste” which is
broader than that specified in either OPA, CERCLA, RCRA or Section 91.1011, such broader meaning shall apply for such purpose. 
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership
interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such Equity Interest (but excluding any debt security that is convertible into or exchangeable for Equity Interests).

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute.

 “ERISA Affiliate” means each trade or business (whether or not incorporated) which together with the Parent
Guarantor, the Borrowers or a Subsidiary would be deemed to be a “single employer” within the meaning of section 4001(b)(1) of ERISA or subsections (b), (c), (m) or (o) of section 414 of the Code. 

“ERISA Event” means: (a) any “reportable event,” as defined in section 4043 of ERISA or the
regulations issued thereunder, with respect to a Plan; (b) the failure of a Plan to meet the minimum funding standards under section 412 of the Code or section 302 of ERISA (determined without regard to any waiver of the funding provisions
therein or in section 430 of the Code or section 303 of ERISA); (c) the filing pursuant to section 412 of the Code or section 303 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the
incurrence by the Parent Guarantor, a Borrower, a Subsidiary or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Parent Guarantor, a Borrower, a Subsidiary or any
ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, but only to the extent such Plan is subject to section 412 of the Code or
section 302 of ERISA; (f) the incurrence by the Parent Guarantor, a Borrower, a Subsidiary or any ERISA Affiliate of any liability under section 4062(e) of ERISA or with respect to the withdrawal or partial withdrawal from any Plan (including
as a “substantial employer,” as defined in section 4001(a)(2) of ERISA) or Multiemployer Plan (including the incurrence by the Parent Guarantor, a Borrower, a Subsidiary or any ERISA Affiliate of any Withdrawal Liability); or (g) the
receipt by the Parent Guarantor, a Borrower, a Subsidiary or any ERISA Affiliate of any notice 

  
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concerning the imposition of a Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, in endangered or critical status, within the meaning of section 305 of
ERISA, or insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “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. 

“Event of Default” has the meaning assigned such term in Section 10.01. 

“Excepted Lien” has the meaning assigned such term in Section 9.03. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld
or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the
laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the
case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender
acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrowers under Section 2.12) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to
Section 5.03, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes
attributable to such Recipient’s failure to comply with Section 5.03(g), and (d) any U.S. federal withholding Taxes imposed under FATCA. 
 “Existing Credit Agreement” means the Senior Secured Revolving Credit Agreement dated September 27, 2006, by and between the Borrowers, Wells Fargo Bank, N.A., as administrative
agent, and the banks party thereto, as previously amended. 
 “FATCA” means the Foreign Account Tax Compliance
Act as set forth in 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) and any current or future regulations
or official interpretations thereof. 
 “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 overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the
Federal Reserve Bank of New York, or, if such rate is not so published for any day 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 (3) federal funds brokers of recognized standing selected by it. 
 “Fee
Letter” means the letter agreement, dated as of October 18, 2011, between the Borrowers and the Arranger. 

“Fleet Mortgage” means a mortgage in substantially the form of Exhibit F-2, as the same may be amended, modified
or supplemented from time to time. 

  
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 “Foreign Lender” means any Lender that is not a U.S. Person. 

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

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Lender, such
Defaulting Lender’s Applicable Percentage of the outstanding LC Disbursements with respect to Letters of Credit issued by such Issuing Lender other than LC Disbursements as to which such Defaulting Lender’s participation obligation has
been reallocated to other Lenders or cash collateralized in accordance with the terms hereof, and (b) with respect to any Swing Line Lender, such Defaulting Lender’s Applicable Percentage of outstanding Swing Line Loans made by such Swing
Line Lender other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders. 
 “Funded Debt” shall mean, as at any applicable date of calculation, all outstanding Debt of the Parent Guarantor (on a consolidated basis with its Consolidated Subsidiaries) that is Debt
comprised of money borrowed, letters of credit and bankers acceptances, matured or unmatured, and the present value of obligations under Capital Leases, but not (i) Debt comprised of guaranties, (ii) unfunded commitments to lend,
(iii) trade payables and (iv) accruals and deferrals. 
 “Funded Net Debt” shall mean, as of any
applicable date of calculation, the difference of (i) Funded Debt, minus (ii) the amount of unencumbered cash and cash equivalents (determined in accordance with GAAP) owned by Parent Guarantor (on a consolidated basis with its
Consolidated Subsidiaries) in excess of $20,000,000. 
 “GAAP” means generally accepted accounting principles
in the United States of America as in effect from time to time subject to the terms and conditions set forth in Section 1.05. 
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether foreign or domestic, federal, state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank, department, commissions, boards, officials and officers or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government over the Parent Guarantor, any Borrower, any Subsidiary, any of their Properties, the Administrative Agent, the Issuing Lender or any Lender. 

“Governmental Requirement” means any law, statute, code, ordinance, order, determination, rule, regulation, judgment,
decree, injunction, franchise, permit, certificate, license, authorization or other directive or requirement, whether now or hereafter in effect, including, without limitation, Environmental Laws, and occupational, safety and health standards or
controls, of any Governmental Authority. 
 “Guarantors” means, collectively, the Parent Guarantor and each
Guarantor Subsidiary. 
 “Guarantor Subsidiary” means any Subsidiary that is required to sign a guaranty
pursuant to Section 8.15. 
 “Guaranty and Collateral Agreement” means an agreement executed by the
Guarantors in substantially the form of Exhibit F-1 unconditionally guarantying on a joint and several basis, payment of the Indebtedness, as the same may be amended, modified or supplemented from time to time. 

  
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 “Hazardous Materials” means: (i) any “hazardous waste” as
defined by RCRA; (ii) any “hazardous substance” as defined by CERCLA; (iii) any “toxic substance” as defined by TSCA; (iv) any “hazardous material” as defined by HMTA; (v) asbestos;
(vi) polychlorinated biphenyls; (v) any substance the presence of which on the Vessels is prohibited by any lawful Governmental Requirement from time to time in force and effect relating to the Vessels; and (vii) any other substance
which by any Governmental Requirement requires special handling in its collection, storage, treatment or disposal. 

“Highest Lawful Rate” means, with respect to each Lender, the maximum nonusurious interest rate, if any, that at any
time or from time to time may be contracted for, taken, reserved, charged or received on the Notes or on other Indebtedness under laws applicable to such Lender which are presently in effect or, to the extent allowed by law, under such applicable
laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws allow as of the date hereof. 
 “Indebtedness” means any and all amounts owing or to be owing by the Parent Guarantor, any Borrower, any of the Subsidiaries or any Guarantor whether direct or indirect (including those
acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising: (a) to the Administrative Agent, the Issuing Lender or any Lender under any Loan Document; (b) to any Lender, the Administrative
Agent or any Affiliate of a Lender or the Administrative Agent under any Swap Agreement between the Parent Guarantor, any Borrower or any Subsidiary and such Lender or Administrative Agent or any such Affiliate of a Lender or the Administrative
Agent Agent permitted by the terms of this Agreement while such Person (or in the case of its Affiliate, the Person affiliated therewith) is a Lender or the Administrative Agent hereunder and (c) all renewals, extensions and/or rearrangements
of any of the above. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with
respect to any payment made by or on account of any obligation of the Borrowers under any Loan Document and (b) to the extent not otherwise described in subsection (a) above, Other Taxes. 

“Indentures” means the 2013 Convertible Senior Unsecured Notes Indenture, the 2014 Senior Unsecured Notes Indenture and
the 2017 Senior Unsecured Notes Indenture. 
 “Indenture Obligations” means any notes outstanding or
hereafter issued under the Indentures and all obligations related thereto. 
 “Information” has the
meaning assigned such term in Section 12.11. 
 “Interest Election Request” means a request by the
Borrowers to convert or continue a Borrowing in accordance with Section 2.04. 
 “Interest Payment Date”
means (a) with respect to any ABR Loan, the last day of each March, June, September and December and (b) with respect to any Eurodollar 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 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. 
 “Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on
the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter, as the Borrowers may elect; provided, that (a) if any Interest Period would end on a day other than a
Business Day, such Interest 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;
(b) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar 

  
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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; (c) no Interest Period for a Borrowing may end after the Maturity Date; and (d) the last Interest Period may be such shorter period as to end on the Maturity Date. 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. 
 “Investment” means, for any Person: (a) the acquisition (whether for cash, Property, services, securities or otherwise) of Equity Interests of any other Person or any agreement to
make any such acquisition (including, without limitation, any “short sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such short sale); (b) the making of any capital
contribution to, purchase or other acquisition of any equity participation or interest in, any other Person (including the purchase of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such
Property to such Person, but excluding the purchase price of inventory or supplies sold by such Person in the ordinary course of business); or (c) the purchase or acquisition (in one or a series of transactions) of Property of another Person
that constitutes a business unit. 
 “Investment Accounts” means all demand, time, savings, passbook or similar
accounts that are primarily used for investment purposes and not for routine collection or disbursement of funds in the ordinary course of the Borrowers’ or the Parent Guarantor’s business. 

“Issuing Lender” means Wells Fargo Bank, N.A., in its capacity as the issuer of Letters of Credit hereunder, and its
successors in such capacity as provided in Section 2.08(i). 
 “LC Commitment” at any time means twenty
five million dollars ($25,000,000). 
 “LC Disbursement” means a payment made by the Issuing Lender pursuant to
a Letter of Credit. 
 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of
all outstanding Letters of Credit at such time plus (b) 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 Lender at any time shall be its
Applicable Percentage of the total LC Exposure at such time. 
 “Lenders” means the Persons listed on Annex
I and any other Person that shall have become a party hereto pursuant to an Assignment, other than any such Person that ceases to be a party hereto pursuant to an Assignment. Unless the context otherwise requires, the term “Lenders”
includes the Swing Line Lender. 
 “Letter of Credit” means any letter of credit issued pursuant to this
Agreement. 
 “Letter of Credit Agreements” means all letter of credit applications and other agreements
(including any amendments, modifications or supplements thereto) submitted by the Borrowers, or entered into by the Borrowers, with the Issuing Lender relating to any Letter of Credit. 

“Leverage Ratio” means the ratio of Funded Net Debt to Pro Forma EBITDA. 

“LIBO Rate” means, for the Interest Period with respect to any Eurodollar Borrowing, the interest rate per annum
(rounded upward to the nearest whole multiple of 1/100 of 1%) equal to (a) the applicable London interbank offered rate for dollar deposits for such Eurodollar Borrowing appearing on the applicable Telerate British Bankers Association Interest
Settlement Rate page as of 11:00 a.m. (London, 

  
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England time) two Business Days prior to the first day of such Interest Period, and having a maturity equal to such Interest Period, (b) if the rate as determined under clause (a) is
not available at such time for any reason, the London interbank offered rate for dollar deposits appearing on Reuters Screen FRBD as of 11:00 a.m. (London, England time) two Business Days prior to the first day of such Interest Period, and having a
maturity equal to such Interest Period, and (c) if the rate as determined under clause (a) or clause (b) is not available at such time for any reason, then the rate determined by the Administrative Agent to be the rate at which dollar
deposits for delivery on the first day of such Interest Period in immediately available funds in the approximate amount of the Eurodollar Borrowing being made, continued or converted by the Administrative Agent and with a term equivalent to such
Interest Period would be offered by the Administrative Agent’s London Branch (or other branch or Affiliate of the Administrative Agent) to major banks in the London or other offshore interbank market for such currency at their request at
approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period. 

“Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of
the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including but not limited to the lien or security interest arising from a mortgage, encumbrance,
pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. The term “Lien” shall include easements, restrictions, servitudes, permits, conditions, covenants, exceptions
or reservations relating to real Property. For the purposes of this Agreement, the Parent Guarantor and its Subsidiaries shall be deemed to be the owner of any Property which they have acquired or hold subject to a conditional sale agreement, or
leases under a financing lease or other arrangement pursuant to which title to the Property has been retained by or vested in some other Person in a transaction intended to create a financing. 

“Loan Documents” means this Agreement, the Notes, Fee Letter, the Letter of Credit Agreements, the Letters of Credit,
Swap Agreements and the Security Instruments. 
 “Loan Parties” means the Borrowers and the Guarantors.

 “Loans” means the loans made by the Lenders to the Borrowers pursuant to this Agreement. 

“Material Adverse Effect” means a material adverse change in, or material adverse effect on (a) the business,
Properties, condition (financial or otherwise) or results of operations of the Parent Guarantor and its Subsidiaries taken as a whole, (b) the ability of the Borrowers and the Guarantors, taken as a whole, to perform any of their payment or
other material obligations under the Loan Documents, (c) the validity or enforceability of any Loan Document or (d) the ability of the Administrative Agent, the Issuing Lender or any Lender to enforce any of their respective material
rights under the Loan Documents. 
 “Material Indebtedness” means Funded Debt (other than the Loans and Letters
of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrowers and the Guarantors in an aggregate principal amount exceeding $25,000,000. For purposes of determining Material Indebtedness, the
“principal amount” of the obligations of the Borrowers or any Guarantor in respect of any Swap Agreement at any time shall be the Swap Termination Value. 
 “Maturity Date” means the earlier to occur of (a) November 2, 2016 or (b) the date that the Commitments are sooner terminated pursuant to Section 2.06(b) or
Section 10.02; provided, that if the 2014 Senior Unsecured Notes remain outstanding on June 1, 2014, clause (a) of the definition of “Maturity Date” shall mean June 1, 2014. 

  
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 “Multiemployer Plan” means a multiemployer plan as defined in
section 3(37) or 4001(a)(3) of ERISA. 
 “Net Income” means, with respect to any Person, the net income
(or loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however, (a) any gain (but not loss), together with any related provision for taxes on such gain (but not
loss), realized in connection with (i) any asset sale (including, without limitation, dispositions pursuant to sale-and-leaseback transactions) or (ii) the disposition of any securities by such Person or any of its Guarantor Subsidiaries
or the extinguishment of any Debt of such Person or any of its Guarantor Subsidiaries and (b) any extraordinary or nonrecurring gain (but not loss), together with any related provision for taxes on such extraordinary or nonrecurring gain (but
not loss). 
 “Notes” means the promissory notes of the Borrowers described in Section 2.03(c) and being
substantially in the form of Exhibit A-1 together with any and all supplements, restatements, renewals, refinances, modifications, amendments, extensions for any period, increases and/or rearrangements thereof including any Swing Line Notes
substantially in the form of Exhibit A-2 hereto. 
 “Organizational Documents” shall mean, (a) with
respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents); (b) with respect to any limited liability company, the certificate or articles of formation or
organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity. 
 “Other Connection Taxes” means, with respect to any Recipient,
Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes
that are Other Connection Taxes imposed with respect to an assignment. 
 “Participant” has the meaning
assigned such term in Section 12.04(c)(i). 
 “Participant Register” has the meaning specified in
Section 12.04(f). 
 “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension
benefit plan, as defined in section 3(2) of ERISA (other than a Multiemployer Plan), which (a) is currently or hereafter sponsored, maintained or contributed to by the Parent Guarantor, a Borrower, a Subsidiary or an ERISA Affiliate or
(b) was at any time during the six calendar years preceding the date hereof, sponsored, maintained or contributed to by the Parent Guarantor, a Borrower or a Subsidiary or an ERISA Affiliate. 

  
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 “Prime Rate” means the rate of interest per annum publicly announced from
time to time by Wells Fargo as its prime rate in effect at its principal office in San Francisco; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Pro Forma EBITDA” shall be calculated for all periods as defined in EBITDA except that, with respect to the Leverage
Ratio and Senior Secured Leverage Ratio only, as of any date of calculation: 
 (a) with respect to assets
acquired by a Subsidiary after December 31, 2010, whether by out-right purchase thereof or by virtue of a merger of a company that is not a Subsidiary into a Subsidiary or acquisition by a Subsidiary of any other company that is not a
Subsidiary (which acquisitions or mergers are not otherwise prohibited by this Agreement), for the first year after the applicable transaction, EBITDA shall be calculated for the preceding twelve (12) months on a pro forma basis to include both
(A) EBITDA with respect to the newly acquired assets for the period of time owned by the applicable Subsidiary, and (B) EBITDA with respect to such newly acquired assets, prior to the applicable Subsidiary’s acquisition thereof, for
the period of time beginning with the day after the preceding year anniversary of the applicable date of calculation and ending on the day preceding the date that the applicable Subsidiary acquired such newly acquired assets (whether by acquisition
or merger), 
 (b) with respect to any newly constructed vessel of a Subsidiary (whether constructed directly for
a Subsidiary or constructed for a third party and acquired by a Subsidiary within twelve (12) months after its delivery) having received a QSC during the first year following the delivery and acceptance of the vessel by a Subsidiary (as to
vessels delivered by a shipyard to that Subsidiary upon its construction) or during the first year following the acquisition by a Subsidiary (as to vessels constructed for third parties and acquired by a Subsidiary within twelve (12) months
after its delivery), for the first year after delivery or acquisition of the vessel, as the case may be, the EBITDA shall be calculated on a pro forma basis to include Qualified Services Contract EBITDA and, subject to the second sentence of the
final paragraph of this definition, EBITDA for the period from the end of the term of such QSC to the date that is twelve (12) months after the vessel’s delivery, and 

(c) in connection with TTB Sales aggregating five or more of the double-hulled tank barges, for the first year after such
sale aggregating five or more of the double-hulled tank barges, EBITDA shall be adjusted for the preceding twelve (12) months on a pro forma basis for any tank barge disposed of in such sale(s) in a manner acceptable to the Administrative
Agent. 
 Pro forma calculations shall be demonstrated to the reasonable satisfaction of the Administrative Agent. To the extent
that trailing actual EBITDA is not available for a newly acquired asset or when determining EBITDA for the post-QSC period for a newly constructed asset, the pro forma calculation for such asset will be based on other reference data provided by the
chief financial officer of the Parent Guarantor acting in good faith to the reasonable satisfaction of the Administrative Agent. All references to “Subsidiary” in this definition may apply equally to the Borrower(s), the Guarantor
Subsidiaries or newly created Subsidiaries. 

  
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 “Property” means any interest in any kind of property or asset, whether
real, personal or mixed, or tangible or intangible, including, without limitation, cash, securities, accounts and contract rights. 
 “Qualified Services Contract” or “QSC” means, with respect to any newly constructed, substantially converted or substantially reconstructed offshore supply vessel,
offshore service vessel (including, without limitation, any crew boat, fast supply vessel, multi-purpose supply vessel (MPSV) and anchor-handling towing supply (AHTS) vessel), tug, double-hulled tank barge and double-hulled tanker or other
complementary offshore marine vessel delivered to the Parent Guarantor or any of its Subsidiaries, or any such newly constructed, substantially converted or substantially reconstructed vessel constructed for a third party and then acquired by the
Parent Guarantor or any of its Subsidiaries within 365 days of such vessel’s original delivery date, a contract that the chief financial officer of the Parent Guarantor acting in good faith, designates as a “Qualified Services
Contract”, which contract: 
 (a) is between the Parent Guarantor or one of its Subsidiaries, on the one
hand, and (i) a Person that satisfies the Parent Guarantor and/or its Subsidiaries’ internally approved credit criteria or (ii) any other Person provided such contract is supported by letters of credit, performance bonds or guarantees
from a Person that has an investment grade rating, or such contract provides for a lockbox or similar arrangements or direct payment to the Parent Guarantor or a Subsidiary by a Person with such an investment grade rating, for the full amount of the
contracted payments due over the four-quarter reference period considered in calculating Pro Forma EBITDA for the maximum Senior Secured Leverage Ratio permitted under Section 9.01(b) or Leverage Ratio permitted under Section 9.01(d), as
applicable (or such portion thereof as Parent Guarantor shall be relying on for purposes of the calculation of Pro Forma EBITDA); 
 (b) provides for services to be performed by the Parent Guarantor or one of its Subsidiaries involving the use of such vessel or a charter (bareboat or otherwise) of such vessel by the Parent Guarantor or
one of its Subsidiaries, in either case for a minimum period of at least 30 days; and 
 (c) provides for a fixed
or minimum day rate or fixed or minimum volume or freight rates (including, if applicable, lay time and demurrage) for such vessel. 
 Should the Borrowers desire to rely on a Qualified Services Contract for purposes of complying with the maximum Senior Secured Leverage Ratio permitted under Section 9.01(b) or Leverage Ratio
permitted under Section 9.01(d), as applicable, the Borrowers shall provide to the Administrative Agent a certified abstract of each such Qualified Services Contract in a form reasonably acceptable to the Administrative Agent and, upon request
by the Administrative Agent, a certified copy of such contract. 
 “Qualified Services Contract EBITDA” shall
mean, as to an applicable vessel of a Subsidiary with a Qualified Services Contract, EBITDA attributable to such vessel under such Qualified Services Contract calculated in good faith by the chief financial officer of the Parent Guarantor and shall
include in the calculation the revenues earned or (for pro forma calculation purposes) to be earned pursuant to the Qualified Services Contract relating to such vessel and the estimated expenses related thereto. Such estimated expenses shall be
based on the expenses of the most nearly comparable vessel in the Subsidiary’s fleet or the Parent Guarantor’s other Subsidiaries’ fleets or, if no such comparable vessel exists, then on the industry average for expenses of comparable
vessels; provided, that in determining the estimated expenses attributable to such new vessel, the calculation shall give effect to the interest expense attributable to the incurrence, assumption or guarantee of any Debt relating to the
construction or acquisition of such new vessel for the period starting with the beginning of the four quarter period referred to in the definition of “EBITDA” for which the calculation of Qualified Services Contract

  
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EBITDA is being made and ending with the delivery or acquisition of the vessel. Furthermore, (A) the pro forma calculation of Qualified Services Contract EBITDA attributable to such vessel
for the four quarter reference period shall be reduced by (i) the actual EBITDA earned under the Qualified Services Contract accounted for in the actual results for the reference period and (ii) any EBITDA resulting from spot market or
other activities prior to the commencement of the Qualified Services Contract and accounted for in the actual results for the reference period, and (B) if the contracted day rate for such vessel is reduced at any time prior to one year from the
commencement of service under such contract, then the Qualified Services Contract EBITDA shall be adjusted to give effect to the commencement date of the reduced day rate. 
 “Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Lender, as applicable. 

“Redemption” means with respect to any Debt, the repurchase, redemption, prepayment, repayment, or defeasance or any
other acquisition or retirement for value (or the segregation of funds with respect to any of the foregoing) of such Debt. “Redeem” has the correlative meaning thereto. 

“Register” has the meaning assigned such term in Section 12.04(b). 

“Regulation D” means Regulation D of the Board, as the same may be amended, supplemented or replaced from time to time.

 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents and advisors (including attorneys, accountants and experts) of such Person and such Person’s Affiliates. 
 “Repayment Date” has the meaning assigned such term in Section 2.09(b). 
 “Replacement Indentures” has the meaning assigned such term in Section 9.02. 
 “Request for Advance” has the meaning assigned such term in Section 2.09(c)(i). 
 “Required Lenders” means, at any time while no Loans or LC Exposure is outstanding, Lenders having more than fifty percent (50%) of the total Commitments; and at any time while any
Loans or LC Exposure is outstanding, Lenders holding more than fifty percent (50%) of the outstanding aggregate principal amount of the Loans and LC Exposure (without regard to any sale by a Lender of a participation in any Loan under
Section 12.04(c)). The Commitment, Loans and LC Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time 
 “Responsible Officer” means, as to any Person, the chief executive officer, the president, the chief financial officer, the principal accounting officer, the treasurer or the controller
of such Person. Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the Parent Guarantor. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other Property) with respect to any Equity Interests in the Parent Guarantor, either
Borrower, or any of its or their Subsidiaries, 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 such Equity Interests in the Parent Guarantor, either Borrower, or any of its or their Subsidiaries or any option, warrant or other right to acquire any such Equity Interests in the Parent Guarantor, either Borrower, or any of its
or their Subsidiaries. For the avoidance of doubt, a net exercise 

  
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of options or restricted stock unit awards with the payment of any exercise price or the settlement of any taxes with respect thereto being accomplished by surrendering the right to certain
shares shall not under any circumstances be considered to be a Restricted Payment. 
 “SEC” means the
Securities and Exchange Commission or any successor Governmental Authority. 
 “Security Instruments” means the
Guaranty and Collateral Agreement, each Fleet Mortgage and any and all other agreements now or hereafter executed and delivered by the Parent Guarantor, the Borrowers or any other Person as security for the payment or performance of the
Indebtedness, as such agreements securing the Indebtedness may be amended, modified, supplemented or restated from time to time. 
 “Senior Secured Debt” means secured Funded Debt. 

“Senior Secured Leverage Ratio” means the ratio of Senior Secured Debt to Pro Forma EBITDA for the four fiscal quarters
ending on the last day of the preceding fiscal quarter for which financial statements of the Parent Guarantor have been delivered pursuant to Sections 8.01(a) and (c). 
 “Stated Maturity” means, with respect to any mandatory sinking fund or other installment of interest or principal on any series of Debt, the date on which such payment of interest or
principal was scheduled to be paid in the original documentation governing such Debt, and shall not include any contingent obligations to repay, Redeem or repurchase any such interest or principal prior to the date originally scheduled for the
payment thereof, but shall include any rights of the holders to require the obligor to repurchase such Debt at any particular date. 
 “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 with respect to the Adjusted LIBO Rate, 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. 

“Stockholders’ Equity” means, as of the last day of any fiscal quarter, consolidated stockholders’ equity of
the Parent Guarantor and its Consolidated Subsidiaries as of that date determined in accordance with GAAP.” 

“Subsidiary” means any Person of which at least a majority of the outstanding Equity Interests having by the terms
thereof ordinary voting power to elect a majority of the board of directors, manager or other governing body of such Person (irrespective of whether or not at the time Equity Interests of any other class or classes of such Person shall have or might
have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by the Parent Guarantor or one or more of its Subsidiaries or by the Parent Guarantor and one or more of its Subsidiaries.
Unless otherwise indicated herein, each reference to the term “Subsidiary” shall mean a Subsidiary of the Parent Guarantor. 

  
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 “Surveyor” means Dufour, Laskay & Strouse, for so long as it is on
the Administrative Agent’s approved list of surveyors and thereafter any such surveyor as may be selected pursuant to Section 8.18 provided that following an Event of Default the Administrative Agent may use such Surveyor or any other
marine surveyor acceptable to the Administrative Agent for purposes of appraising the Vessels. 
 “Swap
Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement, whether exchange traded, “over-the-counter” or otherwise, 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. 
 “Swap Termination Value” means, in respect of any one or more Swap Agreements, after taking
into account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined in accordance therewith,
such termination value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Agreements, as determined by the counterparties to such Swap Agreements.

 “Swing Line Lender” means Wells Fargo Bank, N.A. in its capacity as provider of Swing Line Loans, or any
successor swing line lender hereunder. 
 “Swing Line Loan” has the meaning assigned such term in
Section 2.09(a). 
 “Swing Line Loan Notice” means a notice of a borrowing of a Swing Line Loan pursuant
to Section 2.09(b), which, if in writing, shall be substantially in the form of Exhibit B-1. 
 “Swing Line
Note” has the meaning assigned such term in Section 2.03(c). 
 “Swing Line Sublimit” means an
amount equal to the lesser of (a) $10,000,000 and (b) the aggregate of the Commitments of all Lenders. The Swing Line Sublimit is part of, and not in addition to, the Commitments. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Total Debt” means with respect to the Parent Guarantor (on a consolidated basis with its Consolidated Subsidiaries), as of the last day of any fiscal quarter, without duplication,
(a) all indebtedness for money borrowed, (b) the present value of all obligations for the payment of rent or hire of Property of any kind (real or personal) under leases or lease agreements required to be capitalized under generally
accepted accounting principles, (c) guaranties of the obligations of any other Person, whether direct or indirect, whether by agreement to purchase the indebtedness of any other Person or by agreement for the furnishing of funds to any other
Person through the purchase or lease of goods, supplies or services (or by way of stock purchase, capital contribution, advance or loan) for the purpose of paying or discharging the indebtedness of any other Person, or otherwise and (d) any
other obligations as are or should be shown as debt on a consolidated balance sheet in accordance with GAAP. 
 “Total
Debt to Capitalization Ratio” means the ratio of (i) Total Debt to (ii) the sum of Total Debt plus Stockholders’ Equity. 

  
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 “Transactions” means, with respect to (a) the Borrowers, the
execution, delivery and performance by the Borrowers of this Agreement, and each other Loan Document to which either is a party, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder, and the
granting of Liens by the Borrowers on Vessel Collateral pursuant to the Security Instruments and (b) each Guarantor, the execution, delivery and performance by such Guarantor of each Loan Document to which it is a party, the guaranteeing of the
Indebtedness and the other obligations under the Guaranty and Collateral Agreement by such Guarantor. 
 “TTB
Sale” means a disposition of all or any portion of the tug, tank and barge business segment of the Parent Guarantor and its Subsidiaries, whether through a sale of assets or the shares of the equity securities of any Subsidiary of the
Parent Guarantor. 
 “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 Alternate Base Rate or the Adjusted LIBO Rate. 
 “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code. 

“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 5.03(g). 

“Vessel Collateral” has the meaning assigned such term in Section 8.15(a). 

“Vessels” means, collectively, any vessels subject to Liens in favor of the Administrative Agent, for the benefit of the
Lenders, securing obligations of the Loan Parties under the Loan Documents and guaranties thereof, and “Vessel” shall mean any of such Vessels. 
 “Voting Stock” of any Person as of any date means the Equity Interest of such Person that is at the time entitled to vote in the election of the board of directors, managers or trustees
of such Person. 
 “Wholly-Owned Subsidiary” means any Subsidiary of which all of the outstanding Equity
Interests (other than any directors’ qualifying shares mandated by applicable law), on a fully diluted basis, are owned by the Parent Guarantor or one or more of the Wholly Owned Subsidiaries of the Parent Guarantor or are owned by the Parent
Guarantor and one or more of the Wholly Owned Subsidiaries of the Parent Guarantor. 
 “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 each Borrower and the Administrative Agent. 
 Section
1.03 Types of Loans and Borrowings. For purposes of this Agreement, Loans and Borrowings, respectively, may be classified and referred to by Type (e.g., a “Eurodollar Loan” or a “Eurodollar Borrowing”).

 Section 1.04 Terms Generally; Rules of Construction. 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 phrase
“fair market value” when used in reference to any vessels will be the value of such vessels as set forth in the 

  
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most recent Appraisal. 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 supplemented, restated, renewed, refinanced, modified, amended, extended for any period, increased and/or otherwise rearranged (subject to any restrictions on such supplements,
restatements, renewals, refinances, modifications, amendments, extensions, increases and/or rearrangements as set forth in the Loan Documents), (b) any reference herein to any law shall be construed as referring to such law as amended,
modified, codified or reenacted, in whole or in part, and in effect from time to time, (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to the restrictions contained in the
Loan Documents), (d) 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, (e) with respect to the determination of any time period, the word “from” means “from and including” and the word “to” means “to and including” and (f) any
reference herein to Articles, Sections, Annexes, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Annexes, Exhibits and Schedules to, this Agreement. No provision of this Agreement or any other Loan Document shall
be interpreted or construed against any Person solely because such Person or its legal representative drafted such provision. 
 Section 1.05
Accounting Terms and Determinations; GAAP. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements
and certificates and reports as to financial matters required to be furnished to the Administrative Agent or the Lenders hereunder shall be prepared, in accordance with GAAP, as in effect from time to time; provided that, if the Borrowers
notify the Administrative Agent that the Borrowers request an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrowers 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 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.

 ARTICLE II 
 The Credits 
 Section 2.01 Commitments. Subject to the terms and
conditions set forth herein, each Lender agrees to make Loans to the Borrowers during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Credit Exposure exceeding such Lender’s
Commitment or (b) the total Credit Exposures exceeding the total Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, repay and reborrow the Loans. On the Effective Date:

 (i) the Borrowers shall pay all accrued and unpaid commitment fees, break funding fees, and all other fees that are
outstanding under the Existing Credit Agreement for the account of each “Lender” under the Existing Credit Agreement; 

(ii) each “ABR Loan” and “Eurodollar Loan” outstanding under the Existing Credit Agreement shall be deemed to be
repaid with the proceeds of a new ABR Loan or Eurodollar Loan, as applicable, under this Agreement; 

  
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 (iii) each Letter of Credit issued and outstanding under the Existing Credit Agreement shall
be deemed issued under this Agreement without the payment of additional fees; and 
 (iv) the Existing Credit Agreement shall be
superseded by this Agreement and the commitments thereunder shall terminate and be reallocated hereunder as outlined on Annex I hereto. 
 It is
the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence repayment of any such obligations and liabilities and that this Agreement
amend and restate in its entirety the Existing Credit Agreement and re-evidence the obligations of the Borrowers outstanding thereunder. The amount of the Commitments on the Effective Date is $300,000,000; provided that the Borrowers may not borrow
more than $250,000,000 until the Administrative Agent shall have received (i) a new Appraisal covering additional Vessels identified as such on Schedule 8.16 and (ii) sufficient evidence that Fleet Mortgages covering such additional
Vessels have been filed in the appropriate office and create a perfected first-priority lien in favor of the Administrative Agent such that the aggregate fair market value of all Vessel Collateral subject to such a lien is at least $600,000,000.

 Section 2.02 Reserved. 
 Section 2.03 Borrowings; Several Obligations. Each Loan made shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective 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 are several and no Lender shall be responsible for any other Lender’s
failure to make Loans as required. 
 (a) Types of Loans. Subject to Section 3.03, each Borrowing shall be comprised
entirely of ABR Loans or Eurodollar Loans as the Borrowers may request in accordance herewith. Each Lender at its option may make any Eurodollar 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. 
 (b) Minimum Amounts; Limitation on Number of Borrowings. At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral
multiple of $500,000 and not less than $1,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $300,000; provided that an ABR Borrowing
may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.08(e). Borrowings of more than one Type may be
outstanding at the same time, provided that there shall not at any time be more than a total of seven (7) Eurodollar Borrowings outstanding. 
 (c) Notes. Any Lender may request that the Loans made by it be evidenced by a promissory note. In such event, the Borrowers shall prepare, execute and deliver to such Lender a promissory note
payable to such Lender, substantially in the form of Exhibit A-1, as applicable, dated (i) the Effective Date or (ii) the effective date of an Assignment pursuant to Section 12.04(b), in a principal amount equal to its
Commitment as originally in effect and otherwise duly completed and such substitute Notes as required by Section 12.04(b); provided that promissory notes requested in amounts less than $1,000,000 shall require the consent of the
Borrowers, such consent not to be unreasonably withheld or delayed. The Swing Line Lender may request that the Swing Line Loans be evidenced by a note (a “Swing Line Note”). In such event, the Borrowers shall prepare, execute and
deliver to the Swing Line Lender a promissory note payable to the Swing Line Lender, substantially in the form of Exhibit A- 2. 

  
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The date, amount, Type, interest rate and Interest Period of each Loan or Swing Line Loan made by each Lender or Swing Line Lender, as applicable, and all payments made on account of the
principal thereof, shall be recorded by such Lender on its books and maintained in accordance with its usual practice. Failure to make such recordation shall not affect any Lender’s, Swing Line Lender’s or any Borrowers’ rights or
obligations in respect of such Loans or Swing Line Loans. 
 (d) Requests for Borrowings. To request a Borrowing, the
Borrowers shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., Houston, Texas time, three 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., Houston, Texas time, one Business Day before the date of the proposed Borrowing; provided that no such notice shall be required for any deemed request of an ABR Borrowing to finance the
reimbursement of an LC Disbursement as provided in Section 2.08(e). Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing
Request in substantially the form of Exhibit B-2 and signed by the Borrowers. Each such telephonic and written Borrowing Request shall specify the following information: 

(i) the aggregate amount of the requested Borrowing; 

(ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 
 (v) the location and number
of the Borrowers’ account to which funds are to be disbursed. 
 If no election as to the Type of Borrowing is specified, then the requested
Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration. Each Borrowing Request
shall constitute a representation to the Administrative Agent that the amount of the requested Borrowing shall not cause the total Credit Exposures to exceed the total Commitments. 
 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. 

  
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 Section 2.04 Interest Elections. 

(a) Conversion and Continuance. Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in
the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrowers may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a
Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.04. The Borrowers 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. 
 (b) Interest Election Requests. To make an election pursuant to this Section 2.04, the Borrowers 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 Borrowers were requesting a Borrowing of the Type resulting from such 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 hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in substantially the form of Exhibit C and signed by the Borrowers. 

(c) Information in Interest Election Requests. Each telephonic and written Interest Election Request shall specify the following
information: 
 (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 Section 2.04(c)(iii) and (iv) 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 or a
Eurodollar Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar 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”. 
 (d) If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one
month’s duration. 
 (e) Notice to Lenders by the Administrative Agent. 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. 
 (f) Effect of Failure to Deliver Timely Interest Election Request and Events of Default. If the Borrowers fail to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing
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. Notwithstanding any contrary provision
hereof, if an Event of Default 

  
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has occurred and is continuing: (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing (and any Interest Election Request that requests the conversion of any
Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective) and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

 Section 2.05 Funding of Borrowings. 
 (a) Funding 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 1:00 p.m., Houston, Texas time,
to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrowers by promptly crediting the amounts so received, in like
funds, to an account of the Borrowers maintained with the Administrative Agent in Houston, Texas and designated by the Borrowers in the applicable Borrowing Request; provided that ABR Loans made to finance the reimbursement of an LC
Disbursement as provided in Section 2.08(e) shall be remitted by the Administrative Agent to the Issuing Lender. Nothing herein shall be deemed to obligate any Lender to obtain the funds for its Loan in any particular place or manner or to
constitute a representation by any Lender that it has obtained or will obtain the funds for its Loan in any particular place or manner. 
 (b) Presumption of Funding by the Lenders. 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 Applicable Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such Applicable Percentage available on such date in accordance with Section 2.05(a)
and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if such Lender has not in fact made its Applicable Percentage of the applicable Borrowing available to Administrative Agent, then the
applicable Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to
but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, at a rate per annum equal to the Federal Funds Effective Rate for the first three (3) Business Days after the date such payment is required,
and thereafter at the rate then applicable to Borrowers or (ii) in the case of the Borrowers, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such
Lender’s Loan included in such Borrowing. 
 Section 2.06 Termination and Reduction of Commitments. 

(a) Scheduled Termination of Commitments. Unless previously terminated, the Commitments shall terminate on the Maturity Date.

 (b) Optional Termination and Reduction of Commitments. 

(i) The Borrowers may at any time terminate, or from time to time reduce, the Commitments; provided that
(A) each reduction of the Commitments shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000 and (B) the Borrowers shall not terminate or reduce the Commitments if, after giving effect to any concurrent
prepayment of the Loans in accordance with Section 3.04(c), the total Credit Exposures would exceed the total Commitments. 

  
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 (ii) The Borrowers shall notify the Administrative Agent of any election to
terminate or reduce the Commitments under Section 2.06(b)(i) at least three Business Days 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 Borrowers pursuant to this Section 2.06(b)(ii) shall be irrevocable; provided that a notice of termination of the
Commitments delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent and may not be reinstated. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with
each Lender’s Applicable Percentage; provided that if any Lender is a Defaulting Lender at such time as the Borrowers elect to terminate or reduce the Commitments hereunder, the Borrowers may (in their discretion) apply all or any portion of
the Commitments to be reduced, to the Commitment of any one or more Defaulting Lenders specified by the Borrowers before applying any remaining reduction to all Lenders. 
 (c) Mandatory Reduction of Commitments. In the event that the fair market value of the total Vessel Collateral at any time, based on the most recent Appraisal, is not greater than or equal to two
hundred percent (200%) of the Commitments from time to time in effect as required by Section 8.16, and the failure to meet such requirement is not remedied by the taking of any such action provided therein or within sixty (60) days in
any event, then the Commitments shall be reduced to such amount as will permit the Borrowers to comply with Section 8.16. 

Section 2.07 Reserved. 
 Section 2.08 Letters of Credit. 
 (a) General. Subject to the terms
and conditions set forth herein, the Borrowers may request, and the Issuing Lender shall cause, the issuance of dollar denominated Letters of Credit for either Borrower’s own account or for the account of any of the Subsidiaries, in a form
reasonably acceptable to the Administrative Agent and the Issuing Lender, at any time and from time to time during the 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 Borrowers to, or entered into by the Borrowers with, the Issuing Lender 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 Borrowers shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Lender) to
the Issuing Lender and the Administrative Agent (not less than five (5) Business Days in advance of the requested date of issuance, amendment, renewal or extension) a notice: 

(i) requesting the issuance of a Letter of Credit or identifying the Letter of Credit to be amended, renewed or extended;

 (ii) specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day);

  
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 (iii) specifying the date on which such Letter of Credit is to expire (which
shall comply with Section 2.08(c)); 
 (iv) specifying the amount of such Letter of Credit; and 

(v) specifying 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. 
 Each notice shall constitute a representation that after giving effect to the requested
issuance, amendment, renewal or extension, as applicable, (A) the LC Exposure shall not exceed the LC Commitment and (B) the total Credit Exposures shall not exceed the total Commitments. 

If requested by the Issuing Lender, the Borrowers also shall submit a letter of credit application on the Issuing Lender’s standard form in
connection with any request for a Letter of Credit. 
 (c) Expiration Date. Unless an earlier date is specified in
Borrower’s request for a Letter of Credit, such Letter of Credit shall expire at or prior to the close of business on the date two years 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 no Letter of Credit may have an expiration date later than the Maturity Date unless such Letter of Credit is cash collateralized to the satisfaction of the Administrative Agent
or a backup letter of credit from a financial institution satisfactory to the Administrative Agent is delivered to the Administrative Agent in the name of the Administrative Agent and for the corresponding amount of such unexpired 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 Lender or the Lenders, the Issuing Lender hereby grants to each Lender, and each Lender hereby acquires from the Issuing Lender, a participation in such Letter of Credit equal to
such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the
Administrative Agent, for the account of the Issuing Lender, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Lender and not reimbursed by the Borrowers on the date due as provided in Section 2.08(e), or of
any reimbursement payment required to be refunded to the Borrowers for any reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this Section 2.08(d) 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 Lender shall make any LC Disbursement in respect of a Letter of Credit, the Borrowers shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon,
Houston, Texas time, on the date that such LC Disbursement is made, if the Borrowers shall have received notice of such LC Disbursement prior to 11:00 a.m., Houston, Texas time, on such date, or, if such notice has not been received by the Borrowers
prior to such time on such date, then not later than 12:00 noon, Houston, Texas time, on the Business Day immediately following the day that the Borrowers receive such notice, if such notice is not received prior to such time on the day of receipt;
provided that if such LC Disbursement is not less than $300,000, the Borrowers shall, subject to the conditions to Borrowing set forth herein, be deemed to have requested, and the Borrowers do hereby request under such circumstances, that
such payment be financed with an ABR Borrowing in an equivalent amount and, to 

  
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the extent so financed, the Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing. If the Borrowers fail to make such payment when due,
the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrowers in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each
Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrowers, in the same manner as provided in Section 2.05(a) with respect to Loans made by such Lender (and Section 2.05(a) shall
apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any
payment from the Borrowers pursuant to this Section 2.08(e), the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that Lenders have made payments pursuant to this Section 2.08(e) to reimburse the
Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Lender pursuant to this Section 2.08(e) to reimburse the Issuing Lender for any LC Disbursement (other than the funding of ABR
Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrowers of their obligation to reimburse such LC Disbursement. 
 (f) Obligations Absolute. The Borrowers’ obligation to reimburse LC Disbursements as provided in Section 2.08(e) 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, any Letter of Credit Agreement or this Agreement, 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 Lender 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 any Letter of Credit Agreement, 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 2.08(f), constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrowers’ obligations hereunder. Neither
the Administrative Agent, the Lenders nor the Issuing Lender, 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 Lender; provided that the
foregoing shall not be construed to excuse the Issuing Lender from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrowers to the extent
permitted by applicable law) suffered by the Borrowers that are caused by the Issuing Lender’s 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 of gross negligence or willful misconduct on the part of the Issuing Lender (as finally determined by a court of competent jurisdiction), the Issuing Lender shall be deemed to have exercised all
requisite 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 Lender 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. 

  
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 (g) Disbursement Procedures. The Issuing Lender shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Lender shall promptly notify the Administrative Agent and the Borrowers by telephone (confirmed by telecopy) of such demand for payment
and whether the Issuing Lender 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 Borrowers of their obligation to reimburse the Issuing Lender and the
Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If the Issuing Lender shall make any LC
Disbursement, then, until the Borrowers shall have reimbursed the Issuing Lender for such LC Disbursement (either with its own funds or a Borrowing under Section 2.08(e)), 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 Borrowers reimburse such LC Disbursement, at the rate per annum then applicable to ABR Loans. Interest accrued pursuant to this Section 2.08(h) shall be for the
account of the Issuing Lender, except that interest accrued on and after the date of payment by any Lender pursuant to Section 2.08(e) to reimburse the Issuing Lender shall be for the account of such Lender to the extent of such payment.

 (i) Replacement of the Issuing Lender. The Issuing Lender may be replaced at any time by written agreement among the
Borrowers, the Administrative Agent, the replaced Issuing Lender and the successor Issuing Lender. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Lender. At the time any such replacement shall become
effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Lender pursuant to Section 3.05(b). From and after the effective date of any such replacement, (i) the successor Issuing Lender shall have
all the rights and obligations of the Issuing Lender under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Lender” shall be deemed to refer to such
successor or to any previous Issuing Lender, or to such successor and all previous Issuing Lenders, as the context shall require. After the replacement of the Issuing Lender hereunder, the replaced Issuing Lender shall remain a party hereto and
shall continue to have all the rights and obligations of the Issuing Lender 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. 

(j) Cash Collateralization. If (i) any Event of Default shall occur and be continuing and the Borrowers receive notice from
the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this Section 2.08(j), (ii) the Borrowers are required to pay to the Administrative Agent the excess attributable to an LC Exposure in
connection with any prepayment pursuant to Section 3.04(c) or (iii) the Borrowers are required to cash collateralize a Defaulting Lender’s LC Exposure pursuant to Sections 2.13(a) or (b), then the Borrowers shall deposit, in an
account with the Administrative Agent designated for such purpose, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to, in the case of an Event of Default, the LC Exposure, in the case of a payment
required by Section 3.04(c), the amount of such excess as provided in Section 3.04(c), as of such date plus any accrued and unpaid interest thereon and in the case of a payment required by Sections 2.13(a) or (b), the amount of such
Defaulting Lender’s LC Exposure; 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 the Borrowers or any Guarantor described in Section 10.01(h) or Section 10.01(i). The Borrowers hereby grant to the Administrative Agent, for the benefit of the Issuing Lender and the
Lenders, an exclusive first priority and continuing perfected security interest in and Lien on such account and all cash, checks, drafts, certificates and instruments, if any, from time to time deposited or held in such account, all deposits or wire
transfers made thereto, any and all investments purchased with funds deposited in such account, all interest, dividends, cash, instruments, 

  
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financial assets and other Property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing, and all proceeds, products,
accessions, rents, profits, income and benefits therefrom, and any substitutions and replacements therefor. The Borrowers’ obligation to deposit amounts pursuant to this Section 2.08(j) shall be absolute and unconditional, without regard
to whether any beneficiary of any such Letter of Credit has attempted to draw down all or a portion of such amount under the terms of a Letter of Credit, and, to the fullest extent permitted by applicable law, shall not be subject to any defense or
be affected by a right of set-off, counterclaim or recoupment which the Borrowers or any of their Subsidiaries may now or hereafter have against any such beneficiary, the Issuing Lender, the Administrative Agent, the Lenders or any other Person for
any reason whatsoever. Such deposit of the amount required by this Section 2.08(j) shall be held as collateral securing the payment and performance of the Borrowers’ and the Guarantors’ obligations under this Agreement and the other
Loan Documents. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the amount deposited as required by this Section 2.08(j). 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. Moneys in such account shall be applied by the Administrative Agent, subject to Section 10.02(c), to reimburse the Issuing Lender 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 Borrowers for the LC Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other obligations of the Borrowers and the
Guarantors under this Agreement or the other Loan Documents. If the Borrowers are required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, and the Borrowers are not otherwise required to pay to
the Administrative Agent the excess attributable to an LC Exposure in connection with any prepayment pursuant to Section 3.04(c), then such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers within three
(3) Business Days after all Events of Default have been cured or waived. 
 Section 2.09 Swing Line Loans.

 (a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender agrees to make loans
(each such loan, a “Swing Line Loan”) to Borrowers from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit; provided,
however, that after giving effect to any Swing Line Loan, the sum of (i) the outstanding principal balance of all Loans plus (ii) the LC Exposure shall not exceed the total Commitments; provided further that the Swing Line
Lender shall not be required to make a Swing Line Loan to refinance an outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.09, prepay
under Section 3.04, and reborrow under this Section 2.09. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk
participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swing Line Loan. 
 (b) Borrowing Procedures. Each Swing Line Loan shall be made upon the Borrowers’ irrevocable notice to the Swing Line Lender and Administrative Agent (a “Swing Line Loan
Notice”), which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 11:00 a.m. Houston, Texas time on the requested borrowing date, and shall specify (i) the
amount to be borrowed and (ii) the requested borrowing date, which shall be a Business Day. The Borrowers shall pay to the Swing Line Lender the aggregate outstanding principal amount of all Swing Line Loans on the last Business Day of each
calendar month 

  
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(which payment may be made with a Loan as provided in Section 2.09(c)(i) below) (the “Repayment Date”), which Repayment Date shall in no event be later than the Maturity
Date. Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer. Promptly after receipt
by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not,
the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of
any Lender) prior to 11:00 a.m. Houston, Texas time on the date of the proposed Swing Line Loan (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence
of Section 2.09(a), or (B) that one or more of the applicable conditions specified in Section 6.01 hereof is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, promptly on the borrowing
date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrowers. 
 (c)
Refinancing of Swing Line Loans. 
 (i) The Swing Line Lender at any time in its sole and absolute
discretion may request, on behalf of the Borrowers (which hereby irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Lender make a Loan in an amount equal to such Lender’s Applicable Percentage of the amount of
the Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a “Request for Advance” for purposes hereof) and in accordance with the requirements of Section 2.03,
without regard to the minimum and multiples specified therein for the principal amount of Loans, but subject to the unutilized portion of the total Commitments and the conditions set forth in Section 6.01. The Swing Line Lender shall furnish
the Borrowers with a copy of the applicable Request for Advance promptly after delivering such notice to the Administrative Agent. Each Lender shall make an amount equal to such Lender’s Applicable Percentage of the amount specified in such
Request for Advance available to the Administrative Agent in immediately available funds for the account of the Swing Line Lender at the Administrative Agent’s office not later than 12:00 noon Houston, Texas time on the day specified in such
Request for Advance, whereupon subject to Section 2.09(c)(ii), each Lender that so makes funds available shall be deemed to have made a Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the
Swing Line Lender. 
 (ii) If for any reason any Swing Line Loan cannot be refinanced by such a Loan in
accordance with Section 2.09(c)(i), the Request for Advance submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each Lender fund its risk participation in the relevant Swing Line
Loan and each Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.09(c)(i), shall be deemed payment in respect of such participation. 

(iii) If any Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any
amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.09(c) by the time specified in Section 2.09(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting through the
Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the Federal
Funds Effective Rate for the first three (3) Business Days after the date such payment is required, and thereafter at the rate then applicable to the Borrowers. 

  
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A certificate of the Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent
manifest error. 
 (iv) Each Lender’s obligation to make Loans or to purchase and fund risk participations
in Swing Line Loans pursuant to this Section 2.09(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have
against the Swing Line Lender, the Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of an Event of Default after the funding of a Swing Line Loan, (C) the funding of any Swing Line Loan during the
occurrence of an Event of Default if the Swing Line Lender was unaware of such Event of Default or (D) any other occurrence, event or condition, whether or not similar to any of the foregoing. 

(d) Repayment of Participations. 
 (i) At any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender
will distribute to such Lender its Applicable Percentage of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s risk participation was funded) in the same funds as
those received by the Swing Line Lender. 
 (ii) If any payment received by the Swing Line Lender in respect of
principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any circumstance (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay to the
Swing Line Lender its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Effective Rate. The
Administrative Agent will make such demand upon the request of the Swing Line Lender. The obligations of Lenders under this clause shall survive the payment in full of the Indebtedness and the termination of this Agreement. 

(e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrowers for interest
on the Swing Line Loans. Until each Lender funds its Loan or risk participation pursuant to Section 2.09 to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be
solely for the account of the Swing Line Lender. 
 (f) Payments Directly to Swing Line Lender. The Borrowers shall make
all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender. 
 Section 2.10
Commitment Increase. 
 (a) Subject to the conditions set forth in Section 2.10(b), the Borrowers may increase the
total Commitments then in effect without the prior written consent of the Lenders by increasing the Commitment of a Lender or by causing a Person that at such time is not a Lender to become a Lender (an “Additional Lender”).

  
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 (b) The increase in the total Commitments shall be subject to the following additional
conditions: 
 (i) such increase shall not exceed $200,000,000 and the total Commitments after such increase
shall not exceed the least of (A) $500,000,000, (B) twenty percent (20%) of the Parent Guarantor’s Consolidated Net Tangible Assets as of the last day of the fiscal quarter immediately preceding such increase for which the most
recent internal financial statements are available, plus $25,000,000, and (C) the amount permitted by the Indentures; 
 (ii) if the Borrowers elect to increase the total Commitments by increasing the Commitment of a Lender, the Borrowers and such Lender shall execute and deliver to the Administrative Agent a certificate
substantially in the form of Exhibit H-1 (a “Commitment Increase Certificate”); 
 (iii)
if the Borrowers elect to increase the total Commitments by causing an Additional Lender to become a party to this Agreement, then the Borrowers and such Additional Lender shall execute and deliver to the Administrative Agent a certificate
substantially in the form of Exhibit H-2 (an “Additional Lender Certificate”), together with an Administrative Questionnaire and a processing and recordation fee of $3,500, and the Borrowers shall, if requested by the
Additional Lender, deliver a Note payable to such Additional Lender in a principal amount equal to its Commitment, and otherwise duly completed; provided that such Additional Lender must be reasonably acceptable to the Administrative Agent,
the Swing Line Lender and the Issuing Lender; 
 (iv) no Default shall have occurred and be continuing at the
effective date of such increase; 
 (v) on the effective date of such increase, no Eurodollar Borrowings shall be
outstanding or if any Eurodollar Borrowings are outstanding, then the effective date of such increase shall be the last day of the Interest Period in respect of such Eurodollar Borrowings unless the Borrowers pay compensation required by
Section 5.02; 
 (vi) no Lender’s Commitment may be increased without the consent of such Lender;

 (vii) no increase shall be less than $25,000,000 and shall be in a whole multiple of $5,000,000 in excess
thereof; 
 (viii) the Borrowers shall remain in compliance with Section 8.16 as of such date after giving
effect to the Commitment Increase; and 
 (ix) an Appraisal satisfactory to Administrative Agent shall have been
obtained not more than 120 days prior to the effectiveness of such Commitment Increase with respect to those vessels being added as Vessel Collateral and the Administrative Agent shall be satisfied that new or amended security instruments create
first priority, perfected Liens on such additional Vessel Collateral subject only to Excepted Liens identified in clause (a) through (c) of Section 9.03. 
 (c) Subject to acceptance and recording thereof pursuant to Section 2.10(d), from and after the effective date specified in the Commitment Increase Certificate or the Additional Lender Certificate
(or if any Eurodollar Borrowings are outstanding, then the last day of the Interest Period in respect of such Eurodollar Borrowings, unless the Borrowers have paid compensation 

  
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required by Section 5.02): (A) the amount of the total Commitments shall be increased as set forth therein, and (B) in the case of an Additional Lender Certificate, any Additional
Lender party thereto shall become a party to this Agreement and have the rights and obligations of a Lender under this Agreement and the other Loan Documents. In addition, such Lender or such Additional Lender, as applicable, shall purchase a pro
rata portion of the outstanding Loans (and participation interests in Letters of Credit) of each of the other Lenders (and such Lenders hereby agree to sell and to take all such further action to effectuate such sale) such that each Lender
(including any Additional Lender, if applicable) shall hold its Applicable Percentage of the outstanding Loans (and participation interests) after giving effect to the increase in the total Commitments. 

(d) Upon its receipt of a duly completed Commitment Increase Certificate or an Additional Lender Certificate, executed by the Borrowers
and the Lender or the Borrowers and the Additional Lender party thereto, as applicable, the processing and recording fee referred to in Section 2.10 (b), the Administrative Questionnaire referred to in Section 2.10(b), if applicable, the
written consent which will not be unreasonably withheld of the Administrative Agent, the Swing Line Lender and the Issuing Lender to such increase required by Section 2.10(b) and the Additional Lender, if applicable, and such other
certificates, opinions and documents as the Administrative Agent may reasonably request, the Administrative Agent shall accept such Commitment Increase Certificate or Additional Lender Certificate and record the information contained therein in the
Register required to be maintained by the Administrative Agent pursuant to Section 12.04(b)(iv). No increase in the total Commitments shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in
this Section 2.10(d). The Administrative Agent shall promptly provide a copy of the updated Annex I, or a copy of the updated Register, to the Parent Guarantor. 
 Section 2.11 Joint and Several Liability of the Borrowers. 
 (a) Each of the
Borrowers is accepting joint and several liability hereunder in consideration of the financial accommodation to be provided by the Lenders under this Agreement, for the mutual benefit, directly and indirectly, of each of the Borrowers and in
consideration of the undertakings of each of the Borrowers to accept joint and several liability for the obligations of each of them. 
 (b) Each of the Borrowers jointly and severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrower with
respect to the payment and performance of all of the obligations arising under this Agreement and the other Loan Documents, it being the intention of the parties hereto that all of the obligations hereunder and under the other Loan Documents shall
be the joint and several obligations of each of the Borrowers without preferences or distinction between them. 
 (c) If and to
the extent that either of the Borrowers shall fail to make any payment with respect to any of the obligations hereunder as and when due or to perform any of such obligations in accordance with the terms thereof, then in each such event, the other
Borrower will make such payment with respect to, or perform, such obligation. 
 (d) The provisions of this Section 2.11 are
made for the benefit of the Lenders and their successors and assigns and may be enforced by them from time to time against either of the Borrowers as often as occasion therefor may arise and without requirement on the part of the Lenders first to
marshall any of its claims or to exercise any of its rights against the other Borrower or to exhaust any remedies available to it against the other Borrower or to resort to any other source or means of obtaining payment of any of the obligations
hereunder or to elect any other remedy. The provisions of this Section 2.11 shall remain in effect until all the obligations hereunder shall have been paid in full or 

  
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otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of the obligations, is rescinded or must otherwise be restored or returned by the Lenders upon
the insolvency, bankruptcy or reorganization of any of the Borrowers, or otherwise, the provisions of this Section 2.11 will forthwith be reinstated and in effect as though such payment had not been made. 

(e) Notwithstanding any provision to the contrary contained herein or in any of the other Loan Documents, to the extent the obligations of
either Borrower shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers) then the obligations of such Borrower
hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, Bankruptcy Law). 
 (f) Each Borrower hereby appoints the other Borrower to act as its agent for all purposes under this Agreement (including, without limitation, with respect to all matters relating to the borrowing,
conversion, continuance and repayment of Loans and the applications for the issuance, renewal, extensions or reissuance of a Letter of Credit) and agrees that (i) any notice or communication delivered by the Administrative Agent or a Lender to
a Borrower shall be deemed delivered to both Borrowers and (ii) the Administrative Agent and the Lenders may accept, and be permitted to rely on, any notice, document, instrument or agreement executed by one Borrower on behalf of the other
Borrower. 
 Section 2.12 Replacement of Lender. The Borrowers shall be permitted to replace any Lender that
(a) requests reimbursement for amounts owing pursuant to Section 5.01 or 5.03, (b) fails to vote in favor of any measure requiring the affirmative vote of one hundred percent (100%) of the Lenders or (c) is a Defaulting
Lender, with a replacement financial institution; provided that (i) such replacement does not conflict with any Governmental Requirement, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement
that has not been waived in accordance with the terms hereof, (iii) prior to any such replacement, such Lender shall have taken no action under Section 5.04 so as to eliminate the continued need for payment of amounts owing pursuant to
Section 5.01 or 5.03(a), (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) the Borrowers shall be liable to such
replaced Lender under Section 5.02 if any Eurodollar Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi) the replacement financial institution shall be reasonably
satisfactory to the Administrative Agent and the Issuing Lender, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 12.04 (provided that the Borrowers shall be obligated to
pay the registration and processing fee referred to therein), (viii) until such time as such replacement shall be consummated, the Borrowers shall pay all additional amounts (if any) required pursuant to Section 5.01 or 5.03(a), as the
case may be, and (ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrowers, the Administrative Agent or any other Lender shall have against the replaced Lender. 

Section 2.13 Defaulting Lenders. 
 (a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer
a Defaulting Lender, to the extent permitted by applicable law: 
 (i) Waivers and Amendments. Such
Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders. 

  
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 (ii) Defaulting Lender Waterfall. Any payment of principal, interest,
fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X or otherwise) or received by the Administrative Agent from a Defaulting Lender
pursuant to Section 12.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Lender or Swing Line Lender hereunder; third, to cash collateralize the Issuing Lenders’ Fronting Exposure with respect to
such Defaulting Lender in accordance with Section 2.08(j); fourth, as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in order to
(x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize the Issuing Lenders’ future Fronting Exposure with respect to such Defaulting Lender
with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.08(j); sixth, to the payment of any amounts owing to the Lenders, the Issuing Lenders or Swing Line Lenders as a result of any judgment of
a court of competent jurisdiction obtained by any Lender, the Issuing Lenders or Swing Line Lenders against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long
as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of
any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in
Section 6.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC
Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in LC Commitments and Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable
Facility without giving effect to Section 2.13(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant
to this Section 2.13(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii) Certain Fees. 
 (A) No Defaulting Lender shall be entitled to receive
any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(B) Each Defaulting Lender shall be entitled to receive fees for its participations in Letters of Credit for any period during which that
Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.08(j). 

  
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 (C) With respect to any Commitment Fee or Letter of Credit fee not required to be paid to
any Defaulting Lender pursuant to clause (A) or (B) above, the Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting
Lender’s participation in LC Disbursements or Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Lender and Swing Line Lender, as applicable, the amount of
any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any
such fee 
 (iv) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such
Defaulting Lender’s participation in LC Disbursements and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting
Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 6.02 are satisfied at the time of such reallocation (and, unless the Borrowers shall have otherwise notified the Administrative Agent at such
time, the Borrowers 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 Credit Exposure of any Non-Defaulting Lender to exceed such
Non-Defaulting Lender’s Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim
of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation 
 (v) Cash Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrowers shall, without prejudice to any
right or remedy available to them hereunder or under law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize the Issuing Lenders’ Fronting
Exposure in accordance with the procedures set forth in Section 2.08(j). 
 (b) Defaulting Lender Cure. If the
Borrowers, the Administrative Agent and each Swing Line Lender and Issuing Lender agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other
Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held pro rata by the Lenders in accordance with
the Commitments under the applicable Facility (without giving effect to Section 2.13(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 
 (c) New Swing Line Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender 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) no Issuing Lender shall 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. 

  
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 ARTICLE III 
 Payments of Principal and Interest; Prepayments; Fees 
 Section 3.01
Repayment of Loans. 
 The Borrowers hereby unconditionally promise to pay to the Administrative Agent, for the account of
each Lender, the then unpaid principal amount of each Loan on the Maturity Date. The Borrowers hereby unconditionally promise to pay to the Swing Ling Lender the unpaid principal amount of each Swing Line Loan on the Repayment Date for such Swing
Line Loan. 
 Section 3.02 Interest. 
 (a) ABR Loans. The Loans comprising each ABR Borrowing (including each Swing Line Loan) shall bear interest at the Alternate Base Rate plus the Applicable Margin, but in no event to exceed the
Highest Lawful Rate. 
 (b) Eurodollar Loans. 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 Margin, but in no event to exceed the Highest Lawful Rate. 
 (c) Post-Default. Notwithstanding the foregoing, if an Event of Default under Sections 10.01(a) or (b) has occurred and is continuing, then all Loans outstanding shall bear interest, after as
well as before judgment, at a rate per annum equal to two percent (2%) plus the then applicable rate of interest accruing on the Loans as provided in Sections 3.02(a) and (b), but in no event to exceed the Highest Lawful Rate. 

(d) Interest Payment Dates. Accrued interest on each Loan (other than Swing Line Loans) shall be payable in arrears on each
Interest Payment Date for such Loan and on the Maturity Date; provided that (i) interest accrued pursuant to Section 3.02(c) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than an
optional prepayment of an ABR Loan prior to the Maturity Date), 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 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) Interest Rate Computations. All interest hereunder shall be computed on the basis of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, in which case interest
shall be computed on the basis of a year of 365 days (or 366 days in a leap year), except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis
of a year of 365 days (or 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 or LIBO Rate
shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error, and be binding upon the parties hereto. 
 Section 3.03 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO
Rate for such Interest Period; or 

  
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 (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate
or LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Borrowers and the Lenders by telephone or telecopy 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 to, or continuation of
any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 

Section 3.04 Prepayments. 
 (a) Optional Prepayments. The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with
Section 3.04(b). 
 (b) Notice and Terms of Optional Prepayment. The Borrowers shall notify the Administrative Agent
by telephone (confirmed by delivery of a notice of prepayment in the form of Exhibit B-3 hereto (“Notice of Prepayment”) executed by a Responsible Officer) of any prepayment hereunder (i) in the case of prepayment of a
Eurodollar Borrowing, not later than 12:00 noon, Houston, Texas time, three Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not later than 12:00 noon, Houston, Texas time, one Business Day
before 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 whether the prepayment is to be applied to Swing Line Loans or
the other Loans; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.06(b), then such notice of prepayment may be revoked if such notice
of termination is revoked in accordance with Section 2.06(b), but the Borrowers shall be responsible for any break funding payments pursuant to Section 5.02. Promptly following receipt of any such notice relating to a Borrowing, the
Administrative Agent shall advise the applicable Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of a Borrowing of the same Type as provided in Section 2.03.
Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 3.02. 

(c) Mandatory Prepayments. 
 (i) After giving effect to any termination or reduction of the Commitments pursuant to Section 2.06(b) or 2.06(c), the Borrowers shall (A) prepay the Borrowings on the date of such termination
or reduction in an aggregate principal amount equal to the difference between the new Commitments and the total Credit Exposure, and (B) if any excess remains after prepaying all of the Borrowings as a result of an LC Exposure, pay to the
Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in Section 2.08(j). 
 (ii) In connection with a Casualty Event, if after such Casualty Event (x) the fair market value of the Vessel Collateral is less than two hundred percent (200%) of the outstanding Credit
Exposures of all Lenders and (y) the Borrowers shall not substitute any Vessel Collateral involved in any Casualty Event with one or more Vessels of equivalent or greater comparable value so that the value of the Vessel Collateral is equal to
or greater than two hundred percent 

  
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(200%) of the outstanding Credit Exposures of all Lenders within sixty (60) days of such Casualty Event, or if prior to the beginning of, or prior to the expiration of, such 60-day period an
Event of Default has occurred and is continuing, then the Borrowers shall prepay the Loans with the insurance proceeds from such Casualty Event or in the alternative, the Administrative Agent will apply such insurance proceeds as a mandatory
prepayment. 
 (iii) Each prepayment of Borrowings pursuant to this Section 3.04(c) shall be applied, first,
ratably to any ABR Borrowings then outstanding, and, second, to any Eurodollar Borrowings then outstanding, and if more than one Eurodollar Borrowing is then outstanding, to each such Eurodollar Borrowing in order of priority beginning with the
Eurodollar Borrowing with the least number of days remaining in the Interest Period applicable thereto and ending with the Eurodollar Borrowing with the most number of days remaining in the Interest Period applicable thereto. 

(iv) Each prepayment of Borrowings pursuant to this Section 3.04(c) shall be applied ratably to the Loans included in
the prepaid Borrowings. Prepayments pursuant to this Section 3.04(c) shall be accompanied by accrued interest to the extent required by Section 3.02. 
 (v) Each prepayment of Borrowings pursuant to this Section 3.04(c) shall be accompanied by a Notice of Prepayment executed by a Responsible Officer of the Borrowers detailing the reason for such
prepayment as reasonably requested by the Administrative Agent. 
 (d) No Premium or Penalty. Prepayments permitted or
required under this Section 3.04 shall be without premium or penalty, except as required under Section 5.02. 

Section 3.05 Fees. 
 (a) Commitment Fees. The Borrowers agree to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the applicable Commitment Fee Rate on the average
daily amount of the unused amount of the Commitment of such Lender (after deducting all outstanding Loans and LC Exposure, but excluding Swing Line Loans) during the period from and including the Effective Date to but excluding the Maturity Date.
Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the Maturity Date, 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, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). 
 (b) Letter of Credit Fees. The Borrowers agree to
pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to
Eurodollar Loans 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 Commitment terminates and the date on which such Lender ceases to have any LC Exposure, (ii) to the Issuing Lender a fronting fee, which shall equal 0.125% per annum on the face amount of each Letter of
Credit, payable in advance at the time of issuance, provided that in no event shall such fee be less than $750, and (iii) to the Issuing Lender, for its own account, its standard fees with respect to the issuance, amendment, renewal or
extension of any Letter of Credit or processing of drawings thereunder. Participation fees accrued through and including the last day of March, June, September and December of each year shall be

  
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payable on such last day, commencing on the first such date to occur after the date of this Agreement; provided that all such fees shall be payable on the Maturity Date and any such fees accruing
after the Maturity Date shall be payable on demand. Any other fees payable to the Issuing Lender pursuant to this Section 3.05(b) shall be payable within ten (10) days after demand. All participation fees shall be computed on the basis of
a year of 360 days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). 
 (c) Administrative Agent Fees. The Borrowers agree to pay to the
Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrowers and the Administrative Agent. 
 (d) Defaulting Lender Fees. The Borrowers shall not be obligated to pay the Administrative Agent and the Administrative Agent shall not be required to pay any Defaulting Lender’s ratable share
of the fees described in Section 3.05(a) and (b) for the period commencing on the day such Defaulting Lender becomes a Defaulting Lender and continuing for so long as such Lender continues to be a Defaulting Lender. 

ARTICLE IV 

Payments; Pro Rata Treatment; Sharing of Set-offs 
 Section 4.01 Payments; Pro Rata Treatment; Sharing of Set-offs. 
 (a)
Payments by the Borrowers. The Borrowers shall make each payment required to be made by them hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 5.01,
Section 5.02, Section 5.03 or otherwise) prior to 11:00 a.m., Houston, Texas time, on the date when due, in immediately available funds, without defense, deduction, recoupment, set-off or counterclaim. Fees, once paid, shall be fully
earned and shall not be refundable under any circumstances. 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 at its offices specified in Section 12.01, except payments to be made directly to the Issuing Lender or the Swing Line Lender as expressly provided herein
and except that payments pursuant to Section 5.01, Section 5.02, Section 5.03 and Section 12.03 shall be made directly to the Persons entitled thereto. 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. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment 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. All payments hereunder shall be made in dollars. 
 (b) Application of Insufficient Payments. 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. 

  
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 (c) Sharing of Payments by Lenders. 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 Loans or participations in LC Disbursements and participation in Swing Line Loans resulting in such Lender receiving payment of a greater
proportion of the aggregate amount of its Loans and participations in LC Disbursements or participation in Swing Line 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 Loans and participations in LC Disbursements and participation in Swing Line 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 Loans and participations in LC Disbursements and participation in Swing Line 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 Section 4.01(c) shall not be construed to apply to any payment made by the Borrowers 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 or participation in Swing Line Loans to any assignee or participant, other than to the Borrowers or any Subsidiary or Affiliate thereof (as to which
the provisions of this Section 4.01(c) shall apply). The Borrowers consent to the foregoing and agree, to the extent they may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrowers rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrowers in the amount of such participation. 

Section 4.02 Presumption of Payment by the Borrowers. Unless the Administrative Agent shall have received notice from the Borrowers
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lender or the Swing Line Lender that the Borrowers will not make such payment, the Administrative Agent may assume that the
Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lender or the Swing Line Lender, as the case may be, the amount due. In such event, if the
Borrowers have not in fact made such payment, then each of the Lenders or the Issuing Lender or the Swing Line Lender, 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 Lender or the Swing Line Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 Section 4.03 Certain Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(a), Section 2.08(d),
Section 2.08(e), Section 2.09(c) or Section 4.02 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. If at any time prior to the acceleration or maturity of the Loans, the Administrative Agent shall receive any payment
in respect of principal of a Loan or a reimbursement of an LC Disbursement while one or more Defaulting Lenders shall be party to this Agreement, the Administrative Agent shall apply such payment first to the Borrowing(s) for which such Defaulting
Lender(s) shall have failed to fund its pro rata share until such time as such Borrowing(s) are paid in full or each Lender (including each Defaulting Lender) is owed its Applicable Percentage of all Loans then outstanding. After acceleration or
maturity of the Loans, all principal will be paid ratably as provided in Section 10.02(c). 

  
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 ARTICLE V 
 Increased Costs; Break Funding Payments; Taxes; Illegality 
 Section 5.01
Increased Costs. 
 (a) Eurodollar Changes 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); 
 (ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection
Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(iii) impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans
made by such Lender; 
 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 of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender (whether of principal, interest or otherwise), then the Borrowers will pay to such Lender such
additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 
 (b)
Capital Requirements. If any Lender, the Swing Line Lender or the Issuing Lender determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s, Swing Line
Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s, the Swing Line Lender’s or the Issuing Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations
in Letters of Credit and Swing Line Loans held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which such Lender, the Swing Line Lender or the Issuing Lender or such Lender’s, the Swing Line
Lender’s or the Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s, the Swing Line Lender’s or the Issuing Lender’s policies and the policies of such
Lender’s, the Swing Line Lender’s or the Issuing Lender’s holding company with respect to capital adequacy), then from time to time the Borrowers will pay to such Lender, the Swing Line Lender or the Issuing Lender, as the case may
be, such additional amount or amounts as will compensate such Lender, the Swing Line Lender or the Issuing Lender or such Lender’s, the Swing Line Lender’s or the Issuing Lender’s holding company for any such reduction suffered.

 (c) Certificates. A certificate of a Lender, the Swing Line Lender or the Issuing Lender setting forth the amount or
amounts necessary to compensate such Lender, the Swing Line Lender or the Issuing Lender or its holding company, as the case may be, as specified in Section 5.01(a) or (b) shall be delivered to the Borrowers and shall be conclusive absent
manifest error. The Borrowers shall pay such Lender, the Swing Line Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

(d) Effect of Failure or Delay in Requesting Compensation. Failure or delay on the part of any Lenders, the Swing Line Lender or
the Issuing Lender to demand compensation pursuant to this Section 5.01 shall not constitute a waiver of such Lender’s, the Swing Line Lender’s or the Issuing Lender’s right to demand such compensation; provided that the
Borrowers shall not be 

  
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required to compensate a Lender, the Swing Line Lender or the Issuing Lender pursuant to this Section 5.01 for any increased costs or reductions incurred more than 180 days prior to the date
that such Lender, the Swing Line Lender or the Issuing Lender, as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s, the Swing Line Lender’s or the Issuing
Lender’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. 
 Section 5.02 Break Funding Payments. In the event of (a) the payment of any
principal of any Eurodollar 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 into an ABR Loan other than on the last day of the
Interest Period applicable thereto, or (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto, then, in any such event, the Borrowers shall compensate each Lender
requesting a reimbursement for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, 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 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 dollar deposits of a comparable amount and period from other banks in the eurodollar market. 

A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 5.02 shall be
delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

Section 5.03 Taxes. 
 (a) Issuing Lender. For the purposes of this Section 5.03, the term “Lender” includes any Issuing Lender. 
 (b) Payments Free of Taxes. Any and all payments by or on account of any obligation of a Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as
required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable
Withholding Agent 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, then
the sum payable by such Borrower 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) the applicable Recipient
receives an amount equal to the sum it would have received had no such deduction or withholding been made. 
 (c) Payment of
Other Taxes by the Borrowers. The Borrowers shall pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of any Other Taxes. 

  
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 (d) Indemnification by the Borrowers. The Borrowers shall indemnify the
Administrative Agent, each Lender, the Swing Line Lender and the Issuing Lender, within ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender, the
Swing Line Lender or the Issuing Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrowers hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section 5.03) 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 of the Administrative Agent, a Lender, the Swing Line Lender or the Issuing Lender as to the amount of such payment or liability under this Section 5.03 shall be delivered to the Borrowers and
shall be conclusive absent manifest error. 
 (e) Indemnification by the Lenders. Each Lender shall severally indemnify
the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrowers have not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.04(f) relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative 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 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) Evidence of Payments. Upon request by
the Administrative Agent, the Borrowers shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing any payment of Indemnified Taxes by the Borrowers or the Parent
Guarantor to a Governmental Authority, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (g) Foreign Lenders. 
 (i) Any Lender that is entitled to an
exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative Agent,
such properly completed and executed documentation reasonably requested by the Borrowers or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if
reasonably requested by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the
Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of
such documentation (other than such documentation set forth in Section 5.03(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such
Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

  
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 (ii) Without limiting the generality of the foregoing: 

(A) any Lender that is a U.S. Person shall deliver to the Borrowers and the Administrative Agent on or prior to the date on which such
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal
backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers
and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request
of the Borrowers or the Administrative Agent), whichever of the following is applicable: 
 (1) in the case of a Foreign Lender
claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN 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 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; 
 (2)
executed originals of IRS Form W-8ECI; 
 (3) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a
“10 percent shareholder” of a Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed originals of IRS Form W-8BEN; or 
 (4) to the extent a Foreign Lender is not the
beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-2 or Exhibit I-3, IRS Form W-9, and/or other certification documents
from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S.
Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf of each such direct and indirect partner. 
 (C)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), executed 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 Borrowers or the Administrative Agent to determine the withholding or deduction
required to be made; and 

  
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 (D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 Each Lender 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 Borrowers and the Administrative Agent in writing of its legal inability to do so 

(h) Treatment of Certain Refunds. 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 5.03 (including by the payment of additional amounts pursuant to this Section 5.03), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section 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 (h) (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
(h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) 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. 
 (i)
Survival. Each party’s obligations under this Section 5.03 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments
and the repayment, satisfaction or discharge of all obligations under any Loan Document 
 Section 5.04 Mitigation
Obligations. If any Lender requests compensation under Section 5.01, or if the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.03, 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 5.01 or Section 5.03, 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. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

Section 5.05 Illegality. Notwithstanding any other provision of this Agreement, in the event that it becomes unlawful for any
Lender or its applicable lending office to honor its obligation to make or 

  
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maintain Eurodollar Loans either generally or having a particular Interest Period hereunder, then (a) such Lender shall promptly notify the Borrowers and the Administrative Agent thereof and
such Lender’s obligation to make such Eurodollar Loans shall be suspended (the “Affected Loans”) until such time as such Lender may again make and maintain such Eurodollar Loans and (b) all Affected Loans which would
otherwise be made by such Lender shall be made instead as ABR Loans (and, if such Lender so requests by notice to the Borrowers and the Administrative Agent, all Affected Loans of such Lender then outstanding shall be automatically converted into
ABR Loans on the date specified by such Lender in such notice) and, to the extent that Affected Loans are so made as (or converted into) ABR Loans, all payments of principal which would otherwise be applied to such Lender’s Affected Loans shall
be applied instead to its ABR Loans. 
 ARTICLE VI 
 Conditions Precedent 
 Section 6.01 Effective Date. The obligations
of the Lenders to make Loans, the Swing Line Lender to make Swing Line Loans and of the Issuing Lender to issue Letters of Credit hereunder and the termination of the Existing Credit Agreement and the reallocation of Commitments referred to in
Section 2.01 shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02 or the last paragraph of this Section 6.01): 

(a) The Administrative Agent, the Arranger and the Lenders shall have received all commitment, facility and agency fees and all other fees
and amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrowers hereunder. 

(b) The Administrative Agent shall have received a certificate of the secretary or an assistant secretary of each Borrower and each
Guarantor setting forth (i) resolutions of its board of directors, members or partners with respect to the authorization of each Borrower or such Guarantor to execute and deliver the Loan Documents to which it is a party and to enter into the
transactions contemplated in those documents, (ii) the officers of each Borrower or such Guarantor (y) who are authorized to sign the Loan Documents to which such Borrower or such Guarantor is a party and (z) who will, until replaced
by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this Agreement and the transactions contemplated hereby,
(iii) specimen signatures of such authorized officers, and (iv) the Organizational Documents of the Borrowers and such Guarantor, certified as being true and complete. The Administrative Agent and the Lenders may conclusively rely on such
certificate until the Administrative Agent receives notice in writing from each Borrower to the contrary. 
 (c) The
Administrative Agent shall have received certificates of the appropriate state agencies with respect to the existence, qualification and good standing of each Borrower and each Guarantor. 

(d) The Administrative Agent shall have received a closing certificate which shall be substantially in the form of Exhibit D, duly
and properly executed by a Responsible Officer and dated as of the Effective Date. 
 (e) The Administrative Agent shall have
received from each party hereto counterparts (in such number as may be requested by the Administrative Agent) of this Agreement signed on behalf of such party. 

  
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 (f) The Administrative Agent shall have received duly executed Notes payable to each Lender
that has requested a Note in a principal amount equal to its respective Commitment dated as of the date hereof. 
 (g) The
Administrative Agent shall have received from each party thereto duly executed counterparts (in such number as may be requested by the Administrative Agent) of the Security Instruments and amendments to the Fleet Mortgage. In connection with the
execution and delivery of the Security Instruments, the Administrative Agent shall be satisfied that the Security Instruments create first priority, perfected Liens (A) subject only to Excepted Liens identified in clauses (a) to
(c) of Section 9.03 on the Vessel Collateral and (B) subject only to Excepted Liens identified in clauses (a) and (b) of Section 9.03 on the Deposit Accounts. 

(h) The Administrative Agent shall have received an opinion of Winstead PC, special counsel to the Parent Guarantor, the Borrowers and the
Guarantors, substantially in the form of Exhibit E hereto. 
 (i) The Administrative Agent shall have received a
certificate of insurance coverage of the Borrowers evidencing that the Borrowers and the Subsidiaries are carrying insurance in accordance with Section 7.13. 
 (j) The Administrative Agent shall have received appropriate UCC or other relevant search certificates reflecting no prior Liens encumbering the Vessel Collateral for each of the following jurisdictions:
Delaware, Louisiana and any other jurisdiction requested by the Administrative Agent; other than those being released prior to the Effective Date or Liens permitted by Section 9.03. 

(k) The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrowers certifying that the Borrowers
have received all consents and approvals required by Section 7.03. 
 (l) The Administrative Agent shall have received a
solvency certificate from a Responsible Officer of the Borrowers, in form and substance reasonably satisfactory to the Administrative Agent, confirming the solvency of the Borrowers and the Guarantors, taken as a whole, after giving effect to those
aspects of the Transactions applicable at the Effective Date. 
 (m) The Administrative Agent shall have received, reviewed and
been satisfied with, the title information as the Administrative Agent may reasonably require satisfactory to the Administrative Agent setting forth the status of title to the Vessel Collateral. 

(n) The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative
Agent may reasonably request. 
 The Administrative Agent shall notify the Borrowers and the Lenders of the Effective Date, and
such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Lender to issue Letters of Credit hereunder shall not become effective unless all of the foregoing conditions
are satisfied (or waived pursuant to Section 12.02 or deemed waived and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time); provided that upon the funding of the initial Loans hereunder,
the foregoing conditions in this Section 6.01 shall be deemed satisfied unless otherwise specified in writing by the Administrative Agent. 

  
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 Section 6.02 Each Credit Event. The obligation of each Lender to make a Loan on the
occasion of any Borrowing (including the initial funding), the Swing Line Lender to make a Swing Line Loan and of the Issuing Lender to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

 (a) At the time of and immediately after giving effect to such Borrowing, Swing Line Loan or the issuance, amendment, renewal
or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing and the fair market value of the Vessel Collateral is equal to or in excess of two hundred percent (200%) of the outstanding Credit Exposures
of all Lenders taking into account the increase of Credit Exposures requested based on the most recent Appraisal. 
 (b) At the
time of and immediately after giving effect to such Borrowing, Swing Line Loan or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no event, development or circumstance has occurred or shall then exist that has
resulted in, or could reasonably be expected to have, a Material Adverse Effect. 
 (c) The representations and warranties of the
Borrowers and the Guarantors set forth in this Agreement and in the other Loan Documents shall be true and correct on and as of the date of such Borrowing, Swing Line Loan or the date of issuance, amendment, renewal or extension of such Letter of
Credit, as applicable, except to the extent any such representations and warranties are expressly limited to an earlier date. 

(d) The making of such Loan or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, would not cause any
Lender or the Issuing Lender to violate or exceed any applicable Governmental Requirement, and no Change in Law shall have occurred, and no litigation shall be pending or threatened, which does or, with respect to any threatened litigation, seeks
to, enjoin, prohibit or restrain, the making or repayment of any Loan, the issuance, amendment, renewal, extension or repayment of any Letter of Credit or any participations therein or the consummation of the Transactions as contemplated by this
Agreement or any other Loan Document. 
 (e) The receipt by the Administrative Agent of a Borrowing Request in accordance with
Section 2.03, a Swing Line Loan Notice in accordance with Section 2.09(b), or a request for a Letter of Credit in accordance with Section 2.08(b), as applicable. 
 (f) In the event that the Equity Interests of the Foreign Subsidiaries of the Parent Guarantor that would otherwise be Guarantors pursuant to Section 8.15(c) become included in the Security
Instruments, the Administrative Agent shall have received certificates, if any, together with undated, blank stock or membership interest powers for each such certificate, representing 65% of such issued and outstanding Equity Interests. 

Each request for a Borrowing or a Swing Line Loan and each request for the issuance, amendment, renewal or extension of any Letter of
Credit shall be deemed to constitute a representation and warranty by the Borrowers on the date thereof as to the matters specified in Section 6.02(a) through (f). 
 ARTICLE VII 
 Representations and Warranties 

The Parent Guarantor and the Borrowers jointly and severally represent and warrant to the Administrative Agent and each Lender that: 

  
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 Section 7.01 Organization; Powers. Each of the Parent Guarantor, the Borrowers and
each Subsidiary is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite corporate or limited liability company power and authority, and has all material governmental
licenses, authorizations, consents and approvals necessary, to own its Property and to carry on its business as now conducted, and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required,
except where failure to have such power, authority, licenses, authorizations, consents, approvals and qualifications could not reasonably be expected to have a Material Adverse Effect. 

Section 7.02 Authority; Enforceability. The Transactions are within the Borrowers’ and each Guarantor’s limited
liability company, corporate or partnership powers and have been duly authorized by all necessary limited liability company or corporate and, if required, member, or shareholder action. Each Loan Document to which a Borrower or a Guarantor is a
party has been duly executed and delivered by such Borrower or such Guarantor and constitutes a legal, valid and binding obligation of such Borrower and such Guarantor, as applicable, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium 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 7.03 Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing
with, or any other action by, any Governmental Authority or any other third Person (including members, partners or shareholders of the Borrowers, the Guarantors or any other Person), nor is any such consent, approval, registration, filing or other
action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except such as have been obtained or made and are in full force and effect other than the recording and filing of
the Security Instruments as required thereby or by this Agreement, (b) will not violate any applicable law or regulation or the Organizational Documents of the Borrowers, the Guarantors or any Subsidiary or any order of any Governmental
Authority, (c) will not violate or result in a default under any material indenture, agreement or other instrument binding upon the Parent Guarantor, the Borrowers or any Subsidiary or its Properties, or give rise to a right thereunder to
require any material payment to be made by the Borrowers or such Subsidiary and (d) will not result in the creation or imposition of any Lien on any Property of the Parent Guarantor, the Borrowers or any Subsidiary (other than the Liens created
by the Loan Documents). 
 Section 7.04 Financial Projections; No Material Adverse Change. 

(a) The Parent Guarantor has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders
equity and cash flows (i) as of and for the fiscal year ended December 31, 2010, reported on by Ernst & Young LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year
ended September 30, 2011, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Parent Guarantor and its Consolidated
Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of certain footnotes in the case of the unaudited quarterly financial statements. 

(b) Since December 31, 2010 there has been no event, development or circumstance that has had or could reasonably be expected to have
a Material Adverse Effect. 
 (c) None of the Parent Guarantor, the Borrowers or any Subsidiary has any material Funded Debt or
any contingent liabilities, off-balance sheet liabilities or partnerships, 

  
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liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments, except for those arising with respect to the Transactions,
those arising under the Indentures and those included or otherwise disclosed in the financial statements or other written materials delivered to the Administrative Agent. 
 Section 7.05 Litigation. 
 (a) Except as set forth on Schedule 7.05, there
are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Parent Guarantor and each Borrower, threatened against or affecting the Parent Guarantor, the
Borrowers or any Subsidiary or any of their Properties (i) as to which there is a reasonable possibility of an adverse determination that could reasonably be expected to have a Material Adverse Effect, or (ii) that involve any Loan
Document or the Transactions. 
 (b) Since the date of this Agreement, there has been no change in the status of the matters
disclosed in Schedule 7.05 that has resulted in, or could reasonably be expected to have, Material Adverse Effect. 
 Section
7.06 Environmental Matters. Except as could not be reasonably expected to have a Material Adverse Effect (or with respect to (c), (d) and (e) below, where the failure to take such actions could not be reasonably expected to have a
Material Adverse Effect): 
 (a) Neither any Property of the Parent Guarantor, the Borrowers or any Subsidiary nor the operations
conducted thereon violate any Environmental Laws. 
 (b) Neither any Property of the Parent Guarantor, the Borrowers or any
Subsidiary nor the operations conducted thereon or, to the knowledge of the Parent Guarantor and each Borrower, by any prior owner or operator of such Property or operation, are subject to any existing, pending or threatened action, suit,
investigation, inquiry or proceeding by or before any court or Governmental Authority or to any remedial obligations under Environmental Laws. 
 (c) All notices, permits, licenses, exemptions, approvals or similar authorizations, if any, required to be obtained or filed in connection with the operation or use of any and all Property of the Parent
Guarantor, the Borrowers and each Subsidiary, including, without limitation, past or present treatment, storage, disposal or release of a Hazardous Material into the environment, have been duly obtained or filed, and the Parent Guarantor, the
Borrowers and each Subsidiary are in compliance with the terms and conditions of all such notices, permits, licenses and similar authorizations. 
 (d) All Hazardous Material, if any, generated at any and all Property of the Parent Guarantor and each Borrower or any Subsidiary by any such Person, and to the knowledge of the Parent Guarantor and the
Borrowers, by any other Person, has in the past been transported, treated and disposed of in accordance with Environmental Laws and so as not to pose an imminent and substantial endangerment to public health or welfare or the environment, and, to
the knowledge of the Parent Guarantor and each Borrower, all such transport carriers and treatment and disposal facilities have been and are operating in compliance with Environmental Laws and so as not to pose an imminent and substantial
endangerment to public health or welfare or the environment, and are not the subject of any existing, pending or threatened action, investigation or inquiry by any Governmental Authority pursuant to any Environmental Laws. 

(e) Neither the Borrowers nor the Parent Guarantor has any knowledge that any Hazardous Materials are now located on or in the Vessels, or
that any other Person has ever caused or permitted any Hazardous Materials to be placed, held, located or disposed of on, the Vessels or any part thereof, except for such Hazardous Materials that may have been placed, held, or located on the Vessels
in accordance with and otherwise not in violation of Environmental Laws. 

  
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 (f) To the extent applicable under OPA, all Property of the Parent Guarantor, the Borrowers
and each Subsidiary currently satisfies all requirements imposed by OPA and, except as set forth on Schedule 7.06(f), the Parent Guarantor and each Borrower does not have any reason to believe that such Property, to the extent subject to OPA, will
not be able to maintain compliance with OPA requirements during the term of this Agreement. 
 (g) To the knowledge of the Parent
Guarantor and the Borrowers, there has been no exposure of any Person or Property to any Hazardous Materials in connection with any Property or operation of the Borrowers or any Subsidiary that could reasonably be expected to form the basis of a
claim for damages or compensation. 
 Section 7.07 Compliance with the Laws and Agreements; No Defaults. 

(a) The Parent Guarantor, the Borrowers and each Subsidiary is in compliance with all Governmental Requirements applicable to it or its
Property and all agreements and other instruments binding upon 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, and possesses all
licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. 
 (b) Neither the Parent Guarantor, the Borrowers nor any
Subsidiary is in default nor has any event or circumstance occurred which, but for the expiration of any applicable grace period or the giving of notice, or both, would constitute a default under, or would require the Parent Guarantor, the Borrowers
or a Subsidiary to Redeem or make any offer to Redeem under any indenture, note, credit agreement or instrument pursuant to which any Material Indebtedness is outstanding or by which the Parent Guarantor, the Borrowers or any Subsidiary or any of
their Properties is bound. 
 (c) No Default has occurred and is continuing. 

Section 7.08 Investment Company Act. Neither the Parent Guarantor nor any Subsidiary is an “investment company”
or a company “controlled” by an “investment company,” within the meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended. 

Section 7.09 Reserved. 
 Section 7.10 Taxes. Each of the Parent Guarantor, the Borrowers and the Subsidiaries has timely filed (including any available extension) 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 that are being contested in good faith by appropriate proceedings and for which the Parent Guarantor, a Borrower or such a
Subsidiary, as applicable, has set aside on its books adequate accruals in accordance with GAAP (to the extent such accrual may be set up under GAAP) or (b) to the extent that the failure to do so could not reasonably be expected to result in a
Material Adverse Effect. The charges and accruals on the books of the Parent Guarantor, the Borrowers and the Subsidiaries in respect of Taxes and other governmental charges are, in the reasonable opinion of the Borrowers, adequate. 

  
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 Section 7.11 ERISA. 

(a) The Parent Guarantor, the Borrowers, the Subsidiaries and each ERISA Affiliate have complied in all material respects with ERISA and,
where applicable, the Code regarding each Plan. 
 (b) Each Plan is, and has been, maintained in substantial compliance with
ERISA and, where applicable, the Code. 
 (c) No act, omission or transaction has occurred which could result in imposition on
the Parent Guarantor, the Borrowers, any Subsidiary or any ERISA Affiliate (whether directly or indirectly) of (i) either a material civil penalty assessed pursuant to subsections (c), (i), (l) or (m) of section 502 of ERISA or a tax
imposed pursuant to Chapter 43 of Subtitle D of the Code or (ii) material breach of fiduciary duty liability damages under section 409 of ERISA. 
 (d) No Plan (other than a defined contribution plan) or any trust created under any such Plan has been terminated since September 2, 1974. No liability to the PBGC (other than for the payment of
current premiums which are not past due) by the Parent Guarantor, the Borrowers, any Subsidiary or any ERISA Affiliate has been or is expected by the Parent Guarantor, the Borrowers, any Subsidiary or any ERISA Affiliate to be incurred with respect
to any Plan. No ERISA Event has occurred or is reasonably expected to occur. 
 (e) Full payment when due has been made of all
material amounts which the Parent Guarantor, the Borrowers, the Subsidiaries or any ERISA Affiliate is required under the terms of each Plan or applicable law to have been paid as contributions to such Plan, and no waived funding deficiency (as
defined in section 302 of ERISA and section 412 of the Code), which could reasonably be expected to have a Material Adverse Effect, exists with respect to any Plan. The actuarial present value of the benefit liabilities under each Plan which is
subject to Title IV of ERISA does not, as of the end of the Parent Guarantor’s most recently ended fiscal year, exceed the current value of the assets (computed on a plan termination basis in accordance with Title IV of ERISA) of such Plan
allocable to such benefit liabilities by a material amount, and the sum of such excesses for all such Plans is not material. The term “actuarial present value of the benefit liabilities” shall have the meaning specified in section 4041 of
ERISA. 
 (f) None of the Parent Guarantor, the Borrowers, the Subsidiaries or any ERISA Affiliate sponsors, maintains, or
contributes to an employee welfare benefit plan, as defined in section 3(1) of ERISA, including, without limitation, any such plan maintained to provide benefits to former employees of such entities, that may not be terminated by the Parent
Guarantor, the Borrowers, any Subsidiary or any ERISA Affiliate in its sole discretion at any time without any material liability. 
 (g) None of the Parent Guarantor, the Borrowers, the Subsidiaries or any ERISA Affiliate is required to contribute to, or has any other absolute or contingent liability in respect of, any Multiemployer
Plan that, when taken together with all other such contribution obligations and liabilities, has resulted in, or could reasonably be expected to have, a Material Adverse Effect. 

Section 7.12 Disclosure; No Material Misstatements. The Parent Guarantor and the Borrowers have disclosed to the Administrative
Agents all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to them, that, individually or in the aggregate, could reasonably be expected to result in a
Material Adverse Effect. None of the reports, financial statements, certificates or other oral or written information furnished by the 

  
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Parent Guarantor, the Borrowers or any Subsidiary to the Administrative Agent or any of its Affiliates in connection with the negotiation of this Agreement or any other Loan Document or delivered
hereunder or under any other Loan Document (as modified or supplemented by other information so furnished) when considered 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 misleading. 
 Section 7.13 Insurance. The
Parent Guarantor has, and has caused the Borrowers and all of its Subsidiaries to have, (a) all insurance policies sufficient for the compliance by each of them with all material Governmental Requirements, all material agreements and all other
Loan Documents and (b) insurance coverage in at least amounts and against such risk (including, without limitation, public liability) that are reasonably consistent with other companies in the industry performing the same or a similar business
for the assets and operations of the Borrowers and its Subsidiaries but at minimum as required by the Loan Documents. The Administrative Agent and the Lenders have been named in a manner such that they are afforded the stature of additional insureds
in respect of such liability insurance policies and the Administrative Agent has been named as loss payee with respect to Vessel Collateral loss insurance. 
 Section 7.14 Restriction on Liens. Except as permitted by Section 9.16, neither the Parent Guarantor nor any of the Subsidiaries is a party to any material agreement or arrangement, or subject
to any order, judgment, writ or decree, which either restricts or purports to restrict its ability to grant Liens to the Administrative Agent for the benefit of the Lenders on or in respect of the Vessel Collateral or their other vessels to secure
the Indebtedness and the Loan Documents. 
 Section 7.15 Subsidiaries. Except as set forth on Schedule 7.15 or as
disclosed in writing to the Administrative Agent (which shall promptly furnish a copy to the Lenders), which shall be a supplement to Schedule 7.15, the Parent Guarantor has no Subsidiaries. The owner and percentage of ownership of each Subsidiary
is set forth on such schedule. 
 Section 7.16 Location of Business and Offices. The Parent Guarantor’s, the
Borrowers’ and each Subsidiary’s jurisdiction of organization, name as listed in the public records of its jurisdiction of organization, organizational identification number in its jurisdiction of organization, and the location of its
principal place of business and chief executive office is stated on Schedule 7.15 (or as set forth in a notice delivered pursuant to Section 8.12(b)). 
 Section 7.17 Properties; Titles, Etc. 
 (a) Each of the Borrowers has good
title to all of the Vessel Collateral, free and clear of all Liens except Liens permitted by clauses (a) through (c) of Section 9.03. 
 (b) Except as set forth in Schedule 7.17, all of the material Properties of the Parent Guarantor, the Borrowers and the Subsidiaries which are reasonably necessary for the operation of their businesses
are in good working condition, ordinary wear and tear excepted, and are maintained in accordance with reasonable commercial business standards, except where such condition or maintenance could not reasonably be expected to have a Material Adverse
Effect. 
 (c) The Parent Guarantor, the Borrowers and each Subsidiary owns, or is licensed to use, all trademarks, tradenames,
copyrights, patents and other intellectual Property material to its business, and the use thereof by the Parent Guarantor, the Borrowers and such Subsidiary does not infringe upon the rights of any other Person, except for any such infringements
that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Parent Guarantor, 

  
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the Borrowers and the Subsidiaries either own or have valid licenses or other rights to use all databases, and other technical information used in their businesses as presently conducted, subject
to the limitations contained in the agreements governing the use of the same, which limitations are customary for companies engaged in its line of business, with such exceptions as could not reasonably be expected to have a Material Adverse Effect.

 Section 7.18 Reserved. 
 Section 7.19 Swap Agreements. As of the Effective Date, Schedule 7.19 sets forth a true and complete list of all Swap Agreements of the Borrowers and each Subsidiary, the material terms thereof
(including the type, term, effective date, termination date and notional amounts or volumes), the net mark to market value thereof, all credit support agreements relating thereto (including any margin required or supplied) and the counterparty to
each such agreement. 
 Section 7.20 Use of Proceeds. The proceeds of the Loans and the Letters of Credit shall be used
for working capital and general corporate purposes of the Parent Guarantor, the Borrowers, and each Subsidiary, including the refinancing of the Existing Credit Agreement, capital expenditures (including vessel construction or conversions and
acquisitions). The Parent Guarantor, the Borrowers and each Subsidiary are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of
buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of the Loans will be used for any purpose which violates the provisions of Regulations T, U or X of the Board. 

Section 7.21 Solvency. After giving effect to the Transactions contemplated hereby that had been effected through the date of
determination, (a) the aggregate assets (after giving effect to amounts that could reasonably be received by reason of indemnity, offset, insurance or any similar arrangement), at a fair valuation, of the Borrowers and the Guarantors, taken as
a whole, will exceed the aggregate Debt of the Borrowers and the Guarantors on a consolidated basis, as the Debt becomes absolute and matures, (b) each of the Borrowers and the Guarantors will not have incurred or intended to incur, and will
not believe that it will incur, Debt beyond its ability to pay such Debt (after taking into account the timing and amounts of cash to be received by each of the Borrowers and the Guarantors and the amounts to be payable on or in respect of its
liabilities, and giving effect to amounts that could reasonably be received by reason of indemnity, offset, insurance or any similar arrangement) as such Debt becomes absolute and matures and (c) each of the Borrowers and the Guarantors will
not have (and will have no reason to believe that it will have thereafter) unreasonably small capital for the conduct of its business. 
 ARTICLE VIII 
 Affirmative Covenants 

Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder and all
other amounts payable under the Loan Documents shall have been paid in full and all Letters of Credit have expired, terminated or been cash collateralized to the reasonable satisfaction of the Issuing Lender and all LC Disbursements shall have been
reimbursed, the Parent Guarantor and the Borrowers covenant and agree with the Administrative Agent and the Lenders on behalf of the Loan Parties that: 
 Section 8.01 Financial Statements and Reports. The Parent Guarantor and the Borrowers will promptly furnish, or cause to be furnished, to the Administrative Agent and each of the Lenders such
information regarding the business and affairs and financial condition of the Borrowers and the Parent Guarantor and the Subsidiaries as the Administrative Agent or the Required Lenders may reasonably request. Without limiting the generality of the
foregoing, the Parent Guarantor and the Borrowers will furnish or cause to be furnished to the Administrative Agent and each of the Lenders, each of the following: 

  
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 (a) The Parent Guarantor Annual Reports—as soon as available and in any event
within seven (7) Business Days following the required SEC filing date for the Form 10-K, the annual report on Form 10-K containing the audited consolidated balance sheet of the Parent Guarantor as of the end of such year, the audited
consolidated statement of income of the Parent Guarantor for such year, the audited consolidated statement of stockholders’ equity of the Parent Guarantor for such year, and the audited consolidated statement of cash flows of the Parent
Guarantor for such year (along with data for each business segment for such periods), setting forth in each case in comparative form the corresponding figures for the preceding fiscal year, accompanied by the unqualified audit opinions of
Ernst & Young LLP or another independent certified public accountant acceptable to the Required Lenders; 
 (b)
Subsidiaries Annual Reports—promptly upon the request of the Administrative Agent or the Required Lenders after April 30 in any year, the balance sheet of any Subsidiary (that is not a Borrower or a Guarantor Subsidiary) as of the
end of the most recently completed fiscal year, the statement of income of such Subsidiary for such year, the statement of owner’s equity of such Subsidiary for such year, and the statement of cash flows of such Subsidiary for such year,
setting forth in each case in comparative form the corresponding figures for the preceding fiscal year, certified as being true, correct and complete in all material respects by the chief financial officer of the Parent Guarantor; 

(c) The Parent Guarantor Quarterly Reports—as soon as available and in any event within seven (7) Business Days of the
required SEC filing date for the Form 10-Q, the quarterly report on Form 10-Q containing the consolidated balance sheet of the Parent Guarantor as of the end of such quarter, the consolidated statements of income of the Parent Guarantor for
such quarter and for the period from the beginning of the fiscal year through such quarter, and the consolidated statements of cash flows of the Parent Guarantor for the period from the beginning of the fiscal year through such quarter (along with
data for each business segment for such periods), setting forth in each case in comparative form the corresponding figures for the corresponding period of the preceding fiscal year, certified as being true, correct and complete in all material
respects by the chief financial officer of the Parent Guarantor; 
 (d) Audit Reports—promptly upon receipt thereof,
copies of each other audit report submitted to either Borrower or the Parent Guarantor by independent accountants in connection with any annual, interim or special audit made by them of the books of either Borrower or the Parent Guarantor; and

 (e) Budget—as soon as available and with the delivery of the annual report on Form 10-K required by
Section 8.01(a), the Parent Guarantor’s consolidated annual budget (including income statement, and capital expenditure budget) for such calendar year. 
 All such balance sheets and other reports referred to above shall be in such detail as the Administrative Agent or the Required Lenders may reasonably request and shall conform to GAAP applied on a
consistent basis, except only for such changes in accounting principles or practice with which the independent certified public accountants concur. 
 Section 8.02 Certificates of Compliance. (a) Concurrently with the furnishing of the annual financial statements pursuant to Section 8.01(a) hereof, the Parent Guarantor will furnish or
cause to be furnished to the Administrative Agent, for distribution to the Lenders, certificates from the independent 

  
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certified public accountants for the Parent Guarantor stating that in the ordinary course of their audit of the Parent Guarantor insofar as it relates to accounting matters, their audit has not
disclosed the existence of any condition which constitutes a Default, or if their audit has disclosed the existence of any such condition, specifying the nature, period of existence and status thereof; provided, that the independent certified public
accountants shall not be liable to the Administrative Agent or the Lenders for their failure to discover a Default. 
 (b)
Concurrently with the furnishing of the financial statements pursuant to Sections 8.01(a) and (c) hereof, the Parent Guarantor will furnish to Administrative Agent a certificate that there is no Default or Event of Default at such time and
a certificate in form and substance satisfactory to the Administrative Agent containing all information and calculations necessary for determining compliance with Sections 9.01(a), (b) and (c) or (d), as applicable, and for determining the
Applicable Margin, and the Parent Guarantor will deliver a certificate to Administrative Agent certifying that no Change in Control has occurred. 
 Section 8.03 Taxes and Other Liens. The Borrowers and the Guarantors will pay and discharge promptly when due all taxes, assessments and governmental charges or levies imposed upon the Borrowers or
any Guarantor or upon its income or upon any of its Property as well as all claims of any kind (including claims for labor, materials, supplies and rent) which, if unpaid, might become a Lien upon any or all of its Property; provided, that the
Borrowers and the Guarantors shall not be required to pay any such tax, assessment, charge, levy or claim if the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings diligently conducted and
if the contesting party shall have set up accruals therefor adequate under GAAP (provided that such accruals may be set up under GAAP). 
 Section 8.04 Existence; Compliance. Except as permitted by Section 9.06, each Borrower and each Guarantor will maintain its limited liability company or corporate existence and rights. The
Borrowers and the Guarantors will observe and comply with all valid laws, statutes, codes, acts, ordinances, orders, judgments, decrees, injunctions, rules, regulations, certificates, franchises, permits, licenses, authorizations, directions and
requirements of any Governmental Authority including Governmental Requirements and Environmental Laws, unless any such failure to observe and comply would not reasonably be expected to have a Material Adverse Effect. 

Section 8.05 Further Assurances. The Borrowers and the Guarantors will promptly (and in no event later than thirty (30) days
after written notice from the Administrative Agent is received) cure or cause to be cured any defects in the creation, execution and delivery of any of the Loan Documents. The Borrowers and the Guarantors will, at their expense, promptly (and in no
event later than thirty (30) days after written notice from the Administrative Agent is received) execute and deliver, or cause to be executed and delivered, to the Administrative Agent and the Lenders upon request all such other and further
documents, agreements and instruments (including without limitation further security agreements, financing statements, continuation statements, and assignments of accounts and contract rights, except for Excluded Contracts (as defined in the
Guaranty and Collateral Agreement)) in compliance with or accomplishment of the covenants and agreements of each Borrower and the Guarantors in the Loan Documents or to further evidence and more fully describe the Vessel Collateral, including any
renewals, additions, substitutions, replacements or accessions to the Vessel Collateral, or to correct any omissions in the Security Instruments, or more fully state the security obligations set out herein or in any of the Security Instruments, or
to perfect, protect or preserve any Liens created pursuant to any of the Security Instruments, or to make any recordings, to file any notices, or obtain any consents as may be necessary or appropriate in connection with the transactions contemplated
by this Agreement. 

  
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 Section 8.06 Performance of Obligations. The Borrowers will repay the Loans in
accordance with the Notes and this Agreement. The Borrowers and the Guarantors will do and perform every act required of the Borrowers and the Guarantors, by the Loan Documents at the time or times and in the manner specified. 

Section 8.07 Reserved. 
 Section 8.08 Insurance. (a) The Borrowers and the Guarantors shall cause the Administrative Agent to be named as loss payee, for the ratable benefit of the Lenders, as to the Vessel Collateral
and as mortgagee and the Administrative Agent, as agent for the Lenders, to be named as an additional insured, with a waiver of rights of subrogation, under a marine and war-risk insurance policy, and the Administrative Agent, as agent for the
Lenders, to be named as an additional insured, with a waiver of rights of subrogation, under the comprehensive general liability insurance, statutory workers’ compensation insurance and longshoreman and harbor workers’ act coverage
policies. 
 (b) The Borrowers and the Guarantors may purchase such insurance from any insurance company or broker that is
acceptable to the Administrative Agent, which approval shall not be unreasonably withheld. All such insurance policies, including renewals and replacements, must also be in form and substance acceptable to the Administrative Agent, which approval
shall not be unreasonably withheld and must additionally contain a non-contributory loss payable endorsement in favor of the Administrative Agent, for the ratable benefit of the Lenders, providing in part that (i) all proceeds under such
policies of insurance will, subject to the terms and conditions of subsection (f) below, be delivered directly to the Administrative Agent (payable as hereinafter provided) and (ii) no act or omission on the part of the Borrowers, or any
of their officers, agents, employees or representatives, nor breach of any warranty contained in such policies, shall affect the obligations of the insurer to pay the full amount of any loss to the Administrative Agent. Such policies of insurance
must also contain a provision prohibiting cancellation or the alteration of such insurance without at least thirty (30) days’ prior written notice to the Administrative Agent of such intended cancellation or alteration. The insurance
policies and insurers in effect on the Effective Date, as provided in advance to the Administrative Agent, are acceptable to the Administrative Agent. 
 (c) The Borrowers and the Guarantors agree to provide, or cause to be provided to, the Administrative Agent with originals or certified copies of such policies of insurance or certificates with respect
thereto. The Borrowers and the Guarantors further agree to promptly furnish the Administrative Agent with copies of all renewal notices and, if requested by the Administrative Agent, with copies of receipts for paid premiums. The Borrowers and the
Guarantors shall provide, or cause to be provided to, the Administrative Agent binders or such other proof acceptable to the Administrative Agent that renewal or replacement policies of insurance will be in effect before any such existing policy or
policies should expire. 
 (d) In the event the Borrowers and the Guarantors should, for any reason whatsoever, fail to cause any
insurance required hereunder or under the Security Instruments to be maintained as herein or therein provided, or to cause such policies to be and remain so assigned or payable as provided herein, or to cause to be delivered to the Administrative
Agent satisfactory evidence thereof, then the Administrative Agent, if it so elects, may itself have any such insurance effected in such amounts and in such companies as it may deem proper and may pay the premiums therefor and the Borrowers shall
reimburse the Administrative Agent (and the Lenders, if applicable) upon demand for the amount of the premiums paid, together with interest thereon at the Default Rate from the date such premiums were paid by the Administrative Agent (or Lender, if
applicable) until reimbursed. The Administrative Agent and the Lenders shall not be responsible for the solvency of any company issuing any insurance policy, whether or not selected or approved by the Administrative Agent or the Lenders, or for the
collection of any amounts due under any such policy, and shall be responsible and accountable only for such money as may be actually received by the Administrative Agent or the Lenders. 

  
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 (e) The Borrowers and the Guarantors agree to notify the Administrative Agent in writing
within thirty (30) days of any Casualty Event involving a Vessel (or any other vessel owned by either Borrower that could reasonably be expected to have a Material Adverse Effect), in each case whether or not such casualty or loss is covered by
insurance. The Borrowers and the Parent Guarantor further agree to promptly notify their insurance company and to submit an appropriate claim and proof of claim to the insurance company in the event that a Vessel or any other vessel owned by either
Borrower, is involved in a Casualty Event. As to the Vessel Collateral, the Administrative Agent may submit such a claim and proof of claim to the insurance company on the owner’s behalf, should the owner fail to do so promptly for any reason.
As to the Vessel Collateral, the Borrowers and the Guarantors hereby irrevocably appoint the Administrative Agent as its agent and attorney-in-fact, each such agency being coupled with an interest, to make, settle and adjust claims under such policy
or policies of insurance (regardless of whether a settlement or adjustment of a claim is an Event of Default) and to endorse the name of the Borrowers and the Guarantors on any check or other item of payment for the proceeds thereof; it being
understood, however, that unless one or more Defaults exist under this Agreement, the Administrative Agent will not settle or adjust any such claim without the prior approval of the Borrowers (which approval shall not be unreasonably withheld).

 (f) The Borrowers and the Guarantors shall not declare or agree with underwriters that a Vessel is a constructive or
compromised, agreed or arranged constructive total loss without the prior written consent of the Administrative Agent and the Required Lenders. The proceeds of all insurance covering Vessel Collateral shall be made payable to the owner of such
Vessel and the Administrative Agent jointly, and delivered to the Administrative Agent. The Administrative Agent agrees to notify the applicable insurance carrier to make the insurance payment payable to and delivered to the Borrowers in connection
with a Casualty Event if after such Casualty Event either: (i) no Event of Default shall have occurred and be continuing; and the fair market value of the Vessel Collateral is equal to or in excess of two hundred percent (200%) of the
outstanding Credit Exposures of all Lenders or (ii) no Event of Default shall have occurred and be continuing; and the Borrowers have replaced the Vessel Collateral subject to the Casualty Event with one or more vessels of equivalent or greater
comparable fair market value, acceptable to the Administrative Agent in its sole and absolute discretion, and have provided to the Administrative Agent a first priority, perfected Lien subject only to Excepted Liens identified in clauses (a) to
(c) of Section 9.03 on such substitute Vessel Collateral. 
 (g) The Administrative Agent’s receipt of such
insurance proceeds and the application of such proceeds as provided herein shall not, however, affect the Administrative Agent’s Liens against the Vessels, for the ratable benefit of the Lenders. Other than in circumstances where insurance
proceeds relative to the loss of or damage to a Vessel are applied to the repayment of the Indebtedness or where the Borrowers or the Parent Guarantor have substituted one or more Vessels of equivalent or greater fair market value as Vessel
Collateral in compliance with Section 8.16 (without taking into account the Vessels damaged), nothing under this Section 8.08 shall be deemed to excuse the Borrowers from their obligations to promptly repair, replace or restore any lost or
damaged Vessel, whether or not the same is covered by insurance, whether or not such proceeds of insurance are available, and whether or not such proceeds are sufficient in amount to complete such repair, replacement or restoration, to the
satisfaction of the Administrative Agent. Furthermore, unless otherwise confirmed by the Administrative Agent and the Required Lenders in writing, the application or release of any insurance proceeds by the Administrative Agent shall not be deemed
to cure or waive any Event of Default under this Agreement. 

  
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 (h) The Borrowers and the Guarantors, upon request of the Administrative Agent, shall
furnish, or cause to be furnished, to the Administrative Agent reports on each existing policy of insurance showing such information as the Administrative Agent or the Required Lenders may request, including without limitation the following:
(i) the name of the insurer; (ii) the risks insured; (iii) the amount of the policy; (iv) the Property insured; (v) the then current value on the basis of which insurance has been obtained and the manner of determining that
value; and (vi) the expiration date of the policy. 
 Section 8.09 Accounts and Records. The Borrowers and the
Guarantors will keep books of record and accounts in which true and correct entries will be made as to all material matters of all dealings or transactions in relation to the respective business and activities, sufficient to permit reporting in
accordance with GAAP, consistently applied. 
 Section 8.10 Right of Inspection. (a) The Borrowers and the
Guarantors will permit any officer, employee or agent of the Administrative Agent, any Lender, the Surveyor, the United States Coast Guard or the American Bureau of Shipping to visit and inspect the Vessels, and to visit and inspect the other Vessel
Collateral, and (b) the Borrowers and the Guarantors will permit any officer, employee or agent of the Administrative Agent and (upon the occurrence and continuance of an Event of Default) any Lender to examine the books of record and accounts
of the Borrowers and the Guarantors, take copies and extracts therefrom, and discuss the affairs, finances and accounts of the Borrowers and the Guarantors with their officers, accountants, counsel and auditors, all of the foregoing at such
reasonable times and on reasonable notice and without hindrance or delay and as often as the Administrative Agent, any Lender (if applicable), the Surveyor, the United States Coast Guard or the American Bureau of Shipping may reasonably desire.
Notwithstanding the foregoing, except following an Event of Default that has occurred and is continuing, the Administrative Agent, any Lender and the Surveyor shall not visit or inspect the Vessels or other Vessel Collateral more frequently than
twice a year, individually or as a group, and then at their own expense, except that the Borrowers will be responsible for such expense following the occurrence and during the continuance of an Event of Default, and provided that any such visits or
inspections shall occur when the applicable Vessel is shoreside at a location involved in the ordinary course of providing its services under its then applicable charter or other vessel service contract. 

Section 8.11 Maintenance of Properties. The Borrowers and the Guarantors shall maintain and preserve all of their respective
Properties (and any Property leased by or consigned to any of them or held under title retention or conditional sales contracts) that are used or useful in the conduct of their respective business in the ordinary course in good working order and
condition at all times, ordinary wear and tear excepted, and make all repairs, replacements, additions, betterments and improvements to their respective Properties to the extent necessary so that any failure will not reasonably be expected to have a
Material Adverse Effect. Without limiting the generality of the foregoing, the Borrowers and the Guarantors shall at all times maintain the Vessels in compliance with the requirements of the American Bureau of Shipping or any other classification
society acceptable to the Administrative Agent, for the highest classification for vessels of like age and type, and upon the Administrative Agent’s request therefor, the Borrowers shall promptly provide to the Administrative Agent copies of
certificates duly issued by the American Bureau of Shipping or other classification society acceptable to the Administrative Agent, to the effect that the Vessels have been given the highest classification and rating for vessels of the same
respective ages and types, free of all recommendations and notations of such classification society affecting class. 
 Section
8.12 Notice of Certain Events. (a) The Parent Guarantor and the Borrowers shall promptly notify the Administrative Agent if any one of them learns of the occurrence of any event which constitutes a Default, together with a detailed
statement by a Responsible Officer of the Parent Guarantor as to the nature of the Default and the steps being taken to cure the effect of such Default. 

  
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 (b) The Parent Guarantor and the Borrowers shall promptly notify the Administrative Agent of
any change in organizational jurisdiction, location of the principal place of business or the office where records concerning accounts and contract rights are kept, or any change in the federal taxpayer identification number or organizational
identification number of the Parent Guarantor or any Subsidiary. 
 (c) The Parent Guarantor and the Borrowers shall promptly
provide the Administrative Agent, upon request therefor by the Administrative Agent, listings of the assets of the Borrowers or the Guarantors and the condition thereof, in form and substance satisfactory to the Administrative Agent. 

(d) The Parent Guarantor and the Borrowers shall promptly submit such information in form and substance satisfactory to the Administrative
Agent as may be reasonably requested by the Administrative Agent concerning construction of new vessels for the Borrowers or the Guarantors. 
 (e) The Parent Guarantor and the Borrowers shall promptly notify the Administrative Agent of any defaults or alleged defaults of any party with respect to any construction contract for newbuild vessels
that could reasonably be expected to have a Material Adverse Effect, and thereafter keep the Administrative Agent advised of any significant developments in connection therewith. 

(f) The Parent Guarantor and the Borrowers shall promptly notify the Administrative Agent of any and all Liens filed or otherwise
asserted, and attachments made, against the Vessels, together with copies of all related instruments and any other materials that the Administrative Agent shall request. 
 (g) The Parent Guarantor and the Borrowers shall provide to the Administrative Agent upon request therefor by the Administrative Agent from time to time, evidence satisfactory to the Administrative Agent
that no Change in Control has occurred. 
 Section 8.13 ERISA Information and Compliance. The Parent Guarantor and the
Borrowers will furnish to the Administrative Agent (i) as soon as is administratively practicable following a request from the Administrative Agent copies of each annual or other report filed with the United States Secretary of Labor or the
PBGC, copies of each annual and other report with respect to any Plan sponsored or maintained by either of the Borrowers, the Parent Guarantor, any Subsidiary, or any ERISA Affiliate and (ii) as soon as is administratively practicable upon
becoming aware of the occurrence of any (A) ERISA Event or (B) “prohibited transaction,” as such term is defined in Section 4975 of the Code, in connection with any Plan sponsored or maintained by any Parent
Guarantor, either Borrower, any Subsidiary or any ERISA Affiliate that could reasonably be expected to have a Material Adverse Effect, a written notice signed by the president, the chief executive officer or the chief financial officer of the Parent
Guarantor specifying the nature thereof, what action the Parent Guarantor is taking or proposes to take with respect thereto, and, when known, any action taken by the Internal Revenue Service with respect thereto. The Parent Guarantor and the
Borrowers will comply with all of the applicable funding and other requirements of ERISA as such requirements relate to the Plans of the Parent Guarantor or any Subsidiary. 
 Section 8.14 Charters. The Borrowers and the Guarantors shall perform all of its obligations in respect of, and observe all of the terms and provisions of, any charter of a Vessel, and shall use
their best efforts to keep all such agreements in full force and effect for the applicable term thereof. Notwithstanding the foregoing, no breach by the Borrowers or the Guarantors under a charter shall be a Default or Event of Default hereunder
unless the result could reasonably be expected to have a Material Adverse Effect. 

  
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 Section 8.15 Security. The Indebtedness shall be secured by the following:

 (a) The Vessels and related Property and rights of the Borrowers or the other Loan Parties satisfying the requirements of
Section 8.16 (“Vessel Collateral”), 
 (b) The Deposit Accounts, and 

(c) Upon the formation or acquisition of any Subsidiary which results in Parent Guarantor having Subsidiaries (other than Borrowers and
the then existing Guarantor Subsidiaries) with assets of $50,000,000 or more in the aggregate, or upon any Subsidiaries (other than Borrowers and the then existing Guarantor Subsidiaries) from time to time existing having assets of $50,000,000 or
more in the aggregate, then such Subsidiary or Subsidiaries as are satisfactory to the Required Lenders in their sole discretion (such that the Subsidiaries, other than the Borrowers, the then existing Guarantor Subsidiaries and such Subsidiary or
Subsidiaries as are satisfactory to the Required Lenders to guaranty the Indebtedness, not guarantying the Indebtedness have assets of less than $50,000,000 in the aggregate) shall guaranty the payment and performance of the Indebtedness by
executing and delivering in favor of the Administrative Agent, for the ratable benefit of the Lenders, a guaranty agreement comparable to the Guaranty and Collateral Agreement but in form and substance satisfactory to the Administrative Agent and
the Required Lenders. Notwithstanding the foregoing, in the event that, but for this sentence, a Subsidiary formed under the laws of a jurisdiction outside of the United States would be required to execute and deliver a guaranty, then in lieu of
such guaranty the Parent Guarantor or applicable Subsidiary of Parent Guarantor that owns such foreign Subsidiary shall promptly pledge to the Administrative Agent, for the ratable benefit of the Lenders, on an equity class by equity class basis the
lesser of (y) all of the equity of such class in such foreign Subsidiary that it owns or (z) sixty-five percent (65%) of the equity of such class issued and outstanding in such foreign Subsidiary (in other words, no more than
sixty-five percent (65%) of each class of the foreign Subsidiary’s equity issued and outstanding is to be pledged), as security for the Indebtedness (and if the pledgor is not a Borrower, such pledgor shall guaranty the Indebtedness), all
pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent. Furthermore, if a Subsidiary guarantees the Debt of others, it shall also guaranty the Indebtedness on at least a pari passu basis with such other
guarantee. 
 Section 8.16 Collateral Value. The Borrowers shall cause the fair market value of the total Vessel
Collateral at all times to be greater than or equal to two hundred percent (200%) of (a) $250,000,000 prior to the delivery of the items set forth in subsections (i) and (ii) of the last paragraph of Section 2.01 and
(b) the Commitments from time to time in effect after such delivery (the “Required Collateral Value”). If from time to time, in order for the Borrowers to comply with the preceding sentence, including without limitation, when a
Vessel is subject to a Casualty Event, additional Vessels are required to be mortgaged in favor of the Administrative Agent for the ratable benefit of the Lenders, then (i) the Administrative Agent shall be entitled to choose in its sole and
absolute discretion which additional vessel or vessels owned (subject to the next following sentence) by either Borrower, not otherwise subject to a mortgage Lien securing Debt that otherwise does not violate this Agreement, shall be so mortgaged so
that the Borrowers will be in compliance with the preceding sentence (and the parties acknowledge that the Borrowers may suggest what additional vessel or vessels they would prefer but such suggestions nevertheless shall not have the effect of
impairing the fact that the selection is at the Administrative Agent’s sole and absolute discretion), and (ii) the applicable Borrower(s) owning such vessel(s) shall promptly supplement and amend the applicable Security Instrument and this
Agreement, or enter into collateral documents, pursuant to documentation in form and substance satisfactory to the Administrative Agent, so as to grant to the Administrative Agent, for the ratable benefit of the Lenders,

  
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Fleet Mortgage Liens (or the foreign equivalent) thereon and first priority security interests (or the foreign equivalent) in all related assets, and in connection therewith the Borrowers shall
provide to the Administrative Agent evidence of insurance required under the Loan Documents and applicable Certificates of Documentation as to the Vessel Collateral and Vessel abstracts thereon showing the Fleet Mortgage as the only recorded Lien
(other than Excepted Liens) thereon. If the fair market value of the Vessel Collateral is greater than the Required Collateral Value, the Borrowers shall not be entitled to the release of any Vessel Collateral without the written consent of all
Lenders, which will not be unreasonably withheld. The Borrowers shall not substitute vessels (and related assets) for existing Vessels that are Vessel Collateral without the written consent of the Required Lenders, which will not be unreasonably
withheld. The Administrative Agent may, but shall not be required to, accept vessels as Vessel Collateral that are flagged in countries other than the U.S. The Administrative Agent and the Lender acknowledge that, on the Effective Date and subject
to receipt of the items set forth in subsections (i) and (ii) of the last paragraph of Section 2.01, the requirements of this Section 8.16 are met by providing a Lien on the Vessels set forth in Schedule 8.16 and related Vessel
Collateral. 
 Section 8.17 Deposit Accounts. The Borrowers and the Parent Guarantor shall maintain their primary
domestic deposit, collection and disbursement banking accounts with a Lender. The foregoing is not applicable to the Investment Accounts, foreign banking accounts of the Borrowers or the Parent Guarantor or other banking related products.

 Section 8.18 Appraisal. At any time after the Effective Date (but in any event only four (4) times after such
date but prior to the Maturity Date) the Required Lenders shall be entitled to require that the Administrative Agent obtain, or the Administrative Agent may on its own initiative obtain, Appraisals by the Surveyor with respect to the Vessel
Collateral. The foregoing limitation shall not apply (a) in connection with each exercise of a Commitment Increase or (b) during the occurrence and continuance of any Default or Event of Default, in which event the Administrative Agent or
the Required Lenders shall be entitled to additional Appraisals. The Borrowers shall be liable for all reasonable expenses in connection with any such Appraisals. In addition to the foregoing, the Required Lenders may from time to time in their
discretion obtain further Appraisals, at the pro-rata cost and expense of all the Lenders (computed by reference to each Lender’s Applicable Percentage). If Dufour, Laskay & Strouse is removed from the Administrative Agent’s list
of approved surveyors and a different surveyor (such surveyor to be on the Administrative Agent’s approved list and selected by the Administrative Agent) appraises the Vessels at a lower amount than previously appraised, the Borrowers may, at
their own cost and expense, have any other surveyor on the Administrative Agent’s approved list reappraise the Vessels. The higher of the two appraisals shall be the accepted appraisal, but only if the appraisal methodology is acceptable to the
Administrative Agent in its reasonable discretion. 
 Section 8.19 Liquidity. If the 2013 Convertible Senior Unsecured
Notes remain outstanding as of April 30, 2013, then commencing on such date, the Parent Guarantor and the Borrowers shall maintain as of the end of such calendar month and each calendar month-end thereafter, Available Liquidity of $350,000,000
until the earlier of (a) the refinancing of the 2013 Convertible Senior Unsecured Notes to a date that is 91 or more days beyond the scheduled Maturity Date or (b) the Redemption of the 2013 Convertible Senior Unsecured Notes. 

ARTICLE IX 

Negative Covenants 
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder and all other amounts payable under the Loan Documents shall have been paid
in full and all Letters of Credit have expired, terminated or been cash collateralized to the reasonable satisfaction of the Issuing Lender and all LC Disbursements shall have been reimbursed, the Parent Guarantor and the Borrowers covenant and
agree with the Administrative Agent and the Lenders on behalf of the Loan Parties that: 

  
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 Section 9.01 Financial Covenants. 

(a) Interest Coverage Ratio. The Parent Guarantor will not permit its ratio of EBITDA (without pro forma adjustments) for the
period of four fiscal quarters then ending to interest expense (determined in accordance with GAAP except that the non-cash original issue discount component of interest expense related to Debt subject to APB 14 will be excluded from interest
expense for purposes of this calculation) as of the last day of any fiscal quarter to be less than (i) 2.00 to 1.00 beginning with the fiscal quarter ending December 31, 2011 until the fiscal quarter ending September 30, 2012,
(ii) 2.50 to 1.00 beginning with the fiscal quarter ending December 31, 2012 until the fiscal quarter ending March 31, 2013, and (iii) 3.00 to 1.00 beginning with the fiscal quarter ending June 30, 2013 until the Maturity
Date. 
 (b) Senior Secured Leverage Ratio. The Parent Guarantor will not, as of the last day of any fiscal quarter
commencing with the fiscal quarter ending September 30, 2011, permit its Senior Secured Leverage Ratio to be greater than 2.00 to 1.00. 
 (c) Total Debt to Capitalization Ratio. The Parent Guarantor will not, as of the last day of any fiscal quarter during the period commencing with the fiscal quarter ending September 30, 2011
and ending with the fiscal quarter ending September 30, 2012, permit its Total Debt to Capitalization Ratio to be greater than 55%. 
 (d) Leverage Ratio. The Parent Guarantor will not, as of the last day of any fiscal quarter commencing with the fiscal quarter ending December 31, 2012, permit its Leverage Ratio to be greater
than 4.00 to 1.00. 
 Section 9.02 Debt. No Loan Party will create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable, contingently or otherwise, with respect to any Debt not permitted by the terms of the Indentures as such Indentures are amended or modified from time to time and comparable provisions of any indentures that may be
entered into as a restatement, renewal, refinance or rearrangement of any of the Indentures (“Replacement Indentures”) entered into from time to time (“Debt Covenant”) and, for purposes of the foregoing, the
provisions of the latest such Debt Covenant adopted, together with all related definitions and giving effect, if applicable, to the termination provisions upon the attainment of certain Debt ratings, are incorporated herein by reference, mutatis
mutandis, and shall be deemed to continue in effect for the Administrative Agent’s, the Issuing Lender’s, the Swing Line Lender’s and the Lenders’ benefit as in effect on the date of the last to be terminated of the
Indentures and any Replacement Indentures. The Debt issued under any Replacement Indenture or any other indenture entered into by a Loan Party from time to time must be payable in a single payment upon the Stated Maturity, such Stated Maturity may
not be earlier than six months after the Maturity Date, and the covenants may not be materially more restrictive (taken as a whole) than the covenants contained in this Agreement. 

Section 9.03 Liens. No Loan Party will create, incur, assume, or permit to exist any Lien on any of the Vessel Collateral or other
Properties, except for the following, which shall be “Excepted Liens”, provided that only the liens referred to in clauses (a) through (c) below may apply to the Vessel Collateral: 

(a) Liens in the Vessel Collateral and any other Liens in favor of the Administrative Agent and the Lenders to secure the Indebtedness.

  
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 (b) Liens for taxes, assessments, or other governmental charges not yet due or which are
being contested in good faith by appropriate action promptly initiated and diligently conducted, if such accrual as shall be required by GAAP shall have been made therefor. 
 (c) Landlords’, carriers’, warehousemen’s, mechanics’, laborers’, seamen’s, preferred maritime and materialmen’s liens arising by law in the ordinary course of business
for sums either not yet due or being contested in good faith by appropriate action promptly initiated and diligently conducted, if such accrual as shall be required by GAAP shall have been made therefor. 

(d) precautionary liens on Property covered by Capital Leases. 
 (e) Legal or equitable encumbrances deemed to exist by reason of negative pledge covenants and other covenants or undertakings of like nature (provided, that any such covenant or undertaking shall not
apply to such Loan Party’s ability to grant Liens in favor of the Administrative Agent and the Lenders). 
 (f) Liens on
Property of a Loan Party that is not Vessel Collateral, which Liens arise from a judgment or judgments against a Loan Party; provided that such Liens shall not exceed $5,000,000 in the aggregate during the term of the Loan and such Loan Party shall
nevertheless diligently contest such judgment. 
 (g) Liens by shipyards on vessels under construction securing the obligation of
a Loan Party to pay for the cost of such vessel. 
 (h) Liens on any Property of a Person existing at the time such Person is
merged into or consolidated with any Loan Party, provided that such Liens were in existence prior to such merger or consolidation, were not created in contemplation of it and do not extend to any Property or asset of any Loan Party, other than those
of the Person merged into or consolidated with any Loan Party. 
 (i) Liens on any Person or any Property of a Person existing at
the time of acquisition thereof by any Loan Party, provided that such Liens were in existence prior to such acquisition, were not created in contemplation of such acquisition and do not extend to any Property of any Loan Party, other than such
Person or such Property acquired by any Loan Party. 
 (j) Liens securing the performance of tenders, bids, statutory
obligations, surety, appeal, return-of-the-money or performance bonds, government contracts, insurance obligations or other obligations of a like nature incurred in the ordinary course of business. 

(k) Liens securing any Swap Agreements. 
 (l) Liens existing on the Effective Date. 
 (m) Liens securing Debt that is
non-recourse to any Loan Party. 
 (n) Any interest or title of a lessor under an operating lease. 

(o) Liens on Property of a Loan Party or a Subsidiary thereof to secure Debt incurred for the purpose of (i) financing all or any
part of the purchase price of such Property incurred prior to, at the time of, or within 120 days after, completion of the acquisition of such Property or (ii) financing all or any part of the cost of construction or conversion of any such
Property, provided that 

  
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the amount of any such financing shall not exceed the amount expended in the acquisition of, or the construction or conversion of, such Property and such Liens shall not extend to any other
Property of a Loan Party or a Subsidiary thereof (other than any associated accounts, contracts and insurance proceeds). 
 (p)
Liens securing Debt used to refinance Debt (as permitted by the Debt Covenant) which are secured by Liens referred to in (h), (i), (l) and (o) above and in this subsection (p). 

(q) Liens securing Debt of any Loan Party that does not exceed $50,000,000 at any one time outstanding on Property that is not Vessel
Collateral. 
 (r) Liens on any Property of any Loan Party that is not Vessel Collateral that were substituted or exchanged as
collateral for other Properties of any Loan Party that are referred to in (h) and (i) above, provided that the fair market value of the substituted or exchanged Properties substantially approximates, at the time of the substitution or
exchange, the fair market value of the other Properties so referred to. 
 (s) Rights of banks to setoff deposits against Debt
owed to said banks. 
 (t) Liens upon specific items of inventory or other goods and proceeds of any Loan Party securing the Loan
Party’s obligations in respect of bankers’ acceptances issued or created for the account of any such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business. 

Notwithstanding any of the exceptions contained in this Section 9.03, the Indentures, Replacement Indentures or any other indenture
entered into by a Loan Party may not be secured by any Liens upon any Properties of the Borrowers, the Guarantors or any of their Subsidiaries. 
 Section 9.04 Restricted Payments. Neither the Parent Guarantor nor the Borrowers shall, declare or make any Restricted Payments except: 

(a) a Borrower shall be permitted to make cash dividends or distributions to the Parent Guarantor; 

(b) stock dividends (including any rights distributed pursuant to a stockholder rights plan), stock splits and reverse stock splits with
respect to the Parent Guarantor; provided, that the Parent Guarantor shall promptly notify the Administrative Agent of any such permitted dividends, splits or reverse splits; 

(c) the Parent Guarantor shall be permitted to issue shares of its Equity Interests or purchase its Equity Interests for purposes of
contributing such shares or selling such shares to an employee stock ownership plan sponsored by Parent Guarantor; provided, that the aggregate of such Restricted Payments during the term of the Agreement shall not exceed $25,000,000;

 (d) if no Event of Default shall have occurred and be continuing, the Parent Guarantor shall be permitted to make Restricted
Payments (other than “dividends or other distributions” as that terminology is contemplated in the definition of Restricted Payments) to the extent such Restricted Payments are made from the proceeds of, and reasonably contemporaneously
with, any issuance of convertible Debt of the Parent Guarantor, or from any issuance of Equity Interests of the Parent Guarantor (other than Disqualified Stock); and 

  
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 (e) if no Event of Default shall have occurred and be continuing, the Parent Guarantor shall
be permitted to otherwise make Restricted Payments provided that (i) such Restricted Payments, together with the aggregate amount of all other Restricted Payments made by the Parent Guarantor (other than pursuant to clause (d) above) after
the Effective Date is less than the sum of (A) 50% of the cumulative Consolidated Net Income of the Parent Guarantor from January 1, 2006 to the end of the most recently ended fiscal quarter for which internal financial statements are
available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit) plus (B) $37,500,000 and (ii) after giving pro forma effect to such Restricted Payment, the
Borrowers shall have $10,000,000, if such Restricted Payment takes place prior to December 31, 2012, or $20,000,000, if such Restricted Payment takes place on or after December 31, 2012, as applicable, in the aggregate in cash or cash
equivalents in the Deposit Accounts or unused availability under the Commitments or a combination of such cash and cash equivalents and such availability. 
 Section 9.05 Nature of Business. Neither the Parent Guarantor nor any Subsidiary will engage in any material respect in any business other than the marine vessel business, including any logistics
services related thereto and any ancillary, complementary or related line of business. 
 Section 9.06 Mergers, Acquisitions,
New Subsidiaries. No Loan Party will acquire, merge or consolidate with or into or make an Investment in any Person (other than with another Loan Party), nor will it sell, assign, lease or otherwise dispose of (whether in one transaction or in a
series of transactions) any Vessel Collateral or all or substantially all of its Property (whether now owned or hereafter acquired) to any Person; provided, that 
 (a) a Loan Party may merge with another Person (other than with another Loan Party) if, and only if, (1) the Loan Party is the surviving entity, (2) the merging Person is primarily in the marine
vessel business, including any logistics services related thereto or any ancillary, complementary or related line of business, (3) immediately preceding and after giving effect to such merger, (A) there is no Default or Event of Default
and (B) the Borrowers shall have $10,000,000, if such merger takes place prior to December 31, 2012, or $20,000,000, if such merger takes place on or after December 31, 2012, as applicable, in the aggregate in cash or cash equivalents
in the Deposit Accounts or unused availability under the Commitments or a combination of such cash and cash equivalents and such availability, (4) after giving effect to such merger, (A) the Parent Guarantor is in compliance (calculated
with pro forma effect to such merger) with Section 9.01(b) and 9.01(d) and (B) had the merger occurred on the last day of the most recently completed fiscal quarter for which internal financial statements are available, (i) for all
such fiscal quarters ending on or prior to September 30, 2012, the Senior Secured Leverage Ratio of the Parent Guarantor (on a consolidated basis with its Consolidated Subsidiaries) would be at least 0.25x below the maximum Senior Secured
Leverage Ratio permitted under Section 9.01(b) for such quarter end before an Event of Default otherwise would exist thereunder or (ii) for all such fiscal quarters ending on or after December 31, 2012, the Leverage Ratio of the
Parent Guarantor (on a consolidated basis with its Consolidated Subsidiaries) would be at least 0.50x below the maximum Leverage Ratio permitted under Section 9.01(d) for such quarter end before an Event of Default otherwise would exist
thereunder, and (5) the Borrowers shall have provided the Administrative Agent at least fifteen (15) days advance notice of the merger and such information and materials in connection therewith that the Administrative Agent or any Lender
reasonably requests. If clause (4)(B) in this Section 9.06(a) cannot be satisfied, the Loan Party can still merge with another Person (other than with another Loan Party) if the cost of acquisition of such Person (measured by the market
value of the securities and other Property transferred and amount of assumed Debt) to be merged with the Loan Party does not exceed fifteen percent (15%) of Consolidated Net Tangible Assets (as of the most recently completed fiscal quarter for
which internal financial statements are available) and the other requirements of this paragraph are met. 

  
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 (b) a Loan Party may acquire or form a Subsidiary, make an Investment, or acquire any vessel
(including barges) or other capital assets if, and only if, (1) the Subsidiary or the Investment, as applicable, is in the marine vessel business, including any logistics services related thereto or any ancillary, complementary or related line
of business, (2) immediately preceding and after giving effect to such acquisition, formation or Investment, (A) there is no Default or Event of Default and (B) the Borrowers shall have $10,000,000, if such Investment takes place
prior to December 31, 2012, or $20,000,000, if such Investment takes place on or after December 31, 2012, as applicable, in the aggregate in cash or cash equivalents in the Deposit Accounts or unused availability under the Commitments or a
combination of such cash and cash equivalents and such availability, (3) after giving effect to such acquisition, formation or Investment, (A) the Parent Guarantor is in compliance (calculated with pro forma effect for such acquisition,
formation or Investment) with Section 9.01(b) and 9.01(d) and (B) had the acquisition, formation or Investment occurred on the last day of the most recently ended fiscal quarter for which internal financial statements are available
(i) for all such fiscal quarters ending on or prior to September 30, 2012, the Senior Secured Leverage Ratio of the Parent Guarantor (on a consolidated basis with its Consolidated Subsidiaries, including the new Subsidiary) would be at
least 0.25x below the maximum Senior Secured Leverage Ratio permitted under Section 9.01(b) for such quarter end before an Event of Default otherwise would exist thereunder or (ii) for all such fiscal quarters ending on or after
December 31, 2012, the Leverage Ratio of the Parent Guarantor (on a consolidated basis with its Consolidated Subsidiaries, including the new Subsidiary) would be at least 0.50x below the maximum Leverage Ratio permitted under
Section 9.01(d) for such quarter end before an Event of Default otherwise would exist thereunder, (4) a Loan Party shall control the management and operations of such Subsidiary, (5) simultaneously with the acquisition or formation of
such Subsidiary, such Subsidiary shall (if required under subsection 8.15(c) hereof) execute and deliver to the Administrative Agent, for the ratable benefit of the Lenders, a guaranty of the payment of the Indebtedness, (6) no Loan Party
shall at any time be or become liable for such Subsidiary’s Debts, then or thereafter arising unless such Subsidiary is a Guarantor Subsidiary, (7) except where such acquisition or formation of a Subsidiary or other acquisition shall
involve in excess of fifteen percent (15%) of Consolidated Net Tangible Assets (as of the most recently completed fiscal quarter for which internal financial statements are available) in which event, prompt notice following such action shall be
permissible, the Borrowers shall have provided the Administrative Agent at least fifteen (15) days advance notice of the acquisition and such information and materials in connection therewith that the Administrative Agent or any Lender
reasonably requests. If clause (3)(B) in this Section 9.06(b) cannot be satisfied, the Loan Party can still acquire or form a Subsidiary or make an Investment if the cost of such acquisition, formation or Investment does not exceed fifteen
percent (15%) of Consolidated Net Tangible Assets (as of most recently completed fiscal quarter for which internal financial statements are available) and the other requirements of this paragraph are met. Nothing in this Agreement is intended
to prohibit any Loan Party from entering into any new construction or conversion of vessels. 
 If a Loan Party desires to take
any action contrary to the terms of this Section 9.06(b), the Administrative Agent and the Required Lenders shall consider such action; provided, that before the Administrative Agent and the Required Lenders decide whether to consent, the
Administrative Agent and the Required Lenders shall have been provided with all such information and materials that they request and had sufficient time to assess the proposed action and, further, if the Administrative Agent and the Required Lenders
so consent, then the Parent Guarantor and the Borrowers and such other Persons as may be required by the Administrative Agent shall execute and deliver such documents as the Administrative Agent requires, in form and substance satisfactory to the
Administrative Agent. 
 Section 9.07 ERISA Compliance. No Loan Party will at any time (a) permit any Plan
maintained by it to engage in any “prohibited transaction” as such term is defined in Section 4975 of the Code; (b) incur any “waived funding deficiency” as such term is defined in Section 302 of ERISA; or
(c) terminate any such Plan in a manner which could result in the imposition of a Lien on the Property of the Borrowers pursuant to Section 4068 of ERISA, any of which could reasonably be expected to have a Material Adverse Effect.

  
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 Section 9.08 Indentures. No Loan Party shall amend, modify, supplement, refinance or
waive any of the Indentures, or enter into other documents in connection therewith, including without limitation as to any refinancing, to add any collateral thereunder, to change any of the covenants to make them more restrictive than the covenants
contained in this Agreement or any of the Indentures as it exists on the date hereof, or to change the maturity, amortization and other payment schedules of the underlying loans. As to all other amendments, modifications, supplements, refinances and
waivers to such documents, the Parent Guarantor and the Borrowers shall provide to the Administrative Agent an executed copy promptly after the execution and delivery thereof. 
 Section 9.09 Prepayment of the Indentures and Other Debt. The Parent Guarantor and the Borrowers shall not prepay any Debt, other than 

(a) the Indebtedness, in accordance with this Agreement; 
 (b) trade payables and accruals and deferrals, in the ordinary course of business; 

(c) the 2013 Convertible Senior Unsecured Notes, if on the date of such prepayment, pro forma for such prepayment, the Parent Guarantor
and the Borrowers (i) have Available Liquidity of at least $100,000,000, (ii) can demonstrate in the reasonable determination of the Administrative Agent, based on good faith assumptions, that the business plan of the Parent Guarantor is
fully funded for the next 4 fiscal quarters, (iii) are in pro forma compliance with the provisions of Section 9.01, and (iv) no Default or Event of Default exists or would result from such prepayment; 

(d) the 2014 Senior Unsecured Notes, if on the date of such prepayment, pro forma for such prepayment, the Parent Guarantor and the
Borrowers (i) have Available Liquidity of at least $100,000,000; provided, that if the date of such repayment is after April 30, 2013 and the 2013 Convertible Senior Unsecured Notes have not been (A) refinanced to a date that
is 91 days beyond the scheduled Maturity Date or (B) Redeemed, then the Parent Guarantor and the Borrowers must have Available Liquidity of at least $350,000,000, (ii) can demonstrate in the reasonable determination of the Administrative
Agent, based on good faith assumptions, that the business plan of the Parent Guarantor is fully funded for the next 4 fiscal quarters, (iii) are in pro forma compliance with the provisions of Section 9.01, and (iv) no Default or Event
of Default exists or would result from such prepayment; 
 (e) as to other Debt, so long as there is no Default or Event of
Default then existing and doing so would not give rise to a Default or an Event of Default and the Parent Guarantor and the Borrowers shall have $10,000,000 in the aggregate in cash or cash equivalents in the Deposit Accounts or unused availability
under the Commitments or a combination of cash and cash equivalents and such availability, partial prepayments of such other Debt or the refinancing of any such other Debt in full. 

Section 9.10 Loans. No Loan Party shall lend, advance, deposit with, assume, extend credit, or guarantee any money to any Person;
provided, that (a) intra-company Debt outstanding at any time, owed by the Parent Guarantor, a Borrower, a Subsidiary or a less than 50%-owned Affiliate of a Loan Party to a Loan Party in connection with accounting allocations between such
Persons (provided, further, that such Debt shall be unsecured and subordinated to the Indebtedness upon terms and conditions satisfactory to Administrative Agent) is permitted, (b) loans or advances by a Loan Party to another Loan

  
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Party (provided, further, that such Debt shall be unsecured and subordinated to the Indebtedness upon terms and conditions satisfactory to Administrative Agent) are permitted, (c) loans or
advances to Subsidiaries other than Guarantor Subsidiaries the outstanding amount of which does not at any time exceed, in the aggregate, $50,000,000, (d) loans or advances to officers, directors and employees of a Borrower or the Parent
Guarantor made in the ordinary course of business and consistent with past practices and applicable law in an aggregate amount not to exceed $500,000 outstanding at any one time, are permitted, (e) a Loan Party may provide financing or make
loans or guarantees in connection with transactions involving Parent Guarantor’s Equity Interests between such Loan Party and a Parent Guarantor sponsored employee stock ownership plan, provided that the aggregate amount of such financings,
loans or guarantees for all Loan Parties may not exceed $25,000,000 outstanding at any time and (f) a Loan Party may provide financing to a Person in connection with such Person acquiring an ownership interest in a Subsidiary or a less than
50%-owned Affiliate of a Loan Party (and such financing shall be for no other purpose) where such Person’s ownership interest is reasonably necessary, advisable or incidental to the conduct of business by such Subsidiary or Affiliate in a
jurisdiction outside of the United States (provided, further, that (i) as to such a financing provided by a Guarantor Subsidiary that does not involve a transfer of equity in such Guarantor Subsidiary and as to any such financing provided by a
Loan Party, the Person acquiring the equity interest shall be acquiring it from the applicable Loan Party providing the financing, another Loan Party or a newly formed Subsidiary or Affiliate of a Loan Party, (ii) no actual funds shall transfer
from the Loan Party in connection with any such financing and (iii) no such financings in the aggregate shall be with respect to more than thirty percent (30%) of the equity of any such Subsidiary or more than fifty-one percent
(51%) of the equity of any such Affiliate). 
 Section 9.11 Proceeds of Loans. The Borrowers will not permit the
proceeds of the Loans to be used for any purpose other than those permitted by Section 7.20. Neither the Borrowers nor any Person acting on behalf of the Borrowers has taken or will take any action which might cause any of the Loan Documents to
violate Regulations T, U or X or any other regulation of the Board or to violate Section 7 of the Exchange Act or any rule or regulation thereunder, in each case as now in effect or as the same may hereinafter be in effect. If requested by the
Administrative Agent, the Borrowers will furnish to the Administrative Agent a statement to the foregoing effect in conformity with the requirements of FR Form U-1 or such other form referred to in Regulation U, Regulation T or Regulation X of the
Board, as the case may be. 
 Section 9.12 Transactions with Affiliates. The Parent Guarantor and the Borrowers will not,
and will not permit any Subsidiary to, enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of Property or the rendering of any service, with any Affiliate (other than the Loan Parties and Wholly-Owned
Subsidiaries of the Borrowers or the Parent Guarantor) unless such transactions are not otherwise prohibited under this Agreement and are upon fair and reasonable terms no less favorable to the Parent Guarantor, Borrowers or such Subsidiaries than
they would obtain in a comparable arm’s length transaction with a Person not an Affiliate. For the avoidance of doubt, an employee stock ownership plan sponsored by Parent Guarantor shall not be an “Affiliate”. 

Section 9.13 Reserved. 
 Section 9.14 Reserved. 
 Section 9.15 Sale of Properties. The Parent
Guarantor will not, and will not permit any of its Subsidiaries to, sell, assign, convey or otherwise transfer any Property except for (a) the sale of inventory in the ordinary course of business; (b) the sale or transfer of equipment that
is no longer necessary for the business of the Parent Guarantor or such Subsidiary as determined by the Borrowers or the Parent Guarantor or is replaced by equipment of at least comparable value and use; (c) any TTB Sale (and in connection
therewith clauses (i) and (ii) but not (iii) set forth in the proviso below shall be applicable); 

  
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and (d) sales or other dispositions of Property or any interest therein (other than Vessel Collateral the sale, release, substitution or other disposition of which requires the consent of
all Lenders or the Required Lenders, as the case may be, as provided in Section 8.16 unless such consent has been obtained) or Subsidiaries owning Properties; provided that in the case of (c) and (d) above (i) not less
than seventy-five percent (75%) of the consideration received in respect of such sale or other disposition shall be cash or cash equivalents (and in the case of any TTB Sale, not less than fifty percent (50%) of the consideration received
in respect of such sale shall be cash or cash equivalents), (ii) the consideration received in respect of such sale or other disposition shall be equal to or greater than the fair market value of the Property or Subsidiary subject of such sale
or other disposition (as reasonably determined by the board of directors of the Parent Guarantor and, if requested by the Administrative Agent, the Parent Guarantor shall deliver a certificate of a Responsible Officer of the Parent Guarantor
certifying to that effect), and (iii) all such sales or other dispositions (other than a TTB Sale) of Property or Subsidiaries owning Properties does not have a fair market value in excess of twenty percent (20%) of the Consolidated Net
Tangible Assets of the Parent Guarantor in any twelve (12) month period in the aggregate, determined based on the most recently reported financial position of the Parent Guarantor and its Subsidiaries on a consolidated basis as of the most
recent quarter end preceding the end of such twelve (12) month period. 
 Section 9.16 Negative Pledge Agreements;
Dividend Restrictions. The Parent Guarantor will not, and will not permit any Subsidiary to, create, incur, assume or suffer to exist any contract, agreement or understanding (other than this Agreement, the Security Instruments or Capital Leases
creating Liens permitted by Section 9.03(d)) which in any way prohibits or restricts the granting, conveying, creation or imposition of any Lien on any of its Property in favor of the Administrative Agent and the Lenders or restricts any
Subsidiary from paying dividends or making distributions to the Borrowers or any Guarantor, or which requires the consent of or notice to other Persons in connection therewith except for any restriction that may exist under the Indentures, any
Replacement Indenture or other indenture entered into by a Loan Party. 
 ARTICLE X 

Events of Default; Remedies 
 Section 10.01 Events of Default. One or more of the following events shall constitute an “Event of Default”: 

(a) the Borrowers shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and
as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof, by acceleration or otherwise; and (other than a payment due on the Maturity Date) such failure is not cured within three
(3) Business Days after the applicable due date. 
 (b) the Borrowers shall fail to pay any interest on any Loan or any fee
or any other amount (other than an amount referred to in Section 10.01(a)) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business
Days. 
 (c) any representation or warranty made or deemed made pursuant to Section 6.02 by or on behalf of the Parent
Guarantor, either Borrower or any Subsidiary in or in connection with any Loan Document or any amendment or modification of any Loan Document or waiver under such Loan Document, or in any report, certificate, financial statement or other document
furnished pursuant to any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material adverse respect when made or deemed made pursuant to Section 6.02. 

  
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 (d) either Borrower or any Guarantor shall fail to observe or perform any covenant,
condition or agreement contained in Section 8.05, Section 8.08, or in Article IX. 
 (e) either Borrower or any
Guarantor shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in Section 10.01(a), Section 10.01(b) or Section 10.01(d)) or any other Loan Document, and such
failure shall continue unremedied for a period of thirty (30) days after the earlier to occur of (i) written notice thereof from the Administrative Agent to the Borrowers (which notice will be given at the request of the Required Lenders)
or (ii) the chief executive officer or the chief financial officer of either Borrower or any Guarantor otherwise becoming aware of such default. 
 (f) either Borrower or any Guarantor 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. 
 (g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its
scheduled maturity or that enables or permits (after the giving of notice, the lapse of time or both) the holder or holders of such Material Indebtedness or any trustee or administrative agent on its or their behalf to cause such Material
Indebtedness to become due, or to require the redemption thereof or any offer to redeem to be made in respect thereof, prior to its scheduled maturity or require either Borrower or any Guarantor to make an offer in respect thereof. 

(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of either Borrower or any Guarantor or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for either Borrower or any Guarantor or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed
for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered. 
 (i) either
Borrower or any Guarantor 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 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 Section 10.01(h), (iii) apply for or consent to the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for either Borrower or any Guarantor 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, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing. 
 (j) either Borrower or any Guarantor shall become unable, admit in writing its inability or fail generally to pay its debts as they become due. 

(k) one or more judgments for the payment of money in an aggregate amount in excess of $2,000,000 (to the extent not covered by
independent third party insurance provided by insurers of the highest claims paying rating or financial strength as to which the insurer does not dispute coverage and is not subject to an insolvency proceeding) shall be rendered against either

  
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Borrower or any Guarantor or any combination thereof and the same shall remain undischarged (or Borrower and the Guarantor shall not have provided for its discharge) for a period of
thirty (30) consecutive days during which execution shall not be effectively stayed and, if stayed pending appeal, for such longer period during such appeal while providing such accruals as may be required by GAAP. 

(l) any material provision of the Loan Documents, after delivery thereof, shall for any reason, except to the extent permitted by the
terms thereof, cease to be in full force and effect and valid, binding and enforceable in accordance with their terms against either Borrower or any Guarantor or shall be repudiated by any of them, or cease to create a valid and perfected Lien of
the priority required thereby on any material part of the collateral purported to be covered thereby, (except to the extent permitted by the terms of this Agreement, or either Borrower or any Guarantor shall so state in writing) and such invalidity,
lack of binding effect or priority is not cured to the Administrative Agent’s satisfaction within thirty (30) days after the earliest to occur of (x) notice from the Administrative Agent concerning its belief that a material provision
is not valid and binding or asserting the lack of priority of a Lien, or (y) the chief executive officer or chief financial officer of a Borrower or the Parent Guarantor otherwise becomes aware that any material provision is not valid and
binding or that a Lien lacks the intended priority. 
 (m) an ERISA Event shall have occurred that, in the opinion of the
Required Lenders, when taken together with all other ERISA Events that have occurred, has resulted in, or could reasonably be expected to result in, liability of either Borrower and any Guarantor in an aggregate amount that could reasonably be
expected to have a Material Adverse Effect. 
 (n) a Change in Control shall occur. 

(o) either Borrower or the Parent Guarantor ceases to be a citizen of the United States of America within the meaning of Title 46,
Section 802 of the United States Code; or 
 (p) a Material Adverse Effect shall occur. 

Section 10.02 Remedies. 
 (a) In the case of an Event of Default other than one described in Section 10.01(h), Section 10.01(i) or Section 10.01(j), at any time thereafter during the continuance of such Event
of Default, the Administrative Agent may, and at the request of the Required Lenders, shall, by notice to the Borrowers, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon
the Commitments shall terminate immediately, and (ii) declare the Notes and the Loans 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 so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers and the Parent Guarantors accrued hereunder and under the
Notes and the other Loan Documents (including, without limitation, the payment of cash collateral to secure the LC Exposure as provided in Section 2.08(j)), 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 the Borrowers and the Parent Guarantor; and in case of an Event of Default described in Section 10.01(h),
Section 10.01(i) or Section 10.01(j), the Commitments shall automatically terminate and the Notes and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and the other obligations of the
Borrowers and the Parent Guarantors accrued hereunder and under the Notes and the other Loan Documents (including, without limitation, the payment of cash collateral to secure the LC Exposure as provided in Section 2.08(j)), shall automatically
become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers and the Parent Guarantor. 

  
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 (b) In the case of the occurrence of an Event of Default, the Administrative Agent and the
Lenders will have all other rights and remedies available at law and equity. 
 (c) All proceeds realized from the liquidation or
other disposition of collateral or otherwise received after maturity of the Notes, whether by acceleration or otherwise, shall be applied: 
 (i) first, to payment or reimbursement of that portion of the Indebtedness constituting fees, expenses and indemnities payable to the Administrative Agent in its capacity as such; 

(ii) second, pro rata to payment or reimbursement of that portion of the Indebtedness constituting fees, expenses and
indemnities payable to the Lenders; 
 (iii) third, pro rata to payment of accrued interest on the Loans;

 (iv) fourth, pro rata to (A) payment of principal outstanding on the Loans, (B) the payment
obligations owing to an Administrative Agent, a Lender or an Affiliate of an Administrative Agent or a Lender under a Swap Agreement permitted by this Agreement and (C) to serve as cash collateral to be held by the Administrative Agent to
secure the LC Exposure; 
 (v) fifth, pro rata to any other Indebtedness; and 

(vi) sixth, any excess, after all of the Indebtedness shall have been indefeasibly paid in full in cash, shall be paid to
the Borrowers or as otherwise required by any Governmental Requirement. 
 Section 10.03 Reserved. 

Section 10.04 Acceleration of Swap Agreements. Notwithstanding anything to the contrary contained herein, acceleration and
termination of the Swap Agreements involving the Administrative Agent, any Lender or the Affiliate of any Administrative Agent or Lender shall be governed by the terms of the Swap Agreements. 

ARTICLE XI 

The Administrative Agent 
 Section 11.01 Appointment; Powers. Each of the Lenders hereby appoints Wells Fargo Bank, N.A. as its Administrative Agent. Each Lender authorizes the Administrative Agent to take such actions on
its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof and the other Loan Documents, together with such actions and powers as are reasonably incidental thereto. 

Section 11.02 Duties and Obligations of the Administrative Agent. The Administrative Agent shall have no 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 (the use of the 

  
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term “Administrative Agent” herein and in the other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable law; rather, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting
parties), (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except as provided in Section 11.03, and (c) except as expressly set forth herein, the
Administrative Agent shall have no duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers, the Parent Guarantor or any of its Subsidiaries that is communicated to or obtained by the Lender
serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrowers,
the Parent Guarantor or a Lender, and shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document,
(ii) the contents of any certificate, report or other document delivered hereunder or under any other Loan Document or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other
terms or conditions set forth herein or in any other Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, (v) the
satisfaction of any condition set forth in Article VI or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or as to those conditions precedent expressly required to be to the
Administrative Agent’s satisfaction, (vi) the existence, value, perfection or priority of any collateral security or the financial or other condition of the Borrowers or the Parent Guarantor and its Subsidiaries, or (vii) any failure
by the Borrowers or any other Person (other than itself) to perform any of its obligations hereunder or under any other Loan Document or the performance or observance of any covenants, agreements or other terms or conditions set forth herein or
therein. For purposes of determining compliance with the conditions specified in Article VI, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be
consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Effective Date specifying its objection thereto. 

Section 11.03 Action by Administrative Agent. The Administrative Agent shall have no duty to take any discretionary action or
exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) and in all cases the Administrative Agent shall be fully justified in failing or refusing to act hereunder or under any other
Loan Documents unless it shall (a) receive written instructions from the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) specifying the action
to be taken and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions as aforesaid and any action
taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default has occurred and is continuing, then the Administrative Agent shall take such action with respect to such Default as shall be
directed by the requisite Lenders in the written instructions (with indemnities) described in this Section 11.03, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may
(but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interests of the applicable Lenders. In no event, however, shall the Administrative Agent be
required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement, the Loan Documents or applicable law. If a Default has occurred and is continuing, the Administrative Agent

  
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shall not have any obligation to perform any act in respect thereof. 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 12.02), and otherwise the Administrative Agent shall not be liable for any action taken or not taken by it
hereunder or under any other Loan Document or under any other document or instrument referred to or provided for herein or therein or in connection herewith or therewith INCLUDING ITS OWN ORDINARY NEGLIGENCE, except for its own gross negligence or
willful misconduct. 
 Section 11.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing 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, except in the case of gross negligence or willful
misconduct by the Administrative Agent and each of the Borrowers, the Guarantors, the Lenders, and the Issuing Lender hereby waives the right to dispute the Administrative Agent’s record of such statement absent manifest error. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers and the Parent Guarantor), 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. The Administrative Agent may deem and treat the payee of any Note as the holder thereof for all purposes hereof unless and until a written notice of the assignment or transfer
thereof permitted hereunder shall have been filed with the Administrative Agent. 
 Section 11.05 Sub-Administrative
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-Administrative Agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-Administrative Agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding Sections of this Article XI shall apply to any such
sub-Administrative Agent and to the Related Parties of the Administrative Agent and any such sub-Administrative 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. Neither Borrower nor the Parent Guarantor shall be responsible for payment of fees or expenses of any such sub-Administrative Agent. 

Section 11.06 Resignation or Removal of Administrative Agent. Subject to the appointment and acceptance of a successor
Administrative Agent as provided in this Section 11.06, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Lender, the Borrowers and the Parent Guarantor, and the Administrative Agent may be removed at any
time with or without cause by the Required Lenders. Upon any such resignation or removal, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor. If no successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation or removal of the retiring Administrative Agent, then the retiring Administrative Agent
may, on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent, or an Affiliate of any such Lender or such other location as approved by the Required Lenders or if no such successor shall be appointed by the retiring
Administrative Agent as aforesaid, the Required Lenders shall thereafter perform all of the duties of the retiring Administrative Agent hereunder until such appointment by the Required Lenders is made and accepted. 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. The fees payable by the Borrowers to a successor Administrative Agent shall be 

  
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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 XI and Section 12.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-Administrative 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. 
 Section 11.07 Administrative Agents as Lenders. Each Lender serving
as an 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 an Administrative Agent, and such Lender and its Affiliates may accept
deposits from, lend money to and generally engage in any kind of business with the Borrowers, the Parent Guarantor or any of its Subsidiaries or other Affiliates as if it were not an Administrative Agent hereunder. 

Section 11.08 No Reliance. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent,
any other 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 and each other Loan Document to which it is a party.
Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other 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, any related agreement or any document furnished hereunder or thereunder. The Administrative Agent shall not
be required to keep itself informed as to the performance or observance by the Borrowers, the Parent Guarantor or any of their Subsidiaries of this Agreement, the Loan Documents or any other document referred to or provided for herein or to inspect
the Property or books of the Borrowers, the Parent Guarantor or their Subsidiaries. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent hereunder, no
Administrative Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the affairs, financial condition or business of the Borrowers, the Parent Guarantor (or any of their Affiliates) which
may come into the possession of such Administrative Agent or any of its Affiliates. In this regard, each Lender acknowledges that Vinson & Elkins L.L.P. is acting in this transaction as special counsel to Wells Fargo and its Affiliates
only, except to the extent otherwise expressly stated in any legal opinion or any Loan Document. Each other party hereto will consult with its own legal counsel to the extent that it deems necessary in connection with the Loan Documents and the
matters contemplated therein. 
 Section 11.09 Administrative Agent May File Proofs of Claim. In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Borrowers, the Guarantors or any of their Subsidiaries, the Administrative Agent (irrespective
of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrowers or the Guarantors) shall be
entitled and empowered, by intervention in such proceeding or otherwise: 
 (a) to file a proof-of-claim for the whole amount of
the principal and interest owing and unpaid in respect of the Loans and all other Indebtedness that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the
Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Section 12.03) allowed in such judicial proceeding; 

  
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 (b) to collect and receive any monies or other Property payable or deliverable on any such
claims and to distribute the same; and 
 (c) and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the
Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under
Section 12.03. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to
or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Indebtedness or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any
Lender in any such proceeding. 
 Section 11.10 Authority of the Administrative Agent to Release Collateral and Liens.
Each Lender and the Issuing Lender hereby authorizes the Administrative Agent to release any collateral that is permitted to be sold or released pursuant to the terms of the Loan Documents. Each Lender and the Issuing Lender hereby authorizes the
Administrative Agent to execute and deliver to the Borrowers, at the Borrowers’ sole cost and expense, any and all releases of Liens, termination statements, assignments or other documents reasonably requested by the Borrowers in connection
with any sale or other disposition of Property to the extent such sale or other disposition is permitted by the terms of Section 9.15 or is otherwise authorized by the terms of the Loan Documents. 

ARTICLE XII 

Miscellaneous 
 Section 12.01 Notices. 
 (a) Except in the case of notices and other
communications expressly permitted to be given by telephone (and subject to Section 12.01(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, as follows: 
 (i) if to the Borrowers, to them at Hornbeck
Offshore Services, Inc., 103 Northpark Blvd., Suite 300, Covington, LA 70433, Attention: James O. Harp, Jr., Executive Vice President and Chief Financial Officer; Telecopy No.: (985) 727-2006. 

(ii) if to the Administrative Agent, to it at WFBLS Charlotte Agency Services, 1525 W WT Harris Blvd, MAC D1109-019
Charlotte, NC 28262, Attention of Diana Horn (Telecopy No. 704-590-2782), with a copy to Corbin Womac, Vice President & Relationship Manager, at 1000 Louisiana, 9th Floor, MAC T0002-090, Houston, Texas 77002, (Telecopy
No. 713-739-1087); 
 (iii) if to the Issuing Lender, to it at WFBLS Charlotte Agency Services, 1525 W WT
Harris Blvd, MAC D1109-019 Charlotte, NC 28262, Attention of Diana Horn (Telecopy No. 704-590-2782), with a copy to Corbin Womac, Vice President & Relationship Manager, at 1000 Louisiana, 9th Floor, MAC T0002-090, Houston, Texas 77002,
(Telecopy No. 713-739-1087); 
 (iv) if to any other Lender, to it at its address (or telecopy number) set
forth in Schedule 12.01(a) hereto. 

  
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 (b) 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 Articles II, III, IV and V unless otherwise agreed by the Administrative Agent and
the applicable Lender. The Administrative Agent or the Borrowers and the Parent Guarantor may, in their respective 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. 
 (c)
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. 
 Section 12.02 Waivers; Amendments. 

(a) No failure on the part of the Administrative Agent, the Issuing Lender or any Lender to exercise and no delay in exercising, and no
course of dealing with respect to, any right, power or privilege, or any abandonment or discontinuance of steps to enforce such right, power or privilege, under any of the Loan Documents shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, power or privilege under any of the Loan Documents preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the Administrative Agent, the Issuing
Lender 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 this Agreement or any other Loan Document or consent to
any departure by the Borrowers therefrom shall in any event be effective unless the same shall be permitted by Section 12.02(b), 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, the Issuing Lender or any other Lender
may have had notice or knowledge of such Default at the time. 
 (b) Neither this Agreement nor any provision hereof nor any
Security Instrument nor any provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrowers, the Parent Guarantor and the Required Lenders or by the Borrowers, the Parent
Guarantor and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal
amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, or reduce any other Indebtedness hereunder or under any other Loan Document, without the written consent of each Lender affected
thereby, (iii) postpone the scheduled date of payment or prepayment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or any other Indebtedness hereunder or under any other Loan
Document, or reduce the amount of, waive or excuse any such payment, or postpone or extend the Maturity Date without the written consent of each Lender affected thereby, (iv) change Section 4.01(b) or Section 4.01(c) in a manner that
would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) release the Parent Guarantor (except as set forth in the Guaranty and Collateral Agreement) or release all or substantially all of
the collateral (other than as provided in Section 11.10) without the written consent of each Lender, or (vi) change any of the provisions of this Section 12.02(b) or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan Documents or make any determination or 

  
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grant any consent hereunder or any other Loan Documents, without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the
rights or duties of the Administrative Agent or the Issuing Lender hereunder or under any other Loan Document without the prior written consent of the Administrative Agent or the Issuing Lender, as the case may be. Notwithstanding the foregoing, any
supplement to Schedule 7.15 (Subsidiaries) shall be effective simply by delivering to the Administrative Agent a supplemental schedule clearly marked as such and, upon receipt, the Administrative Agent will promptly deliver a copy thereof to the
Lenders. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended
without the consent of such Lender. 
 Section 12.03 Expenses, Indemnity; Damage Waiver. 

(a) The Borrowers shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates,
including, without limitation, the reasonable fees, charges and disbursements of counsel and other outside consultants for the Administrative Agent, the reasonable travel, photocopy, mailing, courier, telephone and other similar expenses, and the
cost of environmental audits and surveys and Appraisals, in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration (both before and after the execution
hereof and including advice of counsel to the Administrative Agent as to the rights and duties of the Administrative Agent and the Lenders with respect thereto) of this Agreement and the other Loan Documents and any amendments, modifications or
waivers of or consents related to the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all costs, expenses, Taxes, assessments and other charges incurred by any
Administrative Agent or any Lender in connection with any filing, registration, recording or perfection of any security interest contemplated by this Agreement or any Security Instrument or any other document referred to therein, (iii) all
reasonable out of pocket expenses incurred by the Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iv) all out-of-pocket expenses incurred by any
Administrative Agent, the Issuing Lender or any Lender, including the fees, charges and disbursements of any counsel for any Administrative Agent, the Issuing Lender or any Lender, in connection with the enforcement or protection of its rights in
connection with this Agreement or any other Loan Document, including its rights under this Section 12.03, and including, without limitation, all such out-of-pocket expenses incurred during any workout or restructuring in respect of such Loans
or Letters of Credit. 
 (b) THE BORROWERS SHALL INDEMNIFY THE ADMINISTRATIVE AGENT, THE ISSUING LENDER 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, INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (i) THE EXECUTION OR DELIVERY OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, THE PERFORMANCE BY THE PARTIES HERETO OR THE PARTIES TO ANY OTHER LOAN DOCUMENT OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS
CONTEMPLATED HEREBY OR BY ANY OTHER LOAN DOCUMENT, (ii) THE FAILURE OF THE BORROWERS OR ANY SUBSIDIARY TO COMPLY WITH THE TERMS OF ANY LOAN DOCUMENT, INCLUDING THIS AGREEMENT, OR WITH ANY GOVERNMENTAL REQUIREMENT, (iii) ANY INACCURACY OF
ANY REPRESENTATION OR ANY BREACH OF 

  
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ANY WARRANTY OR COVENANT OF THE BORROWERS OR ANY PARENT GUARANTOR SET FORTH IN ANY OF THE LOAN DOCUMENTS OR ANY INSTRUMENTS, DOCUMENTS OR CERTIFICATIONS DELIVERED IN CONNECTION THEREWITH,
(iv) ANY LOAN OR LETTER OF CREDIT OR THE USE OF THE PROCEEDS THEREFROM, INCLUDING, WITHOUT LIMITATION, (A) ANY REFUSAL BY THE ISSUING LENDER TO HONOR A DEMAND FOR PAYMENT UNDER A LETTER OF CREDIT IF THE DOCUMENTS PRESENTED IN CONNECTION
WITH SUCH DEMAND DO NOT STRICTLY COMPLY WITH THE TERMS OF SUCH LETTER OF CREDIT, OR (B) THE PAYMENT OF A DRAWING UNDER ANY LETTER OF CREDIT NOTWITHSTANDING THE NON-COMPLIANCE, NON-DELIVERY OR OTHER IMPROPER PRESENTATION OF THE DOCUMENTS
PRESENTED IN CONNECTION THEREWITH, (v) ANY OTHER ASPECT OF THE LOAN DOCUMENTS, (vi) THE OPERATIONS OF THE BUSINESS OF THE BORROWERS, THE PARENT GUARANTOR AND THEIR SUBSIDIARIES BY THE PARENT GUARANTOR, THE BORROWERS AND THEIR SUBSIDIARIES,
(vii) ANY ASSERTION THAT THE LENDERS WERE NOT ENTITLED TO RECEIVE THE PROCEEDS RECEIVED PURSUANT TO THE SECURITY INSTRUMENTS, (viii) ANY ENVIRONMENTAL LAW APPLICABLE TO THE BORROWERS, THE PARENT GUARANTOR OR ANY SUBSIDIARY OR ANY OF THEIR
PROPERTIES, INCLUDING WITHOUT LIMITATION, THE PRESENCE, GENERATION, STORAGE, RELEASE, THREATENED RELEASE, USE, TRANSPORT, DISPOSAL, ARRANGEMENT OF DISPOSAL OR TREATMENT OF OIL, OIL AND GAS WASTES, SOLID WASTES OR HAZARDOUS SUBSTANCES ON ANY OF THEIR
PROPERTIES, (ix) THE BREACH OR NON-COMPLIANCE BY THE BORROWERS OR ANY SUBSIDIARY WITH ANY ENVIRONMENTAL LAW APPLICABLE TO THE BORROWERS OR ANY SUBSIDIARY, (x) THE PAST OWNERSHIP BY THE BORROWERS OR ANY SUBSIDIARY OF ANY OF THEIR PROPERTIES
OR PAST ACTIVITY ON ANY OF THEIR PROPERTIES WHICH, THOUGH LAWFUL AND FULLY PERMISSIBLE AT THE TIME, COULD RESULT IN PRESENT LIABILITY, (xi) THE PRESENCE, USE, RELEASE, STORAGE, TREATMENT, DISPOSAL, GENERATION, THREATENED RELEASE, TRANSPORT,
ARRANGEMENT FOR TRANSPORT OR ARRANGEMENT FOR DISPOSAL OF OIL, OIL AND GAS WASTES, SOLID WASTES OR HAZARDOUS SUBSTANCES ON OR AT ANY OF THE PROPERTIES OWNED OR OPERATED BY THE BORROWERS OR ANY SUBSIDIARY OR ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE
OF HAZARDOUS MATERIALS ON OR FROM ANY PROPERTY OWNED OR OPERATED BY THE BORROWERS OR ANY OF THEIR SUBSIDIARIES, (xii) ANY ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO THE BORROWERS OR ANY OF THEIR SUBSIDIARIES, OR (xiii) ANY OTHER
ENVIRONMENTAL, HEALTH OR SAFETY CONDITION IN CONNECTION WITH THE LOAN DOCUMENTS, OR (xiv) 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, AND SUCH INDEMNITY SHALL EXTEND TO EACH INDEMNITEE NOTWITHSTANDING THE SOLE OR CONCURRENT NEGLIGENCE OF EVERY KIND OR CHARACTER WHATSOEVER, WHETHER ACTIVE OR PASSIVE, WHETHER AN
AFFIRMATIVE ACT OR AN OMISSION, INCLUDING WITHOUT LIMITATION, ALL TYPES OF NEGLIGENT CONDUCT IDENTIFIED IN THE RESTATEMENT (SECOND) OF TORTS OF ONE OR MORE OF THE INDEMNITEES OR BY REASON OF STRICT LIABILITY IMPOSED WITHOUT FAULT ON ANY ONE OR MORE
OF THE INDEMNITEES; PROVIDED THAT ANY OF THE ABOVE INDEMNITIES SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY
FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. 

  
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 (c) To the extent that the Borrowers fail to pay any amount required to be paid by either
Borrower to any Administrative Agent or the Issuing Lender under Section 12.03(a) or (b), each Lender severally agrees to pay to such Administrative Agent or the Issuing Lender, as the case may be, such Lender’s Applicable Percentage
(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 such Administrative Agent or the Issuing Lender in its capacity as such. 
 (d) To
the extent permitted by applicable law, the Borrowers shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.

 (e) All amounts due under this Section 12.03 shall be payable not later than ten (10) days after written demand
therefor. 
 Section 12.04 Successors and Assigns. 

(a) 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 Lender that issues any Letter of Credit), except that (i) except as permitted by Section 9.12, the Borrowers may not assign or otherwise transfer any of its rights or
obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrowers 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 12.04. 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 Lender that issues any Letter of Credit), Participants (to the extent provided in Section 12.04(c)) and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the Issuing Lender and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or
a portion of its Commitments and the Loans at the time owing to it) pursuant to an Assignment and Assumption Agreement substantially in the form of Exhibit G (an “Assignment”) with the prior written consent of: (A) the
Borrowers and the Parent Guarantor (such consent not to be unreasonably withheld) provided that no consent of the Borrowers and the Parent Guarantor shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund (as
defined below) or, if an Event of Default under Section 10(a), (b), (h) or (i) has occurred and is continuing, any other Person; (B) the Administrative Agent and; (C) the Issuing Lender. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining
amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment is delivered to

  
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the Administrative Agent) shall not be less than $5,000,000, unless each of the Borrowers, the Parent Guarantor and the Administrative Agent otherwise consent, provided that no such consent of
the Borrowers and the Parent Guarantor shall be required if an Event of Default under Section 10(a), (b), (h) or (i) has occurred and is continuing; 

(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; 
 (C) the parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment, together with a processing and recordation fee of $3,500; 
 (D) the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; 
 (E) notwithstanding anything to the contrary contained in this Agreement, if such Assignment is made at a time when an Event of Default has occurred and is continuing, the written consent of the Borrowers
to such Assignment shall not be required; and 
 (F) notwithstanding anything to the contrary herein, no
assignments shall be made to a Defaulting Lender or any of its Subsidiaries or Affiliates. 
 For purposes of
this Section 12.04, “Approved Fund” means any 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. 

(iii) Subject to Section 12.04(b)(iv) and the acceptance and recording thereof, from and after the effective
date specified in each Assignment the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment, be released from its obligations under this Agreement (and, in the case of an Assignment 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 Section 5.01, Section 5.02, Section 5.03 and Section 12.03). Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this Section 12.04 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 Section 12.04(c)(i). 

(iv) The Administrative Agent, acting for this purpose as an administrative agent of the Borrowers and the Parent
Guarantor, shall maintain at one of its offices a copy of each Assignment delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount 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, and the Borrowers, the Administrative Agent, the Issuing Lender and the Lenders may treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, 

  
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notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and the Parent Guarantor, the Issuing Lender and any Lender, at any reasonable time and
from time to time upon reasonable prior notice. In connection with any changes to the Register, if necessary, the Administrative Agent will reflect the revisions on Annex I and forward a copy of such revised Annex I to the Borrowers,
the Issuing Lender and each Lender. 
 (v) Upon its receipt of a duly completed Assignment executed by an
assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire and applicable required tax forms (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in
Section 12.04(b) and any written consent to such assignment required by Section 12.04(b), the Administrative Agent shall accept such Assignment and record the information contained therein in the Register. No assignment shall be effective
for purposes of this Agreement unless it has been recorded in the Register after meeting the requirements provided in this Section 12.04(b). 
 (c) (i) Any Lender may, without the consent of the Borrowers or the Administrative Agent or the Issuing Lender sell participations to one or more Lenders or other entities (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
Lender 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 proviso to Section 12.02 that affects such Participant. In addition such agreement must provide that the
Participant be bound by the provisions of Section 12.03. Subject to Section 12.04(c)(ii), the Borrowers agree that each Participant shall be entitled to the benefits of Sections 5.01, 5.02 and 5.03 to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to Section 12.04(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.08 as though it were a Lender, provided such Participant
agrees to be subject to Section 4.01(c) as though it were a Lender. 
 (ii) A Participant shall not be
entitled to receive any greater payment under Section 5.02 or Section 5.03 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to
such Participant is made with the Borrowers’ prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.03 unless the Borrowers are notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 5.03(g) as though it were a Lender. 
 (d) Any Lender may 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, without limitation, any pledge
or assignment to secure obligations to a Federal Reserve Bank, and this Section 12.04(d) 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. 

  
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 (e) Notwithstanding any other provisions of this Section 12.04, no transfer or
assignment of the interests or obligations of any Lender or any grant of participations therein shall be permitted if such transfer, assignment or grant would require the Borrowers and the Parent Guarantors to file a registration statement with the
SEC or to qualify the Loans under the “Blue Sky” laws of any state. 
 (f) 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 that affects such Participant. The Borrowers agrees that each Participant shall be entitled to the benefits
of Section 5.01, 5.02 and 5.03 (subject to the requirements and limitations therein) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such
Participant (A) agrees to be subject to the provisions of Sections 2.12 and 5.04 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 5.01 or 5.03,
with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the
applicable participation. Each Lender that sells a participation agrees, at the Borrowers’ request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 2.12 with respect to any
Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section12.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 4.01 as though it were a Lender.
Each Lender 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 the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register
(including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such
disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be
conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the
avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (g) Notwithstanding anything in this Agreement to the contrary, in no event shall any Lender or Participant assign any portion of or sell any participations in its rights and obligations under this
Agreement to a competitor in the marine vessel business, including any logistic services related thereto or any ancillary, complementary or related line of business, or an Affiliate of such competitor, of the Parent Guarantor, the Borrowers, or a
Subsidiary. This prohibition shall be included in any documentation effecting an assignment of any interest herein or in the Notes issued hereunder and any attempted assignment in violation of this provision shall be void ab initio. 

Section 12.05 Survival; Revival; Reinstatement. 
 (a) All covenants, agreements, representations and warranties made by the Borrowers herein 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 this Agreement and the making of any 

  
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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 Lender 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, and shall continue in full force and effect as long as the principal of or any accrued interest on any
Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 5.01, 5.02, 5.03 and
12.03 and Article XI 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, any other Loan Document or any provision hereof or thereof. 
 (b) To the extent that any
payments on the Indebtedness or proceeds of any collateral are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other Person under any Bankruptcy
Law, common law or equitable cause, then to such extent, the Indebtedness so satisfied shall be revived and continue as if such payment or proceeds had not been received and the Administrative Agent’s and the Lenders’ Liens, rights, powers
and remedies under this Agreement and each Loan Document shall continue in full force and effect. In such event, each Loan Document shall be automatically reinstated and the Borrowers shall take such action as may be reasonably requested by the
Administrative Agent and the Lenders to effect such reinstatement. 
 Section 12.06 Counterparts; Integration;
Effectiveness. 
 (a) 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. 
 (b) This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the
subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof. 
 (c) Except as provided in Section 6.01, 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 assigns. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 12.07 Severability. Any provision of this Agreement or any other Loan Document 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 or thereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction. 
 Section 12.08 Right of Setoff. If an Event
of Default shall have occurred and be continuing, each Lender or Administrative Agent and each of their respective 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 (of whatsoever kind, including, without limitations obligations under Swap Agreements) at any time owing

  
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by such Lender or Administrative Agent or any Affiliate of such Lender or Administrative Agent to or for the credit or the account of the Borrowers or any Guarantor against any of and all the
obligations of the Borrowers or any Guarantor owed to such Lender or Administrative Agent now or hereafter existing under this Agreement or any other Loan Document, irrespective of whether or not such Lender or Administrative Agent shall have made
any demand under this Agreement or any other Loan Document and although such obligations may be unmatured; provided, however, that in no event shall the Administrative Agent or any Lender be entitled to exercise any statutory or common law right of
set-off in the Investment Accounts in connection with and as against the Indebtedness. The rights of each Lender or Administrative Agent under this Section 12.08 are in addition to other rights and remedies (including other rights of setoff)
which such Lender or Administrative Agent or their respective Affiliates may have. 
 Section 12.09 GOVERNING LAW;
JURISDICTION; WAIVER OF JURY TRIAL. 
 (a) THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF TEXAS; EXCEPT THAT CHAPTER 346 OF THE TEXAS FINANCE CODE (WHICH REGULATES CERTAIN REVOLVING CREDIT LOAN ACCOUNTS AND REVOLVING TRI PARTY ACCOUNTS) SHALL NOT APPLY TO THIS AGREEMENT OR THE NOTES. 

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO ANY LOAN DOCUMENT SHALL BE BROUGHT IN THE COURTS OF THE STATE OF TEXAS OR OF THE UNITED
STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF TEXAS, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS. THIS SUBMISSION TO JURISDICTION IS NONEXCLUSIVE AND DOES NOT PRECLUDE A PARTY FROM OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION.

 (c) EACH PARTY HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY
IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY
SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR ADMINISTRATIVE AGENT OF COUNSEL FOR ANY PARTY
HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE LOAN
DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION 12.09. 

  
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 Section 12.10 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 12.11 Confidentiality. Each of the Administrative Agent, the Issuing Lender and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and Administrative Agents, including accountants, legal counsel and other
advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement or any other Loan Document, (e) in connection with the exercise of any
remedies hereunder or under any other Loan Document 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
substantially the same as those of this Section 12.11, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective
counterparty (or its advisors) to any Swap Agreement relating to the Borrowers and their obligations, (g) with the consent of the Borrowers and the Parent Guarantor or (h) to the extent such Information (i) becomes publicly available
other than as a result of a breach of this Section 12.11 or (ii) becomes available to the Administrative Agent, the Issuing Lender or any Lender on a nonconfidential basis from a source other than the Borrowers. For the purposes of this
Section 12.11, “Information” means all information received from the Borrowers, the Parent Guarantor or any Subsidiary relating to the Borrowers, the Parent Guarantor or any Subsidiary and their businesses, other than any such
information that is available to the Administrative Agent, the Issuing Lender or any Lender on a nonconfidential basis prior to disclosure by the Borrowers, the Parent Guarantor or a Subsidiary; provided that, in the case of information
received from the Borrowers, the Parent Guarantor or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided
in this Section 12.11 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. 
 Section 12.12 Interest Rate Limitation. It is the intention of the parties hereto that each Lender shall
conform strictly to usury laws applicable to it. Accordingly, if the transactions contemplated hereby would be usurious as to any Lender under laws applicable to it (including the laws of the United States of America and the State of Texas or any
other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in any of the Loan Documents or any agreement entered
into in connection with or as security for the Notes, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under law applicable to any Lender that is contracted for, taken, reserved, charged or received by
such Lender under any of the Loan Documents or agreements or otherwise in connection with the Notes shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall be canceled automatically and if
theretofore paid shall be credited by such Lender on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or would thereby be paid in full, refunded by such Lender to the
Borrowers); and (ii) in the event that the maturity of the Notes is accelerated by reason of an election of the holder thereof resulting from any Event of Default under this Agreement or otherwise, or in the event of any required or permitted
prepayment, then such consideration that constitutes interest under law applicable to any Lender may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise
shall be canceled automatically by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the 

  
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principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or would thereby be paid in full, refunded by such Lender to the Borrowers).
All sums paid or agreed to be paid to any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable to such Lender, be amortized, prorated, allocated and spread throughout the stated term of
the Loans evidenced by the Notes until payment in full so that the rate or amount of interest on account of any Loans hereunder does not exceed the maximum amount allowed by such applicable law. If at any time and from time to time (i) the
amount of interest payable to any Lender on any date shall be computed at the Highest Lawful Rate applicable to such Lender pursuant to this Section 12.12 and (ii) in respect of any subsequent interest computation period the amount of
interest otherwise payable to such Lender would be less than the amount of interest payable to such Lender computed at the Highest Lawful Rate applicable to such Lender, then the amount of interest payable to such Lender in respect of such
subsequent interest computation period shall continue to be computed at the Highest Lawful Rate applicable to such Lender until the total amount of interest payable to such Lender shall equal the total amount of interest which would have been
payable to such Lender if the total amount of interest had been computed without giving effect to this Section 12.12. To the extent that Chapter 303 of the Texas Finance Code is relevant for the purpose of determining the Highest Lawful Rate
applicable to a Lender, such Lender elects to determine the applicable rate ceiling under such Chapter by the weekly ceiling from time to time in effect. Chapter 346 of the Texas Finance Code does not apply to the Borrowers’ obligations
hereunder. 
 Section 12.13 EXCULPATION PROVISIONS. EACH OF THE PARTIES HERETO SPECIFICALLY AGREES THAT IT HAS A DUTY TO
READ THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND AGREES THAT IT IS CHARGED WITH NOTICE AND KNOWLEDGE OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; THAT IT HAS IN FACT READ THIS AGREEMENT AND IS FULLY INFORMED AND HAS FULL NOTICE
AND KNOWLEDGE OF THE TERMS, CONDITIONS AND EFFECTS OF THIS AGREEMENT; THAT IT HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL OF ITS CHOICE THROUGHOUT THE NEGOTIATIONS PRECEDING ITS EXECUTION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND HAS
RECEIVED THE ADVICE OF ITS LEGAL COUNSEL IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND THAT IT RECOGNIZES THAT CERTAIN OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS RESULT IN ONE PARTY ASSUMING THE LIABILITY
INHERENT IN SOME ASPECTS OF THE TRANSACTION AND RELIEVING THE OTHER PARTY OF ITS RESPONSIBILITY FOR SUCH LIABILITY. EACH PARTY HERETO AGREES AND COVENANTS THAT IT WILL NOT CONTEST THE VALIDITY OR ENFORCEABILITY OF ANY EXCULPATORY PROVISION OF THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS ON THE BASIS THAT THE PARTY HAD NO NOTICE OR KNOWLEDGE OF SUCH PROVISION OR THAT THE PROVISION IS NOT “CONSPICUOUS.” 
 Section 12.14 Collateral Matters; Swap Agreements. The benefit of the Security Instruments and of the provisions of this Agreement relating to any collateral securing the Indebtedness shall also
extend to and be available to those Lenders, Administrative Agents or their Affiliates which are counterparties to any Swap Agreement with the Borrowers, the Parent Guarantor or any of their Subsidiaries on a pro rata basis in respect of any
obligations of the Borrowers, the Parent Guarantor or any of their Subsidiaries which arise under any such Swap Agreement while such Person or its Affiliate is a Lender or Administrative Agent, but only while such Person or its Affiliate is a Lender
or Administrative Agent, including any Swap Agreements between such Persons in existence prior to the date hereof. No Lender or Administrative Agent or any Affiliate of a Lender shall have any voting rights under any Loan Document as a result of the
existence of obligations owed to it under any such Swap Agreements. 

  
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 Section 12.15 No Third Party Beneficiaries. This Agreement, the other Loan Documents,
and the agreement of the Lenders to make Loans and the Issuing Lender to issue, amend, renew or extend Letters of Credit hereunder are solely for the benefit of the Borrowers, the Parent Guarantor and no other Person (including, without limitation,
any Subsidiary of the Borrowers, any Subsidiary of the Guarantors, any obligor, contractor, subcontractor, supplier or materialsman) shall have any rights, claims, remedies or privileges hereunder or under any other Loan Document against the
Administrative Agent, the Issuing Lender or any Lender for any reason whatsoever. There are no third party beneficiaries other than the Parent Guarantor. 
 Section 12.16 Electronic Communications. 
 (a) The Borrowers and the Parent
Guarantor hereby agree that, unless otherwise requested by the Administrative Agent, each will provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to
the Loan Documents, including, without limitation, all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates to a request for a
new, or a conversion of an existing, Borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (ii) relates to the payment of any principal or other amount due under this Agreement
prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default under this Agreement, (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any
Borrowing or other extension of credit hereunder or (v) initiates or responds to legal process (all such non-excluded information being referred to herein collectively as the “Communications”) by transmitting the Communications
in an electronic/soft medium (provided such Communications contain any required signatures) in a format acceptable to the Administrative Agent, to both Corbin Womac at corbin.m.womac@wellsfargo.com and Diana Horn at diana.horn@wellsfargo.com (or
such other e-mail address designated by the Administrative Agent from time to time). 
 (b) Each party hereto agrees that the
Administrative Agent may make the Communications available to the Lenders and the Issuing Lender by posting the Communications on IntraLinks or another relevant website, if any, to which each Lender, the Issuing Lender and the Administrative Agent
have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent) (the “Platform”). Nothing in this Section 12.16 shall prejudice the right of the Administrative Agent to make the
Communications available to the Lenders and the Issuing Lender in any other manner specified in the Loan Documents. 
 (c) The
Borrowers hereby acknowledge that certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrowers or their securities) (each, a
“Public Lender”). The Borrowers hereby agree that (i) Communications that are to be made available on the Platform to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall
mean that the word “PUBLIC” shall appear prominently on the first page thereof, (ii) by marking Communications “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agents, the Issuing
Lender and the Lenders to treat such Communications as either publicly available information or not material information (although it may be sensitive and proprietary) with respect to the Borrowers or their securities for purposes of United States
federal and state securities laws, (iii) all Communications marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Lender,” and (iv) the Administrative
Agents shall be entitled to treat any Communications that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Lender.” 

  
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 (d) Each Lender agrees that e-mail notice to it (at the address provided pursuant to the
next sentence and deemed delivered as provided in the next paragraph) specifying that Communications have been posted to the Platform shall constitute effective delivery of such Communications to such Lender for purposes of the Loan Documents. Each
Lender agrees (i) to notify the Administrative Agent in writing (including by electronic communication) from time to time to ensure that the Administrative Agent has on record an effective e-mail address for such Lender to which the foregoing
notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address. 
 (e)
Each party hereto agrees that any electronic communication referred to in this Section 12.16 shall be deemed delivered upon the posting of a record of such communication (properly addressed to such party at the e-mail address provided to the
Administrative Agent) as “sent” in the e-mail system of the sending party or, in the case of any such communication to the Administrative Agent, upon the posting of a record of such communication as “received” in
the e-mail system of the Administrative Agent; provided that if such communication is not so received by the Administrative Agent during the normal business hours of the Administrative Agent, such communication shall be deemed delivered at
the opening of business on the next Business Day for the Administrative Agent. 
 (f) Each party hereto acknowledges that
(i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the Communications and the Platform are provided “as
is” and “as available,” (iii) none of the Administrative Agents, their affiliates nor any of their respective officers, directors, employees, Administrative Agents, advisors or representatives (collectively, the
“Administrative Agent Parties”) warrants the adequacy, accuracy or completeness of the Communications or the Platform, and each Administrative Agent Party expressly disclaims liability for errors or omissions in any Communications
or the Platform, and (iv) no warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses
or other code defects, is made by any Administrative Agent Party in connection with any Communications or the Platform. 

Section 12.17 USA Patriot Act Notice. Each Lender hereby notifies the Borrowers that pursuant to the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of
the Borrowers and other information that will allow such Lender to identify the Borrowers in accordance with the Act. 
 Section
12.18 Existing Credit Agreement. On the date of this Agreement, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement, and the Existing Credit Agreement shall be replaced hereby; provided that the
Borrowers, the Administrative Agent and the Lenders agree that on the date of the initial funding of Loans hereunder, the loans and other Indebtedness of the Borrowers under the Existing Credit Agreement, if applicable, shall be renewed, rearranged,
modified and extended with the proceeds of the initial funding and the “Commitments” of the lenders under the Existing Credit Agreement shall be superseded by this Agreement and terminated. This Agreement is not in any way intended to
constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence payment of all or any portion of such obligations and liabilities. The terms and conditions of this Agreement and the Administrative
Agent’s, the Lenders’, the Swing Line Lender’s and the Issuing Lenders’ rights and remedies under this Agreement and the other Loan Documents shall apply to all of the Indebtedness incurred under the Existing Credit Agreement.
The undersigned hereby waive (i) any right to receive any notice of such termination, (ii) any right to receive any notice of prepayment of amounts owed under the Existing Credit Agreement, and (iii) any right to receive compensation
under the Existing Credit Agreement in respect of Eurodollar Loans outstanding under the Existing Credit Agreement resulting from such rearrangement. Each Lender that was a party to the Existing Credit Agreement hereby agrees to return to the
Borrowers, with reasonable promptness, any promissory note delivered by the Borrowers to such Lender in connection with the Existing Credit Agreement. 

  
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 Section 12.19 Reallocation of Commitments. 

(a) For an agreed consideration, each Lender (individually an “Assignor” and collectively, the
“Assignors”) hereby irrevocably sells and assigns, severally and not jointly, (i) all of such Assignor’s rights and obligations in its capacity as Lender under the Existing Credit Agreement and any other documents or
instruments delivered pursuant thereto to the extent related to its Commitment and Credit Exposure, as the case may be, identified in Annex II attached hereto and (ii) to the extent permitted to be assigned under applicable law, all
claims, suits, causes of action and any other right of such Assignor (in its capacity as Lender) against any Person, whether known or unknown, arising under or in connection with the Existing Credit Agreement, any other documents or instruments
delivered pursuant thereto or the transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related
to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively for all Assignors as the
“Assigned Interests”) to the Lenders (individually, an “Assignee” and, collectively, the “Assignees”) set forth on Annex I hereto (which shall replace the Annex I to the Existing
Credit Agreement as of the Effective Date), and each Assignee hereby irrevocably purchases and assumes from each Assignor such Assignee’s percentage (as set forth on Annex I) of the Assigned Interests, subject to and in accordance with
this Agreement, as of the Effective Date. Such sale and assignment is without recourse to the Assignors and, except as expressly provided in this Agreement, without representation or warranty by the Assignors. 

(b) From and after the Effective Date, the Administrative Agent shall distribute all payments in respect of the Assigned Interests
(including payments of principal, interest, fees and other amounts) to the appropriate Assignors for amounts which have accrued to but excluding the Effective Date and to the appropriate Assignees for amounts which have accrued from and after the
Effective Date. 
 [SIGNATURES BEGIN NEXT PAGE] 

  
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 The parties hereto have caused this Amended and Restated Credit Agreement to be duly
executed as of the day and year first above written. 
  

							
	BORROWERS:	 		 	HORNBECK OFFSHORE SERVICES, LLC
				
		 		 	By: 	 	/s/ James O. Harp, Jr.
		 		 		 	James O. Harp, Jr.
		 		 		 	 Executive Vice President and

Chief Financial Officer

			
		 		 	 HORNBECK OFFSHORE TRANSPORTATION, LLC

				
		 		 	By: 	 	/s/ James O. Harp, Jr.
		 		 		 	James O. Harp, Jr.
		 		 		 	 Executive Vice President and

Chief Financial Officer

							
	PARENT GUARANTOR: 	 		 		 	HORNBECK OFFSHORE SERVICES, INC.
				
		 		 	By: 	 	/s/ James O. Harp, Jr.
		 		 		 	James O. Harp, Jr.
		 		 		 	 Executive Vice President and

Chief Financial Officer

							
	ADMINISTRATIVE AGENT: 	 		 	WELLS FARGO BANK, N.A.
				
		 		 	By: 	 	/s/ Philip C. Lauinger III
		 		 	Name: 	 	Philip C. Lauinger III
		 		 	Title:	 	Managing Director

							
	LENDERS:	 		 	WELLS FARGO BANK, N.A.
				
		 		 	By: 	 	/s/ Philip C. Lauinger III
		 		 	Name: 	 	Philip C. Lauinger III
		 		 	Title:	 	Managing Director

							
		 		 	COMERICA BANK
				
		 		 	By: 	 	/s/ Gary Culbertson
		 		 	Name: 	 	Gary Culbertson
		 		 	Title:	 	Vice President

							
		 		 	AMEGY BANK N.A.
				
		 		 	By: 	 	/s/ G. Scott Collins
		 		 	Name: 	 	G. Scott Collins
		 		 	Title:	 	Senior Vice President

							
		 		 	DNB NOR BANK ASA
				
		 		 	By: 	 	/s/ Barbara Gronquist
		 		 	Name: 	 	Barbara Gronquist
		 		 	Title:	 	Senior Vice President

							
		 		 	
				
		 		 	By: 	 	/s/ Stian Løvseth
		 		 	Name: 	 	Stian Løvseth
		 		 	Title:	 	Vice President

							
		 		 	JPMORGAN CHASE BANK, N.A.
				
		 		 	By: 	 	/s/ Donald K. Hunt
		 		 	Name: 	 	Donald K. Hunt
		 		 	Title:	 	Officer

							
		 		 	CAPITAL ONE, N.A.
				
		 		 	By: 	 	/s/ Mark Preston
		 		 	Name: 	 	Mark Preston
		 		 	Title:	 	Vice President

							
		 		 	WHITNEY BANK
				
		 		 	By: 	 	/s/ Eric B. Goebel
		 		 	Name: 	 	Eric B. Goebel
		 		 	Title:	 	Vice President

							
		 		 	BARCLAYS BANK PLC
				
		 		 	By: 	 	/s/ Vanessa A. Kurbatskiy
		 		 	Name: 	 	Vanessa A. Kurbatskiy
		 		 	Title:	 	Vice President

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