Document:

EMPLOYMENT AGREEMENT

 EXHIBIT 10.2 
  
 April 30, 2004 
  
 David Carey 
 2524 Aspen Springs Rd

 Park City, Utah 
 84060 
  
 Dear
David, 
  
 We are pleased to confirm in writing the terms of your employment in
the position of President & Chief Operating Officer with Entrust, Inc. (the “Company”), reporting to Bill Conner. Your salary on an annualized basis will be $280,000.00 US, which will be paid biweekly. Your salary and
performance will be subject to review on an annual basis. The responsibilities of this position have been reviewed with you. However, should you have any questions, please contact Bill Conner at 972-713-5810. 
  
 You will be eligible to receive a one time $25,000.00 US signing bonus within your first 30
days of employment with the Company which was April 30, 2004 (“Commencement Date”); provided, however should you resign your employment with the Company at any time during the first twelve (12) months of employment for any reason, you will
be required to pay on a pro-rated basis. 
  
 Additionally, you will be granted two
awards of incentive stock options as follows: (i) an award of incentive stock options to purchase 250,000 shares of common stock of the Company (“First Grant”); and (ii) an award of incentive stock options to purchase 25,000 shares
of common stock of the Company (the “Second Grant”). The strike price for both of these awards will be equal to the fair market value of the common stock at close of business on the Commencement Date, which was $4.50. 
  
 In respect of the First Grant, the vesting conditions that will be outlined in your Entrust
Stock Option Agreement (that will be provided to you in due course) will include the following: 
  

	 	•	this option will become exercisable as to 25% of the original number of shares on the Commencement Date; and 

  

	 	•	this option will become exercisable as to an additional 1/24th of the remaining number of shares on that day of the month for each of the next 24 months thereafter.

  
 In respect of the Second Grant, the vesting conditions that will
be outlined in your Entrust Stock Option Agreement will include the following: 

	 	•	this option will become exercisable as to 50% of the original number of shares on the earlier of the following dates: 

  
 (i) the second anniversary of the grant date; and 

 (ii) the first day on which the closing price of the Company’s Common Stock on the Nasdaq National
Market (“Nasdaq”), as reported by Nasdaq, is at least $15.00 per share for at least 50 out of 60 consecutive trading days, including the day of vesting (“Early Vest Date”). 
  

	 	•	this option will become exercisable as to an additional 50% of the original number of shares the earlier of the following dates: 

  
 (i) the fourth anniversary of the grant date; and 
  
 (ii) the Early Vest Date. 
  
 As an officer of the Company, both of the aforementioned grants will be subject to
acceleration upon certain acquisition events as set forth in your Entrust Stock Option Agreement(s). These grants will also be subject to the terms of the Amended and Restated 1996 Stock Incentive plan that will also be provided to you in due
course. 
  
 You are also eligible to participate in the company’s current
Incentive Plan. Your annual incentive potential is up to 60% of base salary or $168,000.00 US at 100% achievement of individual management objectives and Company revenue targets, subject to review by the Compensation Committee of the Board of
Directors. This potential is not a target. This incentive program is in the discretion of the Company and may be amended, reduced or discontinued at any time. 
  

Your vacation is set at 20 business days per annum, which will accrue on a per pay period basis. All vacation benefits are subject to the Company’s Paid Time-Off
Policy for North America, as amended from time to time by the Company, a copy of which is enclosed. 
  
 A summary of the benefit plan is enclosed. These benefits may be modified, reduced, or discontinued by the Company at any time. 
  
 We believe that your abilities and our needs are compatible and that your acceptance of this offer will prove mutually beneficial. However,
it is understood and agreed that your employment is terminable at the will of either party and is not an employment agreement for a year or any other specified term. This means that your terms and conditions of employment, including but not limited
to termination, demotion, promotion, transfer, compensation, benefits, duties and location of work may be changed with or without cause, for any or no reason, and with or without notice. Your status as an at-will employee cannot be changed by any
statement, promise, policy, course of conduct, in writing or manual except through a written agreement signed by the CEO of the Company. 
  
 You will be eligible to the severance benefits set forth in the enclosed Executive Severance Agreement. 
  
 Entrust will cover your relocation expenses from Salt Lake City, Utah, to Addison, Texas, to
a maximum re-imbursement of $10,000.00 US. 
  
 You are also required to
sign and return the enclosed Confidentiality, Non-Solicitation, Non-Competition, and Code Of Conduct Agreement, a copy of which is enclosed with this letter. 
  
 Also, please assist the Company by completing the employment application (included in offer package) and providing documentation to establish your identity and
eligibility for employment as required under the Immigration Reform and Control Act of 1986, which is required of all employees. Please review the enclosed “List of Acceptable Documents”, and provide the appropriate ones to Human Resources
as soon as possible. 
  
 Please assist the Company by completing the
pre-employment background investigation, which is required of all employees. The authorization form should be completed and faxed, as soon as possible, to OccuScreen at 877-464-5656. Upon your request, we will identify any consumer reporting agency
involved in this process so that you may, if you wish, seek access to its records as provided under the relevant statute. 
  
 Finally, please also provide or confirm your social security number and date of birth. This will facilitate your enrollment on our payroll and employee benefit programs.

 The laws of the State of the State of Texas shall govern the terms of this letter. 
  
 To confirm these terms governing your employment with the Company, please sign and return the
original of this letter along with the following enclosed agreements: 
  

	 	•	Confidentiality, Non-Solicitation, Non-Competition, and Code Of Conduct Agreement; and 

  

	 	•	Executive Severance Agreement. 

  
 Otherwise, if you have any questions or concerns, please contact Jay Kendry at 972-713-5819 to discuss. 
  
 Sincerely, 
  
 /s/ Bill Conner 
  
 Bill Conner 
 Chairman of the Board and Chief Executive Officer of Entrust,
Inc. 
  
 I have read, understood, and therefore, accept this offer of employment,
as set forth above. 
  

					
	 Signature:     /s/  David Carey                
	 	 	 	 Date:                                     
    

			
	 SS#: :
                            
	 	 	 	 
			
	 Date of Birth:                     
	 	 	 	 
			
	 Telephone:
                                       
 
	 	 	 	 

  
 Attachments: 
  
 Executive Severance Agreement. 
 Confidentiality, Non-Solicitation, Non-Competition, and Code Of Conduct Agreement 
 Background Information Authorization

 Benefit Plan Summary 
 Code of Business Conduct 
 Policy on Information Security and Use of Corporate Systems 
 Entrust
Information Classification and Use Policy 
 Harassment Policy 
 Entrust, Inc. Insider Trading & Securities Policy 
 I-9 Form (Employment Identification & Verification) 
 W-4 Form (U.S. Federal Tax Withholding) 
 Direct Deposit 
 Application Form 
 Paid Time-Off Policy for North AmericaMonthly Payment Date Statement

 Exhibit 10.1 
  

					
	JPMorgan Chase Bank – Structured Finance Services	 	 	 	 
	 4 New York Plaza, 6th Floor
	 	 	 	Distribution Date: 7/26/04
	 New York, NY 10004-2477
	 	 	 	 
	 Officer:             Taoheed A. Agbabiaka
	 	ph: 212-623-4481	 	 
	 	 	fax: 212-623-5858	 	 

  
 GreenPoint Mortgage
Securities LLC 
  
 GreenPoint Home Equity Loan Trust 2004-1

  
 Home Equity Loan Asset-Backed Notes 
  
 Series 2004-1 
  
 Distribution In Dollars 
  

																	
	 Class

	  	 Original
 Face
 Value

	  	 Beginning
Principal
 Balance

	  	Principal

	  	Interest

	  	Total

	  	Realized
Loses

	  	Deferred
Interest

	  	 Ending
 Principal
 Balance

	 A1
	  	202,045,000.00	  	146,449,949.92	  	11,655,961.83	  	192,947.81	  	11,848,909.64	  	0.00	  	0.00	  	134,793,988.09
	 TOTALS
	  	202,045,000.00	  	146,449,949.92	  	11,655,961.83	  	192,947.81	  	11,848,909.64	  	0.00	  	0.00	  	134,793,988.09

  
 Factor Information
Per $1000 Of Original Face 
  

													
	 Class

	  	Cusip

	  	Beginning
Principal

	  	Principal

	  	Interest

	  	Total

	  	Ending
Principal

	 A1
	  	395385AQ0	  	724.83827821	  	57.68992962	  	0.95497444	  	58.64490406	  	667.1434859
	 TOTALS
	  	 	  	724.83827821	  	57.68992962	  	0.95497444	  	58.64490406	  	667.14834859

  
 Pass-Through Rates

  

										
	 Class

	  	Previous

	 	 	Current

	 	 	Next

	 
	 A1
	  	1.330000	%	 	1.530000	%	 	0.000000	%Revolving Credit Agreement dated July 16, 2004

Table of Contents

 Exhibit 10.1 
  
 REVOLVING 
 CREDIT AGREEMENT 
  
 Dated as of July 16, 2004

  
 among 
  
 AVERY DENNISON CORPORATION, 
 as Borrower, 
  
 CITICORP USA, INC. 
 as Administrative Agent 
  
 BANK OF AMERICA, N.A. 
 as Syndication Agent 
  
 and 
  
 The
Other Banks Party Hereto 
  
 CITIGROUP GLOBAL MARKETS INC.

 and 
 BANC OF AMERICA
SECURITIES LLC 
  
 as 
  
 Arrangers 

Table of Contents

 
TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page

	 SECTION 1.
	 	        DEFINITIONS AND ACCOUNTING TERMS	  	1
				
	 	 	1.01	 	 Defined Terms
	  	1
				
	 	 	1.02	 	 Use of Defined Terms
	  	13
				
	 	 	1.03	 	 Accounting Terms
	  	13
				
	 	 	1.04	 	 Exhibits and Schedules
	  	13
				
	 	 	1.05	 	 Exchange Rates; Alternative Currency Equivalents
	  	13
				
	 	 	1.06	 	 Redenomination of Sterling
	  	13
				
	 	 	1.07	 	 Additional Committed Alternative Currencies
	  	14
				
	 	 	1.08	 	 Pricing Levels
	  	14
			
	 SECTION 2.
	 	         LOANS
	  	15
				
	 	 	2.01	 	 Loans
	  	15
				
	 	 	2.02	 	 Loan Accounts
	  	15
				
	 	 	2.03	 	 Procedure for Borrowing
	  	15
				
	 	 	2.04	 	 Conversion and Continuation Elections
	  	16
				
	 	 	2.05	 	 Optional Reduction or Termination of Commitments
	  	17
				
	 	 	2.06	 	 Interest
	  	18
				
	 	 	2.07	 	 Repayment and Prepayments of Principal
	  	18
				
	 	 	2.08	 	 Fees
	  	19
				
	 	 	2.09	 	 Payments by Borrower
	  	19
				
	 	 	2.10	 	 Payments by the Banks to the Administrative Agent.
	  	20
				
	 	 	2.11	 	 Extension of Maturity Date
	  	21
				
	 	 	2.12	 	 Increased Commitments; Additional Banks.
	  	21
				
	 	 	2.13	 	 Substitution of Banks
	  	23
			
	 SECTION 3.
	 	         PAYMENTS, COSTS
	  	23
				
	 	 	3.01	 	 Eurocurrency Costs
	  	23
				
	 	 	3.02	 	 Special Eurocurrency Circumstances
	  	24
				
	 	 	3.03	 	 Eurocurrency Indemnification
	  	24
				
	 	 	3.04	 	 Computation of Interest and Fees
	  	25
				
	 	 	3.05	 	 Holidays
	  	25
				
	 	 	3.06	 	 Payment Free of Taxes
	  	25

  

 -i- 

Table of Contents

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	 	 	  	Page

				
	 	 	3.07	 	 Funding Sources
	  	25
				
	 	 	3.08	 	 Failure to Charge Not Subsequent Waiver
	  	25
				
	 	 	3.09	 	 Other Costs
	  	25
				
	 	 	3.10	 	 Survivability
	  	26
			
	 SECTION 4.
	 	         CONDITIONS
	  	26
				
	 	 	4.01	 	 Effective Date
	  	26
				
	 	 	4.02	 	 Any Borrowing, Conversion or Continuation
	  	27
			
	 SECTION 5.
	 	         REPRESENTATIONS AND WARRANTIES
	  	27
				
	 	 	5.01	 	 Existence and Qualification; Power; Compliance with Law
	  	27
				
	 	 	5.02	 	 Authority; Compliance with Other Instruments and Government Regulations
	  	28
				
	 	 	5.03	 	 No Governmental Approvals Required
	  	28
				
	 	 	5.04	 	 Subsidiaries
	  	28
				
	 	 	5.05	 	 Financial Statements
	  	29
				
	 	 	5.06	 	 No Material Adverse Change or Other Liabilities
	  	29
				
	 	 	5.07	 	 Title to Assets
	  	29
				
	 	 	5.08	 	 Regulated Industries
	  	30
				
	 	 	5.09	 	 Litigation
	  	30
				
	 	 	5.10	 	 Binding Obligations
	  	30
				
	 	 	5.11	 	 No Default
	  	30
				
	 	 	5.12	 	 ERISA
	  	30
				
	 	 	5.13	 	 Regulation U
	  	30
				
	 	 	5.14	 	 Tax Liability
	  	31
				
	 	 	5.15	 	 Copyrights, Patents, Trademarks and Licenses, etc
	  	31
				
	 	 	5.16	 	 Environmental Matters
	  	31
				
	 	 	5.17	 	 Insurance
	  	31
				
	 	 	5.18	 	 Disclosure
	  	31
			
	 SECTION 6.
	 	         AFFIRMATIVE COVENANTS
	  	31
				
	 	 	6.01	 	 Financial and Business Information
	  	32
				
	 	 	6.02	 	 Certificates; Other Information
	  	32

  

 -ii- 

Table of Contents

 TABLE OF CONTENTS 
 (continued) 
  
  

							
	 	 	 	 	 	  	Page

	 	 	6.03	 	 Notices
	  	33
				
	 	 	6.04	 	 Payment of Taxes and Other Potential Liens
	  	33
				
	 	 	6.05	 	 Preservation of Existence
	  	34
				
	 	 	6.06	 	 Maintenance of Properties
	  	34
				
	 	 	6.07	 	 Maintenance of Insurance
	  	34
				
	 	 	6.08	 	 Compliance with Laws
	  	34
				
	 	 	6.09	 	 Inspection Rights
	  	34
				
	 	 	6.10	 	 Keeping of Records and Books of Account
	  	35
				
	 	 	6.11	 	 ERISA Compliance
	  	35
				
	 	 	6.12	 	 Environmental Laws
	  	35
				
	 	 	6.13	 	 Use of Proceeds
	  	35
			
	 SECTION 7.
	 	         NEGATIVE COVENANTS
	  	35
				
	 	 	7.01	 	 Type of Business
	  	35
				
	 	 	7.02	 	 Liens
	  	35
				
	 	 	7.03	 	 Investments
	  	36
				
	 	 	7.04	 	 Contingent Obligations
	  	36
				
	 	 	7.05	 	 Subordinated Debt
	  	36
				
	 	 	7.06	 	 Sale of Assets or Merger
	  	36
				
	 	 	7.07	 	 Financial Covenants
	  	37
				
	 	 	7.08	 	 Use of Proceeds
	  	37
			
	 SECTION 8.
	 	         EVENTS OF DEFAULT AND REMEDIES UPON EVENTS OF DEFAULT
	  	37
				
	 	 	8.01	 	 Events of Default
	  	37
				
	 	 	8.02	 	 Remedies Upon Event of Default.
	  	38
			
	 SECTION 9.
	 	         THE ADMINISTRATIVE AGENT
	  	39
				
	 	 	9.01	 	 Appointment and Authorization
	  	39
				
	 	 	9.02	 	 Delegation of Duties
	  	39
				
	 	 	9.03	 	 Administrative Agent and Affiliates
	  	39
				
	 	 	9.04	 	 Banks’ Credit Decisions
	  	40
				
	 	 	9.05	 	 Action by Administrative Agent.
	  	40

  

 -iii- 

Table of Contents

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page

				
	 	  	9.06	  	Liability of Administrative Agent	  	41
				
	 	  	9.07	  	Indemnification	  	42
				
	 	  	9.08	  	Successor Administrative Agent	  	43
				
	 	  	9.09	  	Withholding Tax	  	43
			
	SECTION 10.	  	MISCELLANEOUS	  	44
				
	 	  	10.01	  	Cumulative Remedies; No Waiver	  	44
				
	 	  	10.02	  	Amendments; Consents	  	44
				
	 	  	10.03	  	Costs, Expenses and Taxes	  	45
				
	 	  	10.04	  	Banks’ Relationship	  	45
				
	 	  	10.05	  	Survival of Representations and Warranties	  	45
				
	 	  	10.06	  	Notices	  	46
				
	 	  	10.07	  	Execution in Counterparts	  	47
				
	 	  	10.08	  	Successors and Assigns.	  	47
				
	 	  	10.09	  	Right of Setoff; Sharing of Excess Payments	  	49
				
	 	  	10.10	  	Indemnification by Borrower	  	50
				
	 	  	10.11	  	Nonliability of Banks	  	50
				
	 	  	10.12	  	Confidentiality	  	51
				
	 	  	10.13	  	Investment Intent	  	51
				
	 	  	10.14	  	Further Assurances	  	51
				
	 	  	10.15	  	Integration	  	51
				
	 	  	10.16	  	Governing Law	  	51
				
	 	  	10.17	  	Severability of Provisions	  	52
				
	 	  	10.18	  	Headings	  	52
				
	 	  	10.19	  	Time of the Essence	  	52
				
	 	  	10.20	  	Judgment Currency	  	52
				
	 	  	10.21	  	Website Communications	  	52

  

					
	 Exhibits

	 	 	 	 
	 Exhibit A
	 	-	 	Notice of Borrowing
	 Exhibit B
	 	-	 	Notice of Conversion/Continuation
	 Exhibit C
	 	-	 	Compliance Certificate
	 Exhibit D
	 	-	 	Assignment and Assumption

  

 -iv- 

Table of Contents

 TABLE OF CONTENTS 
 (continued) 
  
  

					
	 Schedules

	  	 	 	 
			
	 Schedule 1.01
	  	-	 	 Mandatory Cost Rate

	 Schedule 2.01
	  	-	 	 Commitments and Pro Rata Shares

	 Schedule 5.04
	  	-	 	 Subsidiaries

	 Schedule 5.09
	  	-	 	 Litigation

	 Schedule 10.06
	  	-	 	 Lending Offices and Addresses for Notices

  

 -v- 

Table of Contents

 REVOLVING CREDIT AGREEMENT 
  
 THIS REVOLVING CREDIT AGREEMENT is dated as of July 16, 2004 and is entered into by and among AVERY DENNISON CORPORATION, a
Delaware corporation (the “Borrower”), the undersigned banks and other financial institutions (together with each bank and financial institution which becomes a Bank hereunder pursuant to Section 2.12 or Section 10.08, collectively
the “Banks”) party hereto, BANK OF AMERICA, N.A., as Syndication Agent (the “Syndication Agent”) and CITICORP USA, INC., as Administrative Agent (the “Administrative Agent”). 
  
 RECITAL 
  
 Borrower and the Banks desire to enter into this Agreement on the terms and conditions set forth herein. 
  
 SECTION 1. 
 DEFINITIONS AND ACCOUNTING TERMS 
  
 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth respectively after each: 
  
 “Acquisition” means any transaction, or any series of related transactions, consummated after the Effective
Date, by which Borrower and/or any of its Subsidiaries directly or indirectly (a) acquires any going business or all or substantially all of the assets of any firm, corporation, or division thereof, whether through purchase of assets, merger or
otherwise or (b) acquires (in one transaction or as the most recent transaction in a series of transactions) control of at least a majority in ordinary voting power of the securities of a corporation which have ordinary voting power for the election
of directors or (c) acquires control of at least a majority ownership interest in any partnership or joint venture. 
  
 “Affiliate” means, as to any Person, any other Person which directly or indirectly controls, or is under common control with, or is
controlled by, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to
direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise), provided that, in any event, any Person which owns directly or indirectly
50% or more of the securities having ordinary voting power for the election of directors or other governing body of a corporation or 50% or more of the partnership or other ownership interests of any other Person (other than as a limited partner of
such other Person) will be deemed to control such corporation or other Person. 
  
 “Administrative Agent” means CUSA in its capacity as administrative agent for the Banks hereunder, and any successor agent arising under Section 9.08. 
  
 “Administrative Agent’s Payment Office” means the
address for payments set forth on Schedule 10.06 or such other address as the Administrative Agent may from time to time specify. 
  

 1 

Table of Contents

 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied
by the Administrative Agent. 
  
 “Agent Parties”
has the meaning specified in Section 10.21(b). 
  
 “Agent-Related Persons” means CUSA and any successor agent arising under Section 9.08 and Bank of America, together with their respective Affiliates (including, in the case of CUSA, Citigroup Global Markets Inc., and in the
case of Bank of America, Banc of America Securities LLC), and the officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates. 
  

“Aggregate Amounts Due” has the meaning specified in Section 10.09(b). 
  
 “Agreement” means this Revolving Credit Agreement, either as
originally executed or as it may from time to time be supplemented, modified, or amended. 
  
 “Alternative Currency” means any Committed Alternative Currency and any other lawful currency (other than Dollars) that is freely transferable or convertible into Dollars. 
  
 “Alternative Currency Equivalent” means, with respect to any
amount denominated in Dollars on any date of determination, the amount of an Alternative Currency that could be purchased with such amount of Dollars using the reciprocal of the foreign exchange rate(s) specified in the definition of “Dollar
Equivalent,” as determined by the Administrative Agent. 
  
 “Alternative Currency Loan” means any Loan denominated in an Alternative Currency. Each Alternative Currency Loan must be a Eurocurrency Rate Loan. 
  
 “Applicable Margin” means, for any date of determination, for the designated Rating Level, Utilization
Ratio applicable to such date of determination and Type of Loan, the following interest rates per annum: 
  

													
	 	  	 Applicable Margin when
Utilization Ratio is equal to
 or less than 0.50:1.00

	 	 	Applicable Margin when
Utilization Ratio is greater
than 0.50:1.00

	 
	 	  	TYPE OF LOAN

	 	 	TYPE OF LOAN

	 
	 	  	Base Rate
Loan

	 	 	Eurocurrency
Rate Loan

	 	 	Base Rate
Loan

	 	 	Eurocurrency
Rate Loan

	 
	 Rating Level I
	  	0	%	 	0.130	%	 	.125	%	 	0.255	%
	 Rating Level II
	  	0	%	 	0.170	%	 	.125	%	 	0.295	%
	 Rating Level III
	  	0	%	 	0.225	%	 	.125	%	 	0.350	%
	 Rating Level IV
	  	0	%	 	0.350	%	 	.125	%	 	0.475	%
	 Rating Level V
	  	0	%	 	0.450	%	 	.125	%	 	0.575	%

  
 For purposes of this definition,
“Utilization Ratio” means, as of any date of determination, the ratio of (1) the aggregate outstanding principal amount of all Loans as of such date to (2) the Commitments in effect as of such date (whether used or unused) of all
Banks. The Applicable Margin shall be adjusted daily to reflect changes in the Utilization Ratio and the Rating Level 
  

 2 

Table of Contents

 applicable to Borrower; provided, however, in the event of a change in Borrower’s Rating Level, the
Applicable Margin with respect to outstanding Eurocurrency Rate Loans will continue to be in effect until the end of the then existing Interest Period. The then existing Applicable Margins shall thereupon be effective as to any new or continued
Eurocurrency Rate Loans. 
  
 “Approved Fund” has
the meaning specified in Section 10.08(g). 
  
 “Assignment
and Assumption” means an Assignment and Assumption substantially in the form of Exhibit D. 
  
 “Bank of America” means Bank of America, N.A. 
  
 “Base Rate” means for any day a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the
rate of interest in effect for such day as publicly announced from time to time by Citibank as Citibank’s base rate (which is a rate set by Citibank based upon various factors including Citibank’s costs and desired return, general economic
conditions and other factors, and is used as a reference point for pricing some loans which may be priced at, above, or below such announced rate). Any change in such rate announced by Citibank shall take effect at the opening of business on the day
specified in the public announcement of such change. 
  
 “Base Rate Loan” means a Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars. 
  
 “Borrowing” means any of the groups of Loans made at any one time by the Banks, and shall include any Loans outstanding on the Effective
Date. Each Borrowing shall be made up of Loans made simultaneously by the Banks. Each Loan made by each Bank shall be equal to that Banks’ pro-rata share, according to its Commitment, of the applicable Borrowing. 
  
 “Borrowing Date” means any date on which a Borrowing occurs
under Section 2.03. 
  
 “Business Day” means any
day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of New York or the state where the Administrative Agent’s Payment Office with respect to
Obligations denominated in Dollars is located and (a) if such day relates to any Eurocurrency Rate Loan denominated in a currency other than Euro, means any such day on which dealings in deposits in the relevant currency are conducted by and between
banks in the London interbank market or (b) if such day relates to any Eurocurrency Rate Loan denominated in Euro, means a TARGET Day. 
  
 “Calculation Date” means, in respect of a Eurocurrency Rate Loan denominated in an Alternative Currency, (a) the date falling two
Business Days (or such other period as is customary in the relevant foreign exchange market for delivery on the date of the relevant Borrowing) prior to the date of each Borrowing, (b) the date falling two Business Days (or such other period as is
customary in the relevant foreign exchange market for delivery on the date of the relevant conversion or continuation of a Loan) prior to the date of conversion or continuation of any Loan pursuant to Section 2.04, or (c) such additional
dates as the Administrative Agent or the Majority Banks shall specify. 
  

 3 

Table of Contents

 “Cash Equivalents” means, when used in connection with any Person, the Person’s
Investments in: 
  
 (a) Government Securities due
within one year after the date of the making of the Investment; 
  
 (b) certificates of deposit issued by, bank deposits in, bankers’ acceptances of, and repurchase agreements covering Government Securities executed by, any Bank or any bank doing business in and incorporated
under the laws of the United States of America or any state thereof, or Canada and having on the date of such Investment combined capital, surplus, and undivided profits of at least $500,000,000 in each case due within one year after the date of the
making of the Investment; and 
  
 (c) readily
marketable commercial paper of corporations doing business in and incorporated under the laws of the United States of America or any state thereof, Canada or any province thereof given on the date of such Investment the highest credit rating by
NCO/Moody’s Commercial Paper Division of Moody’s or S&P, in each case due within six months after the date of the making of the Investment. 
  
 “Citibank” means Citibank, N.A. 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Commitment” means, as to each Bank, the amount set forth opposite that Bank’s name on Schedule
2.01 hereto, as such amount may be increased under Section 2.12 or reduced under Section 2.05. 
  
 “Committed Alternative Currency” means each of Euro, Sterling and each other currency that is freely available and freely transferable
and convertible into Dollars and which is approved by all the Banks in accordance with Section 1.07. 
  
 “Communications” has the meaning specified in Section 10.21(a). 
  
 “Compliance Certificate” means a certificate in the form of Exhibit C signed by a Designated
Officer. 
  
 “Consolidated Debt” means, at any
date, the Debt of Borrower and its Consolidated Subsidiaries, determined on a consolidated basis as of such date. 
  
 “Consolidated Earnings Before Interest and Taxes” means, as of any date of determination, the earnings of Borrower and the Consolidated
Subsidiaries for the twelve month fiscal period then ended before deducting interest expense and taxes on or measured by income charged against earnings for that period, all determined and consolidated in conformity with generally accepted
accounting principles consistently applied. 
  
 “Consolidated EBITDA” means, for any period, Consolidated Net Income for such period plus, to the extent deducted in the determination of such Consolidated Net Income, (a) Consolidated Interest for such period, (b) the
provision for income taxes for such period, and (c) depreciation and amortization expense for such period. 
  

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 “Consolidated Interest” means, as of any date of determination, the interest expense of
Borrower and the Consolidated Subsidiaries for the twelve month fiscal period then ended, determined and consolidated in conformity with generally accepted accounting principles consistently applied. 
  
 “Consolidated Net Income” means, for any fiscal year, the
consolidated net income of Borrower and the Consolidated Subsidiaries for that period, determined and consolidated in conformity with generally accepted accounting principles consistently applied. 
  
 “Consolidated Net Worth” means, as of any date of
determination, the consolidated net worth of Borrower and the Consolidated Subsidiaries, determined in accordance with generally accepted accounting principles consistently applied, plus Subordinated Debt in an amount up to but not exceeding
20% of the consolidated net worth of Borrower and the Consolidated Subsidiaries (minus any Subordinated Debt carried in the treasury of Borrower or any Subsidiary). 
  
 “Consolidated Subsidiary” means any Subsidiary of Borrower whose financial statements are consolidated with
the financial statements of Borrower in conformity with generally accepted accounting principles consistently applied. 
  
 “Consolidated Total Liabilities” means, as of any date of determination, all liabilities of Borrower and the Consolidated Subsidiaries
that in conformity with generally accepted accounting principles consistently applied should be reflected in the liability side of a consolidated balance sheet of Borrower and the Consolidated Subsidiaries as of such date of determination.

  
 “Consolidated Total Tangible Assets” means,
as of any date of determination, all assets of Borrower and the Consolidated Subsidiaries that in conformity with generally accepted accounting principles consistently applied should be reflected in the asset side of a consolidated balance sheet of
Borrower and the Consolidated Subsidiaries as of such date of determination, excluding any Intangible Assets. 
  
 “Contingent Obligation” means any guarantee of any obligation of another Person, or any agreement to become directly or indirectly
responsible for an obligation of another Person, (including, without limitation, any agreement to maintain the net worth or liquidity of another Person or to purchase any obligation, goods or services of another Person, or otherwise to provide
credit assurances to the holder of an obligation of another Person), or any agreement in the nature of a guarantee or having the effect of creating responsibility for the obligation of another Person, except the guarantee or agreement in the
nature of a guarantee by Borrower or a Consolidated Subsidiary of the obligations of a Consolidated Subsidiary. 
  
 “Conversion/Continuation Date” means any date on which a conversion or continuation occurs under Section 2.04. 
  
 “Current Anniversary Date” has the meaning specified in
Section 2.11. 
  

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 “CUSA” means Citicorp USA, Inc. 
  
 “Debt” of any Person means at any date, without duplication,
(a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property or
services, except trade accounts payable and deferred employee compensation obligations arising in the ordinary course of business, (d) all obligations of such Person as lessee which are capitalized in accordance with generally accepted accounting
principles, (e) all unpaid reimbursement obligations of such Person in respect of letters of credit or similar instruments but only to the extent that either (i) the issuer has honored a drawing thereunder or (ii) payment of such obligation is
otherwise due under the terms thereof, (f) all Debt secured by a Lien on real property which is otherwise an obligation of such Person, and (g) all Debt of others in excess of $1,000,000 guaranteed by such Person. 
  
 “Declining Bank” has the meaning specified in Section 2.11.

  
 “Default” means any event that, with the
giving of notice or passage of time or both, would be an Event of Default. 
  
 “Designated Interbank Eurocurrency Market” means, for any Eurocurrency Rate Loan an interbank Eurocurrency market designated solely by the Administrative Agent to be the appropriate interbank
Eurocurrency market for that Eurocurrency Rate Loan. 
  
 “Designated Interbank Eurocurrency Market Day” means any Business Day on which the Administrative Agent accepts deposits in the Designated Interbank Eurocurrency Market. 
  
 “Designated Officer” means (i) the chief executive officer,
(ii) chief financial officer, (iii) vice president and treasurer or (iv) vice president and controller of Borrower. 
  
 “Dollar Equivalent” means, as of any date of determination (a) with respect to any amount denominated in Dollars, such amount, and (b)
with respect to any amount denominated in any currency other than Dollars, the amount of Dollars that would be required to purchase the amount of the relevant Alternative Currency based on the spot rate for the purchase by Citibank of such
Alternative Currency through its foreign exchange trading office on such date. 
  
 “Dollar Loan” means any Loan denominated in Dollars. 
  
 “Dollars” (or “$”) means the national currency of the United States of America denominated in dollars. 
  
 “Domestic Subsidiary” means any Subsidiary whose principal
place of business is located in the United States of America. 
  
 “Effective Date” means the time and Business Day on which the consummation of all of the transactions contemplated in Section 4.01 occurs. 
  
 “Eligible Assignee” has the meaning specified in Section 10.08(g). 
  

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 “EMU” means the economic and monetary union in accordance with the Treaty of Rome 1957,
as amended by the Single European Act 1986, the Maastrict Treaty of 1992 and the Amsterdam Treaty of 1998, as amended from time to time. 
  
 “EMU Legislation” means the legislative measures of the European Council for the introduction of, changeover to or operation of a single
or unified European currency (whether known as the “Euro” or otherwise). 
  
 “Environmental Claims” means all claims, however asserted, by any Governmental Authority or other Person alleging potential liability or responsibility for violation of any Environmental Law, or for
release or injury to the environment. 
  
 “Environmental
Laws” means all federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and codes, together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements
with, any Governmental Authorities, in each case relating to environmental, health, safety and land use matters. 
  
 “ERISA” means, at any date, the Employee Retirement Income Security Act of 1974 and the regulations thereunder. 
  
 “Euro” and “€” means the lawful
currency of the Participating Member States introduced in accordance with the EMU Legislation. 
  
 “Eurocurrency Rate” means (a) for any Interest Period with respect to any Eurocurrency Rate Loan other than one referred to in subsection (b) of this definition, a rate per annum determined by the
Administrative Agent pursuant to the following formula: 
  

					
	 Eurocurrency Rate =
	 	 Eurocurrency Base Rate

	 	 
	 	 	1.00 - Eurocurrency Reserve Percentage	 	 

  
 Where,

  
 “Eurocurrency Base Rate”
means, for such Interest Period: 
  
 (i) the rate
per annum equal to the rate determined by the Administrative Agent to be the offered rate that appears on the page of the Telerate screen (or a successor servicer) that displays an average British Bankers Association Interest Settlement Rate for
deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) on the Quotation Date for such currency. 
  
 (ii) in the event the rate referenced in the preceding
clause (i) does not appear on such page or service or such page or service shall cease to be available, the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate on such other page or other service that
displays an average British Bankers Association Interest Settlement Rate for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately
11:00 a.m. (London time) on the Quotation Date for such currency, or 
  

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 (iii) in the event the rates referenced in the preceding subsections (i) and (ii) are not
available, the rate per annum determined by the Administrative Agent as the rate of interest (rounded upward to the next 1/100th of 1%) at which deposits in the relevant currency for delivery on the first day of such Interest Period in same day
funds in the approximate amount of the Eurocurrency Rate Loan being made, continued or converted by Citibank and with a term equivalent to such Interest Period would be offered by Citibank to major banks in the London interbank market for such
currency at their request at approximately 11:00 a.m. (London time) on the Quotation Date for such currency; and 
  
 (b) for any Interest Period with respect to any Eurocurrency Rate Loan denominated in a currency other than Dollars and advanced by a Bank required to
comply with the relevant requirements of the United Kingdom or any Participating Member State, the sum of (i) the rate determined in accordance with subsection (a) of this definition and (ii) the Mandatory Cost Rate for such Interest Period.

  
 “Eurocurrency Rate Loan” means a Loan that
bears interest based on the Eurocurrency Rate. Eurocurrency Rate Loans may be denominated in Dollars or in a Committed Alternative Currency. 
  
 “Eurocurrency Reserve Percentage” means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, rounded
upward to the next 1/100th of 1%) in effect on such day, whether or not applicable to any Bank, under regulations issued from time to time by the Board of Governors of the Federal Reserve System for determining the maximum reserve requirement
(including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Eurocurrency Rate for each outstanding Eurocurrency Rate Loan
shall be adjusted automatically as of the effective date of any change in the Eurocurrency Reserve Percentage. 
  
 “Events of Default” has the meaning set forth for that term in Section 8.01. 
  
 “Extending Bank” has the meaning specified in Section 2.11.

  
 “Federal Funds Rate” means, for any day, the
rate per annum (rounded upwards to the nearest 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by
the Federal Reserve Bank on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate charged to Citibank on such day on such transactions as
determined by the Administrative Agent. 
  
 “Foreign
Bank” has the meaning specified in Section 10.08(e). 
  
 “Fund” has the meaning specified in Section 10.08(g). 
  
 “Government Securities” means readily marketable direct obligations of the United States of America or obligations fully guaranteed by the United States of America. 
  

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 “Governmental Agency” means (a) any federal, state, county or municipal government, or
political subdivision thereof, (b) any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality, or public body, or (c) any court, administrative tribunal, or public utility, in each case whether
of the United States of America or any other nation or supranational entity. 
  
 “Intangible Assets” means assets having no physical existence and that, in conformity with generally accepted accounting principles consistently applied, should be classified as intangible assets,
including without limitation such intangible assets as patents, trademarks, copyrights, franchises, licenses and goodwill. 
  
 “Interest Period” means, as to any Eurocurrency Rate Loan, the period commencing on the Borrowing Date of such Loan or on the
Conversion/Continuation Date on which the Loan is convened into or continued as a Eurocurrency Rate Loan, and ending on the date one, two, three or six months thereafter as selected by Borrower in its Notice of Borrowing or Notice of
Conversion/Continuation; provided that: 
  
 (a) if any Interest Period would otherwise end on a day that is not a Business Day, that Interest Period shall be extended to the following Business Day unless, in the case of a Eurocurrency Rate Loan, 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 preceding Business Day; 
  
 (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 
  
 (c) no Interest Period for any Loan shall extend beyond the Maturity Date. 
  
 “Investment” means, when used in connection with any Person,
any investment by the Person, whether by means of purchase or other acquisition of stock or other securities or by means of loan, advance, capital contribution, guarantee, or other debt or equity participation or interest in any other Person.

  
 “Laws” means, collectively, all federal,
state and local laws, statutes, codes, ordinances, rules and regulations, including published opinions of the court of last resort in the applicable jurisdiction, and shall include, without limitation, all of the foregoing relating to environmental
matters. 
  
 “Lending Office” means, as to any
Bank, the office or offices of such Bank specified as its “Lending Office” or “Domestic Lending Office” or “Eurocurrency Lending Office”, as the, case may be, on Schedule 10.06, or such other office or offices as
such Bank may from time to time notify Borrower and the Administrative Agent. 
  
 “Leverage Ratio” means, at any date, the ratio of Consolidated Debt at such date to Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended on or prior to such date.

  

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 “Lien” means any mortgage, deed of trust, pledge, security interest, encumbrance, lien
or charge of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any financing statement filed under the Uniform Commercial Code of any jurisdiction). 
  
 “Loan” means each of the loans outstanding on the Effective
Date and any other loans to be made to Borrower hereunder by each of the Banks, and may be a Eurocurrency Rate Loan or a Base Rate Loan (each a “Type” of Loan). 
  
 “Loan Documents” means this Agreement and all other documents delivered to the Administrative Agent or any
Bank in connection herewith. 
  
 “Majority Banks”
means, at any time, a Bank or Banks holding more than 50% of the aggregate principal amount of the Loans then outstanding (or if no Loans are at the time outstanding, a Bank or Banks having more than 50% of the aggregate Commitments). 
  
 “Mandatory Cost Rate” means, with respect to any period, a
rate per annum determined in accordance with Schedule 1.01. 
  
 “Margin Stock” means “margin stock” as such term is defined in Regulation U of the Board of Governors of the Federal Reserve System, or any successor thereto. 
  
 “Material Adverse Effect” means a material adverse change
in, or a material adverse effect upon, the operations, business, assets, condition (financial or otherwise) of Borrower or Borrower and its Subsidiaries taken as a whole. 
  
 “Maturity Date” means the earlier to occur of: (a) July 16, 2009 or, with respect to a particular Bank,
such later date as such Bank and Borrower shall subsequently agree pursuant to Section 2.11; and (b) the date on which the Commitments terminate in accordance with the provisions of this Agreement. 
  
 “Moody’s” means Moody’s Investors Service Inc.

  
 “Notice of Borrowing” means a notice in
substantially the form of Exhibit A. 
  
 “Notice of
Conversion/Continuation” means a notice in substantially the form of Exhibit B. 
  
 “Obligations” means all obligations of every nature of Borrower from time to time owed to the Administrative Agent, the Syndication Agent
and the Banks under the Loan Documents. 
  
 “Overnight
Rate” means, for any day, with respect to any amount denominated in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in an amount approximately equal to the amount
with respect to which such rate is being determined, would be offered for such day by Citibank to major banks in the London interbank market. 
  
 “Participant” has the meaning specified in Section 10.08(d). 
  

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 “Participating Member State” means each state so described in any EMU Legislation.

  
 “Pension Plan” means any “employee
pension benefit plan” (as such term is defined in ERISA) which is subject to ERISA and which is from time to time maintained by Borrower or any of its Subsidiaries. 
  
 “Person” means any entity, whether an individual, trustee, corporation, partnership, joint stock company,
trust, unincorporated organization, union, tribe, business association or firm, joint venture, Governmental Agency, or otherwise. 
  
 “Platform” has the meaning specified in Section 10.21(b). 
  
 “Pro Rata Share” means, as to any Bank at any time, the percentage equivalent (expressed as a decimal,
rounded to the ninth decimal place) at such time of such Bank’s Commitment divided by the combined Commitments of all Banks. 
  
 “Quotation Date” means, for any Interest Period, (a) for any currency other than Sterling, the date two Business Days prior to the
commencement of such Interest Period and (b) for Sterling, the first day of such Interest Period; provided that if market practice differs in the relevant interbank market for any currency, the “Quotation Date” for such currency shall be
determined by the Administrative Agent in accordance with market practice in the relevant interbank market (and if quotations would normally be given by leading banks in the relevant interbank market on more than one day, the “Quotation
Date” shall be the last of such days). 
  
 “Rating
Level I” has the meaning assigned to that term in Section 1.08. 
  
 “Rating Level II” has the meaning assigned to that term in Section 1.08. 
  
 “Rating Level III” has the meaning assigned to that term in Section 1.08. 
  
 “Rating Level IV” has the meaning assigned to that term in Section 1.08. 
  
 “Rating Level V” has the meaning assigned to that term in
Section 1.08. 
  
 “Regulation D” or “Regulation
U” mean, respectively, Regulation D or Regulation U, as at any time amended, of the Board of Governors of the Federal Reserve System or any other regulation in substance substituted therefor. 
  
 “Regulatory Development” means any or all of the following:
(i) any change in the Laws, or any change in the interpretation thereof by any Governmental Agency or other authority (whether or not having the force of law); (ii) any change in the application of any existing Laws by any Governmental Agency or
other authority (whether or not having the force of law); and (iii) compliance by any Bank with any request or directive (whether or not having the force of law) of any monetary or fiscal agency or authority. 
  
 “Restricted Margin Stock” means, as of any date of
determination, all of the Margin Stock owned by Borrower and its Subsidiaries to the extent that the fair market value thereof is not more than 25% of the aggregate fair market value of the assets of Borrower and its Subsidiaries, determined on a
consolidated basis. 
  

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 “Right of Others” means, as to any property in which a Person has an interest, any legal
or equitable claim or other interest (other than a Lien) in or with respect to that property held by any other Person, and any option or right held by any other Person to acquire any such claim or other interest, including a Lien. 
  
 “S&P” means Standard & Poor’s Ratings Services,
a division of The McGraw-Hill Companies, Inc. 
  
 “Significant Subsidiary” means a Subsidiary of Borrower with assets in excess of 3% of Consolidated Total Tangible Assets. 
  
 “Special Euro Base Rate Borrowing” shall have the meaning assigned to that term in Section 2.03. 
  
 “Sterling” and “£” means the lawful
currency of the United Kingdom. 
  
 “Sterling Reference
Bank” means Citibank. 
  
 “Subordinated
Debt” means, as of any date of determination, the aggregate principal amount then outstanding of indebtedness of Borrower that is subordinated to the Obligations, on terms that (a) prohibit any payment on that indebtedness (whether
principal, premium, if any, interest, or otherwise) if: (i) any event not waived hereunder has occurred and is continuing that is a Default or an Event of Default, or (ii) the payment would cause the occurrence of a Default or an Event of Default;
and (b) require that, upon acceleration of that indebtedness or upon dissolution, liquidation, or reorganization of Borrower, the Obligations must be paid in full before any payment (whether of principal, premium, if any, interest, or otherwise) may
be made on that indebtedness. 
  
 “Subsidiary”
means, with respect to any Person, any corporation, partnership or joint venture whether now existing or hereafter organized or acquired: (a) in the case of a corporation of which a majority of the securities having ordinary voting power for the
election of a majority of the board of directors (other than securities having such power only by reason of the happening of a contingency) are at the time owned by such Person and/or one or more Subsidiaries of such Person or (b) in the case of a
partnership or joint venture, in which such Person is a general partner or joint venturer or of which a majority of the partnership or other ownership interests are at the time owned by such Person and/or one or more of its Subsidiaries. 

 
 “TARGET Day” means any day on which the Trans-European
Automated Real-time Gross Settlement Express Transfer (TARGET) System (or, if such clearing system ceases to be operative, such other clearing system (if any) determined by the Administrative Agent to be a suitable replacement) is operating.

  
 “to the best knowledge of” means, when
modifying a representation, warranty, or other statement of any Person, that the fact or situation described therein is known by the Person (or, in the case of a Person other than a natural person, known by a responsible officer, director or

  

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 partner of that Person) making the representation, warranty, or other statement, or with the exercise of reasonable due
diligence under the circumstances (in accordance with the standard of what a reasonable person in similar circumstances would have done) should have been known by the Person (or, in the case of a Person other than a natural person, should have been
known by a responsible officer, director or partner of that Person). 
  
 “Type” has the meaning specified in the definition of “Loan.” 
  
 “Unrestricted Margin Stock” means, as of any date of determination, all of the Margin Stock owned by Borrower and its Subsidiaries that
is not Restricted Margin Stock. 
  
 1.02 Use of Defined
Terms. Any defined term used in the plural preceded by the definite article shall be taken to encompass all members of the relevant class. Any defined term used in the singular preceded by “any” shall be taken to indicate any number of
the members of the relevant class. 
  
 1.03 Accounting
Terms. All accounting terms not specifically defined in this Agreement shall be construed in conformity with, and all financial data required to be submitted by this Agreement shall be prepared in conformity with, generally accepted accounting
principles applied on a consistent basis, except as otherwise specifically prescribed herein. 
  
 1.04 Exhibits and Schedules. All exhibits and schedules to this Agreement, either as originally existing or as the same may from time to time be supplemented, modified, or amended, are incorporated herein by
reference. 
  
 1.05 Exchange Rates; Alternative Currency
Equivalents. On each Calculation Date, the Administrative Agent shall determine the exchange rate as of such Calculation Date to be used for calculating relevant Dollar Equivalent and Alternative Currency Equivalent amounts. The exchange rates
so determined shall become effective on such Calculation Date and shall for all purposes of this Agreement (other than any provision expressly requiring the use of a current exchange rate) be the exchange rates employed in converting any amounts
between the applicable currencies. Wherever in this Agreement in connection with a Borrowing, conversion or continuation of a Loan, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing or Loan is
denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest 1,000 units of such Alternative Currency), as determined by the Administrative Agent. 

 
 1.06 Redenomination of Sterling. 
  
 (a) At such time, if any, as the United Kingdom of Great Britain and
Northern Ireland adopts the Euro as its lawful currency, each obligation of each party to this Agreement to make a payment denominated in Sterling shall be redenominated into Euro at the time of such adoption (in accordance with the applicable
United Kingdom legislation and the EMU Legislation). If the basis of accrual of interest expressed in this Agreement in respect of Sterling shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual
of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with that applicable to the Euro; provided that if any Borrowing in Sterling is outstanding immediately prior to such date, such
replacement shall take effect, with respect to such Borrowing, at the end of the then current Interest Period. 
  

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 (b) Each provision of this Agreement shall be subject to such reasonable changes of construction as the
Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro. 
  
 1.07 Additional Committed Alternative Currencies. Borrower may from
time to time request that Loans be made in a currency other than those specifically listed in the definition of “Committed Alternative Currency” provided that such requested currency otherwise meets the requirements set forth in
such definition. Any such request shall be made to the Administrative Agent (which shall promptly notify each Bank thereof) not later than noon (New York City time) ten Business Days prior to the date of the desired Borrowing. Each Bank shall notify
the Administrative Agent, not later than noon (New York City time) five Business Days after receipt of such request whether it consents, in its sole discretion, to making Loans in such requested currency. Any failure by a Bank to respond to such
request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Bank to make Loans in such requested currency. If all the Banks consent to making Loans in such requested currency, the Administrative Agent
shall so notify Borrower and such currency shall thereupon be deemed for all purposes to be a Committed Alternative Currency hereunder. 
  
 1.08 Pricing Levels. For purposes of this Agreement, the following terms have the following meanings, subject to the concluding paragraph of this
Section 1.08: 
  
 “Rating Level I” means a period
during which the long-term senior unsecured debt rating of Borrower is equal to or better than (i) A+ by S&P, or (ii) A1 by Moody’s. 
  
 “Rating Level II” means a period (other than a Rating Level I) during which the long-term senior unsecured debt rating of Borrower is equal to
or better than (i) A by S&P, or (ii) A2 by Moody’s. 
  
 “Rating Level III” means a period (other than a Rating Level I or a Rating Level II) during which the long-term senior unsecured debt rating of Borrower is equal to or better than (i) A- by S&P, or (ii) A3 by Moody’s.

  
 “Rating Level IV” means a period (other than a
Rating Level I, a Rating Level II or a Rating Level III) during which the long-term senior unsecured debt rating of Borrower is equal to or better than (i) BBB+ by S&P, or (ii) Baa1 by Moody’s. 
  
 “Rating Level V” means any period which is not a Rating Level I, a
Rating Level II, a Rating Level III, or a Rating Level IV. 
  
 The
credit ratings to be used for purposes of this Section 1.08 are those assigned to the long-term senior unsecured debt of Borrower without third-party credit enhancement. Any rating assigned to any other debt of Borrower shall be disregarded. The
rating in effect at any date is that in effect at the close of business on such date. 
  

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 If Borrower is split-rated and the ratings differential is one level, the higher of the two ratings will
apply (e.g., A+/A2 results in a Rating Level I and BBB+/A3 results in a Rating Level III). If Borrower is split-rated and the ratings differential is more than one level, the rating one level below the higher of the two ratings shall be used
(e.g., A+/A3 results in a Rating Level II). If, however, at any date Borrower’s long-term senior unsecured debt is not rated by both S&P and Moody’s, then a Rating Level V shall apply; provided, however, if a
rating by either Moody’s or S&P is unavailable because Moody’s or S&P has ceased to be in the business of providing ratings, or no longer provides ratings of companies similar to the Borrower, the rating level of the remaining
rating agency shall apply. 
  
 SECTION 2. 
 LOANS 
  
 2.01 Loans. Subject to the terms and conditions hereof, at any time and from time to time from the Effective Date through the Maturity Date, each
Bank severally agrees to make Loans to Borrower in such principal amounts in Dollars or in one or more Committed Alternative Currencies as Borrower may request that do not, in the case of all Loans made by such Bank, exceed in the aggregate
outstanding at any one time the Dollar Equivalent of that Bank’s Commitment or, in the case of all Loans made by all Banks, exceed in the aggregate the Dollar Equivalent of all Banks’ combined Commitments. Within the limits of each
Bank’s Commitment, and subject to the other terms and conditions hereof, Borrower may borrow under this Section 2.01, prepay under Section 2.07(b) and reborrow under this Section 2.01. 
  
 2.02 Loan Accounts. The Loans made by each Bank shall be evidenced by
one or more loan accounts or records maintained by such Bank in the ordinary course of business. The loan accounts or records maintained by the Administrative Agent and each Bank shall be conclusive absent manifest error of the amount of the Loans
made by the Banks to Borrower and the interest and payments thereon. Any failure so to record or any error in doing so shall not, however, limit or otherwise affect the obligation of Borrower hereunder to pay any amount owing with respect to the
Loans. 
  
 2.03 Procedure for Borrowing. 
  
 (a) Each Borrowing shall be made upon Borrower’s irrevocable written
notice delivered to the Administrative Agent in the form of a Notice of Borrowing in the form of Exhibit A hereto (which notice must be received by the Administrative Agent (i) prior to noon (New York City time) three Business Days prior to the
requested Borrowing Date, in the case of Eurocurrency Rate Loans denominated in Dollars; (ii) prior to noon (New York City time) four Business Days prior to the requested Borrowing Date, in the case of Eurocurrency Rate Loans denominated in an
Alternative Currency; (iii) prior to noon (New York City time) on the Business Day of the requested Borrowing Date, in the case of Base Rate Loans and (iv) prior to noon (New York City time) two Business Days prior to the requested Borrowing Date,
in the case of a Special Euro Base Rate Borrowing (as defined in subsection (e) below), specifying: (A) the amount and, if an Alternative Currency Loan, the currency of the Borrowing, which shall be in an aggregate minimum amount of $5,000,000 or
any multiple of $1,000,000 in excess thereof in the case of Eurocurrency Rate Loans, and in an aggregate minimum amount of $1,000,000 or any multiple of $100,000 in excess thereof in the case of Base Rate Loans; (B) the 
  

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 requested Borrowing Date, which shall be a Business Day; (C) the Type of Loans comprising the Borrowing; and (D) the
duration of the Interest Period applicable to such Loans included in such notice. If the Notice of Borrowing fails to specify the duration of the Interest Period for any Borrowing comprised of Eurocurrency Rate Loans, such Interest Period shall be
three months. If Borrower fails to specify a currency in a Notice of Borrowing requesting a Borrowing, then the Loans so requested shall be made in Dollars. 
  
 (b) The Administrative Agent will promptly notify each Bank of its receipt of any Notice of Borrowing and of the amount of such Bank’s Pro Rata Share
of that Borrowing. 
  
 (c) Each Bank will make the amount of its
Pro Rata Share of each Borrowing available to the Administrative Agent for the account of Borrower at the Administrative Agent’s Payment Office by 2:00 p.m. (New York City time) on the Borrowing Date requested by Borrower in funds immediately
available to the Administrative Agent. The proceeds of all such Loans will then be made available to Borrower by the Administrative Agent by wire transfer in accordance with written instructions provided to the Administrative Agent by Borrower of
like funds as received by the Administrative Agent. 
  
 (d) After
giving effect to any Borrowing, unless the Administrative Agent shall otherwise consent, there may not be more than eight different Interest Periods in effect. 
  

(e) Borrower may request a Special Euro Base Rate Borrowing pursuant to Section 2.03(a)(iv). A “Special Euro Base Rate Borrowing” is a
Borrowing of Base Rate Loans in Dollars, the proceeds of which, net of commissions and fees, are used by Administrative Agent, on terms and conditions agreed upon by Administrative Agent and Borrower, to purchase Euro for the account of Borrower for
delivery at an account specified by Borrower in London on the requested Borrowing Date. Each Bank shall make available its Pro Rata Share of any Special Euro Base Rate Borrowing in immediately available funds in Dollars pursuant to subsection (c)
above. For all purposes of this Agreement, a Special Euro Base Rate Borrowing shall be deemed a Borrowing of Base Rate Loans and shall be repaid by Borrower in Dollars. 
  
 2.04 Conversion and Continuation Elections. 
  
 (a) Borrower may, upon irrevocable written notice to the Administrative Agent in the form of a Notice of
Conversion/Continuation in the form of Exhibit B hereto in accordance with Section 2.04(b): (i) elect, as of any Business Day to convert any Base Rate Loans (or any part thereof in an amount not less than $5,000,000, or that is in an integral
multiple of $1,000,000 in excess thereof) into Eurocurrency Rate Loans; (ii) elect, as of the last day of the applicable Interest Period to convert any Eurocurrency Rate Loans (or any part thereof in an amount not less than $1,000,000, or that is in
an integral multiple of $100,000 in excess thereof) into Base Rate Loans; or (iii) elect, as of the last day of the applicable Interest Period, to continue any Eurocurrency Rate Loans having Interest Periods expiring on such day (or any part thereof
in an amount not less than $5,000,000, or that is in an integral multiple of $1,000,000 in excess thereof); provided, that if at any time the aggregate amount of Eurocurrency Rate Loans in respect of any Borrowing is reduced, by payment,
prepayment, or conversion of part thereof to be less than $5,000,000, such Eurocurrency Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of Borrower to continue such Loans as, and convert such Loans
into, Eurocurrency Rate Loans shall terminate. 
  

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 (b) Borrower shall deliver a Notice of Conversion/Continuation to be received by the Administrative Agent
not later than (i) noon (New York City time) at least three Business Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurocurrency Rate Loans denominated in Dollars; (ii) 11:00 a.m. (New York
City time) at least four Business Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurocurrency Rate Loans denominated in an Alternative Currency; and (iii) 11:00 a.m. (New York City time) on
the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: (A) the proposed Conversion/Continuation Date; (B) the aggregate amount of Loans to be converted or continued and, if an Alternative Currency Loan,
the currency thereof; (C) the Type of Loans resulting from the proposed conversion or continuation; and (D) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. 
  
 (c) If upon the expiration of any Interest Period applicable to Eurocurrency
Rate Loans, Borrower has failed to select timely a new Interest Period to be applicable to such Eurocurrency Rate Loans, or if any Default or Event of Default then exists, Borrower shall be deemed to have elected to convert such Eurocurrency Rate
Loans into Base Rate Loans effective as of the expiration date of such Interest Period; provided, however, that in the case of a failure to timely request a continuation of Loans denominated in a currency other than Dollars, such Loans
shall be continued as Eurocurrency Rate Loans in their original currency with an Interest Period of one month. No Eurocurrency Rate Loan may be converted into or continued as a Eurocurrency Rate Loan denominated in a different currency, but instead
must be prepaid in the original currency of such Eurocurrency Rate Loan and reborrowed in the other currency except as described in Sections 2.04(e) and 3.02(a). 
  
 (d) The Administrative Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no
timely notice is provided by Borrower, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal
amounts of the Loans with respect to which the notice was given held by each Bank. 
  
 (e) Unless the Majority Banks otherwise consent, during the existence of a Default or Event of Default, Borrower may not elect to have a Loan converted into or continued as a Eurocurrency Rate Loan. In the event
Majority Banks consent, on the date of any such conversion or continuation, any such Eurocurrency Rate Loan that is an Alternative Currency Loan shall be redenominated into a Dollar Loan in a principal amount equal to the Dollar Equivalent of the
amount of such Alternative Currency Loan. 
  
 (f) After giving
effect to any conversion or continuation of Loans, unless the Administrative Agent shall otherwise consent, there may not be more than eight different Interest Periods in effect. 
  
 2.05 Optional Reduction or Termination of Commitments. Borrower may at any time and from time to time, upon three
Business Days’ written notice to the Administrative 
  

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 Agent (which shall promptly notify each Bank thereof) by telecopier, telegram, personal delivery or cable, terminate in
whole or in part the unused portions of the Commitments; provided, however, that in each case each partial termination shall be in integral multiples of $1,000,000; provided, further, that the Commitments may not be
reduced at any time to an amount less than the aggregate principal amount of all Borrowings then outstanding; provided, further, that after any such termination, the Commitments may not thereafter be increased in any amount without the
consent of all of the Banks. 
  
 2.06 Interest. 

 
 (a) Interest shall be payable on the outstanding daily unpaid principal
amount of each Loan from the date thereof until payment in full at the rates set forth herein both before and after default and before and after maturity and judgment, with interest on overdue interest to bear interest at the rate set forth in
Section 2.06(d), to the extent permitted by applicable Laws. Upon any partial prepayment of any Base Rate Loan and upon any conversion of a Eurocurrency Rate Loan, interest accrued through the date of such prepayment shall be payable on the next
following April 1, July 1, October 1 or January 1. Upon any partial or full prepayment of any Eurocurrency Rate Loan, interest accrued through the date of such payment, prepayment or conversion shall be payable on such date. 
  
 (b) Interest accrued on each Base Rate Loan shall be due and payable on each
April 1, July 1, October 1 and January 1, commencing with the first such date upon which Base Rate Loans are outstanding hereunder. The unpaid principal amount of any Base Rate Loan shall bear interest at a fluctuating rate per annum equal to the
Base Rate. 
  
 (c) Interest accrued on each Eurocurrency Rate Loan
with an Interest Period of three months or less shall be payable on the last day of the Interest Period for that Eurocurrency Rate Loan. Interest accrued on each six month Eurocurrency Rate Loan shall also be paid at the end of the third month of
such Interest Period. The unpaid principal amount of any Eurocurrency Rate Loan shall bear interest at a rate per annum equal to the sum of the Eurocurrency Rate for that Eurocurrency Rate Loan plus the Applicable Margin. 
  
 (d) Notwithstanding Section (b) or (c) of this Section, during the existence
of an Event of Default, the unpaid principal amount of Loans (and to the extent not paid when due, interest thereon and fees) shall bear interest, to the extent permitted by applicable Laws, at a fluctuating interest rate per annum at all times
equal to the interest rate otherwise applicable to such Loan (or, if not a Loan, at the interest rate per annum otherwise payable under this Agreement for Base Rate Loans) plus 2% per annum, payable upon demand. 
  
 2.07 Repayment and Prepayments of Principal. 
  
 (a) If not sooner paid, the principal indebtedness hereunder owed to each
Bank shall be payable on the Maturity Date of such Bank. 
  
 (b)
The principal indebtedness hereunder may, at any time and from time to time, be prepaid in whole or in part without premium or penalty, except that: (i) any partial prepayment shall be at least $1,000,000 (or the Alternative Currency
Equivalent thereof determined on the date notice of prepayment is given), (ii) the Administrative Agent must have received written 
  

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 notice of any prepayment at least one Business Day before the date of prepayment in the case of Base Rate Loans and at
least three Business Days before the date of prepayment in the case of Eurocurrency Rate Loans (and the Administrative Agent shall promptly notify each Bank thereof); (iii) each prepayment of principal, except for partial prepayments on Base Rate
Loans, shall be accompanied by prepayment of interest accrued through the date of payment on the amount of principal paid, and (iv) in the case of any prepayment of any Eurocurrency Rate Loan, Borrower shall promptly reimburse each Bank for any loss
or cost directly or indirectly resulting from the prepayment, determined as set forth in Section 3.03. 
  
 (c) If the Administrative Agent notifies Borrower at any time that the Dollar Equivalent of the aggregate principal amount of all outstanding Loans
exceeds the combined Commitments, by reason of fluctuations in exchange rates or otherwise, Borrower shall, within two Business Days after receipt of such notice, prepay Loans in an aggregate amount sufficient to reduce the Dollar Equivalent thereof
as of the date of such payment to an amount not to exceed the combined Commitments then in effect. 
  
 2.08 Fees. 
  
 (a) Facility Fee. Borrower shall pay to the Administrative Agent, for the account of the Banks ratably in proportion to their Commitments, a
facility fee on the daily average aggregate amount of the Commitments (including both the portion thereof that is used and the portion thereof that is unused), at the rate of (i) 0.070% per annum during each Rating Level I, (ii) 0.080% per annum
during each Rating Level II, (iii) 0.100% per annum during each Rating Level III, (iv) 0.125% per annum during each Rating Level IV, and (v) 0.175% per annum during each Rating Level V. Such facility fee shall accrue, with respect to any Bank, from
and including the Effective Date to but excluding the Maturity Date of such Bank, payable quarterly in advance as of each April 1, July 1, October 1 and January 1 prior to the Maturity Date of such Bank. The facility fee provided in this subsection
shall be nonrefundable and shall accrue at all times after the Effective Date, including at any time during which one or more conditions in Section 4 are not met. 
  
 (b) Agency Fees. Borrower shall pay an agency fee to the Administrative Agent for the Administrative Agent’s own
account as agreed upon between Borrower and the Administrative Agent. 
  
 2.09 Payments by Borrower. 
  
 (a) All payments
to be made by Borrower shall be made without set-off, recoupment or counterclaim. Except as otherwise expressly provided herein and except with respect to payments of principal of and interest on Alternative Currency Loans, all payments by Borrower
shall be made to the Administrative Agent for the account of the Banks at the Administrative Agent’s Payment Office, and shall be made in Dollars and in immediately available funds, no later than 1:00 p.m. (New York City time) on the date
specified herein. Except as otherwise expressly provided herein, all payments by Borrower hereunder with respect to principal of and interest on Alternative Currency Loans shall be made to the Administrative Agent, for the account of the respective
Banks to which such payment is owed, at the Administrative Agent’s Payment Office in such Alternative Currency and in immediately available funds not later than 
  

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 1:00 p.m., New York City time, on the date specified herein. The Administrative Agent will promptly distribute to each
Bank its Pro Rata Share (or other applicable share as expressly provided herein) of such payment in like funds as received. Any payment received by the Administrative Agent later than 1:00 p.m. (New York City time) shall be deemed to have been
received on the following Business Day and any applicable interest or fee shall continue to accrue. 
  
 (b) Unless the Administrative Agent receives notice from Borrower prior to the date on which any payment is due to the Banks that Borrower will not make
such payment in full as and when required, the Administrative Agent may assume that Borrower has made such payment in full to the Administrative Agent on such date in immediately available funds and the Administrative Agent may (but shall not be so
required), in reliance upon such assumption, distribute to each Bank on such due date an amount equal to the amount then due such Bank. If and to the extent Borrower has not made such payment in full to the Administrative Agent, each Bank shall
repay to the Administrative Agent on demand such amount distributed to such Bank, together with interest thereon at the Federal Funds Rate or, with respect to Alternative Currency Loans, the Overnight Rate for each day from the date such amount is
distributed to such Bank until the date repaid. 
  
 2.10
Payments by the Banks to the Administrative Agent. 
  
 (a)
Unless the Administrative Agent receives notice from a Bank on or prior to the Effective Date or, with respect to any Borrowing after the Effective Date, at least one Business Day prior to the date of such Borrowing (or prior to the time of a
Borrowing, in the case of any Base Rate Loan), that such Bank will not make available as and when required hereunder to the Administrative Agent for the account of Borrower the amount of that Bank’s Pro Rata Share of the Borrowing, the
Administrative Agent may assume that each Bank has made such amount available to the Administrative Agent in immediately available funds in the applicable currency on the Borrowing Date and the Administrative Agent may (but shall not be so
required), in reliance upon such assumption, make available to Borrower on such date a corresponding amount. If and to the extent any Bank shall not have made its full amount available to the Administrative Agent in immediately available funds in
the applicable currency and the Administrative Agent in such circumstances has made available to Borrower such amount, that Bank shall on the Business Day following such Borrowing Date make such amount available to the Administrative Agent, together
with interest at the Federal Funds Rate or, with respect to Alternative Currency Loans, the Overnight Rate for each day during such period. A notice of the Administrative Agent submitted to any Bank with respect to amounts owing under this Section
(a) shall be conclusive, absent manifest error. If such amount is so made available, such payment to the Administrative Agent shall constitute such Bank’s Loan on the date of Borrowing for all purposes of this Agreement. If such amount is not
made available to the Administrative Agent on the Business Day following the Borrowing Date, the Administrative Agent will notify Borrower of such failure to fund and, upon demand by the Administrative Agent, Borrower shall pay such amount to the
Administrative Agent for the Administrative Agent’s account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Loans comprising
such Borrowing. 
  

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 (b) The failure of any Bank to make any Loan on any Borrowing Date shall not relieve any other Bank of
any obligation hereunder to make a Loan on such Borrowing Date, but no Bank shall be responsible for the failure of any other Bank to make the Loan to be made by such other Bank on any Borrowing Date. 
  
 2.11 Extension of Maturity Date. Borrower may, upon not less than 30
days’ (but not more than 45 days’) notice prior to each anniversary of the Effective Date (the “Current Anniversary Date”) to the Administrative Agent (which shall notify each Bank of receipt of such request), propose to
extend the Maturity Date for an additional one-year period measured from the Maturity Date then in effect. Each Bank shall endeavor to respond to such request, whether affirmatively or negatively (such determination to be in the sole discretion of
such Bank), by notice to the Administrative Agent in writing not less than 20 days (but not more than 30 days) prior to the Current Anniversary Date. The Administrative Agent shall, upon not less than 15 days’ notice prior to the Current
Anniversary Date, notify Borrower in writing of the Banks’ decisions. No Maturity Date of any Bank shall be extended unless (i) by the date 20 days prior to the Maturity Date then in effect Banks having at least 50% in aggregate amount of the
Commitments in effect at the time any such extension is requested shall have elected so to extend their Commitments and (ii) the Administrative Agent shall have received a certificate signed by a Designated Officer dated as of such extension date in
form and substance satisfactory to the Administrative Agent stating that the representations and warranties contained in Section 5 are true and correct in all material respects on and as of such date, and that no state of facts constituting a
Default or an Event of Default has occurred and is continuing. Any Bank which does not give such notice to the Administrative Agent by the date 20 days prior to the Maturity Date then in effect shall be deemed to have elected not to extend as
requested, and the Commitment of each non-extending Bank shall terminate on its Maturity Date determined without giving effect to such requested extension. If any Bank does not consent to a request for an extension of the Maturity Date, or is deemed
not to have consented to the requested extension (each, a “Declining Bank”), and the Maturity Date has been extended for the other Bank(s) (the “Extending Banks”), Borrower may, prior to the end of the Current
Anniversary Date, replace such Declining Bank with one or more third party financial institutions acceptable to the Administrative Agent or increase the Commitment of an Extending Bank, in an amount equal to the amount of the Commitments of the
Declining Banks, provided that, as provided in Section 2.13, the Extending Banks shall have the right to increase their Commitments ratably up to the amount of the Declining Banks’ Commitments before Borrower will be permitted to substitute any
other financial institution for the Declining Banks. 
  
 2.12
Increased Commitments; Additional Banks. 
  
 (a) On a single
occasion during each year subsequent to the Effective Date, Borrower may, upon at least thirty (30) days’ notice to the Administrative Agent (which shall promptly provide a copy of such notice to the Banks), propose to increase the amount of
the Commitments in an aggregate minimum amount of $10,000,000 and an aggregate maximum amount for all increases pursuant to this Section 2.12 not to exceed $100,000,000 (the amount of any such increase, the “Increased Commitments”)
provided that (i) at the time of and after giving effect to such Increased Commitments, Borrower maintains at least a Rating Level III and (ii) the Administrative Agent shall have received a certificate signed by a Designated Officer dated as of the
date of such increase in form and substance satisfactory to the Administrative Agent stating 
  

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 that the representations and warranties contained in Section 5 are true and correct in all material respects on and as of
such date and that no Default or Event of Default has occurred and is continuing. Each Bank party to this Agreement at such time shall have the right (but no obligation), for a period of fifteen (15) days following receipt of such notice, to elect
by notice to Borrower and the Administrative Agent to increase its Commitment by a principal amount which bears the same ratio to the Increased Commitments as its then Commitment bears to the aggregate Commitments then existing. 
  
 (b) If any Bank party to this Agreement shall not elect to increase its
Commitment pursuant to subsection (a) of this Section, Borrower may designate another bank or other banks (which may be, but need not be, one or more of the existing Banks, but which shall be an Eligible Assignee), which at the time agree to (i) in
the case of any such Bank that is an existing Bank, increase its Commitment and (ii) in the case of any other such Bank (an “Additional Bank”), become a party to this Agreement, provided that the Commitment of each such bank or
banks equals or exceeds $10,000,000. The sum of the increases in the Commitments of the existing Banks pursuant to this subsection (b) plus the Commitments of the Additional Banks shall not in the aggregate exceed the unsubscribed amount of the
Increased Commitments. 
  
 (c) An increase in the aggregate amount
of the Commitments pursuant to this Section 2.12 shall become effective upon the receipt by the Administrative Agent of an agreement in form and substance satisfactory to the Administrative Agent signed by Borrower, by each Additional Bank and by
each other Bank whose Commitment is to be increased, setting forth the new Commitments of such Banks and setting forth the agreement of each Additional Bank to become a party to this Agreement and to be bound by all the terms and provisions hereof,
together with such evidence of appropriate corporate authorization on the part of Borrower with respect to the Increased Commitments and such opinions of counsel for Borrower with respect to the Increased Commitments as the Administrative Agent may
reasonably request. 
  

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 2.13 Substitution of Banks. If any Bank declines to extend its Maturity Date pursuant to Section
2.11, Borrower shall have the right, with the assistance of the Administrative Agent, to seek one or more Eligible Assignees (which may be one or more of the Banks) reasonably satisfactory to the Administrative Agent and Borrower to purchase the
Loans and assume the Commitments of such Bank, and Borrower, the Administrative Agent, such Bank, and such Eligible Assignees shall execute and deliver an appropriately completed Assignment and Assumption pursuant to Section 10.08 hereof to effect
the assignment of rights to and the assumption of obligations by such Eligible Assignees; provided that (i) such requesting Bank shall be entitled to compensation under Section 3 for any costs incurred by it prior to its replacement, (ii) no
Default or Event of Default has occurred and is continuing, (iii) Borrower has satisfied all of its obligations under the Loan Documents relating to such Bank, (iv) in the case of the Commitments of any Banks that have declined to extend their
Maturity Date pursuant to Section 2.11, the Banks that have extended their Maturity Date pursuant to Section 2.11 shall on a ratable basis have the right (but no obligation), for a period of seven days following receipt of notice from the
Administrative Agent at the request of Borrower that the Commitments of non-extending Banks may be assumed, to assume the Commitments of such declining Banks before any other Eligible Assignees assume such Commitments, and (v) Borrower shall have
paid the Administrative Agent a $3,500 administrative fee if such replacement Bank is not an existing Bank. 
  
 SECTION 3. 
 PAYMENTS, COSTS 
  
 3.01 Eurocurrency Costs. Upon notice from any Bank and subject to
compliance with Section 9.09, Borrower shall promptly, reimburse that Bank for any increase in its costs, including without limitation taxes (and additional amounts equal to increases in taxes attributable to payments by Borrower of such taxes),
assessments or a change in the basis of taxation of payments to such Bank (other than any tax, or changes in the rate of any tax, based upon the income, profits or business of the Bank, or upon any personal property or franchise of the Bank, or any
similar tax which may be levied upon the Bank, or any change in the rate of any such similar tax by the United States or any other government having jurisdiction, or any political subdivision or taxing authority of any thereof), fees, charges,
and/or special deposit and/or other similar reserve requirements (other than requirements expressly included herein in the determination of the Eurocurrency Rate hereunder) directly or indirectly resulting from or relating to any Eurocurrency Rate
Loan due to any circumstance, except only any increase in costs that is attributable to the prepayment by a Bank, in the case of a Eurocurrency Rate Loan, of a time deposit in the Designated Interbank Eurocurrency Market, where
Borrower has not paid or redesignated a corresponding Eurocurrency Rate Loan prior to the end of the term of such Eurocurrency Rate Loan. As used in the preceding sentence, “reserve requirements” shall be calculated after taking into
account any compensation received by the Bank through the computation of the Eurocurrency Reserve Percentage or any Eurocurrency fee paid to the Bank. Amounts payable to a Bank under this Section 3.01 shall be determined solely by that Bank upon the
assumption that the Bank funded 100% of that Eurocurrency Rate Loan by the acceptance of a time deposit in the Designated Interbank Eurocurrency Market for a corresponding amount and term, regardless of whether the Bank did so in fact. In
attributing a Bank’s general costs relating to its Eurocurrency operations to any transaction under this Agreement, or averaging any cost over a period of time, that Bank may use any reasonable attribution and/or averaging method it deems
appropriate and practical. The determination of such amount by the Bank shall be presumed correct in the absence of manifest error. 
  

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 3.02 Special Eurocurrency Circumstances. If (x) any Regulatory Development relating to the
interbank Eurocurrency markets shall at any time in the reasonable opinion of any Bank make it unlawful or impractical for that Bank to fund or maintain a Eurocurrency Rate Loan in the Designated Interbank Eurocurrency Market for a corresponding
amount or term, or to continue that funding or maintaining, or to determine or charge interest rates based upon any appropriate Eurocurrency Rate or (y) the Administrative Agent or any Bank determines in connection with any request for a
Eurocurrency Rate Loan or a conversion to or continuation thereof that (i) deposits in the relevant currency are not being offered to banks in the applicable offshore interbank market for such currency for the applicable amount and Interest Period
of such Eurocurrency Rate Loan, (ii) adequate and reasonable means do not exist for determining the Eurocurrency Rate for such Eurocurrency Rate Loan, or (iii) the Eurocurrency Rate for such Eurocurrency Rate Loan does not adequately and fairly
reflect the cost to the Banks of funding such Eurocurrency Rate Loan, the Administrative Agent or that Bank, as applicable, shall promptly notify the Administrative Agent and the Banks who shall notify Borrower and, notwithstanding any other
provision of this Agreement: 
  
 (a) the then outstanding
principal amounts of any outstanding Eurocurrency Rate Loan shall be automatically converted into a Base Rate Loan and, if, on the date of any such conversion, any such Eurocurrency Rate Loan is an Alternative Currency Loan, it shall be
redenominated into a Dollar Loan in a principal amount equal to the Dollar Equivalent of the amount of such Alternative Currency Loan; and 
  
 (b) no Eurocurrency Rate Loan may be made thereafter until that Bank determines that to do so would be lawful or practical. 
  
 Upon receipt of such notice, Borrower may revoke any pending request for a
Borrowing, conversion or continuation of Eurocurrency Rate Loans or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 
  
 3.03 Eurocurrency Indemnification. Borrower hereby indemnifies each
Bank against, and agrees to hold each Bank harmless from and reimburse each Bank on demand for all costs, expenses, claims, penalties, liabilities, losses, legal fees and damages (including without limitation any interest paid or that would be paid
by a Bank for deposits in Dollars in the Designated Interbank Eurocurrency Market and any loss sustained or that would be sustained by a Bank in connection with the reemployment of funds) incurred or sustained, or that would be incurred or
sustained, by each Bank, as reasonably determined by the Bank, as a result of (a) any failure of Borrower to consummate, or the failure of any condition required for the consummation of, any Eurocurrency Rate Loan on the date or in the amount
specified in any notice, requesting or designating a Eurocurrency Rate Loan or (b) Borrower’s prepayment of any Eurocurrency Rate Loan before the last day of its Interest Period. The indemnification shall be determined as though the Bank had
funded or would have funded 100%, as the case may be, of the Eurocurrency Rate Loan in the Designated Interbank Eurocurrency Market for a corresponding amount and term. The determination of such amount by the Bank shall be presumed correct in the
absence of manifest error. 
  

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 3.04 Computation of Interest and Fees. All computations of interest hereunder shall be calculated
on the basis of a year of 365 days or 366 days, as the case may be, and the actual number of days elapsed, except that computations of interest on all Eurocurrency Rate Loans (other than Eurocurrency Rate Loans denominated in Sterling) and
computations of interest on Base Rate Loans when the Base Rate is calculated by reference to the Federal Funds Rate shall be calculated on the basis of a year of 360 days and the actual number of days elapsed. All computations of fees hereunder
shall be calculated on the basis of a year of 360 days and the actual number of days elapsed. 
  
 3.05 Holidays. If any payment to be made by Borrower on a Base Rate Loan shall come due on a day other than a Business Day, payment shall be made on the next succeeding Business Day and the extension of time
shall be reflected in computing interest. If any payment to be made by Borrower on a Eurocurrency Rate Loan shall come due on a day other than a Designated Interbank Eurocurrency Market Day, payment shall be made on the next preceding or succeeding
Designated Interbank Eurocurrency Market Day as determined by the Administrative Agent in accordance with the then current banking practice in the Designated Interbank Eurocurrency Market and the adjustment shall be reflected in computing interest.

  
 3.06 Payment Free of Taxes. Subject to compliance with
Section 9.09, any payments made by Borrower hereunder shall be made free and clear of, and without reduction by reason of, any withholding tax. 
  
 3.07 Funding Sources. Nothing in this Agreement shall be deemed to obligate any Bank to obtain the funds for any Borrowing in any particular place
or manner or to constitute a representation by any Bank that it has obtained or will obtain the funds for any Borrowing in any particular place or manner. 
  
 3.08 Failure to Charge Not Subsequent Waiver. Any decision by the Administrative Agent or any Bank not to require payment of any fee or costs, or
to reduce the amount of the payment required for any fee or costs or to calculate any fee or costs in any particular manner, for any particular Eurocurrency Rate Loan shall in no way limit the Administrative Agent’s or that Bank’s right to
require full payment of any fee or costs for any other Eurocurrency Rate Loan or to calculate any fee or costs in another manner. 
  
 3.09 Other Costs. If, at any time subsequent to the Effective Date, any Bank shall have reasonably determined that the adoption of any Law
regarding capital adequacy, any reserve, special deposit or similar requirements generally applicable to commitments or credit arrangements similar to the Commitments (other than requirements expressly included herein in the determination of the
Eurocurrency Rate) hereunder, or any change therein, or any change in the interpretation or administration thereof by any Governmental Agency, central bank or comparable agency charged with the interpretation or administration thereof, or compliance
by said Bank or any corporation controlling said Bank with any request or directive regarding capital adequacy, any reserve, special deposit or similar requirement (other than requirements expressly included herein in the determination of the
Eurocurrency Rate hereunder) (whether or 
  

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 not having the force of Law) of any such Governmental Agency, central bank or comparable agency, has or would have the
effect of increasing the cost to, or reducing the income received by or imposing any expense (including loss of margin), on any said Bank or any corporation controlling said Bank, or, in the case of any capital adequacy requirement, reducing the
rate of return on said Bank’s or corporation’s capital as a consequence of its obligations hereunder to a level below that which said Bank or corporation could have achieved but for such adoption, change or compliance (taking into
consideration said Bank’s or corporation’s policies with respect to capital adequacy), then from time to time, each affected Bank may notify Borrower (with a copy to Administrative Agent) of the additional amount or amounts as will
compensate said Bank or corporation for such increase, reduction or imposition and, upon demand, Borrower shall pay said affected Bank or corporation such amount or amounts. In determining such amount, the affected Bank or corporation may use
reasonable attribution and/or averaging methods which it deems appropriate and practical. In no event shall Borrower be liable for any such amounts relating to periods of time more than three months prior to the date upon which Borrower receives
notice from the affected Bank, except to the extent that such periods of time (i) relate to retroactive applications of any such Law or retroactive interpretations or administrations of any such Law or (ii) represent periods during which it
is impracticable for any such Bank to calculate any such amounts due; provided, however, that such information shall be provided to Borrower as soon as practicable. Said affected Bank shall, upon Borrower’s request, provide
Borrower with a statement showing in reasonable detail, the basis for determining the amount charged hereunder. 
  
 3.10 Survivability. Borrower’s obligations under this Section 3 shall survive the date on which all Borrowings hereunder were fully paid.

  
 SECTION 4. 
 CONDITIONS 
  
 4.01 Effective Date. This Agreement shall become effective (as of the date first written above) only upon the satisfaction of all of the following
conditions precedent: 
  
 (a) The Administrative Agent shall have
received all of the following, each dated as of the Effective Date (unless otherwise specified or unless the Administrative Agent otherwise agrees) and all in form and substance satisfactory to the Administrative Agent and legal counsel for the
Administrative Agent: 
  
 (i) a certificate
signed by a Designated Officer (A) stating that the execution, delivery and performance of the Loan Documents by Borrower was duly authorized by resolution of its board of directors on the date therein specified and that such authorization is still
in force and effect, (B) setting forth such resolution adopted by such board of directors, (C) setting forth the name of each person authorized to sign any Loan Document on behalf of Borrower with specimen signatures of such persons, and (D) stating
that the representations and warranties contained in Section 5 are true and correct on and as of the Effective Date, no state of facts constituting a Default or an Event of Default has occurred and is continuing, and Borrower shall be in compliance
with all the terms and provisions of the Loan Documents; 
  

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 (ii) a current good standing certificate for Borrower issued by the appropriate
Governmental Agency in the jurisdiction of incorporation; 
  
 (iii) a certificate of good standing of Borrower as a foreign corporation in California; 
  
 (iv) an opinion of counsel signed by appropriate legal counsel; 
  
 (v) such other certificates, documents, consents, or opinions that any Bank may reasonably request; and

  
 (vi) evidence satisfactory to Administrative
Agent that each of (x) the Third Amended and Restated Revolving Credit Agreement (as amended) dated as of December 15, 2000 among Borrower, the Banks party thereto and Bank of America, as Administrative Agent for the Banks and (y) the 364-Day
Revolving Credit Agreement (as amended and extended) dated as of December 6, 2002 among Borrower, the Banks party thereto and CUSA, as Agent for the Banks has been terminated and all amounts payable by Borrower thereunder have been paid in full.

  
 4.02 Any Borrowing, Conversion or Continuation. The
obligation of the Banks to make any Loan or to convert into or continue any Eurocurrency Rate Loan is subject to the following conditions precedent: 
  
 (a) the representations and warranties contained in Section 5 (other than in Sections 5.06 and 5.09) shall be true and correct in all
material respects, and shall be deemed made, on and as of the date of the Loan, conversion or continuation as though made on and as of that date, and no state of facts constituting a Default or an Event of Default shall have occurred and be
continuing; and, upon its request therefor, the Administrative Agent shall have received, dated as of the date of the Loan, a certificate of a Designated Officer from Borrower to that effect, with any changes or exceptions thereto being described in
a schedule attached to such certificate and with such changes or exceptions being subject to the approval of the Majority Banks; 
  
 (b) the Administrative Agent shall have timely received a Notice of Borrowing or a Notice of Conversion/Continuation, as applicable, in compliance with
Section 2. 
  
 SECTION 5. 
 REPRESENTATIONS AND WARRANTIES 
  
 Borrower represents and warrants to the Administrative Agent and the Banks that: 
  
 5.01 Existence and Qualification; Power; Compliance with Law. 
  
 (a) Borrower is a corporation duly formed, validly existing and in good
standing under the laws of Delaware. The chief executive offices of Borrower are in Pasadena, California. Borrower is duly qualified or registered to transact business in California and each other jurisdiction in which the conduct of its business or
the ownership of its properties make such qualification or registration necessary, except where the failure so to qualify or register would not have a Material Adverse Effect. Borrower has all requisite corporate power and authority to conduct its
business, to own and lease its properties and to execute, deliver and perform all of its obligations under the Loan Documents. 
  

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 (b) All outstanding shares of capital stock of Borrower are duly authorized, validly issued, fully paid,
nonassessable, and issued in compliance with all applicable state and federal securities and other laws. 
  
 (c) Borrower is in compliance with all Laws and other legal requirements applicable to its business, has obtained all authorizations, consents, approvals,
orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Agency that are necessary for the transaction of its business, except
where the failure so to comply, file, register, qualify or obtain exemptions would not have a Material Adverse Effect. 
  
 5.02 Authority; Compliance with Other Instruments and Government Regulations. The execution, delivery, and performance by Borrower of the Loan
Documents have been duly authorized by all necessary action and do not and will not (a) require any consent or approval not heretofore obtained of any stockholder, security holder or creditor; (b) violate or conflict with any provision of
Borrower’s charter, certificate, articles of incorporation or bylaws, or amendments thereof; (c) result in or require the creation or imposition of any Lien or Right of Others upon or with respect to any property now owned or leased or
hereafter acquired by Borrower; (d) violate any provision of any Laws (including without limitation Regulation U of the Board of Governors of the Federal Reserve System), order, writ, judgment, injunction, decree, determination, or award presently
in effect having applicability to Borrower; or (e) result in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan or credit agreement or any other material agreement,
lease, or instrument to which Borrower is a party or by which Borrower or any of its property, is bound or affected; and Borrower is not in default under any Laws, order, writ, judgment, injunction, decree, determination, award, indenture,
agreement, lease, or instrument described in Section 5.02(e) in any respect that would have a Material Adverse Effect. 
  
 5.03 No Governmental Approvals Required. No authorization, consent, approval, order, license or permit from, or filing, registration, or
qualification with, or exemption from any of the foregoing from, any Governmental Agency is or will be required to authorize or permit under applicable Laws the execution, delivery, and performance by Borrower of the Loan Documents. 
  
 5.04 Subsidiaries. 
  
 (a) Schedule 5.04 hereto correctly sets forth as of December 27, 2003
the names, forms of legal entity and jurisdictions of formation of all Subsidiaries of Borrower and states whether each is or is not a Consolidated Subsidiary. Except for shares of capital stock or partnership interests in a Subsidiary required by
applicable Laws to be held by a director or comparable official of that Subsidiary and unless otherwise indicated in Schedule 5.04 or where the failure to own all of the shares of capital stock or partnership interests in such Subsidiary
would not have a Material Adverse Effect, all of the outstanding shares of capital stock or partnership interests of each Subsidiary are owned beneficially by Borrower, and, to the best 
  

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 knowledge of Borrower, all securities and interests so owned are duly authorized, validly issued, fully paid,
non-assessable, and issued in compliance with all applicable state and federal securities and other laws, and are free and clear of all Liens and Rights of Others. 
  
 (b) Each Subsidiary is a corporation or other legal entity duly formed, validly existing, and in good standing under the
laws of its jurisdiction of formation, is duly qualified to do business and is in good standing in each jurisdiction in which the conduct of its business or the ownership or leasing of its properties makes such qualification necessary, except
where the failure to be so duly qualified and in good standing does not have a Material Adverse Effect, and has all requisite legal power and authority to conduct its business and to own and lease its properties. 
  
 (c) Each Subsidiary is in compliance with all Laws and other requirements
applicable to its business and has obtained all authorizations, consents, approvals, orders, licenses, and permits from, and has accomplished all filings, registrations, and qualifications with, or obtained exemptions from any of the foregoing from,
any Governmental Agency that are necessary for the transaction of its business, except where the failure to be in such compliance, obtain such authorizations, consents, approvals, orders, licenses, and permits, accomplish such filings,
registrations, and qualifications, or obtain such exemptions, does not have a Material Adverse Effect. 
  
 5.05 Financial Statements. Borrower has furnished to each Bank the following financial statements: (i) the consolidated balance sheet of Borrower
and its Consolidated Subsidiaries as at December 27, 2003, and the related consolidated statements of income, shareholders’ equity and changes in financial position for the year then ended, together with the report of PricewaterhouseCoopers on
such financial statements and (ii) the consolidated balance sheet of Borrower and its Consolidated Subsidiaries as at March 27, 2004, and the related consolidated statements of income, shareholder’s equity and changes in financial position for
the three months then ended. The foregoing financial statements are in accordance with the books and records of Borrower and its Consolidated Subsidiaries, were prepared in accordance with generally accepted accounting principles applied
consistently throughout the periods covered thereby and fairly present the consolidated financial condition and results of operations of Borrower and the Consolidated Subsidiaries as at the dates and for the periods covered thereby. 
  
 5.06 No Material Adverse Change or Other Liabilities. Except as set
forth in Section 5.09, since December 27, 2003, there has been no event or circumstance that has had a Material Adverse Effect. Borrower and the Consolidated Subsidiaries do not have any material liability or material contingent liability required
to be reflected or disclosed in the financial statements or notes thereto described in Section 5.05 which is not so reflected or disclosed. 
  
 5.07 Title to Assets. Borrower has good and valid title to all of the assets reflected in the financial statements described in Section 5.05
(except for assets that are sold in transactions that are not prohibited by the terms of this Agreement) free and clear of all Liens and Rights of Others other than (a) those reflected or disclosed in such financial statements or notes thereto, (b)
immaterial Liens or Rights of Others not required under generally accepted accounting principles to be so reflected or disclosed, and (c) Liens or Rights of Others permitted pursuant to Section 7.02. 
  

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 5.08 Regulated Industries. Neither Borrower nor any Subsidiary is a “holding company,”
or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company,” within the meaning of the Public Utility
Holding Company Act of 1935, as amended. Neither Borrower nor any of its Subsidiaries is or is required to be registered under the Investment Company Act of 1940. 
  
 5.09 Litigation. There are no actions, suits, or proceedings pending or, to the best of Borrower’s knowledge,
threatened against or affecting Borrower or any of its Subsidiaries or any property of any of them in any court of law or before any Governmental Agency which, if determined adversely to any of them, would have a Material Adverse Effect, except as
set forth in Schedule 5.09 annexed hereto or as referred to in Borrower’s news releases and filings with the Securities and Exchange Commission made or filed on or prior to the Effective Date (including a Department of Justice criminal
investigation into competitive practices in the label stock industry and an investigation by the European Commission and relevant national competition authorities into alleged anticompetitive activities in the European paper and forestry products
industry, including the adhesive label stock market, as well as related and threatened inquiries, claims and litigation concerning or related to these investigations). 
  
 5.10 Binding Obligations. This Agreement constitutes the legal, valid, and binding obligation of Borrower,
enforceable against Borrower in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws relating to or affecting creditors’ rights generally or by
equitable principles relating to the granting of specific performance and other equitable remedies as a matter of judicial discretion. 
  
 5.11 No Default. No Default or Event of Default exists or has resulted from the incurring of any Obligations by Borrower. As of the Effective Date,
neither Borrower nor any Subsidiary is in default under or with respect to any material contractual obligation in any respect which, individually or together with all such defaults, has had a Material Adverse Effect. 
  
 5.12 ERISA. (a) The actuarial present value of all vested accrued
benefits under all Pension Plan does not exceed the current fair market value of the assets determined on an ongoing basis of the Pension Plans by an amount which would materially affect the financial condition or Borrower’s abilities to pay or
perform its obligations under the Loan Documents; (b) no Pension Plan or trust created thereunder has incurred any “accumulated funding deficiency” (as such term is defined in Section 302 of ERISA) whether or not waived, since the
effective date of ERISA; and (c) based on information received from the respective administrators of “multiemployer plans” (as defined in ERISA) to which Borrower or any Subsidiary contributes, the aggregate present value of the unfunded
vested benefits allocable to Borrower or such Subsidiaries under all such multiemployer plans is not an amount which would materially affect the financial condition or Borrower’s abilities to pay or perform its obligations under the Loan
Documents. 
  
 5.13 Regulation U. Neither Borrower nor any
of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for purpose of “buying” or “carrying” any Margin Stock within the meanings of Regulation U of the Board of
Governors of the Federal Reserve System. No part of any Borrowing will be used to buy or carry any Margin Stock, or to extend credit to others for that purpose, or for any purpose, if to do so would violate the provisions of Regulation U.

  

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 5.14 Tax Liability. Borrower and its Subsidiaries have filed all income tax returns which are
required to be filed, and have paid, or made provision for the payment of, all taxes which have become due pursuant to said returns or pursuant to any assessment received by Borrower or any Subsidiary, except such taxes, if any, as are being
contested in good faith and as to which adequate reserves have been provided, and except such taxes the failure of which to pay will not have a Material Adverse Effect. 
  
 5.15 Copyrights, Patents, Trademarks and Licenses, etc. Borrower or its Subsidiaries own or are licensed or otherwise
have the right to use all of the patents, trademarks, service marks, trade names, copyrights, contractual franchises, authorizations and other rights that are reasonably necessary for the operation of their respective businesses, where the failure
to have such rights would have a Material Adverse Effect. To the best knowledge of Borrower, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by
Borrower or any Subsidiary infringes upon any rights held by any other Person, where such infringement would create a Material Adverse Effect. 
  
 5.16 Environmental Matters. Borrower conducts in the ordinary course of business a review of the effect of existing Environmental Laws and existing
Environmental Claims on its business, operations and properties, and as a result thereof Borrower has reasonably concluded that such Environmental Laws and Environmental Claims would not, individually or in the aggregate, have a Material Adverse
Effect. 
  
 5.17 Insurance. The properties of Borrower and
its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses
and owning similar properties in localities where Borrower or such Subsidiary operates. 
  
 5.18 Disclosure. No written statement made by Borrower to the Banks in connection with the Loan Documents or any Loan contains or will contain any untrue statement of a material fact or omits or will omit a
material fact necessary to make the statements contained or made therein not misleading. There is no fact which Borrower has not disclosed to the Banks in writing which materially and adversely affects nor, so far as Borrower can now foresee, is
reasonably likely to prove to affect materially and adversely the business, operations, properties, prospects, profits or condition (financial or otherwise) of Borrower and its Subsidiaries, taken as a whole, or the ability of Borrower to perform
the Obligations. 
  

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 SECTION 6. 
 AFFIRMATIVE COVENANTS 
  
 As long as any Borrowing remains unpaid, or any other Obligation remains unpaid or unperformed, or any commitment to make Loans remains in effect, Borrower shall, and shall cause each of its Subsidiaries to, unless the Majority Banks
otherwise consent in writing: 
  
 6.01 Financial and Business
Information. As long as any Borrowing remains unpaid or any other Obligation remains unpaid or unperformed, or any Commitment remains in effect, Borrower shall, unless the Majority Banks otherwise consent in writing, deliver to the Banks at its
own expense: 
  
 (a) As soon as reasonably possible, and in any
event within 60 days after the close of each of the first three fiscal quarters of Borrower, (i) the consolidated balance sheet of Borrower and its Consolidated Subsidiaries as of the end of such quarter, setting forth in comparative form the
corresponding figures for the corresponding quarter of the preceding fiscal year, if available, and (ii) the consolidated statements of profit and loss and changes in financial position of Borrower and its Consolidated Subsidiaries for such quarter
and for the portion of the fiscal year ended with such quarter, setting forth in comparative form the corresponding periods of the preceding fiscal year, all in reasonable detail, prepared in accordance with generally accepted accounting principles
consistently applied and certified by the principal financial officer of Borrower, subject to normal year-end audit adjustments; 
  
 (b) As soon as reasonably possible, and in any event within 120 days after the close of each fiscal year of Borrower, (i) the consolidated balance sheets
of Borrower and its Consolidated Subsidiaries as at the end of such fiscal year, setting forth in comparative form the corresponding figures at the end of the preceding fiscal year and (ii) the consolidated statements of profit and loss and changes
in financial position of Borrower and its Consolidated Subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the previous fiscal year. Such consolidated balance sheet and statements shall be prepared in
reasonable detail, in accordance with generally accepted accounting principles consistently applied, and shall be accompanied by a report and opinion of PricewaterhouseCoopers or other independent public accountants selected by Borrower and
reasonably satisfactory to the Majority Banks, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall be subject only to such qualifications and exceptions as are acceptable to the Majority
Banks. 
  
 6.02 Certificates; Other Information. As long as
any Borrowing remains unpaid or any other Obligation remains unpaid or unperformed, or any Commitment remains in effect, Borrower shall deliver or make available to the Banks via Borrower’s website, averydennison.com or at its own expense:

  
 (a) concurrently with the delivery of the financial
statements referred to in Sections 6.01(a) and (b), a Compliance Certificate executed by a Designated Officer; 
  
 (b) promptly after request by any Bank, copies of any material report filed by Borrower or any of its Subsidiaries with any Governmental Agency unless to
do so would violate applicable Laws; and 
  
 (c) promptly after
the same are available, at any Bank’s request, copies of each annual report, proxy or financial statement or other material report or communication sent to all stockholders of Borrower, and copies of all annual, regular, periodic and special
reports and registration statements which Borrower files with the Securities and Exchange Commission or any similar or corresponding Governmental Agency or with any securities exchange. 
  

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 6.03 Notices. Borrower shall promptly notify the Administrative Agent and each Bank: 

 
 (a) promptly upon becoming aware of the occurrence of any (i)
“reportable event” (as such term is defined in Section 4043 of ERISA) or (ii) “prohibited transaction” (as such term is defined in Section 406 or Section 2003(a) of ERISA) with respect to which Borrower may be liable for excise
tax under Section 4975 of the Code in connection with any Pension Plan or any trust created thereunder, in either case which may result in a Material Adverse Effect, a written notice specifying the nature thereof, what action Borrower and/or any of
its Subsidiaries is taking or proposes to take with respect thereto, and, when known, any action taken by the Internal Revenue Service with respect thereto; it being understood that for purposes of this provision, “aware” means that such
event or transaction must be actually known to the chief financial officer or the treasurer of Borrower; 
  
 (b) promptly upon, and in any event within five Business Days after, becoming aware of the existence of any condition or event which constitutes a Default
or an Event of Default a written notice specifying the nature and period of existence thereof and what action Borrower is taking or proposes to take with respect thereto; it being understood that for purposes of this provision, “aware”
means that such condition or event must be actually known to the chief financial officer or the treasurer of Borrower; 
  
 (c) promptly upon becoming aware that the holder of any evidence of indebtedness or other security of Borrower or any of its Subsidiaries that is material
to Borrower and its consolidated Subsidiaries, considered as a whole, has given notice or taken any other action with respect to a claimed default or event of default, a written notice specifying the notice given or action taken by such holder and
the nature of the claimed default or event of default and what action Borrower or its Subsidiary is taking or proposes to take with respect thereto; it being understood that for purposes of this provision, “aware” means that such notice or
action must be actually known to the chief financial officer or the treasurer of Borrower; 
  
 (d) of any change in accounting policies or financial reporting practices by Borrower or any of its consolidated Subsidiaries that is material to Borrower and its consolidated Subsidiaries considered as a whole; and

  
 (e) such other data and information as from time to time may
be reasonably requested by any Bank. 
  
 6.04 Payment of Taxes
and Other Potential Liens. Pay and discharge promptly, all taxes (including any withholding taxes required by law to be paid by the Borrower), assessments, and governmental charges or levies imposed upon it, upon its property or any part
thereof, upon its income or profits or any part thereof, in each case that, individually or in the aggregate, are material to Borrower and its Subsidiaries, considered as a whole, or upon any right or interest of the Banks under any Loan Document;
except that Borrower and its Subsidiaries shall not be required to pay or cause to be paid (a) any income or gross receipts tax generally applicable to banks or (b) any tax, assessment, charge, or levy that is not yet past due, or is being
contested in good faith by appropriate proceedings, as long as the relevant entity has established and maintains adequate reserves for the payment of the same and by reason of such nonpayment no material property of Borrower is in danger of being
lost or forfeited. 
  

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 6.05 Preservation of Existence. Preserve and maintain their respective existence, licenses,
rights, franchises, and privileges in the jurisdiction of their formation and all authorizations, consents, approvals, orders, licenses, permits, or exemptions from, or registrations with, any Governmental Agency that are necessary for the
transaction of their respective businesses, and qualify and remain qualified to transact business in each jurisdiction in which such qualification is necessary in view of their respective business or the ownership or leasing of their respective
properties, except that the failure to preserve and maintain any particular license, right, franchise, privilege, authorization, consent, approval, order, permit, exemption, or registration, or to qualify or remain qualified in any
jurisdiction, that would not have a Material Adverse Effect will not constitute a violation of this covenant, and except that nothing in this Section 6.05 shall prevent the termination of the business or existence (corporate or otherwise) of
any Subsidiary of Borrower which in the reasonable judgment of the Board of Directors of Borrower is no longer necessary or desirable. 
  
 6.06 Maintenance of Properties. Maintain, preserve, and protect all of their respective properties and equipment in good order and condition,
subject to wear and tear in the ordinary course of business and, in the case of unimproved properties, damage caused by the natural elements, and not permit any waste of their respective properties, except where a failure to maintain,
preserve, and protect a particular item of property or equipment would not result in a Material Adverse Effect. 
  
 6.07 Maintenance of Insurance. Maintain insurance with responsible insurance companies in such amounts and against such risks as is usually carried
by responsible companies engaged in similar businesses and owning similar assets in the general areas in which Borrower and its Subsidiaries operate except to the extent that Borrower or a Subsidiary is, in the reasonable opinion of a Designated
Officer, adequately self-insured in a manner comparable to responsible companies engaged in similar businesses and owning similar assets in the general areas in which Borrower and its Subsidiaries operate. 
  
 6.08 Compliance with Laws. Comply with the requirements of all
applicable Laws and orders of any Governmental Agency, noncompliance with which would result in a Material Adverse Effect, except that Borrower and its Subsidiaries need not comply with a requirement then being contested by any of them in
good faith by appropriate proceedings so long as no interest of the Banks would be materially impaired thereby. 
  
 6.09 Inspection Rights. At any time during regular business hours and as often as reasonably requested, permit any Bank or any employee, agent, or
representative thereof to examine, audit and make copies and abstracts from the records and books of account of, and to visit and inspect the properties of Borrower and its Subsidiaries and to discuss the affairs, finances, and accounts of Borrower
and its Subsidiaries with any of their officials, customers or vendors, and, upon request, to furnish promptly to each Bank true copies of all material financial information formally made available to the senior management of Borrower and reasonably
identifiable by Borrower. Nothing herein shall obligate Borrower to disclose any information to the Banks respecting trade secrets or similar proprietary information constituting products or processes relating to the business of Borrower or its
Subsidiaries or in violation of applicable Laws. 
  

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 6.10 Keeping of Records and Books of Account. Keep adequate records and books of account
reflecting financial transactions in conformity with generally accepted accounting principles applied on a consistent basis and all applicable requirements of any Governmental Agency having jurisdiction over Borrower or any of its Subsidiaries,
except where the failure to comply with generally accepted accounting principles or such applicable requirements would not make the records and books of accounts of Borrower and its Subsidiaries, taken as a whole, materially misleading. 

 
 6.11 ERISA Compliance. Comply with the minimum funding requirements
of ERISA with respect to all Pension Plans. 
  
 6.12
Environmental Laws. Conduct its operations and keep and maintain its property in compliance with all Environmental Laws where failure to do so will have a Material Adverse Effect. 
  
 6.13 Use of Proceeds. Use the proceeds of the Loans for working capital, commercial paper backup and other general
corporate purposes not in contravention of any Law or of any Loan Document, including acquiring other Persons so long as the acquisition is approved by the board of directors, requisite general partners, requisite managers or other governing board
or body of the Person being acquired. 
  
 SECTION 7.

 NEGATIVE COVENANTS 
  
 As long as any Borrowing remains unpaid or any other Obligation remains unpaid or unperformed, or any commitment to make Loans remains in effect, Borrower
shall not, and shall cause each of its Subsidiaries to not, unless the Majority Banks otherwise consent in writing: 
  
 7.01 Type of Business. Make any substantial change in the present character of the business of Borrower and its Subsidiaries, taken as a whole.

  
 7.02 Liens. Create, incur, assume or permit to exist
any Lien upon any of its property or assets (other than Unrestricted Margin Stock) now owned or hereafter acquired if the aggregate obligations secured by all such Liens exceeds, or would exceed (giving effect to any proposed new Lien) an amount
equal to 10% of Consolidated Net Worth, except: 
  
 (a)
Liens for taxes not delinquent or being contested in good faith by appropriate proceedings in accordance with Section 6.04; 
  
 (b) Liens arising in connection with workers’ compensation, unemployment insurance or social security obligations; 
  
 (c) mechanics’, workmen’s, materialmen’s, landlords’,
carriers’, or other like Liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith by appropriate proceedings; 
  

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 (d) minor Liens which do not in the aggregate materially detract from the value of its property or assets
or materially impair their use in the operation of the business of Borrower or the Subsidiary owning same; 
  
 (e) Liens in existence on property at the time of its acquisition by Borrower or its Subsidiary; 
  
 (f) Liens under the Loan Documents; and 
  
 (g) purchase money Liens in connection with nonrecourse tax sale and
leaseback transactions. 
  
 7.03 Investments. Make or
permit to exist any Investment in any Person, except: 
  
 (a) credit extended in connection with the sale of goods or rendering of services in the ordinary course of business; 
  
 (b) Investments in a Consolidated Subsidiary; 
  
 (c) Acquisitions; 
  
 (d) Investments consisting of Cash Equivalents; 
  
 (e) Investments that individually or in the aggregate would not result in a Material Adverse Effect; and 
  
 (f) Investments in corporations, joint ventures, partnerships and other
Persons not majority-owned by Borrower and its Subsidiaries not exceeding 5% of Consolidated Net Worth in the aggregate. 
  
 7.04 Contingent Obligations. Incur or permit to exist any Contingent Obligation if the aggregate of all Contingent Obligations exceeds, or would
exceed (giving effect to any proposed new Contingent Obligation) an amount equal to 5% of Consolidated Net Worth, except the endorsement of negotiable instruments in the ordinary course of collection. 
  
 7.05 Subordinated Debt. Make any principal prepayment on any
Subordinated Debt or, if and so long as Default or Event of Default exists, any payment of principal or interest on any Subordinated Debt. 
  
 7.06 Sale of Assets or Merger. Sell or otherwise dispose of all or substantially all of the assets, or merge with any other corporation unless
Borrower or one of its Subsidiaries is the surviving corporation except that the sale of all or substantially all of the assets of a Subsidiary of Borrower, or the merger of any Subsidiary of Borrower when it is not the surviving corporation
shall not violate this Section 7.06 if the assets of that Subsidiary are not material in relation to the assets of Borrower and its Subsidiaries, taken as a whole. 
  

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 7.07 Financial Covenants. 
  
 (a) Not permit the Leverage Ratio to exceed 3.50 to 1.00 at any time; and 
  
 (b) Not permit the ratio of Consolidated Earnings Before Interest and Taxes
to Consolidated Interest to be less than 3.50 to 1 at any time. 
  
 7.08 Use of Proceeds. Use any portion of the Loan proceeds, in any manner that might cause the Loan or the application of such proceeds to violate Regulation U, Regulation T or Regulation X of the Board of Governors of the Federal
Reserve System or any other regulation of such Board or to violate the Securities Exchange Act of 1934, as amended, in each case as in effect on the date or dates of such Loan and such use of proceeds. 
  
 SECTION 8. 
 EVENTS OF DEFAULT AND REMEDIES UPON EVENTS OF DEFAULT 
  
 8.01 Events of Default. There will be a default hereunder if any one or more of the following events (“Events of Default”) occurs and is
continuing, whatever the reason therefor: 
  
 (a) failure of
Borrower to pay any installment of principal when due or to pay interest hereunder or any fee or other amounts due to any Bank hereunder within three Business Days after the date when due; or 
  
 (b) Borrower fails to perform or observe any other term, covenant, or
agreement contained in any Loan Document on its part to be performed or observed within 30 days after the date performance is due; or 
  
 (c) any representation or warranty in any Loan Document or in any certificate, agreement, instrument, or other document made or delivered pursuant to or
in connection with any Loan Document proves to have been incorrect when made in any material respect; or 
  
 (d) Borrower or any of its Subsidiaries (i) fails to pay the principal, or any principal installment, or any present or future indebtedness for borrowed
money, or any guaranty of present or future indebtedness for borrowed money, within 10 days of the date when due (or within any longer stated grace period), whether at the stated maturity, upon acceleration, by reason of required prepayment or
otherwise in excess of $20,000,000 or (ii) fails to perform or observe any other term, covenant, or agreement on its part to be performed or observed in connection with any present or future indebtedness for borrowed money, or any guaranty of
present or future indebtedness for borrowed money, in excess of $20,000,000, if as a result of such failure any holder or holders thereof (or an agent or trustee on its or their behalf) has the right to declare it due before the date on which it
otherwise would become due; or 
  
 (e) any Loan Document, at any
time after its execution and delivery and for any reason other than the agreement of the Banks or satisfaction in full of all the Obligations, ceases to be in full force and effect or is declared by a court of competent jurisdiction to be null and
void, invalid, or unenforceable in any respect which is, in the reasonable opinion of the Majority Banks, materially adverse to the interest of the Banks; or Borrower denies that it has any or further liability or obligation under any Loan Document;
or 
  

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 (f) a final judgment against Borrower or any of its Subsidiaries is entered for the payment of money in
excess of $20,000,000, and remains unsatisfied without procurement of a stay of execution for 45 days after the date of entry of judgment or in any event later than five days prior to the date of any proposed sale under such judgment; or 

 
 (g) any Domestic Subsidiary, any Significant Subsidiary or Borrower is the
subject of an order for relief by a bankruptcy court, or is unable or admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator, or similar officer for it or for all or any part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, or similar officer is appointed
without the application or consent of that entity and the appointment continues undischarged or unstayed for 60 days; or institutes or consents to any bankruptcy, proposal in bankruptcy, insolvency, reorganization, arrangement, readjustment of debt,
dissolution, custodianship, conservatorship, liquidation, rehabilitation, or similar proceeding relating to it or to all or any part of its property under the laws of any jurisdiction; or any similar proceeding is instituted without the consent of
that entity and continues undismissed or unstayed for 60 days; or any judgment, writ, warrant of attachment or execution, or similar process is issued or levied against all or any part of the property of any such entity in an amount in excess of 10%
of the total assets of such entity, and is not released, vacated, or fully bonded within sixty (60) days after its issue or levy, or Borrower or any Domestic Subsidiary or any Significant Subsidiary shall take any corporate action to authorize any
of the actions set forth above in this subsection (g). 
  
 8.02
Remedies Upon Event of Default. 
  
 (a) Upon the occurrence
of any Event of Default (other than an Event of Default described in Section 8.01(g)): (i) all commitments to make Loans may be terminated by the Majority Banks without notice to or demand upon Borrower, which are expressly waived by Borrower and
(ii) the Majority Banks may declare the unpaid principal of or unperformed balance of all Obligations due to the Banks hereunder, all interest accrued and unpaid thereon, and all other amounts payable under the Loan Documents to be forthwith due and
payable, whereupon the same shall become and be forthwith due and payable, without protest, presentment, notice of dishonor, demand, or further notice of any kind, all of which are expressly waived by Borrower. 
  
 (b) Upon the occurrence of any Event of Default described in Section 8.01(g):
(i) all commitments to make Loans shall terminate without notice to or demand upon Borrower, which are expressly waived by Borrower; and (ii) the unpaid principal of or unperformed balance of all Obligations due to the Banks hereunder, and all
interest accrued and unpaid on such obligations shall be forthwith due and payable, without protest, presentment, notice of dishonor, demand, or further notice of any kind, all of which are expressly waived by Borrower. 
  
 (c) Upon the occurrence of an Event of Default and acceleration of the unpaid
principal of or unperformed balance of all Obligations due to the Banks hereunder, as provided in Sections 8.02(a) or 8.02(b), the Administrative Agent and the Banks, or any of them, without notice to or demand upon Borrower, which are expressly
waived by Borrower, may proceed to protect, exercise, and enforce their rights and remedies under the Loan Documents against 
  

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 Borrower and such other rights and remedies as are provided by law or equity. The order and manner in which the rights
and remedies of the Administrative Agent and the Banks under the Loan Documents and otherwise may be protected, exercised, or enforced shall be determined by the Majority Banks. 
  
 (d) All payments received by the Administrative Agent and the Banks, or any of them, shall be applied first to the costs and
expenses (including attorneys fees and disbursements) of the Administrative Agent, acting as Administrative Agent, and of the Banks and thereafter to the Banks pro-rata according to the unpaid principal amount of the Loans held by each Bank.
Regardless of how any Bank may treat the payments for the purpose of its own accounting, for the purpose of computing Borrower’s Obligations hereunder, the payments shall be applied first, to the payment of accrued and unpaid fees
provided for hereunder and interest on all Obligations to and including the date of such application, second, to the ratable payment of the unpaid principal of all Loans, and third, to the payment of all other amounts then owing to the
Banks under the Loan Documents. No application of the payments will cure any Event of Default or prevent acceleration, or continued acceleration, of amounts payable under the Loan Documents or prevent the exercise, or continued exercise, of rights
or remedies of the Administrative Agent or Banks hereunder or under applicable Laws. 
  
 SECTION 9. 
 THE ADMINISTRATIVE AGENT 
  
 9.01 Appointment and Authorization. Each Bank hereby irrevocably
appoints and authorizes each of the Administrative Agent and the Syndication Agent to take such action as agent on its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent or the Syndication Agent
by the terms thereof or are reasonably incidental, as determined by the Administrative Agent or the Syndication Agent, thereto. This appointment and authorization does not constitute appointment of the Administrative Agent or the Syndication Agent
as trustee for any Bank and, except as specifically set forth herein to the contrary, each of the Administrative Agent and the Syndication Agent shall take such action and exercise such powers only in an administrative and ministerial capacity.
Without limiting the generality of the foregoing sentence, the use of the term “administrative agent” in this Agreement with reference to the Administrative Agent and the use of the term “syndication agent” in this Agreement with
reference to the Syndication Agent are not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such terms are used merely as a matter of market custom, and are
intended to create or reflect only an administrative relationship between independent contracting parties. 
  
 9.02 Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Loan Document by or through
agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact
that it selects with reasonable care. 
  
 9.03 Administrative
Agent and Affiliates. CUSA (and each successor Administrative Agent) and its Affiliates have the same rights and powers under the Loan 
  

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 Documents as any other Bank and may exercise the same as though CUSA (or any successor Administrative Agent) were not the
Administrative Agent; and the term “Bank” or “Banks” includes CUSA in its individual capacity. CUSA (and each successor Administrative Agent) and its respective Affiliates may accept deposits from, lend money to, and generally
engage in any kind of banking, trust or other business with Borrower and any Affiliate of Borrower, as if it were not the Administrative Agent and without any duty to account therefor to the Banks. CUSA (and each successor Administrative Agent) need
not account to any other Bank for any monies received by it for reimbursement of its costs and expenses as Administrative Agent hereunder, or for any monies received by it in its capacity as a Bank hereunder, except as otherwise provided
herein. 
  
 9.04 Banks’ Credit Decisions. Each Bank
agrees that it has, independently and without reliance upon the Administrative Agent, the Syndication Agent, any other Bank, or the directors, officers, agents, or employees of the Administrative Agent, the Syndication Agent or of any other Bank,
and instead in reliance upon information supplied to it by or on behalf of Borrower and upon such other information as it has deemed appropriate, made its own independent credit analysis and decision to enter into this Agreement. Each Bank also
agrees that it shall, independently and without reliance upon the Administrative Agent, the Syndication Agent, any other Bank, or the directors, officers, agents, or employees of the Administrative Agent, the Syndication Agent or of any other Bank,
continue to make its own independent credit analyses and decisions in acting or not acting under the Loan Documents. Except for notices, reports and other documents expressly herein required to be furnished to the Banks by the Administrative Agent,
neither the Administrative Agent nor the Syndication Agent shall have any duty or responsibility to provide any Bank with any credit or other information concerning the business, prospects, operations, property, financial and other condition or
credit worthiness of Borrower which may come into the possession of any of the Agent-Related Persons. 
  
 9.05 Action by Administrative Agent. 
  
 (a) The Administrative Agent may assume that no Event of Default has occurred and is continuing, unless the Administrative Agent has actual knowledge of
the Event of Default, has received notice from Borrower stating the nature of the Event of Default and stating that such notice is a “notice of default”, or has received notice from a Bank stating the nature of the Event of Default and
that that Bank considers the Event of Default to have occurred and to be continuing. 
  
 (b) The Administrative Agent has only those obligations under the Loan Documents that are expressly set forth therein. Without limitation on the foregoing, the Administrative Agent shall have no duty to inspect any
property of Borrower although the Administrative Agent may in its discretion periodically inspect any property from time to time. 
  
 (c) Except for any obligation expressly set forth in the Loan Documents and as long as the Administrative Agent may assume that no Event of Default has
occurred and is continuing, the Administrative Agent may, but shall not be required to, exercise its discretion to act or not act, except that the Administrative Agent shall be required to act or not act upon the instructions of the Majority
Banks (or of all the Banks, to the extent required by Section 10.02) and those instructions shall be binding upon the Administrative Agent and all the Banks, 
  

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 provided that the Administrative Agent shall not be required to act or not act if to do so would expose the
Administrative Agent to significant personal liability or would be contrary to any Loan Document or to applicable law. 
  
 (d) If the Administrative Agent may not, pursuant to Section 9.05(a), assume that no Event of Default has occurred and is continuing, the Administrative
Agent shall give notice thereof to the Banks and shall act or not act upon the instructions of the Majority Banks (or all of the Banks, to the extent required by Section 10.02), provided that the Administrative Agent shall not be required to
act or not act if to do so would expose the Administrative Agent to significant liability or would be contrary to any Loan Document or to applicable law. The Administrative Agent will notify the Banks of its receipt of any such notice. The
Administrative Agent shall take such action with respect to such Default or Event of Default as may be requested by the Majority Banks in accordance with Section 8; provided, however, that unless and until the Administrative Agent has received any
such request, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable or in the best interest of the Banks.

  
 (e) The Administrative Agent shall have no liability to any
Bank for acting, or not acting, as instructed by the Majority Banks (or all the Banks, if required under Section 10.02), notwithstanding any other provision hereof. 
  
 9.06 Liability of Administrative Agent. None of the Agent-Related Persons shall be liable for any action taken or not
taken by them under or in connection with the Loan Documents, except for their own gross negligence or willful misconduct. Without limitation on the foregoing, the Agent-Related Persons: 
  
 (a) may treat each Person whose name is recorded in the Register as a Bank
hereunder until the Administrative Agent receives notice of the assignment or transfer of such Person’s interests hereunder in form satisfactory to the Administrative Agent, signed by that Bank; 
  
 (b) may consult with legal counsel, in-house legal counsel, independent
public accountants, in-house accountants and other professionals, or other experts selected by it, of with legal counsel, independent public accountants, or other experts for Borrower, and shall not be liable for any action taken or not taken by it
or them in good faith in accordance with the advice of such legal counsel, independent public accountants, or experts; 
  
 (c) will not be responsible to any Bank for any statement, warranty, or representation made in any of the Loan Documents or in any notice, certificate,
report, request, or other statement (written or oral) in connection with any of the Loan Documents; 
  
 (d) except to the extent expressly set forth in the Loan Documents, will have no duty to ascertain or inquire as to the performance or observance by
Borrower or any other Person of any of the terms, conditions, or covenants of any of the Loan Documents or to inspect the property, books, or records of Borrower or any of its Subsidiaries or other Person; 
  

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 (e) will not be responsible to any Bank for the due execution, legality, validity, enforceability,
genuineness, effectiveness, sufficiency, or value of any Loan Document, any other instrument or writing furnished pursuant thereto or in connection therewith; 
  

(f) will not incur any liability by acting or not acting in reliance upon any Loan Document, notice, consent, certificate, statement, or other
instrument or writing believed by it or them to be genuine and signed or sent by the proper party or parties; the Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other
Loan Document in accordance with a request or consent of the Majority Banks and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Banks (for purposes of determining compliance with the conditions
specified in Section 4.01, each Bank that has executed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter either sent by the Administrative Agent to such Bank for consent,
approval, acceptance or satisfaction, or required thereunder to be consented to or approved by or acceptable or satisfactory to the Bank); and 
  
 (g) will not incur any liability for any arithmetical error in computing any amount payable to or receivable from any Bank hereunder, including without
limitation payment of principal and interest hereunder, payment of commitment fees, Loans, and other amounts; provided that promptly upon discovery of such an error in computation, the Administrative Agent, the Banks and (to the extent
applicable) Borrower shall make such adjustments as are necessary to correct such error and to restore the parties to the position that they would have occupied had the error not occurred. 
  
 9.07 Indemnification. Whether or not the transactions contemplated
hereby are consummated, the Banks shall indemnify upon demand the Agent-Related Persons (to the extent not reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower to do so), pro rata, from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, charges, expenses and disbursements (including, without limitation, attorney’s fees and disbursements and the allocated cost of inhouse counsel) of any kind
or nature whatsoever which may at any time (including at any time following repayment of the Loans and the termination, resignation or replacement of the Administrative Agent or replacement of any Bank) be imposed on, incurred by or asserted against
any such Person in any way relating to or arising out of this Agreement or any document contemplated by or referred to herein, or the transactions contemplated hereby, or any action taken or omitted by any such Person under or in connection with any
of the foregoing, including with respect to any investigation, litigation or proceeding (including any bankruptcy or other insolvency proceeding or appellate proceeding) related to or arising out of this Agreement or the Loans or the use of the
proceeds thereof, whether or not any Indemnified Person is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”); provided, however, that no Bank shall be liable for the payment to any Agent-Related Person of any
portion of such Indemnified Liabilities resulting solely from such Person’s negligence or willful misconduct. Without limitation of the foregoing, each Bank shall reimburse each of the Administrative Agent and the Syndication Agent upon demand
for its ratable share of any costs or out-of-pocket expenses (including fees and expenses of any counsel (including in-house counsel)) incurred by the Administrative Agent or the Syndication Agent in connection with the preparation, execution,
delivery, administration, modification, amendment, or enforcement (whether through negotiations, legal proceedings or 
  

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 otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document,
or any document contemplated by or referred to herein, to the extent that the Administrative Agent or the Syndication Agent is not reimbursed for such expenses by or on behalf of Borrower. The undertaking in this Section shall survive the payment of
all Obligations hereunder and the resignation or replacement of the Administrative Agent. 
  
 9.08 Successor Administrative Agent. The Administrative Agent may, and at the request of the Majority Banks shall, resign as Administrative Agent upon 30 days’ notice to the Banks. If the Administrative
Agent resigns under this Agreement, the Majority Banks shall appoint from among the Banks a successor agent for the Banks. If no successor agent is appointed prior to the effective date of the resignation of the Administrative Agent, the
Administrative Agent may appoint, after consulting with the Banks and Borrower, a successor agent from among the Banks. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers
and duties of the retiring Administrative Agent and the term “Administrative Agent” shall mean such successor agent and the retiring Administrative Agent’s appointment, powers and duties as Administrative Agent shall be terminated.
After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Section 9 and Section 10.03 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under this Agreement. If no successor agent has accepted appointment as Administrative Agent by the date which is 30 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative
Agent’s resignation shall nevertheless thereupon become effective and the Banks shall perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Majority Banks appoint a successor agent as provided for
above. 
  
 9.09 Withholding Tax. Each Bank that is a
“foreign corporation, partnership or trust” within the meaning of the Code shall deliver to the Administrative Agent, prior to becoming a Bank (including after accepting an assignment of an interest herein) and promptly upon becoming aware
that any form or other documentation provided pursuant to this Section 9.09 has become invalid, two duly signed completed copies of either IRS Form W-8BEN or any successor thereto (relating to such Person and entitling it to an exemption from, or
reduction of, withholding tax on all payments to be made to such Person by Borrower pursuant to this Agreement) or IRS Form W-8ECI or any successor thereto (relating to all payments to be made to such Person by Borrower pursuant to this Agreement)
or such other evidence satisfactory to Borrower and the Administrative Agent that such Person is entitled to an exemption from, or reduction of, U.S. withholding tax. Thereafter and from time to time, each such Person shall (a) promptly submit to
the Administrative Agent such additional duly completed and signed copies of one of such forms (or such successor forms as shall be adopted from time to time by the relevant United States taxing authorities) as may then be available under then
current United States laws and regulations to avoid, or such evidence as is satisfactory to Borrower and the Administrative Agent of any available exemption from or reduction of, United States withholding taxes in respect of all payments to be made
to such Person by Borrower pursuant to this Agreement, (b) promptly notify the Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and (c) take such steps as shall not be
materially disadvantageous to it, in the reasonable judgment of such Bank, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable Laws that Borrower make any deduction or
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 from amounts payable to such Person. If such Person fails to deliver the above forms or other documentation, then the
Administrative Agent may withhold from any interest payment to such Person an amount equivalent to the applicable withholding tax imposed by Sections 1441 and 1442 of the Code, without reduction, and, unless such failure shall result from a change
in law making it impossible for such Person to provide such forms or other documentation, the Borrower shall not be required to pay any additional amounts as a result of such withholding. If any Governmental Authority asserts that the Administrative
Agent did not properly withhold any tax or other amount from payments made in respect of such Person, such Person shall indemnify the Administrative Agent therefor, including all penalties and interest, any taxes imposed by any jurisdiction on the
amounts payable to the Administrative Agent under this Section, and costs and expenses (including the reasonable fees and out-of-pocket expenses of any legal counsel (including the allocated cost of inhouse counsel)) of the Administrative Agent. The
obligation of the Banks under this Section shall survive the payment of all Obligations and the resignation or replacement of the Administrative Agent. 
  
 SECTION 10. 
 MISCELLANEOUS

  
 10.01 Cumulative Remedies; No Waiver. The rights,
powers, and remedies of the Administrative Agent or any Bank provided in any Loan Document are cumulative and not exclusive of any right, power, or remedy provided by law or equity. No failure or delay on the part of the Administrative Agent or any
Bank in exercising any right, power, or remedy may be, or may be deemed to be, a waiver thereof; nor may any single or partial exercise of any right, power, or remedy preclude any other or further exercise of any other right, power, or remedy. The
terms and conditions of Sections 4.01 and 4.02 are inserted for the sole benefit of the Banks and may be waived by the Majority Banks in whole or in part with or without terms or conditions in respect of any Loan, without prejudicing the Bank’s
rights to assert them in whole or in part in respect of any other Loans. 
  
 10.02 Amendments; Consents. No amendment, modification, supplement, termination, or waiver of any provision of this Agreement, and no consent to any departure by Borrower therefrom, may in any event be
effective unless in writing signed by the Administrative Agent with the written approval of the Majority Banks, and then only in the specific instance and for the specific purpose given; and without the approval in writing of all the Banks, no
amendment, modification, supplement, termination, waiver, or consent may be effective: 
  
 (a) to reduce the principal of, or the amount of principal, principal prepayments, or the rate of interest payable on, any Obligation or increase the amount of any Commitment (except as provided in Section 2.12) or
decrease the amount of any fee payable to any Bank; 
  
 (b) to
postpone any date fixed for any payment of principal of, prepayment of principal of, or any installment of interest on, any Obligation or any installment of any fee or to extend the term of any Commitment (except as provided in Section 2.11);

  

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 (c) to amend or modify the provisions of the definitions in Section 1.01 of “Commitment” or
“Majority Banks”, of Sections 2.11, 2.12, 10.02, 10.09, 10.11 or of Section 8; or 
  
 (d) to amend or modify any provision of this Agreement that expressly requires the consent or approval of all the Banks; 
  
 provided, further, that no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Majority Banks or
all the Banks, as the case may be, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document. Any amendment, modification, supplement, termination, waiver or consent pursuant to this Section 10.02 shall
apply equally to and be binding upon, all of the Banks. 
  
 10.03 Costs, Expenses and Taxes. Borrower shall pay on demand the reasonable costs and expenses of the Administrative Agent in connection with the negotiation, preparation, execution and delivery, amendment, waiver, refinancing and
restructuring of, and reorganization (including a bankruptcy reorganization, if such payment is approved by the bankruptcy court) affecting, the Loan Documents and the reasonable expenses of the Administrative Agent and the Banks in connection with
the enforcement of the Loan Documents, and any matter related thereto, including without limitation filing fees, recording fees, title insurance fees, appraisal fees, search fees, and other out-of-pocket expenses and the reasonable fees and
out-of-pocket expenses of any legal counsel (including the allocated cost of inhouse counsel), independent public accountants, and other outside experts retained by the Administrative Agent or the Banks. Borrower shall pay any and all documentary
and other taxes (other than income or gross receipts taxes generally applicable to banks) and all costs, expenses, fees, and charges payable or determined to be payable in connection with the filing or recording of this Agreement, any other Loan
Document, or any other instrument or writing to be delivered hereunder or thereunder, or in connection with any transaction pursuant hereto or thereto, and shall reimburse, hold harmless, and indemnify the Administrative Agent and the Banks from and
against any and all loss, liability, or legal or other expense with respect to or resulting from any delay in paying or failure to pay any tax, cost, expense, fee, or charge or that any of them may suffer or incur by reason of the failure of
Borrower to perform any of the Obligations. Any amount payable to the Administrative Agent or the Banks under this Section 10.03 shall bear interest from the date of demand for payment at the rate then in effect for Base Rate Loans. 
  
 10.04 Banks’ Relationship. Nothing contained in this Agreement or
any other Loan Document and no action taken by the Banks and Borrower pursuant hereto or thereto may, or may be deemed to, make any Bank and Borrower a partnership, an association, a joint venture, or other entity. The sole relationship between the
Banks and Borrower is that of lenders and borrower, respectively. Each Bank’s obligation to make any Loan is several, and not joint or joint and several, and is conditioned upon the performance by all other Banks of their obligations to make
Loans. A default by any Bank will not increase the Commitment of any other Bank. Any Bank not in default may, if it desires, assume in such proportion as the non-defaulting Banks may agree the obligations of any Bank in default, but is not obligated
to do so. 
  
 10.05 Survival of Representations and
Warranties. All representations and warranties of Borrower contained herein or in any other Loan Document (including, for this 
  

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 purpose, all representations and warranties contained in any certificate or other writing required to be delivered by or
on behalf of Borrower pursuant to any Loan Document) will survive the execution and delivery of this Agreement, and, in the absence of actual knowledge by the Banks of the untruth of any representation or warranty, have been or will be relied upon
by the Banks, notwithstanding any investigation made by the Banks or on their behalf. 
  
 10.06 Notices. 
  
 (a)
General. Unless otherwise expressly provided in the Loan Documents, all notices, requests, demands, directions and other communications provided for hereunder or under any other Loan Document shall be in writing (including by facsimile
transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or (subject to Section 10.21) electronic mail address, and all notices and other communications expressly permitted hereunder to
be given by telephone shall be made to the applicable telephone number, as follows: 
  
 (i) if to Borrower or the Administrative Agent, to the address, facsimile number, electronic mail address or telephone number specified
for such Person on Schedule 10.06 or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and 
  
 (ii) if to any other Bank, to the address, facsimile number,
electronic mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to Borrower and the
Administrative Agent. 
  
 (b) Timing. All such notices and
other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B)
if delivered by mail, four Business Days after deposit in the United States mail, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (subject to the
provisions of Section 10.21(c)) when received; provided, however, that notices and other communications to the Administrative Agent and the Banks pursuant to Section 2 shall not be effective until actually received by such Person. In
no event shall a voicemail message be effective as a notice, communication or confirmation hereunder. 
  
 (c) Effectiveness of Facsimile Documents and Signatures. Loan Documents may be transmitted and/or signed by facsimile. The effectiveness of any
such documents and signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding on Borrower, the Administrative Agent and the Banks. The Administrative Agent may also require that any
such documents and signatures be confirmed by a manually-signed original thereof; provided, however, that the failure to request or deliver the same shall not limit the effectiveness of any facsimile document or signature. 

 

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 (d) Reliance by the Administrative Agent and Banks. The Administrative Agent and the Banks shall
be entitled to rely and act upon any notices purportedly given by or on behalf of Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified
herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. All telephonic notices to and other communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the
parties hereto hereby consents to such recording. 
  
 10.07
Execution in Counterparts. This Agreement and any other Loan Document may be executed in any number of counterparts and any party hereto or thereto may execute any counterpart, each of which when executed and delivered will be deemed to be an
original and all of which counterparts of this Agreement or any other Loan Document, as the case may be, taken together will be deemed to be but one and the same instrument. The execution of this Agreement or any other Loan Document by any party
hereto or thereto will not become effective until counterparts hereof or thereof, as the case may be, have been executed by all the parties hereto or thereto. 
  

10.08 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, except that Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Bank (and any attempted assignment or transfer by Borrower without such consent shall be
null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection
(d) of this Section and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) Any Bank may at any time assign, with, so long as no Event of Default has occurred and is continuing, the consent of
Borrower (which consent may be given or withheld in Borrower’s sole discretion) 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 (i) except in the case of an assignment of the entire remaining amount of the assigning Bank’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Bank or an
Affiliate of a Bank or an Approved Fund with respect to a Bank, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such assignment, determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000, or that is in an integral
multiple of $1,000,000 in excess thereof, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, Borrower otherwise consents (each such consent to be within the discretion of the consenting
party), (ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Bank’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, (iii) the parties to each
assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 (which fee shall not be payable by the Borrower) and (iv) no consent of Borrower shall be
required if the proposed assignment is to another Bank, an 
  

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 Affiliate of a Bank or an Approved Fund with respect to a Bank unless as a result of such assignment, the Borrower would
incur an additional cost pursuant to Section 3.06, but the assigning Bank shall give the Administrative Agent and Borrower written notice thereof. Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of
this Section, from and after the effective date specified in each Assignment and Assumption, the Eligible 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 Bank under this Agreement, and the assigning Bank 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 Bank’s rights and obligations under this Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.03 and 3.09 with
respect to facts and circumstances occurring prior to the effective date of such assignment). Any assignment or transfer by a Bank of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes
of this Agreement as a sale by such Bank of a participation in such rights and obligations in accordance with subsection (d) of this Section. 
  
 (c) The Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain at the Administrative Agent’s Payment Office a
copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Banks, and the Commitments of, and principal amounts of the Loans owing to, each Bank pursuant to the terms hereof from time
to time (the “Register”). The entries in the Register shall be conclusive, and Borrower, the Administrative Agent and the Banks may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by Borrower and any Bank, at any reasonable time and from time to time upon reasonable prior notice. 
  
 (d) Any Bank may at any time, without the consent of, but with notice to,
Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or Borrower or any of Borrower’s Affiliates or Subsidiaries (each, a “Participant”)) in all or a portion of such Bank’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 Bank’s obligations under this Agreement shall remain unchanged, (ii) such Bank shall remain
solely responsible to the other parties hereto for the performance of such obligations and (iii) Borrower, the Administrative Agent and the other Banks shall continue to deal solely and directly with such Bank in connection with such Bank’s
rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Bank sells such a participation shall provide that such Bank 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 Bank will not, without the consent of the Participant, agree to any amendment, waiver or other modification that would
(x) postpone any date upon which any payment of money is to be paid to such Participant or (y) reduce the principal, interest, fees or other amounts payable to such Participant. Subject to subsection (e) of this Section, Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.01, 3.03 and 3.09 to the same extent as if it were a Bank and had acquired its interest by assignment pursuant to 
  

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 subsection (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits
of, and be subject to, Section 10.09 as though it were a Bank. 
  
 (e) A Participant shall not be entitled to receive any greater payment under Section 3.01, 3.03 or 3.09 than the applicable Bank 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 Borrower’s prior written consent. A Participant that would be a “foreign corporation, partnership or trust” as contemplated by Section 9.09 (a
“Foreign Bank”) if it were a Bank shall not be entitled to the benefits of Section 3.01 unless Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of Borrower, to comply with
Section 9.09 as though it were a Bank. 
  
 (f) Any Bank 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 Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such
pledge or assignment shall release such Bank from any of its obligations hereunder or substitute any such pledgee or assignee for such Bank as a party hereto. 
  

(g) As used herein, the following terms have the following meanings: 
  
 “Eligible Assignee” means, (a) a Bank; (b) an Affiliate of a Bank; (c) an Approved Fund;
and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent, and (ii) unless (A) such Person is taking delivery of an assignment in connection with physical settlement of a credit derivative transaction or (B) an
Event of Default has occurred and is continuing, Borrower (each such consent to be within the discretion of the consenting party); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include Borrower or any of
Borrower’s Affiliates or Subsidiaries 
  
 “Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its
business. 
  
 “Approved Fund”
means any Fund that is administered or managed by (a) a Bank, (b) an Affiliate of a Bank or (c) an entity or an Affiliate of an entity that administers or manages a Bank. 
  
 10.09 Right of Setoff; Sharing of Excess Payments. 
  
 (a) Borrower acknowledges that each Bank and each of its Affiliates have a contractual right of setoff of amounts credited
to any deposit account maintained by Borrower with that Bank or its Affiliates against the Obligations owed to that Bank or its Affiliates. Upon the occurrence of an Event of Default which is then continuing, Borrower consents to the exercise by
each Bank and its Affiliates of its right of setoff, as aforesaid, in accordance with applicable Laws. 
  
 (b) Each Bank severally agrees that if that Bank or any of its Affiliates shall, through the exercise of a right of setoff, banker’s lien or
counterclaim against Borrower or by virtue of a 
  

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 voluntary or involuntary payment received or applied, receive payment or reduction of a proportion of the aggregate
amount of principal and interest then due hereunder, or amounts due to that Bank or its Affiliates in respect of fees hereunder (collectively, the “Aggregate Amounts Due” to such Bank and such Affiliates), which is greater than the
proportion received by any other Bank in respect to the Aggregate Amounts Due to such other Bank, then the Bank and its Affiliates receiving such greater proportionate payment shall purchase participations (which it shall be deemed to have purchased
from each seller simultaneously upon the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the other Banks so that all such recoveries of Aggregate Amounts Due shall be shared by the Banks in proportion to the
Aggregate Amounts Due them. If all or a portion of any such excess payment is thereafter recovered from any Bank which received the same, the purchase provided for herein shall be rescinded to the extent of such recovery, without interest.

  
 10.10 Indemnification by Borrower. Whether or not the
transactions contemplated hereby are consummated, Borrower agrees to indemnify, save and hold harmless each Agent-Related Person, each Bank and their respective Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact
(collectively the “Indemnitees”) from and against: (a) any and all claims, demands, actions or causes of action that are asserted against any Indemnitee by any Person (other than the Administrative Agent, the Syndication Agent or
any Bank) relating directly or indirectly to a claim, demand, action or cause of action that such Person asserts or may assert against Borrower, any Affiliate of Borrower or any of their respective officers or directors which arises out of or in
connection with the Loan Documents, the use of Loan proceeds or the transactions contemplated thereby; (b) any and all claims, demands, actions or causes of action that may at any time (including at any time following repayment of the Obligations
and the resignation or removal of the Administrative Agent or the replacement of any Bank) be asserted or imposed against any Indemnitee, arising out of or relating to, the Loan Documents, any predecessor loan documents, the Commitments, the use or
contemplated use of the proceeds of any Loan, or the relationship of Borrower, the Administrative Agent, the Syndication Agent and the Banks under this Agreement or any other Loan Document; (c) any administrative or investigative proceeding by any
Governmental Agency arising out of or related to a claim, demand, action or cause of action described in subsection (a) or (b) above; and (d) any and all liabilities (including liabilities under indemnities), losses, costs or expenses (including,
without limitation, attorney’s fees and disbursements and the allocated cost of inhouse counsel) that any Indemnitee suffers or incurs as a result of the assertion of any foregoing claim, demand, action, cause of action or proceeding, or as a
result of the preparation of any defense in connection with any foregoing claim, demand, action, cause of action or proceeding, and whether or not an Indemnitee is a party to such claim, demand, action, cause of action or proceeding (all the
foregoing, collectively, the “Indemnified Liabilities”); provided that no Indemnitee shall be entitled to indemnification for any claim caused by its own negligence or willful misconduct or for any loss asserted against it by
another Indemnitee. The agreements in this Section shall survive the termination of the Commitments and repayment of all the other Obligations. 
  
 10.11 Nonliability of Banks. Neither the Administrative Agent nor any Bank undertakes or assumes any responsibility or duty to Borrower to review,
inspect, supervise, pass judgment upon, or inform Borrower of any matter in connection with any phase of Borrower’s business, operations, or condition, financial or otherwise. Borrower shall rely entirely upon its 
  

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 own judgment with respect to such matters, and any review, inspection, supervision, exercise of judgment, or information
supplied to Borrower by the Administrative Agent or any Bank in connection with any such matter is for the protection of the Administrative Agent and the Banks, and neither Borrower nor any third party is entitled to rely thereon. 
  
 10.12 Confidentiality. Each Bank agrees to hold any confidential
information which it may receive from Borrower pursuant to this Agreement in confidence, except for disclosure (a) to its Affiliates, legal counsel, accountants, and other professional advisors to the Bank provided that such advisors and Affiliates
are obliged to hold such information in confidence, (b) regulatory officials having jurisdiction over the Bank or its Affiliates, (c) as required by law or legal process or in connection with any legal proceeding to which the Bank is a party
provided that Borrower is notified prior to or concurrently with any such disclosure, and (d) to the Administrative Agent or another Bank. This Agreement, and other confidential information as approved by Borrower at the time, may be disclosed,
subject to an agreement containing provisions substantially the same as those of this Section 10.12, to any Participants, Eligible Assignees, potential Participants or potential Eligible Assignees. 
  
 10.13 Investment Intent. Each Bank is making the Loans provided for
herein for its own account and not with a view to the distribution thereof, subject, nevertheless, to any requirement that its property shall at all times be within its control, and subject further to the Bank’s right (reserved hereby) to sell
participations in the Loans pursuant to this Agreement. 
  
 10.14 Further Assurances. Borrower shall, at its expense and without expense to the Administrative Agent or any Bank, do, execute, and deliver such further acts and documents as the Administrative Agent from time to time reasonably
requires for the assuring and confirming unto them the rights hereby created or intended now or hereafter so to be, or for carrying out the intention or facilitating the performance of the terms of any Loan Document. 
  
 10.15 Integration. This Agreement, together with the other Loan
Documents, comprises the complete and integrated agreement of the parties on the subject matter hereof and supersedes all prior agreements, written or oral, on the subject matter hereof; provided, however, that the foregoing is subject
to Section 5.18. 
  
 10.16 Governing Law; Submission to
Jurisdiction; Waiver of Jury Trial. The Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of California. The Loan Documents were drafted with the joint participation of Borrower and the Banks and shall
be construed neither against nor in favor of either, but rather in accordance with the fair meaning thereof. All judicial proceedings brought against Borrower with respect to this Agreement may be brought in any state or federal court of competent
jurisdiction in the State of California, and by execution and delivery of this Agreement, Borrower accepts for itself and in connection with its properties, generally and unconditionally, the nonexclusive jurisdiction of the aforesaid courts, and
irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. Borrower irrevocably waives any right it may have to assert the doctrine of forum non conveniens or to object to venue to the
extent any proceeding is brought in accordance with this Section. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY

  

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 DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS
BEING ESTABLISHED. 
  
 10.17 Severability of Provisions.
Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that
jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable. 
  
 10.18 Headings. Article and section headings in this Agreement and the other Loan Documents are included for
convenience of reference only and are not part of this Agreement or the other Loan Documents for any other purpose. 
  
 10.19 Time of the Essence. Time is of the essence of the Loan Documents. 
  
 10.20 Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum
due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other
currency on the Business Day preceding that on which final judgment is given. The obligation of Borrower in respect of any such sum due from them to the Administrative Agent or the Banks hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be
discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures purchase the
Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from Borrower in the Agreement Currency, Borrower agrees, as a separate obligation
and notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the
Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to Borrower (or to any other Person who may be entitled thereto under applicable law). 
  
 10.21 Website Communications.  
  
 (a) Borrower hereby agrees that it 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 or (iv) is
required to be delivered to satisfy any condition 
  

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 precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit thereunder (all such
non-excluded communications being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to
oploanswebadmin@citigroup.com. In addition, Borrower agrees to continue to provide the Communications to the Administrative Agent in the manner specified in the Loan Documents but only to the extent requested by the Administrative Agent. 

 
 (b) Borrower further agrees that the Administrative Agent may make the
Communications available to the Banks by posting the Communications on Intralinks or a substantially similar electronic transmission systems (the “Platform”). 
  
 THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT
THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN 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 THE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM.
IN NO EVENT SHALL THE ADMINISTRATIVE 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 BORROWER, ANY
BANK 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 BORROWER’S
OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY
FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
  
 (c) The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes
of the Loan Documents. Each Bank agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Bank for purposes of
the Loan Documents. Each Bank agrees to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Bank’s e-mail address 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. 
  

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 Nothing herein shall prejudice the right of the Administrative Agent or any Bank to give any notice or
other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 
  

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

			
	AVERY DENNISON CORPORATION
		
	 By
	 	  

	 	 	 Senior Vice President, Finance
 and Chief Financial Officer

		
	 By
	 	  

	 	 	 Vice President and Treasurer

  

 S-1 

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	 CITICORP USA, INC., as Administrative Agent
 and as a Bank

		
	 By
	 	  

		
	 Name
	 	  

		
	 Title
	 	  

  

 S-2 

Table of Contents

			
	 BANK OF AMERICA, N.A., as Syndication

	 Agent and as a Bank

		
	 By
	 	  

		
	 Name
	 	  

		
	 Title
	 	  

  

 S-3 

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	 BARCLAYS BANK PLC, as a Bank

		
	 By
	 	  

		
	 Name
	 	  

		
	 Title
	 	  

  

 S-4 

Table of Contents

			
	
	 WACHOVIA BANK, N.A., as a Bank

		
	 By
	 	  

		
	 Name
	 	  

		
	 Title
	 	  

  

 S-5 

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	 JPMORGAN CHASE BANK, as a Bank

		
	 By
	 	  

		
	 Name
	 	  

		
	 Title
	 	  

  

 S-6 

Table of Contents

			
	
	 MELLON BANK, N.A., as a Bank

		
	 By
	 	  

		
	 Name
	 	  

		
	 Title
	 	  

  

 S-7 

Table of Contents

			
	
	 KBC BANK, N.V., as a Bank

		
	 By
	 	  

		
	 Name
	 	  

		
	 Title
	 	  

  

 S-8 

Table of Contents

			
	
	 STANDARD CHARTERED BANK, as a Bank

		
	 By
	 	  

		
	 Name
	 	  

		
	 Title
	 	  

  

 S-9 

Table of Contents

			
	
	 WILLIAM STREET COMMITMENT
 CORPORATION, as a Bank

		
	 By
	 	  

		
	 Name
	 	  

		
	 Title
	 	  

  

 S-10 

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	 WELLS FARGO BANK, N.A., as a Bank

		
	 By
	 	  

		
	 Name
	 	  

		
	 Title
	 	  

  

 S-11 

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 SCHEDULE 1.01 
  
 MANDATORY COST RATE 
  

	1.	The Mandatory Cost Rate is an addition to the interest rate to compensate Banks for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial
Services Authority of the United Kingdom (the “Financial Services Authority”) (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank.

  

	2.	On the first day of each Interest Period (or as soon as possible thereafter) the Administrative Agent shall calculate, as a percentage rate, a rate (the “Additional Cost
Rate”) for each Bank, in accordance with the paragraphs set out below. The Mandatory Cost Rate will be calculated by the Administrative Agent as a weighted average of the Banks’ Additional Cost Rates (weighted in proportion to the
percentage participation of each Bank in the relevant Loan) and will be expressed as a percentage rate per annum. 

  

	3.	The Additional Cost Rate for any Bank lending from an office in a Participating Member State will be the percentage notified by that Bank to the Administrative Agent. This
percentage will be certified by that Bank in its notice to the Administrative Agent to be its reasonable determination of the cost (expressed as a percentage of that Bank’s participation in all Loans made from that office) of complying with the
minimum reserve requirements of the European Central Bank in respect of loans made from that office. 

  

	4.	The Additional Cost Rate for any Bank lending from an office in the United Kingdom will be calculated by the Administrative Agent as follows: 

  

	 	a.	in relation to a sterling Loan: 

  

			
	 AB + C(B — D) + E x 0.01
	  	per cent, per annum
	 100—(A+C)
	  

  

	 	b.	in relation to a Loan in any currency other than sterling: 

  

			
	 E x 0.01
	  	per cent, per annum
	 300
	  

  
 Where: 
  

	A	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Bank is from time to time required to maintain as an interest free cash
ratio deposit with the Bank of England to comply with cash ratio requirements. 

  

	B	is the Eurocurrency Base Rate applicable to such Loan. 

  

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	C	is the percentage (if any) of Eligible Liabilities which that Bank is required from time to time to maintain as interest bearing Special Deposits with the Bank of England.

  

	D	is the percentage rate per annum payable by the Bank of England to the Administrative Agent on interest bearing Special Deposits. 

  

	E	is designed to compensate Banks for amounts payable under the Fees Rules and is calculated by the Administrative Agent as being the average of the most recent rates of charge
supplied by the Sterling Reference Banks to the Administrative Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Schedule: 

  

	 	(a)	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998
or (as may be appropriate) by the Bank of England; 

  

	 	(b)	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in
respect of the payment of fees for the acceptance of deposits; 

  

	 	(c)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee
required pursuant to the Fees Rules but taking into account any applicable discount rate); and 

  

	 	(d)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  

	6.	In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5 per cent. will be included in the formula as 5 and not as 0.05). A
negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 

  

	7.	If requested by the Administrative Agent, each Sterling Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the
Administrative Agent, the rate of charge payable by that Sterling Reference Bank to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this
purpose by that Sterling Reference Bank as being the average of the Fee Tariffs applicable to that Sterling Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Sterling Reference Bank.

  

	8.	Each Bank shall supply any information required by the Administrative Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each Bank
shall supply the following information on or prior to the date on which it becomes a Bank: 

  

	 	(a)	the jurisdiction of its funding office; and 

  

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	 	(b)	any other information that the Administrative Agent may reasonably require for such purpose. 

  
 Each Bank shall promptly notify the Administrative Agent of any change to the information provided by it pursuant to this
paragraph. 
  

	9.	The percentages of each Bank for the purpose of A and C above and the rates of charge of each Sterling Reference Bank for the purpose of E above shall be determined by the
Administrative Agent based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Bank notifies the Administrative Agent to the contrary, each Bank’s obligations in relation to cash ratio
deposits and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a funding office in the same jurisdiction as its funding office. 

  

	10.	The Administrative Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Bank and shall be
entitled to assume that the information provided by any Bank or Sterling Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 

  

	11.	The Administrative Agent shall distribute the additional amounts received as a result of the Mandatory Cost Rate to the Banks on the basis of the Additional Cost Rate for each Bank
based on the information provided by each Bank and each Sterling Reference Bank pursuant to paragraphs 3, 7 and 8 above. 

  

	12.	Any determination by the Administrative Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost Rate, an Additional Cost Rate or any amount payable to a Bank
shall, in the absence of manifest error, be conclusive and binding on all parties. 

  

	13.	The Administrative Agent may from time to time, after consultation with the Borrower and the Banks, determine and notify to all parties any amendments which are required to be made
to this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other
authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties. 

  

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 SCHEDULE 2.01 
  
 COMMITMENTS AND PRO RATA SHARES 
  

						
	 Bank

	 	Commitment

	 	Pro Rata
Share

	 Citicorp USA, Inc.
	 	$	77,500,000	 	14.76%
	 Bank of America, N.A.
	 	$	77,500,000	 	14.76%
	 Barclays Bank PLC
	 	$	65,000,000	 	12.38%
	 Wachovia Bank, N.A.
	 	$	65,000,000	 	12.38%
	 JPMorgan Chase Bank
	 	$	45,000,000	 	8.57%
	 Mellon Bank, N.A.
	 	$	45,000,000	 	8.57%
	 KBC Bank, N.V.
	 	$	45,000,000	 	8.57%
	 Standard Chartered Bank
	 	$	35,000,000	 	6.67%
	 William Street Commitment Corporation
	 	$	35,000,000	 	6.67%
	 Wells Fargo Bank, N.A.
	 	$	35,000,000	 	6.67%
	 Total
	 	$	525,000,000	 	100%

  

 Schedule 2.01-1 

Table of Contents

 SCHEDULE 5.04 
  
 SUBSIDIARIES 
  

					
	Name of Current Subsidiary

	 	 Jurisdiction in
 Which Organized

	1.	 	A.V. CHEMIE GMBH	 	SWITZERLAND
	2.	 	ADC PHILIPPINES, INC.	 	PHILIPPINES
	3.	 	ADESPAN S.R.L.	 	ITALY
	4.	 	ADESPAN U.K. LIMITED	 	UNITED KINGDOM
	5.	 	AEAC, INC.	 	U.S.A.
	6.	 	AUSTRACOTE PTY LTD.	 	AUSTRALIA
	7.	 	AVERY (CHINA) COMPANY LIMITED	 	CHINA
	8.	 	AVERY AUTOMOTIVE LIMITED	 	UNITED KINGDOM
	9.	 	AVERY CORP.	 	U.S.A.
	10.	 	AVERY de MEXICO S.A. de C.V.	 	MEXICO
	11.	 	AVERY DENNISON (FIJI) LIMITED	 	FIJI
	12.	 	AVERY DENNISON (GUANGZHOU) CO. LTD.	 	CHINA
	13.	 	AVERY DENNISON (GUANGZHOU) CONVERTED PRODUCTS LIMITED	 	CHINA
	14.	 	AVERY DENNISON (HONG KONG) LIMITED	 	HONG KONG
	15.	 	AVERY DENNISON (INDIA) PRIVATE LIMITED	 	INDIA
	16.	 	AVERY DENNISON (IRELAND) LIMITED	 	IRELAND
	17.	 	AVERY DENNISON (KUNSHAN) LIMITED	 	CHINA
	18.	 	AVERY DENNISON (MALAYSIA) SDN. BHD.	 	MALAYSIA
	19.	 	AVERY DENNISON (SHANGHAI) INTERNATIONAL TRADING LIMITED	 	CHINA
	20.	 	AVERY DENNISON (THAILAND) LTD.	 	THAILAND
	21.	 	AVERY DENNISON (VIETNAM) LIMITED	 	VIETNAM
	22.	 	AVERY DENNISON ACQUISITION GmbH	 	GERMANY
	23.	 	AVERY DENNISON AUSTRALIA GROUP HOLDINGS PTY LIMITED	 	AUSTRALIA
	24.	 	AVERY DENNISON BELGIE BVBA	 	BELGIUM
	25	 	AVERY DENNISON BV	 	NETHERLANDS
	26.	 	AVERY DENNISON C.A.	 	VENEZUELA
	27.	 	AVERY DENNISON CANADA INC.	 	CANADA
	28.	 	AVERY DENNISON CHILE S.A.	 	CHILE
	29.	 	AVERY DENNISON COLOMBIA S. A.	 	COLOMBIA
	30.	 	AVERY DENNISON CONVERTED PRODUCTS de MEXICO, S.A. de C.V.	 	MEXICO
	31.	 	AVERY DENNISON CONVERTED PRODUCTS EL SALVADOR S. A. de C.V.	 	EL SALVADOR
	32.	 	AVERY DENNISON COORDINATION CENTER BVBA	 	BELGIUM
	33.	 	AVERY DENNISON DEUTSCHLAND GmbH	 	GERMANY
	34.	 	AVERY DENNISON do BRASIL LTDA.	 	BRAZIL
	35.	 	AVERY DENNISON DOVER S.A.	 	ARGENTINA
	36.	 	AVERY DENNISON ETIKET TICARET LIMITED SIRKETI	 	TURKEY
	37.	 	AVERY DENNISON EUROPE HOLDING (DEUTSCHLAND) GmbH & Co KG	 	GERMANY
	38.	 	AVERY DENNISON FINANCE FRANCE S. A. S.	 	FRANCE
	39.	 	AVERY DENNISON FINANCE GERMANY GmbH	 	GERMANY
	40.	 	AVERY DENNISON FINANCE LUXEMBOURG S. A. R. L.	 	LUXEMBOURG
	41.	 	AVERY DENNISON FRANCE S.A.S.	 	FRANCE
	42.	 	AVERY DENNISON G HOLDINGS I COMPANY	 	U.S.A.
	43.	 	AVERY DENNISON G HOLDINGS III COMPANY	 	U.S.A.
	44.	 	AVERY DENNISON G INVESTMENTS I LIMITED	 	GIBRALTAR
	45.	 	AVERY DENNISON G INVESTMENTS II LIMITED	 	GIBRALTAR

  

 Schedule 5.04-1 

Table of Contents

					
	46.	 	 AVERY DENNISON G INVESTMENTS III LIMITED
	  	GIBRALTAR
	47.	 	 AVERY DENNISON G INVESTMENTS IV LIMITED
	  	GIBRALTAR
	48.	 	 AVERY DENNISON G INVESTMENTS V LIMITED
	  	GIBRALTAR
	49.	 	 AVERY DENNISON GROUP DANMARK ApS
	  	DENMARK
	50.	 	 AVERY DENNISON HEALTH MANAGEMENT CORPORATION
	  	U.S.A.
	51.	 	 AVERY DENNISON HOLDING & FINANCE THE NETHERLANDS BV
	  	NETHERLANDS
			
	52.	 	 AVERY DENNISON HOLDING AG
	  	SWITZERLAND
	53.	 	 AVERY DENNISON HOLDING GmbH
	  	GERMANY
	54.	 	 AVERY DENNISON HOLDING LUXEMBOURG S. A. R. L.
	  	LUXEMBOURG
	55.	 	 AVERY DENNISON HOLDINGS LIMITED
	  	AUSTRALIA
	56.	 	 AVERY DENNISON HONG KONG BV
	  	NETHERLANDS
	57.	 	 AVERY DENNISON HUNGARY LIMITED
	  	HUNGARY
	58.	 	 AVERY DENNISON IBERICA, S.A.
	  	SPAIN
	59.	 	 AVERY DENNISON INVESTMENTS LUXEMBOURG S.a.r.l.
	  	LUXEMBOURG
	60.	 	 AVERY DENNISON INVESTMENTS THE NETHERLANDS BV
	  	NETHERLANDS
	61.	 	 AVERY DENNISON INVESTMENTS VI LIMITED
	  	GIBRALTAR
	62.	 	 AVERY DENNISON ITALIA S.R.L.
	  	ITALY
	63.	 	 AVERY DENNISON KOREA LIMITED
	  	KOREA
	64.	 	 AVERY DENNISON LUXEMBOURG S.A.R.L.
	  	LUXEMBOURG
	65.	 	 AVERY DENNISON MANAGEMENT GmbH
	  	GERMANY
	66.	 	 AVERY DENNISON MATERIALS FRANCE S.A.R.L.
	  	FRANCE
	67.	 	 AVERY DENNISON MATERIALS GmbH
	  	GERMANY
	68.	 	 AVERY DENNISON MATERIALS IRELAND LIMITED
	  	IRELAND
	69.	 	 AVERY DENNISON MATERIALS NEDERLAND BV
	  	NETHERLANDS
	70.	 	 AVERY DENNISON MATERIALS PTY LIMITED
	  	AUSTRALIA
	71.	 	 AVERY DENNISON MATERIALS SDN BHD
	  	MALAYSIA
	72.	 	 AVERY DENNISON MATERIALS U.K. LIMITED
	  	UNITED KINGDOM
	73.	 	 AVERY DENNISON NETHERLANDS INVESTMENT II B. V.
	  	NETHERLANDS
	74.	 	 AVERY DENNISON NETHERLANDS INVESTMENT III B.V.
	  	NETHERLANDS
	75.	 	 AVERY DENNISON NETHERLANDS INVESTMENT VI BV
	  	NETHERLANDS
	76.	 	 AVERY DENNISON NORDIC ApS
	  	DENMARK
	77.	 	 AVERY DENNISON NORGE A/S
	  	NORWAY
	78.	 	 AVERY DENNISON OFFICE ACCESSORIES U.K. LIMITED
	  	UNITED KINGDOM
	79.	 	 AVERY DENNISON OFFICE PRODUCTS (NZ) LIMITED
	  	NEW ZEALAND
	80.	 	 AVERY DENNISON OFFICE PRODUCTS (PTY.) LTD.
	  	SOUTH AFRICA
	81.	 	 AVERY DENNISON OFFICE PRODUCTS COMPANY
	  	U.S.A.
	82.	 	 AVERY DENNISON OFFICE PRODUCTS de MEXICO, S.A. de C.V.
	  	MEXICO
	83.	 	 AVERY DENNISON OFFICE PRODUCTS EUROPE GmbH
	  	SWITZERLAND
	84.	 	 AVERY DENNISON OFFICE PRODUCTS FRANCE S. A. S.
	  	FRANCE
	85.	 	 AVERY DENNISON OFFICE PRODUCTS ITALIA S.r.l.
	  	ITALY
	86.	 	 AVERY DENNISON OFFICE PRODUCTS MANUFACTURING &
TRADING LIMITED LIABILITY COMPANY (AVERY DENNISON LTD.)
	  	HUNGARY
	87.	 	 AVERY DENNISON OFFICE PRODUCTS MANUFACTURING U.K. LTD.
	  	UNITED KINGDOM
	88.	 	 AVERY DENNISON OFFICE PRODUCTS PTY LIMITED
	  	AUSTRALIA
	89.	 	 AVERY DENNISON OFFICE PRODUCTS U.K. LTD.
	  	UNITED KINGDOM
	90.	 	 AVERY DENNISON OSTERREICH GMB
	  	Austria
	91.	 	 AVERY DENNISON OVERSEAS CORPORATION
	  	U.S.A.
	92.	 	 AVERY DENNISON PENSION TRUSTEE LIMITED
	  	UNITED KINGDOM
	93.	 	 AVERY DENNISON PERU S. R. L.
	  	PERU
	94.	 	 AVERY DENNISON POLSKA SP. Z O.O.
	  	POLAND
	95.	 	 AVERY DENNISON PRAHA SPOL. R. O.
	  	CZECH REPUBLIC
	96.	 	 AVERY DENNISON RETAIL INFORMATION SERVICES DOMINICAN REPUBLIC, S. A.
	  	DOMINICAN REPUBLIC
	97.	 	 AVERY DENNISON RETAIL INFORMATION SERVICES GUATEMALA, S.A.
	  	GUATEMALA

  

 Schedule 5.04-2 

Table of Contents

					
	98.	 	AVERY DENNISON RVL EUROPE GmbH	 	GERMANY
	99.	 	AVERY DENNISON SCANDINAVIA ApS	 	DENMARK
	100.	 	AVERY DENNISON SCHWEIZ AG	 	SWITZERLAND
	101.	 	AVERY DENNISON SECURITY PRINTING EUROPE ApS	 	DENMARK
	102.	 	AVERY DENNISON SHARED SERVICES, INC.	 	U.S.A.
	103.	 	AVERY DENNISON SINGAPORE (PTE) LTD	 	SINGAPORE
			
	104.	 	AVERY DENNISON SOUTH AFRICA (PROPRIETARY) LIMITED	 	SOUTH AFRICA
	105.	 	AVERY DENNISON SUOMI OY	 	FINLAND
	106.	 	AVERY DENNISON SVERIGE AB	 	SWEDEN
	107.	 	AVERY DENNISON SYSTEMES d’ETIQUETAGE FRANCE S.A.S.	 	FRANCE
	108.	 	AVERY DENNISON U.K. LIMITED	 	UNITED KINGDOM
	109.	 	AVERY DENNISON VERMONGENSVERWALTUNGS GmbH & Co K.G.	 	GERMANY
	110.	 	AVERY DENNISON VERWALTUNGS GmbH	 	GERMANY
	111.	 	AVERY DENNISON ZWECKFORM AUSTRIA GmbH	 	AUSTRIA
	112.	 	AVERY DENNISON ZWECKFORM OFFICE PRODUCTS EUROPE GmbH	 	GERMANY
	113.	 	AVERY DENNISON ZWECKFORM OFFICE PRODUCTS MANUFACTURING GmbH	 	GERMANY
	114.	 	AVERY DENNISON ZWECKFORM UNTERSTUTZUNGSKASSE GmbH	 	GERMANY
	115.	 	AVERY DENNISON, S.A. de C.V.	 	MEXICO
	116.	 	AVERY DENNISON-MAXELL K. K.	 	JAPAN
	117.	 	AVERY ETIKETTSYSTEM SVENSKA AB	 	SWEDEN
	118.	 	AVERY GRAPHIC SYSTEMS, INC.	 	U.S.A.
	119.	 	AVERY GUIDEX LIMITED	 	UNITED KINGDOM
	120.	 	AVERY HOLDING BV	 	NETHERLANDS
	121.	 	AVERY HOLDING LIMITED	 	UNITED KINGDOM
	122.	 	AVERY HOLDING S.A.S.	 	FRANCE
	123.	 	AVERY MASCHINEN GmbH	 	GERMANY
	124.	 	AVERY PACIFIC LLC	 	U.S.A.
	125.	 	AVERY PROPERTIES PTY. LIMITED	 	AUSTRALIA
	126.	 	AVERY RESEARCH CENTER, INC.	 	U.S.A.
	127.	 	AVERY, INC.	 	U.S.A.
	128.	 	CELT SNC	 	FRANCE
	129.	 	DENNISON COMERCIO, IMPORTACAS E EXPORTACAO LTDA.	 	BRAZIL
	130.	 	DENNISON DEVELOPMENT ASSOCIATES	 	U.S.A.
	131.	 	DENNISON INTERNATIONAL COMPANY	 	U.S.A.
	132.	 	DENNISON INTERNATIONAL HOLDING BV	 	NETHERLANDS
	133.	 	DENNISON IRELAND LIMITED	 	IRELAND
	134.	 	DENNISON MANUFACTURING COMPANY	 	U.S.A.
	135.	 	DENNISON OFFICE PRODUCTS LIMITED	 	IRELAND
	136.	 	DMC DEVELOPMENT CORPORATION	 	U.S.A.
	137.	 	ETIKETTRYKKERIET A/S	 	DENMARK
	138.	 	FASSON CANADA INC.	 	CANADA
	139.	 	FASSON PORTUGAL PRODUTOS AUTO-ADESIVOS LDA.	 	PORTUGAL
	140.	 	JAC (U.K.) LIMITED	 	UNITED KINGDOM
	141.	 	JAC ASIA PACIFIC PTY LTD.	 	AUSTRALIA
	142.	 	JAC ASIA/PACIFIC SDN BHD	 	MALAYSIA
	143.	 	JAC AUSTRALIA PTY LTD.	 	AUSTRALIA
	144.	 	JAC CARIBE C.S.Z.	 	DOMINICAN REPUBLIC
	145.	 	JAC DO BRASIL LTDA.	 	BRAZIL
	146.	 	JAC FRANCE SARL ET CIE SNC	 	FRANCE
	147.	 	JAC ITALIA SRL	 	ITALY
	148.	 	JAC NEW ZEALAND LIMITED	 	NEW ZEALAND
	149.	 	JAC SKANDINAVIA A/S	 	DENMARK
	150.	 	JAC THAI KK	 	THAILAND
	151.	 	JAC USA, INC.	 	U.S.A.

  

 Schedule 5.04-3 

Table of Contents

					
	152.	 	JACFRANCE S.A.R.L.	 	FRANCE
	153.	 	JACKSTADT FRANCE S.N.C.	 	FRANCE
	154.	 	JACKSTADT FRANCE SARL	 	FRANCE
	155.	 	JACKSTADT GMBH	 	GERMANY
			
	156.	 	JACKSTADT POLSKA SP. ZO.O	 	POLAND
	157.	 	JACKSTADT SKANDINAVISKA AB	 	SWEDEN
	158.	 	JACKSTADT SOUTH AFRICA (PTY) LTD.	 	SOUTH AFRICA
	159.	 	JACKSTADT TRADE LTD.	 	HUNGARY
	160.	 	JACKSTADT VERMOGENSVERWALTUNGS Gmb	 	GERMANY
	161.	 	KNAUP ELEKTRO GMBH I.L.	 	GERMANY
	162.	 	L& E AMERICAS, S. A. de C.V.	 	MEXICO
	163.	 	L&E AMERICAS SERVICIOS, S. A. de C.V.	 	MEXICO
	164.	 	L&E PACKAGING FAR EAST LIMITED	 	HONG KONG
	165.	 	MODERN MARK INTERNATIONAL LIMITED	 	HONG KONG
	166.	 	MONARCH INDUSTRIES, INC.	 	U.S.A.
	167.	 	PT ARVILINDO SENTOSA	 	INDONESIA
	168.	 	PT AVERY DENNISON INDONESIA	 	INDONESIA
	169.	 	PT ROBERT VINCENT LYLE PACKAGING INDONESIA	 	INDONESIA
	170.	 	PT UNIVERSAL GLOBALINDO	 	INDONESIA
	171.	 	RETAIL PRODUCTS LIMITED	 	IRELAND
	172.	 	RVL AMERICAS, S de R.L. de C.V.	 	MEXICO
	173.	 	RVL CENTRAL AMERICA, S. A.	 	GUATEMALA
	174.	 	RVL PACKAGING FAR EAST LIMITED	 	HONG KONG
	175.	 	RVL PACKAGING INDIA PRIVATE LIMITED	 	INDIA
	176.	 	RVL PACKAGING KOREA CO. LTD.	 	KOREA
	177.	 	RVL PACKAGING MIDDLE EAST F.Z.C.	 	DUBAI
	178.	 	RVL PACKAGING SINGAPORE PTE LTD.	 	SINGAPORE
	179.	 	RVL PACKAGING TAIWAN LTD.	 	TAIWAN
	180.	 	RVL PACKAGING, INC.	 	U.S.A.
	181.	 	RVL PHILIPPINES, INC.	 	PHILIPPINES
	182.	 	RVL PRINTED LABEL FAR EAST LIMITED	 	HONG KONG
	183.	 	RVL PRINTED LABELS, LLC	 	USA
	184.	 	RVL SERVICE, S. DE R. L. de C. V.	 	MEXICO
	185.	 	RVL TEXTILE CORPORATION TURKEY	 	TURKEY
	186.	 	SECURITY PRINTING DIVISION, INC.	 	U.S.A.
	187.	 	SPARTAN INTERNATIONAL, INC.	 	U.S.A.
	188.	 	SPARTAN PLASTICS CANADA, LTD	 	CANADA
	189.	 	STEINBEIS OFFICE PRODUCTS BETEILIGUNGS GmbH	 	GERMANY
	190.	 	STIMSONITE AUSTRALIA PTY LIMITED	 	AUSTRALIA
	191.	 	STIMSONITE CORPORATION	 	U.S.A.
	192.	 	STIMSONITE do BRASIL LTDA	 	BRAZIL
	193.	 	STIMSONITE EUROPA LIMITED	 	UNITED KINGDOM
	194.	 	TIADECO PARTICIPACOES, LTDA.	 	BRAZIL
	195.	 	UNIVERSAL PACKAGING & DESIGN GMBH	 	GERMANY
	196.	 	UNIVERSAL PACKAGING & DESIGN PTE LTD.	 	SINGAPORE
	197.	 	UNIVERSAL PACKAGING & DESIGN, LTD.	 	HONG KONG

  

 Schedule 5.04-4 

Table of Contents

 SCHEDULE 5.09 
  
 LITIGATION 
  
 The Company has been designated by the U.S. Environmental Protection Agency (“EPA”) and/or other responsible state agencies as a potentially responsible party
(“PRP”) at twelve waste disposal or waste recycling sites, which are the subject of separate investigations or proceedings concerning alleged soil and/or groundwater contamination and for which no settlement of the Company’s liability
has been agreed. The Company is participating with other PRPs at all such sites, and anticipates that its share of cleanup costs will be determined pursuant to remedial agreements entered into in the normal course of negotiations with the EPA or
other governmental authorities. 
  
 The Company has accrued liabilities for all
sites, including sites in which governmental agencies have designated the Company as a PRP, where it is probable that a loss will be incurred and the cost or amount of loss can be reasonably estimated. However, because of the uncertainties
associated with environmental assessment and remediation activities, future expense to remediate the currently identified sites, and sites which could be identified in the future for cleanup, could be higher than the liability currently accrued.
Amounts currently accrued are not significant to the consolidated financial position of the Company and, based upon current information, management believes it is unlikely that the final resolution of these matters will significantly impact the
Company’s consolidated financial position, results of operations or cash flows. 
  
 The Company provides for an estimate of costs that may be incurred under its basic limited warranty at the time product revenue is recognized. These costs primarily include materials and labor associated with the service or sale of the
product. Factors that affect the Company’s warranty liability include the number of units installed or sold, historical and anticipated rate of warranty claims on those units and cost per claim to satisfy the Company’s warranty obligation.
As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. 
  
 On April 14, 2003, the Company announced that it had been advised that the U.S. Department of Justice was challenging the proposed merger of
UPM-Kymmene (“UPM”) and the MACtac division of Bemis Co., Inc. (“Bemis”) on the basis of its belief that in certain aspects of the label stock industry “the competitors have sought to coordinate rather than compete.”
The Company also announced that it had been notified that the U.S. Department of Justice had initiated a criminal investigation into competitive practices in the label stock industry. 
  
 On April 15, 2003, the U.S. Department of Justice filed a complaint in the U.S. District Court for the Northern District of Illinois seeking
to enjoin the proposed merger (“DOJ Merger Complaint”). The complaint, which set forth the U.S. Department of Justice’s theory of its case, included references not only to the parties to the merger, but also to an unnamed
“Leading Producer” of North American label stock, which is the Company. The complaint asserted that “UPM and the Leading Producer have already attempted to limit competition between themselves, as reflected in written and oral
communications to each other through high level executives regarding explicit anticompetitive understandings, although the extent to which these efforts have succeeded is not entirely clear to the United States at the present time.” 

 

 Schedule 5.09-1 

Table of Contents

 In connection with the U.S. Department of Justice’s investigation into the proposed merger, the Company produced
documents and provided testimony by Messrs. Neal, Scarborough and Simcic (CEO, President and Group Vice President - Roll Materials Worldwide, respectively). 
  
 On July 25, 2003, the United States District Court for the Northern District of Illinois entered an order enjoining the proposed merger. UPM and Bemis thereafter agreed
to terminate the merger agreement. The Court’s decision incorporated a stipulation by the U.S. Department of Justice that the paper label industry is competitive. 
  
 On April 24, 2003, Sentry Business Products, Inc. filed a purported class action in the United States District Court for the Northern
District of Illinois against the Company, UPM, Bemis and certain of their subsidiaries seeking treble damages and other relief for alleged unlawful competitive practices, essentially repeating the underlying allegations of the DOJ Merger Complaint.
Ten similar complaints were filed in various federal district courts. In November 2003, the cases were transferred to the United States District Court for the Middle District of Pennsylvania and consolidated for pretrial purposes. On January 21,
2004, plaintiff Pamco Tape & Label voluntarily dismissed its complaint, leaving a total of ten named plaintiffs. On April 14, 2004, the court bifurcated class and merits discovery, and limited the initial phase of discovery to the issue of the
propriety of class certification. The Company intends to defend these matters vigorously. 
  
 On May 6, 2003, Sekuk Global Enterprises filed a purported stockholder class action in the United States District Court for the Central District of California against the Company and Messrs. Neal, O’Bryant and
Skovran (CEO, CFO and Controller, respectively) seeking damages and other relief for alleged disclosure violations pertaining to alleged unlawful competitive practices. Subsequently, another similar action was filed in the same court. On September
24, 2003, the Court appointed a lead plaintiff and approved lead and liaison counsel and ordered the two actions consolidated as the “In Re Avery Dennison Corporation Securities Litigation.” Pursuant to Court order and the parties’
stipulation, plaintiff filed a consolidated complaint in mid-February 2004. The court approved a briefing schedule for defendants’ motion to dismiss the consolidated complaint, with a contemplated hearing date in June 2004. In January 2004, the
parties stipulated to stay the consolidated action pending the outcome of the government investigation of alleged anticompetitive conduct by the Company. There has been no discovery or other activity in the case and no trial date has been set. The
Company intends to defend these matters vigorously. 
  
 On May 21, 2003, The
Harman Press filed in the Superior Court for the County of Los Angeles, California, a purported class action on behalf of indirect purchasers of labelstock and against the Company, UPM and UPM’s subsidiary Raflatac, seeking treble damages and
other relief for alleged unlawful competitive practices, essentially repeating the underlying allegations of the DOJ Merger Complaint. Three similar complaints were filed in various California courts. In November 2003, on petition from the parties,
the California Judicial Council ordered the cases be coordinated for pretrial purposes. The cases were assigned to a coordination trial judge in the Superior Court for San Francisco County on March 30, 2004. A further similar complaint has been
filed in the Superior Court for Maricopa County, Arizona. The Company intends to defend these matters vigorously. 
  
 On August 15, 2003, the U.S. Department of Justice issued a subpoena to the Company in connection with its criminal investigation into competitive practice in the label
stock industry. 
  

 Schedule 5.09-2 

Table of Contents

 The Company is cooperating in the investigation, and has produced documents in response to the subpoena. 
  
 On June 8, 2004, Pamco Tape & Label filed in the Superior Court for the County of San
Francisco, California, a purported class action on behalf of direct purchasers of self-adhesive labelstock and against the Company, Bemis, Bemis’ subsidiary MacTac, UPM, and UPM’s subsidiary Raflatac, seeking actual damages and other
relief for alleged unlawful competitive practices, essentially repeating the underlying allegations of the DOJ merger complaint. The Company intends to defend this matter vigorously. 
  
 On May 25, 2004 officials from the European Commission assisted by officials from national competition authorities launched unannounced
inspections of and obtained documents from the Company’s pressure-sensitive materials facilities in the Netherlands and Germany. The investigation apparently seeks evidence of unlawful anticompetitive activities affecting the European paper and
forestry products sector, including the adhesive label stock market. Avery Dennison is cooperating with the investigation. 
  
 Based on published press reports, certain other European producers of paper and forestry products received similar visits from European authorities. One such producer,
UPM, stated that it had decided to disclose to competition authorities “any conduct that has not comported with applicable competition laws,” and that it had received conditional immunity in the EU and Canada with respect to certain
conduct it has previously disclosed to them, contingent on full cooperation. 
  
 On July 9, 2004, the Competition Law Division of the Department of Justice of Canada notified the Company it was seeking information from the Company in connection with a label stock investigation. The Company is cooperating with the
investigation. 
  
 The Board of Directors has created an ad hoc committee
comprised of independent directors to oversee the foregoing matters. 
  
 The
Company is unable to predict the effect of these matters at this time, although the effect may be adverse and material. 
  
 The Company and its subsidiaries are involved in various other lawsuits, claims and inquiries, most of which are routine to the nature of the business. Based upon current
information, management believes that the resolution of these matters will not materially affect the Company. 
  

 Schedule 5.09-3 

Table of Contents

 SCHEDULE 10.06 
  
 LENDING OFFICES AND 
 ADDRESSES FOR NOTICES 
  
 AVERY DENNISON
CORPORATION 
  
 AVERY DENNISON CORPORATION 
 150 North Orange Grove Boulevard 
 Pasadena, California 91103 

			
	Attention:	 	Karyn E. Rodriguez
	 	 	Vice President and Treasurer
	 	 	Telephone: 626-304-2210
	 	 	Facsimile: 626-304-2319

  
 CITICORP USA, INC. 

 
 Administrative Agent’s Payment Office and CUSA’s Lending Office

 (for payments and Notices of Borrowing and Notices of Conversion/Continuation): 
  
 Citibank, N.A. 
 Global Loans Operations

 2 Penns Way, Suite 200 
 New Castle, Delaware 19726 

			
	 Attention:
	 	Vincent Farrell
	 	 	Telephone: 302-894-6032
	 	 	Facsimile: 302-894-6120

  
 Other Notices: 
  
 Domestic and Eurocurrency Lending Office: 
  
 Citicorp USA, Inc. 
 1 Court Square 
 Long Island City, NY 11120 

			
	 Attention:
	 	Melanie Vora
	 	 	Telephone: 718.248.5698
	 	 	Facsimile: 718.240.4844

  
 Notices (other than Notices of
Borrowing and Notices of Conversion/Continuation): 
  
 Citibank, N.A.

 Bank Loan Syndications 
 2 Penns Way, Suite 200 
 New Castle, Delaware 19720 

			
	 Attention:
	 	Janet Wallace-Himmler
	 	 	Telephone: 302-894-6029
	 	 	Facsimile: 212-994-0961
	 	 	janet.wallacehimmler@citigroup.com

  

 Schedule 10.06-1 

Table of Contents

 BANK OF AMERICA, N.A. 
  
 Loan repayments, interest, fees: 
  
 Bank of America, N.A. 
 1850 Gateway Blvd., 5th Floor 
 Mail Code: CA4-706-05-09

 Concord, CA 94520-3282 

			
	 Attention:
	 	Kathy Eddy
	 	 	Telephone: 925.675.8458
	 	 	Facsimile: 888.969.2420
	 	 	Electronic Mail: kathy.eddy@bankofamerica.com

  
 Other Notices: 
  
 Bank of America, N.A. 
 555 California Street, 12th Floor 
 Mail Code: CA5-705-12-12 
 San Francisco, CA 94104-1503 

			
	 Attention:
	 	 Thomas Sullivan

	 	 	 Telephone: 415.622.3482

	 	 	 Facsimile: 415.622.4585

	 	 	 Electronic Mail: Thomas.r.Sullivan@bankofamerica.com

		
	 	 	 Andrew Stinson

	 	 	 Telephone: 415.953.6909

	 	 	 Facsimile: 415.622.4585

	 	 	 Electronic Mail: Andrew.stinson@bankofamerica.com

  
 WACHOVIA BANK, N.A. 

 
 Loan repayments, interest, fees: 
  
 Wachovia Bank, N.A. 
 201 South College Street 
 Charlotte, NC 28288-1183 

			
	 Attention:
	 	Roy Oliphant
	 	 	Telephone: 704.715.7604
	 	 	Facsimile: 704.383.7201
	 	 	Roshenna Smith
	 	 	Telephone: 704.374.6171
	 	 	Facsimile: 704.383.7201

  

 Schedule 10.06-2 

Table of Contents

 Other Notices: 
  
 Wachovia Bank, N.A. 
 191 Peachtree Street, 22nd Floor, GA8055 
 Atlanta, GA 30303

			
	 Attention:
	 	Paige Mesaros
	 	 	Telephone: 404.332.1322
	 	 	Facsimile: 404.332.5905

  
 JPMORGAN CHASE BANK 

 
 Loan repayments, interest, fees: 
  
 JPMorgan Chase Bank 
 1111 Fannin Street, 10th Floor 
 Loan & Agency 
 Houston, TX 77002 

			
	 Attention:
	 	Christy Clophus
	 	 	Telephone: 713.750.2400
	 	 	Facsimile: 713.750.2932

  
 Other Notices: 
  
 JPMorgan Chase Bank 
 560 Mission Street, 18th Floor 
 San Francisco, CA 94105 

			
	 Attention:
	 	William Rindfuss
	 	 	Telephone: 415.315.8232
	 	 	Facsimile: 415.315.8586
	 	 	Electronic Mail: William.rindfuss@jpmorgan.com

  
 JPMorgan Chase Bank 
 270 Park Avenue, 15th Floor 
 New York, NY 10017 

			
	 Attention:
	 	Pamela Lambiase
	 	 	Telephone: 212.270.4105
	 	 	Facsimile: 212.270.0998
	 	 	Electronic Mail: Pamela.lambiase@jpmorgan.com

  

 Schedule 10.06-3 

Table of Contents

 KBC BANK, N.V. 
  
 Loan repayments, interest, fees: 
  
 KBC Bank, N.V. 
 125 West 55th Street, 10th Floor

 New York, NY 10019 

			
	 Attention:
	 	Rose Pagan or Robert Pacifici
	 	 	Telephone: 212.541.0657 or 212.541.0653

  
 Other Notices: 
  
 KBC Bank, N.V. 
 515 S. Figueroa Street, Suite 1920 
 Los Angeles, CA 90071 

			
	 Attention:
	 	Tom Jackson, First Vice President
	 	 	Telephone: 213.996.7526
	 	 	Facsimile: 213.629.5801

  
 KBC Bank, N.V. 
 125 W. 55th Street, 10th Floor 
 New York, NY 10019

			
	 Attention:
	 	Robert Snauffer, First Vice President and Sr. Credit Officer
	 	 	Telephone: 212.541.0700
	 	 	Facsimile: 212.956.5580

  
 MELLON BANK, N.A. 

 
 Loan repayments, interest, fees: 
  
 Mellon Bank, N.A. 
 Three Mellon Bank Center 
 Pittsburgh, PA 15250 

			
	 Attention:
	 	Damon Carr
	 	 	Telephone: 412.234.4749
	 	 	Facsimile: 412.209.6122
	 	 	Electronic Mail: carr.dl@mellon.com

  
 Other Notices: 
  
 Mellon Bank, N.A. 
 400 South Hope Street, Fifth Floor 
 Los Angeles, CA 90071 

			
	 Attention:
	 	Lawrence Ivey
	 	 	Telephone: 213.553.9543
	 	 	Facsimile: 213.629.0492
	 	 	Electronic Mail: ivey.l@mellon.com

  

 Schedule 10.06-4 

Table of Contents

 WELLS FARGO BANK, N.A. 
  

Loan repayments, interest, fees: 
  
 Wells Fargo Bank, N.A. 
 201 Third Street, 8th Floor 
 MAC A0187-080 

San Francisco, CA 94103 

			
	 Attention:
	 	Gionie Padgett, Vice President and Manager
	 	 	Telephone: 415.477.5374
	 	 	Facsimile: 415.512.1943 or 415.979.0675

  
 Other Notices: 
  
 Wells Fargo Bank, N.A. 
 707 Wilshire Blvd., 16th Floor 
 MAC E2818-163 
 Los Angeles, CA 90017 

			
	 Attention:
	 	Lucy Nixon, Vice President
	 	 	Telephone: 213.614.5804
	 	 	Facsimile: 213.614.5242
		
	 	 	Ling Li, Vice President
	 	 	Telephone: 213.614.2253
	 	 	Facsimile: 213.614.2569

  
 STANDARD CHARTERED BANK

  
 Loan repayments, interest, fees: 
  
 Standard Chartered Bank 
 One Madison Avenue, 3rd Floor 
 New York, NY 10010 

			
	 Attention:
	 	Victoria Faltine
	 	 	Telephone: 212.667.0203
	 	 	Facsimile: 212.667.0287
	 	 	Electronic Mail: Victoria.Faltine@us.standardchartered.com

  
 Other Notices: 
  
 Standard Chartered Bank 
 790 East Colorado Blvd., Suite 808 
 Pasadena, CA 91101 

			
	 Attention:
	 	Mary Machado-Schammel
	 	 	Telephone: 626.639.8002
	 	 	Facsimile: 626.639.8010
	 	 	Electronic Mail: Mary.Machado-Schammel@us.standardchartered.com

  

 Schedule 10.06-5 

Table of Contents

 WILLIAM STREET COMMITMENT CORPORATION 
  
 Loan repayments, interest, fees: 
  
 William Street Commitment Corporation 
 85 Broad Street, 6th Floor 

New York, NY 10004 

			
	 Attention:
	 	Philip F. Green
	 	 	Telephone: 212.357.7570
	 	 	Facsimile: 212.357.4597 or 212.428.1022
	 	 	Electronic Mail: Philip.F.Green@gs.com

  
 Other Notices: 
  
 William Street Commitment Corporation 
 85 Broad Street, 6th Floor 
 New York, NY 10004 

			
	 Attention:
	 	Pedro Ramirez
	 	 	Telephone: 212.343.8319 or 212.357.6240
	 	 	Facsimile: 212.428.1243
	 	 	Electronic Mail: Pedro.Ramirez@gs.com

  
 BARCLAYS BANK PLC 

 
 Loan repayments, interest, fees and other Notices: 
  
 Barclays Capital PLC 
 222 Broadway 
 New York, NY 10038 

			
	 Attention:
	 	Carlos de Freitas
	 	 	Telephone: 212.412.2859
	 	 	Facsimile: 212.412.5306
	 	 	Electronic Mail: Carlos.deFreitas@barclayscapital.com

  

 Schedule 10.06-6 

Table of Contents

 EXHIBIT A 
  
 FORM OF NOTICE OF BORROWING 
  

	TO:	Citicorp USA, Inc., as Administrative Agent 

  
 Pursuant to Section 2.03 of that certain Revolving Credit Agreement dated as of July 16, 2004 (as from time to time amended, extended, restated, modified
or supplemented, the “Credit Agreement;” capitalized terms used herein shall have the meanings assigned to them in the Credit Agreement), among Avery Dennison Corporation (the “Borrower”), the Banks named therein (the
“Banks”), Bank of America, N.A., as syndication agent, and Citicorp USA, Inc., as administrative agent (the “Administrative Agent”), this represents Borrower’s request to borrow on
             from the Banks, according to their respective Pro Rata Share, [$] [€] [£]              as
[Base Rate] [Eurocurrency Rate] Loans. [The initial Interest Period for such Eurocurrency Rate is requested to be a             -month period]. The proceeds of such Loans are to be
deposited in Borrower’s account at the Administrative Agent. 
  
 The undersigned Designated Officer hereby certifies that [, except as described in a schedule attached hereto (which is subject to the approval of the Majority Banks),] the representations and warranties contained in Section 5 of the Credit
Agreement [(other than in Sections 5.06 and 5.09)] are true and correct in all material respects, and are deemed made, on and as of the date of the Loan as though made on and as of that date, and no state of facts constituting a
Default or an Event of Default has occurred and is continuing or will result from the proposed borrowing. 
  
 DATED: 
  

			
	 AVERY DENNISON CORPORATION

		
	 By
	 	  

		
	 Its
	 	  

  

 A-1 
 Notice of Borrowing 

Table of Contents

 EXHIBIT B 
  
 FORM OF NOTICE OF CONVERSION/CONTINUATION 
  
 Citicorp USA, Inc., as Administrative Agent 
  
 1. Conversion Selection. Pursuant to Section 2.04 of that certain Revolving Credit Agreement dated as of July 16, 2004 (as from time to time
amended, extended, restated, modified or supplemented, the “Credit Agreement;” capitalized terms used herein shall have the meanings assigned to them in the Credit Agreement), among Avery Dennison Corporation (the “Borrower”),
the Banks named therein (the “Banks”), Bank of America, N.A., as syndication agent, Citicorp USA, Inc., as administrative agent (the “Administrative Agent”), this represents Borrower’s request to convert [$] [€]
[£]              of existing [Base Rate] [Eurocurrency Rate] Loans on             ,
20    , into [Eurocurrency Rate] [Base Rate] Loans, as follows: 
  

			
	 Amount

	  	 Interest Period
 (Eurocurrency
 Rate Loans)

	 [$] [€] [£]
            
	  	             months

  
 2. Continuation
Selection. (Eurocurrency Rate Loans). Pursuant to Section 2.04 of the Agreement, please continue [$] [€] [£]              of existing Eurocurrency Rate Loans, the
final day of the current Interest Period of which is             , 20    , as follows: 
  

			
	 Amount

	  	 Requested Interest
 Period
 (Eurocurrency
 Rate Loans)

	 [$] [€] [£]
            
	  	             months

  
 3. Representations
and Warranties; No Default. The undersigned Designated Officer hereby certifies that [, except as described in a schedule attached hereto (which is subject to the approval of the Majority Banks),] the representations and warranties contained in
Section 5 of the Credit Agreement (other than in Sections 5.06 and 5.09) are true and correct in all material respects, and are deemed made, on and as of the date of the [conversion] [continuation] requested hereby as though made on
and as of that date, and no state of facts constituting a Default or an Event of Default has occurred and is continuing or will result from the proposed [conversion] [continuation]. 
  

			
	 AVERY DENNISON CORPORATION

		
	 By
	 	  

		
	 Its
	 	  

  

 B-1 
 Notice of Conversion/Continuation 

Table of Contents

 EXHIBIT C 
  
 COMPLIANCE CERTIFICATE 
  
 Citicorp USA, Inc., as Administrative Agent 
  
 Reference is made to that certain Revolving Credit Agreement dated as of July 16, 2004 (as from time to time amended, extended, restated, modified or
supplemented, the “Credit Agreement;” capitalized terms used herein shall have the meanings assigned to them in the Credit Agreement), among Avery Dennison Corporation (the “Borrower”), the Banks named therein (the
“Banks”), Bank of America, N.A., as syndication agent, and Citicorp USA, Inc., as administrative agent (the “Administrative Agent”). 
  
 I,                     , hereby certify that I
am a Designated Officer of Borrower holding the office set forth below my signature and that: 
  
 1. Based on the duly certified financial statements delivered concurrently with this Certificate, as of the date thereof: 
  

	 	A.	LEVERAGE RATIO (Section 7.07(a)) 

  

						
	 1.
	  	Consolidated Debt:	  	$	            
	 	  	 	  	
	

	 2.
	  	Consolidated EBITDA	  	$	            
	 	  	 	  	
	

			
	 	  	 a.      Consolidated Net Income:
	  	$	            
	 	  	 	  	
	

			
	 	  	 b.      Consolidated Interest:
	  	$	            
	 	  	 	  	
	

			
	 	  	 c.      Provision for income taxes:
	  	$	            
	 	  	 	  	
	

			
	 	  	 d.      Depreciation and amortization expense:
	  	$	            
	 	  	 	  	
	

			
	 	  	 e.      Total (Lines A.2.a + b + c + d):
	  	$	            
	 	  	 	  	
	

			
	 4.
	  	Leverage Ratio (Line 1 ÷ Line 2.e.):	  	 	             to 1
			
	 	  	Maximum permitted Leverage Ratio: 3.50 to 1.	  	 	 

  

	 	B.	RATIO OF CONSOLIDATED EARNINGS BEFORE INTEREST AND TAXES TO CONSOLIDATED INTEREST (Section 7.07(b)) 

  

						
	 1.
	  	Consolidated Earnings Before Interest and Taxes:	  	$	            
	 	  	 	  	
	

	 2.
	  	Consolidated Interest:	  	$	            
	 	  	 	  	
	

	 3.
	  	Ratio of Consolidated Earnings Before Interest and	  	 	 
	 	  	Taxes to Consolidated Interest (Line B1 ÷ Line B2):	  	 	             to 1

  
 Required minimum:
Ratio to be 3.50 to 1 or more. 
  
 2. The following
constitutes a further explanation of the manner in which the foregoing data relate to the attached financial statements to the extent not readily apparent: 
  

	
	
 
	

	
	

  

 C-1 
 Compliance Certificate 

Table of Contents

 3. I have reviewed the activities of Borrower and its Subsidiaries during the fiscal period covered by
the attached financial statements to the extent necessary to permit me to deliver this Certificate. 
  
 4. Except with respect to the Defaults and Events of Default specified and explained as to their nature and status below, Borrower and its Subsidiaries
have performed and observed each covenant and condition of the Loan Documents applicable to them during the fiscal period covered by the attached financial statements, and there exists no Default or Event of Default: 
  

	
	
 
	

	
	

  
 IN WITNESS
WHEREOF, I have signed this Compliance Certificate on behalf of Avery Dennison Corporation on this              day of
                    , 20    . 
  

			
		
	 By
	 	  

		
	 Name
	 	  

		
	 Title
	 	  

  

 C-2 
 Compliance Certificate 

Table of Contents

 EXHIBIT D 
  
 ASSIGNMENT AND ASSUMPTION 
  
 This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into
by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and
incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
  
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes
from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, the interest in and to all of the Assignor’s
rights and obligations under the Credit Agreement and any other documents or instruments delivered pursuant thereto that represents the amount and percentage interest identified below of all of the Assignor’s outstanding rights and obligations
under the facility identified below (including, without limitation, to the extent permitted to be assigned under applicable law, all claims (including, without limitation, contract claims, tort claims, malpractice claims and all other claims at law
or in equity, including claims under any law governing the purchase and sale of securities or governing indentures pursuant to which securities are issued), suits, causes of action and any other right of the Assignor against any other Person) (the
“Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

					
	 1.
	  	Assignor:	  	  

			
	 2.
	  	Assignee:	  	                        [and is an Affiliate/Approved Fund of
[identify Bank]1]
			
	 3.
	  	Borrower:	  	  

			
	 4.
	  	Administrative Agent:	  	                        , as the administrative agent under the
Credit Agreement
			
	 5.
	  	Credit Agreement:	  	Revolving Credit Agreement, dated as of July 16, 2004 (as from time to time amended, extended, restated, modified or supplemented), among Borrower, the Banks named therein, Bank of America,
N.A., as Syndication Agent, and Citicorp USA, Inc., as Administrative Agent

	1	Select as applicable. 

  

 D-1 
 Assignment and Assumption 

Table of Contents

 6. Assigned Interest: 
  

					
	 Aggregate
 Amount of
 Commitment/Loans
 for all Banks*

	  	Amount of
Commitment/Loans
Assigned*

	  	Percentage
Assigned of
Commitment/Loans2

	 $            
	  	$            	  	            %

  
 [7. Trade Date:
                        3 
  
 Effective Date:                     , 20     [TO BE INSERTED BY AGENT AND WHICH
SHALL BE THE EFFECTIVE DATE OF THE RECORDATION OF TRANSFER IN THE REGISTER THEEFOR.] 
  
 The terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	 ASSIGNOR

	 [NAME OF ASSIGNOR]

		
	 By:
	 	  

	 Title:
	 	 
	
	 ASSIGNEE

	 [NAME OF ASSIGNEE]

		
	 By:
	 	  

	 Title
	 	 :

 [Consented to:]4 

			
	 AVERY DENNISON CORPORATION

		
	 By:
	 	  

	 Title:
	 	 

	*	Amount to be adjusted by the counterparties to take into account any payments or
prepayments made between the Trade Date and the Effective Date. 

	2	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Banks thereunder. 

	3	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is
to be determined as of the Trade Date. 

	4	To be added only when the consent of Borrower is required by the terms of the Credit Agreement. 

  

 D-2 
 Assignment and Assumption 

Table of Contents

 ANNEX I TO ASSIGNMENT AND ASSUMPTION 
  
 Credit Agreement 
 Dated as of July 16, 2004 
 among Avery Dennison Corporation, 
 the Banks named therein, Bank of America, N.A., as Syndication Agent, and Citicorp USA, Inc., 
 as Administrative Agent 
  
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 
  
 1. Representations and Warranties. 
  
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is
the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or
any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of Borrower, any of its Subsidiaries or Affiliates
or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
  
 1.2 Assignee. The Assignee (a) represents and warrants that (i) it has
full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Bank under the Credit Agreement, (ii) it meets all
requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement
as a Bank thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Bank thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant
to Section 6.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Bank, and (v) if it is a Foreign Bank, attached hereto is any documentation required to be delivered by it pursuant to
the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Bank, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the
terms of the Loan Documents are required to be performed by it as a Bank. 
  

 D-3 
 Assignment and Assumption 

Table of Contents

 1.3. Assignee’s Address for Notices, etc. Attached hereto as Schedule 1 is all contact
information, address, account and other administrative information relating to the Assignee. 
  
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned interest (including payments of principal, interest, fees and other amounts) to the
Assignee whether such amounts have accrued prior to or on or after the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with
respect to the making of this assignment directly between themselves. 
  
 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of
counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment
and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of California. 
  

 D-4 
 Assignment and Assumption 

Table of Contents

 SCHEDULE 1 TO ASSIGNMENT AND ASSUMPTION 
  
 ADMINISTRATIVE DETAILS 
  
 (Assignee to list names of credit contacts, addresses, phone and facsimile
numbers, electronic mail addresses and account and payment information) 
  

 D-5 
 Assignment and Assumption

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