Document:

Document

Exhibit 10.9

			
	Dated June 1, 2011
as first amended and restated on May 27, 2014,
as further amended and restated on May 22, 2015,
as further amended and restated on May 26, 2016,
as further amended and restated on May 17, 2021, and
as further amended and restated on October 18, 2021.

	(1)    BUNGE SECURITIZATION B.V., as Seller
(2)    KONINKLIJKE BUNGE B.V., as Master Servicer and Subordinated Lender
(3)    The persons from time to time party hereto as Conduit Purchasers
(4)    The persons from time to time party hereto as Committed Purchasers

(5)    The persons from time to time party hereto as Purchaser Agents
(6)    COÖPERATIEVE RABOBANK U.A., as Administrative Agent and Purchaser Agent 
(7)    BUNGE LIMITED, as Performance Undertaking Provider

	RECEIVABLES TRANSFER AGREEMENT
	

        
        US_ACTIVE-160768674.7

CONTENTS
Section        Page

1.    Definitions..........................................................................................................2
2.    Amounts and Terms of the Purchases    ..............................................................59
3.    Conditions of Purchases...................................................................................87
4.    Representations and Warranties.......................................................................89
5.    Covenants.........................................................................................................96
6.    Administration and Collection of Receivables...............................................109
7.    Termination Events........................................................................................112
8.    The Administrative Agent..............................................................................114
9.    The Purchaser Agents    ....................................................................................121
10.    Indemnities by the Seller................................................................................125
11.    Miscellaneous.................................................................................................126

Schedules
1    Purchaser Groups
2    Address and Notice Information
3    Credit and Collection Policies
4    Condition Precedent Documents
5    Facility Accounts and Account Banks
6    Agreed Upon Procedures
7    [Reserved]
8    [Reserved]
9    Excluded Obligors
10    Acceptance by the Transaction Parties

EXHIBIT A    Form of Assignment and Acceptance
EXHIBIT B    Form of Investment Request
EXHIBIT C    Form of Joinder Agreement
EXHIBIT D    Form of Italian Acknowledgment Deed
EXHIBIT E    Form of Accordion Increase Certificate

THIS AGREEMENT (this “Agreement”) is dated June 1, 2011, as first amended and restated on May 27, 2014, as further amended and restated on May 22, 2015, as further amended and restated on May 26, 2016, as further amended and restated on May 17, 2021 and as further amended and restated on October 18, 2021, and made by and among:
(1)    BUNGE SECURITIZATION B.V., a private limited liability company organized under the laws of the Netherlands, as Seller;
(2)    KONINKLIJKE BUNGE B.V., a private limited liability company organized under the laws of the Netherlands, as Master Servicer;
(3)    the Conduit Purchasers from time to time parties hereto;
(4)    the Committed Purchasers from time to time parties hereto;
(5)    the Purchaser Agents from time to time parties hereto;
(6)    COÖPERATIEVE RABOBANK U.A., as Administrative Agent and a Purchaser Agent; and
(7)    BUNGE LIMITED, a company formed under the laws of Bermuda, as Performance Undertaking Provider.
BACKGROUND:
(A)    The Seller and the other Seller Parties shall from time to time acquire Receivables, together with all Related Security and Collections in respect thereof, from the Originators pursuant to Originator Sale Agreements.
(B)    In the case of Receivables, Related Security and Collections acquired by Seller Parties other than the Seller, the Seller will acquire such Receivables, Related Security and Collections from such other Seller Parties pursuant to Intermediate Transfer Agreements.
(C)    The Seller shall sell all of its right, title and interest in such Receivables, Related Security and Collections to the Purchasers pursuant to this Agreement, and the Seller shall charge or otherwise pledge as security all of its right, title and interest in the Portfolio Receivables, the Seller Operating Accounts and any other Collateral to the Administrative Agent (for the benefit of the Secured Parties) pursuant to the Security Documents.
(D)    To fund its acquisitions under the Originator Sale Agreements and Intermediate Transfer Agreements, as the case may be, the Seller may from time to time request Incremental Investments from the Purchasers on the terms and conditions of this Agreement.
(E)    The Conduit Purchasers may, in their sole discretion, make Incremental Investments in any Approved Currency so requested from time to time, and if a Conduit Purchaser in any Purchaser Group elects not to make any such Incremental Investment, the Committed Purchasers in such Purchaser Group have agreed that they shall make such 
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Incremental Investment, in each case subject to the terms and conditions of this Agreement.
IT IS AGREED that:
1.DEFINITIONS
1.1Certain defined terms
As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):
“Accordion Committed Purchaser” has the meaning specified in Section 2.21 (Accordion Increase).
“Accordion Increase” has the meaning specified in Section 2.21 (Accordion Increase).
“Accordion Increase Certificate” means a certificate substantially in the form of Exhibit E (Form of Accordion Increase Certificate).
“Accordion Increase Date” has the meaning specified in Section 2.21 (Accordion Increase).
“Accordion Request” has the meaning specified in Section 2.21 (Accordion Increase).
“Account Security Agreements” means, as the context requires, all or any one of the Canadian Account Security Agreements, the Dutch Account Security Agreements, the French Account Security Agreements, the German Account Security Agreements, the Hungarian Account Security Agreements, the Italian Account Security Agreements, the Portuguese Account Security Agreements, the Spanish Account Security Agreements, the U.K. Account Security Agreement and the U.S. Account Security Agreements.
“Accountants’ Letter” has the meaning specified in Section 5.2(b) (Inspections; annual agreed upon procedures audit).
“Accrual Reserve” means, on any Monthly Reporting Date and continuing until (but not including) the next Monthly Reporting Date, the Dollar Equivalent of the aggregate amount accrued by the Originators in accordance with their usual accounting practice, as of the last day of the immediately preceding Calculation Period, in respect of Contractual Dilutions.
“Actual Knowledge” means the actual knowledge of a member of the treasury group of any Originator or the Master Servicer.
“Additional Commitment Purchasers” means the Accordion Committed Purchasers and the New Accordion Committed Purchasers.
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“Additional Commitments” has the meaning specified in Section 2.21 (Accordion Increase).
“Adjusted Eurocurrency Rate” means, for any Tranche Period, an interest rate per annum obtained by dividing (a) the Eurocurrency Rate for such Tranche Period by (b) a percentage equal to 100% minus the Eurocurrency Rate Reserve Percentage for such Tranche Period.
“Administrative Agent” means Rabobank, in its capacity as Administrative Agent for the Purchaser Agents, the Conduit Purchasers and the Committed Purchasers, and any successor thereto in such capacity appointed pursuant to Section 8 (The Administrative Agent). 
“Administrative Agent Fee Letter” has the meaning specified in Section 2.4(b) (Yield and Fees).
“Advanced Purchase Price” has the meaning specified in the applicable Originator Sale Agreement or Intermediate Transfer Agreement.
“Adverse Claim” means a lien, security interest, trust, mortgage, hypothecation, charge, floating charge or any promise or irrevocable mandate or other encumbrance (including any lien by attachment, retention of title and any form of extended retention of title), or other right or claim under the laws of any jurisdiction in, of or on any asset or property of a Person in favor of another Person (including any UCC financing statement or any similar instrument of any jurisdiction filed against such Person, its assets or properties).
“Affiliate” means, with respect to any specified Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such specified Person.  For purposes of this definition “control” of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
“Agents” means, collectively, the Administrative Agent and the Purchaser Agents.
“Agreed Annual Income” means, with respect to the Seller, $1,000 per annum or such other amount as may be agreed between the Seller, the Performance Undertaking Provider and the Administrative Agent.
“Aggregate Commitment” means, at any time, the sum of the Commitments then in effect.  The initial Aggregate Commitment as of the Amendment and Restatement Effective Date shall be equal to $925,000,000.
“Aggregate DPP” means the aggregate of all Deferred Purchase Price amounts payable by the Conduit Purchasers or the Committed Purchasers (as applicable) to the Seller hereunder with respect to the Portfolio Receivables.
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“Aggregate Invested Amount” means the aggregate outstanding Invested Amounts (in U.S. Dollars or the Dollar Equivalent) in respect of the Investments (and all Tranches thereof) hereunder.
“Agreement” has the meaning specified in the preamble hereto. 
“Alternate Rate” means, for any Tranche during any Tranche Period, a rate per annum equal to the sum of (i) the Applicable Margin plus (ii) the Adjusted Eurocurrency Rate or such other then applicable Benchmark for such Tranche Period; provided that in case of:
(a)    any Tranche Period with respect to which the Adjusted Eurocurrency Rate is not available pursuant to Section 2.12 (Illegality), 2.13(a) or 2.13(g) (Benchmark Unavailability Period); or
(b)    any Tranche Period as to which the Administrative Agent does not receive notice, pursuant to Sections 2.2(a)(i) (Purchase procedures), prior to 11 a.m. (London time) on the third (3rd) Business Day preceding the first day of such Tranche Period;
the Alternate Rate for such Tranche Period shall be a rate per annum equal to the sum of  (i) the Base Rate in effect from time to time during such Tranche Period plus (ii) 2.0% per annum.
“Amendment and Restatement Effective Date” means October 18, 2021.
“Anti-Corruption Laws” means all laws, rules and regulations of any jurisdiction applicable to Bunge Limited or its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Applicable Anniversary Date” has the meaning specified in Section 2.20 (Extension of Scheduled Commitment Facility Termination Date).
“Applicable Margin” means 0.80% per annum, or such other percentage per annum as may be agreed between the Administrative Agent, the Purchaser Agents and the Master Servicer in the event that the Transaction does not comply with the requirements of Article 24 of the Securitisation Regulation.
“Applicable Moody’s Rating” means the senior long-term unsecured debt rating that Moody’s provides of (i) the Performance Undertaking Provider or (ii) if Moody’s does not provide such a rating of the Performance Undertaking Provider, then the Bunge Master Trust or (iii) if Moody’s does not provide such a rating of the Performance Undertaking Provider or the Bunge Master Trust, then Bunge Limited Finance Corp.
“Applicable S&P Rating” means the senior long-term unsecured debt rating that S&P provides of (i) the Performance Undertaking Provider or (ii) if S&P does not provide such a rating of the Performance Undertaking Provider, then the Bunge Master Trust or (iii) if S&P does not provide such a rating of the Performance Undertaking Provider or the Bunge Master Trust, then Bunge Limited Finance Corp.
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“Approved Contract Jurisdiction” means, with respect to any Originator, each of the following jurisdictions: (i) the jurisdiction of such Originator, (ii) England and Wales and (iii) with respect to the Canadian Originator and any U.S. Originator, the U.S.
“Approved Credit Enhancement” means, with respect to a Receivable, a letter of credit or other form of credit insurance approved by each Purchaser Agent following receipt of any applicable opinions or other evidence of valid assignment to the Seller.
“Approved Currency” means (a) U.S. Dollars, (b) Euros, (c) Canadian Dollars, (d) Hungarian forint, or (e) any other major convertible currency that is approved in writing by each Purchaser Agent; provided that, if the Administrative Agent (as a result of notice received from any Purchaser Agent or otherwise) notifies the Seller and the Master Servicer that adequate Currency Hedge Agreements cannot be reasonably maintained for any Approved Currency as a result of a disruption in the applicable currency markets, the Seller shall make no further purchases of Receivables denominated in such Approved Currency unless and until the applicable Conduit Purchaser or Committed Purchaser has entered into adequate Currency Hedge Agreements for such Approved Currency. 
“Approved Obligor Jurisdiction” means (a) all countries that are subject to the Rome 1 Convention, (b) any State or territory of the U.S. (including but not limited to Puerto Rico), Canada, Austria, Slovakia, the United Kingdom, Greece, Lithuania, The Netherlands, France, Slovenia, Bulgaria, Switzerland, Czech Republic, Luxembourg, Belgium, Cyprus, Poland, Hungary, Germany, Spain, Portugal, Italy, Denmark, Finland, Ireland, Sweden, Japan, Hong Kong, Singapore, Mexico and South Korea, and (c) any additional countries may be added as Approved Obligor Jurisdictions subject to the concentration limitations set forth in clauses (e) and (f) of the definition of “Concentration Amounts” (any such additional country described in this clause (c) shall be referred to herein as a “Limited Exception Approved Obligor Jurisdiction” and collectively shall be referred to as “Limited Exception Approved Obligor Jurisdictions”); provided, that under no circumstances shall an “Approved Obligor Jurisdiction” include a Sanctioned Country.
“Approved Originator Jurisdiction” means Canada, France, Germany, Hungary, Italy, The Netherlands, Portugal, Spain and any State of the U.S. and any other jurisdiction approved in writing by the Administrative Agent and each Purchaser Agent; provided that a jurisdiction shall not be an Approved Originator Jurisdiction unless all authorizations and approvals by all Official Bodies required in connection with this Agreement and the other Transaction Documents have been obtained and all opinions, certificates, amendments to the Transaction Documents and other documentation reasonably requested by the Administrative Agent or any Purchaser Agent have been delivered (such documentation anticipated to be substantially similar to the documentation required for Originators on the Closing Date, with any necessary country–specific adjustments).
“Assignment and Acceptance” means an assignment and acceptance agreement entered into by a Purchaser, an Eligible Assignee and the Purchaser Agent, pursuant 
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to which such Eligible Assignee may become a party to this Agreement in substantially the form of Exhibit A (Form of Assignment and Acceptance).
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark for any Approved Currency, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of a Tranche Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then removed from the definition of “Tranche Period” pursuant to Section 2.13(f) (Unavailability of Tenor of Benchmark).
“Average Sales” means, as of any Monthly Reporting Date, (a) the aggregate amount of sales (in U.S. Dollars or the Dollar Equivalent) giving rise to Receivables during the twelve consecutive Calculation Periods immediately preceding such Monthly Reporting Date, divided by (b) 12.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time that is described in the EU Bail-In Legislation Schedule.
“Base Rate” means, with respect to any Tranche:
(a)    in the case of a Tranche or other amount denominated in U.S. Dollars, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greatest of: (i) the Prime Rate in effect on such day, (ii) the Federal Funds Rate in effect on such day plus 1⁄2 of 1% and (iii) the Adjusted Eurocurrency Rate for a one month period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%.  For the purposes of clause (iii) above, the Administrative Agent shall assume that the reference Tranche or other amount would be denominated in U.S. Dollars. Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Rate or the one month Adjusted Eurocurrency Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate, the Federal Funds Rate or the one month Adjusted Eurocurrency Rate, respectively; and
(b)    in the case of a Tranche or other amount denominated in a currency other than U.S. Dollars, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall at all times be equal to the greater of (i) the Adjusted Eurocurrency Rate for the applicable currency for a one month period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1% and (ii) (A) the rate at which overnight deposits (in an amount approximately equal to and in the currency of such 
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non-U.S. Dollar Tranche or other non-U.S. Dollar amount in respect of which the Base Rate is to be determined) are offered by the principal London office of the Administrative Agent in immediately available funds to leading banks in the London interbank market or (B) the “policy rate,” “base rate,” “reference rate” or other customarily referenced rate for loans to corporate borrowers for such currency on the relevant page of the applicable central bank or other commercially reasonable source determined by the Administrative Agent.
“Base Rate Tranche” has the meaning specified in Section 2.12 (Illegality).
“Basel III” means (a) the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision on December 16, 2010, each as amended, supplemented or restated; (b) the rules for systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and (c) any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III.”
“Benchmark” means, initially, the Eurocurrency Rate; provided, however, that if a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date has occurred with respect to the Eurocurrency Rate or the then-current Benchmark for such Approved Currency, then “Benchmark” shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.13(b) (Benchmark Replacement) or Section 2.13(c) (Flip Forward), as applicable.
“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date; provided, that, in the case of any Investment in a Eurocurrency Tranche denominated in an Approved Currency other than U.S. Dollars or in the case of an Other Benchmark Rate Election, “Benchmark Replacement” shall mean the alternative set forth in (3) below:
(1)     in the case of any Investment in a Eurocurrency Tranche denominated in U.S. Dollars, the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;
(2)     in the case of any Investment in a Eurocurrency Tranche denominated in U.S. Dollars, the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment; or
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(3)     the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Seller as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated in the applicable Approved Currency at such time in the United States and (b) the related Benchmark Replacement Adjustment;
provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided, further that, in the case of clause (3), when such clause is used to determine the Benchmark Replacement in connection with the occurrence of an Other Benchmark Rate Election, the alternate benchmark rate selected by the Administrative Agent and the Seller shall be the term benchmark rate that is used in lieu of a LIBOR-based rate in the relevant other syndicated credit facilities; provided, further, that notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above).  
If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:
(1)     for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Administrative Agent:
(a)    the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Tranche Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; or
(b)    the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Tranche Period that would apply to the fallback rate for a 
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derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and
(2)     for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Seller for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable Approved Currency at such time; provided, that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Tranche Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).
“Benchmark Replacement Date” means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:
(1)     in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);
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(2)     in the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that, such non-representativeness will be determined by reference to the most recent of the public statement or publication of information referenced therein in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date;
(3)    in the case of a Term SOFR Transition Event, the Term SOFR Transition Event Effective Date; or
(4)     in the case of an Early Opt-in Election or an Other Benchmark Rate Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election or Other Benchmark Rate Election, as applicable, is provided to the Purchasers, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election or Other Benchmark Rate Election, as applicable, is provided to the Purchasers, written notice of objection to such Early Opt-in Election or Other Benchmark Rate Election, as applicable, from Purchasers comprising the Required Committed Purchasers.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:
(1)     a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(2)     a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the central bank for the Approved Currency applicable to such Benchmark, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with 
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jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(3)     a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Unavailability Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 2.13 (Alternate Rate of Interest) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 2.13 (Alternate Rate of Interest).
“Board of Directors” means, with respect to any Person, the board of directors of such Person or any duly authorized committee thereof.
“Bunge Limited” means Bunge Limited, a company formed under the laws of Bermuda having its registered office at Clarendon House, 2 Church Street, Hamilton HM 11 Bermuda.
“Bunge Master Trust” means the master trust created by the Pooling Agreement.
“Business Day” means any day (other than a Saturday or Sunday) (a) on which banks generally are open for business in London, Amsterdam, Paris and New York and (b) which is a TARGET Day, and, when used with respect to the determination of any Yield Rate for any currency, any day which is also a day for trading by and between banks in deposits in such currency in the London, European or other applicable interbank market and, when used with respect to the determination of the CP Rate, any day which is also a day when The Depository Trust Company, Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme, Luxembourg, as applicable, are open for trading.
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“Calculation Period” means each period from and including the first day of a calendar month to and including the last day of such calendar month; provided, that the initial Calculation Period shall commence on the first day of the calendar month in which the Closing Date occurred and end on and include the last day of the calendar month in which the Closing Date occurred.
“Canadian Account Security Agreement” has the meaning specified in the Canadian RPA.
“Canadian Collection Account” means any account set forth on Schedule 5 (Facility Accounts and Account Banks) hereto under the heading “Canadian Collection Accounts”, as such Schedule may be amended from time to time in accordance herewith.
“Canadian Collection Account Bank” means any bank or other financial institution set forth on Schedule 5 (Facility Accounts and Account Banks) under the heading “Canadian Collection Account Banks”, as such Schedule may be amended from time to time in accordance herewith.
 “Canadian Originator” has the meaning assigned to the term “Seller” in the Canadian RPA.
“Canadian RPA” means the Receivables Purchase Agreement, dated the Closing Date, among the Canadian Originators, the Canadian Seller Agent and the Seller.
“Canadian Seller Agent” has the meaning assigned to the term “Seller Agent” in the Canadian RPA.
“Capital Stock” means, with respect to any Person, any and all shares, interests, rights to purchase, warrants, options (whether or not currently exercisable), participations or other equivalents of or interests in (however designated) the equity (which includes, but is not limited to, common stock or shares, preferred stock or shares and partnership and joint venture interests) of such Person (excluding any debt securities convertible into, or exchangeable for, such equity).
“Cash Purchase Price” means the cash amounts paid by the Purchasers to the Seller in connection with Investments hereunder and not repaid to the Purchasers.
“Change in Law” means (a) the adoption of any Law after the Amendment and Restatement Effective Date, (b) any change in Law or in the interpretation, application or implementation thereof after the Amendment and Restatement Effective Date, or (c) compliance by any Indemnified Party, by any lending office of such Indemnified Party or by such Indemnified Party’s holding company, if any, with any request, guideline or directive (whether or not having the force of law) of any Official Body made or issued after the Amendment and Restatement Effective Date.
“Change of Control” means the occurrence of any of the following:
(a)    Bunge Limited becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the United States Securities Exchange Act of 1934 (the 
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“Exchange Act”), proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination, of 50% or more of the total voting power of the Voting Stock of Bunge Limited then outstanding;
(b)    the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of Bunge Limited and its Subsidiaries, taken as a whole, to any Person that is a not a Subsidiary of Bunge Limited; or
(c)    the first day on which a majority of the members of Bunge Limited’s Board of Directors are not Continuing Directors.
“Closing Date” means June 1, 2011.
“Collateral” means all assets, property, rights, interests, claims or benefits in respect of which an Adverse Claim has been created hereunder or under or pursuant to the Security Documents, including, without limitation, all rights of the Seller under all Transaction Documents, all Portfolio Receivables, all Related Security and all Account Security Agreements.
“Collection Accounts” means, as the context requires, all or any one of the Canadian Collection Accounts, Dutch Collection Accounts, French Collection Accounts, German Collection Accounts, Hungarian Collection Accounts, Italian Collection Accounts, Portuguese Collection Accounts, Spanish Collection Accounts or U.S. Collection Accounts.
“Collections” means, collectively (without duplication) (a) all cash collections (including, if applicable, any value added taxes) and other cash proceeds of the Portfolio Receivables, including all Finance Charges, cash proceeds of Related Security with respect to any such Receivable, any Deemed Collections of such Receivables and any payments made by any Originator or the Master Servicer with respect to such Receivables (including any payments made with respect to a Diluted Receivable or other Deemed Collections pursuant to the terms of the relevant Originator Sale Agreement or the Servicing Agreement and amounts paid pursuant to Section 2.2(b) of any applicable Originator Sale Agreement or Intermediate Transfer Agreement in respect of excess Advanced Purchase Price Payments); (b) if applicable, all recoveries of value added taxes from any relevant Official Body relating to any Portfolio Receivable that is a Defaulted Receivable; and (c) all other cash collections and other cash proceeds of the Collateral.  
“Commercial Paper” means commercial paper, money market notes and other promissory notes and senior indebtedness issued by a Conduit Purchaser or any conduit refinancing directly or indirectly a Committed Purchaser (including any such commercial paper, notes or other indebtedness issued by a related financing conduit if such Conduit Purchaser or such conduit funds itself through another issuing entity).
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“Commitment” of any Committed Purchaser means the U.S. Dollar amount set forth on Schedule 1 (Purchaser Groups) opposite such Committed Purchaser’s name or, in the case of a Committed Purchaser that became a party to this Agreement pursuant to an Assignment and Acceptance, the amount set forth therein as such Committed Purchaser’s Commitment, in each case (a) as such amount may be reduced or increased by any Assignment and Acceptance entered into by such Committed Purchaser in accordance with the terms of this Agreement and (b) as such amount may be increased by an Additional Commitment as set forth in an Accordion Increase Certificate.
“Committed Purchasers” means, collectively, the Persons identified as “Committed Purchasers” on Schedule 1 (Purchaser Groups).
“Concentration Amount” means, at any time, the sum (without duplication) of (a) the aggregate amount for all Obligors by which the Outstanding Balance of all of the Portfolio Receivables that qualify as Eligible Receivables of each Obligor (treating each Obligor and its Affiliates as if they were a single Obligor) exceeds the Obligor Concentration Limit for such Obligor at such time; (b) the aggregate amount by which the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables of Obligors located in an Approved Obligor Jurisdiction whose sovereign debt rating is non-investment grade exceeds 25% of the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables at such time; (c) the aggregate amount by which the Outstanding Balance of all the Portfolio Receivables the Obligor of which is the U.S. federal government or any political subdivision or agency thereof exceeds the product of (x) the then-applicable Obligor Concentration Factor for the lowest rating category for Obligors multiplied by (y) the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables at such time; (d) the aggregate amount by which the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables of Obligors located in any Approved Obligor Jurisdiction which is not also an Approved Contract Jurisdiction exceeds 10% of the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables at such time; (e) the aggregate amount by which the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables of Obligors located in all Limited Exception Approved Obligor Jurisdictions exceeds 10% of the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables at such time; (f) the aggregate amount by which the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables of Obligors located in any Limited Exception Approved Obligor Jurisdiction exceeds 1.5% of the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables at such time; (g) the amount equal to the product of (i) the positive difference (if any) between (A) the percentage of the aggregate amount of Collections received on Portfolio Receivables during the preceding Calculation Period which were received or deposited in the Collection Accounts maintained at Sparkasse and (B) 5% times (ii) the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables at such time; (h) the amount equal to the product of (i) the positive difference (if any) between (A) the percentage of the aggregate amount of Collections received on Portfolio Receivables during the preceding Calculation Period which were received or deposited in the Collection Accounts maintained at Banco Comercial Portuques and (B) 3% times (ii) the Outstanding Balance of all the 
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Portfolio Receivables that qualify as Eligible Receivables at such time of the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables at such time; and (i) the aggregate amount by which the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables and have original payment terms greater than 180 days exceeds 10% of the Outstanding Balance of all the Portfolio Receivables that qualify as Eligible Receivables at such time.
“Conduit Assignee” means, with respect to any assignment by a Conduit Purchaser, any Person that (a) finances itself, directly or indirectly, through commercial paper, money market notes, promissory notes or other senior indebtedness, (b) is managed or administered by the Purchaser Agent or the Program Manager with respect to such assigning Conduit Purchaser or any Affiliate of the Purchaser Agent or such Program Manager or an Eligible Assignee or any Affiliate thereof, (c) is designated by the Purchaser Agent or the Program Manager to accept an assignment from such Conduit Purchaser of such Conduit Purchaser’s rights and obligations pursuant to Section 11.3(b) (Assignments by Conduit Purchasers), and (d) has a short-term Debt Rating of at least A-1 by S&P and P-1 by Moody’s.
“Conduit Purchasers” means, collectively, the Persons identified as “Conduit Purchasers” on Schedule 1 (Purchaser Groups).
“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of Bunge Limited who (a) was a member of such Board of Directors on the Amendment and Restatement Effective Date; or (b) was nominated for election, appointed or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of Bunge Limited’s proxy statement in which such member was named as a nominee for election as a director).
“Contract” means, in relation to any Receivable, any and all contracts, instruments, agreements, invoices, notes or other writings (including an agreement evidenced by a purchase order or similar document) pursuant to or under which an Obligor becomes or is obligated to make payments on or in respect of such Receivable.
“Contractual Dilution” means, with respect to any Receivable, any reduction, cancellation or adjustment in the Unpaid Balance of such Receivable as a result of volume rebates, volume discounts or early payment discounts, in each case, arising pursuant to the Contract related to such Receivable.
“Corresponding Tenor” means, with respect to any Available Tenor, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustments) as such Available Tenor.
“CP Rate” means, for any Tranche Period for any Tranche, and for any Conduit Purchaser or any Committed Purchaser refinanced, directly or indirectly through the issuance of Commercial Paper, to the extent such Conduit Purchaser funds such 
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Tranche by issuing Commercial Paper or such Committed Purchaser refinances such Tranche directly or indirectly through an issuance of Commercial Paper, the per annum rate equivalent to the weighted average cost (as determined by the related Purchaser Agent or related Program Manager, and which shall include (without duplication) the fees and commissions of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received by such Conduit Purchaser or such Committed Purchaser, costs associated with funding and maintaining Hedge Agreements (or similar arrangements) and Investments denominated in a currency other than the currency of such Commercial Paper, other borrowings by such Conduit Purchaser or such Committed Purchaser and any other costs and expenses associated with the issuance of Commercial Paper) of or related to the issuance of Commercial Paper that are allocated, in whole or in part, by such Conduit Purchaser or such Committed Purchaser or the related Purchaser Agent or its related Program Manager to fund or maintain such Tranche (the proceeds of which may also be allocated in part to the funding of other assets of such Conduit Purchaser or such Committed Purchaser (and, if such proceeds are allocated in part to the funding of other assets of such Conduit Purchaser the costs associated with such funding will also be allocated in the appropriate portion to the funding of such other asset)); provided that if any component of any such rate is a discount rate, in calculating the “CP Rate” for such Tranche for such Tranche Period, the Purchaser Agent or related Program Manager shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum.
“CRR” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 624/2012, as amended, including by Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017.
“Credit and Collection Policies” means, with respect to any Receivable, those credit and collection policies and practices of the Originator that originated such Receivable in effect on the Amendment and Restatement Effective Date and described in Schedule 3 (Credit and Collection Policies), as modified in compliance with this Agreement, the Originator Sale Agreements and the Servicing Agreement.
“Credit Note Reduction” means, as of any day, the Dollar Equivalent of the aggregate amount of negative credit balances arising from the issue of credit notes, advance payments made by Obligors and unapplied cash received by Originators in respect of Eligible Receivables as of such day.
“Currency Hedge Agreement” means a currency swap or exchange agreement (including any spot or forward currency exchange agreement) or any other similar arrangement, however denominated, entered into by or on behalf of a Purchaser for hedging purposes, as any of the foregoing may be amended, restated, supplemented or otherwise modified from time to time.
“Currency Percentage” means, on any date of determination for any Approved Currency, the percentage of the aggregate Outstanding Balance of the Portfolio 
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Receivables represented by Receivables denominated in such Approved Currency, rounded up or down by up to two decimal points by the Master Servicer.  The aggregate Currency Percentages for all Approved Currencies, as so rounded by the Master Servicer, shall in all cases be equal to 100%.
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
“Days Sales Outstanding” means, on any Monthly Reporting Date and continuing until (but not including) the next Monthly Reporting Date, the number of calendar days equal to the product of (a) 30 and (b) the amount obtained by dividing (i) the aggregate Outstanding Balance of Eligible Receivables as of the last day of the immediately preceding Calculation Period by (ii) Average Sales.
“Debt Rating” for any Person at any time means the then-current rating by S&P or Moody’s of such Person’s public senior unsecured debt.
“Deemed Collections” means any Collections on any Receivable paid or payable, as the context requires, by an Originator pursuant to an Originator Sale Agreement, by the Master Servicer pursuant to the Servicing Agreement, by any Intermediate Transferor pursuant to any Intermediate Transfer Agreement or by the Seller hereunder (regardless of whether received by any Person unless otherwise specified in the applicable Intermediate Transfer Agreement), and including, without limitation, the proceeds of repurchases of Receivables and payments with respect to Diluted Receivables.
“Default Party” has the meaning specified in Section 11.13(a) (Limitation of Liability).
“Default Rate” means a rate per annum equal to the then applicable Yield Rate plus 2.00%.
“Default Ratio” means the ratio (expressed as a percentage) computed as of each Monthly Reporting Date for the immediately preceding Calculation Period by dividing (a) the sum (without duplication) of (i) the aggregate Outstanding Balance of all Portfolio Receivables which were 91-120 days past their original due date as at the end of such Calculation Period plus (ii) the aggregate Outstanding Balance of all Portfolio Receivables which became Defaulted Receivables prior to becoming more than 90 days past due during such Calculation Period by (b) the aggregate amount of sales (in U.S. Dollars or the Dollar Equivalent) giving rise to Portfolio Receivables that were generated during the fourth Calculation Period prior to the Calculation Period to which such Monthly Reporting Date relates (for example, if the applicable Monthly Reporting Date is in February, then the sales for the prior September are utilized in this clause (b)).  For the avoidance of doubt, any Defaulted Receivable 
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repurchased by an Originator pursuant to an Originator Sale Agreement shall be included in the calculation of Default Ratio.
“Defaulted Receivable” means, without duplication, a Portfolio Receivable (a) as to which any payment, or part thereof, remains unpaid for 91 or more days from the original due date for such Receivable, (b) as to which an Event of Bankruptcy has occurred and is continuing with respect to the Obligor thereof, (c) which has been identified by the Master Servicer or relevant Originator as uncollectable in accordance with the applicable Credit and Collection Policies, or (d) which, in accordance with the applicable Credit and Collection Policies, has been or should have been written off as uncollectable.  
“Deferred Purchase Price” means, for each Investment, an amount equal to the excess of (x) the aggregate Unpaid Balance of the Receivables purchased by the Purchasers hereunder as part of such Investment over (y) the amount of the Cash Purchase Price paid in connection with such Investment.
“Deferred RPA Purchase Price” has the meaning specified for “Deferred Purchase Price” in the applicable Originator Sale Agreement or Intermediate Transfer Agreement.
“Delinquency Ratio” means the ratio (expressed as a percentage) computed as of each Monthly Reporting Date for the immediately preceding Calculation Period by dividing (a) the aggregate Outstanding Balance of all Portfolio Receivables which are 61 to 90 days past due from the original due date as of the end of such Calculation Period by (b) the aggregate amount of sales (in U.S. Dollars or the Dollar Equivalent) giving rise to Portfolio Receivables that were generated during the third Calculation Period prior to the Calculation Period to which such Monthly Reporting Date relates (for example, if the applicable Monthly Reporting Date is in February, then the sales for the prior October are utilized in this clause (b)).
“Designated Master Trust Obligor” means, on any date of determination, Bunge Limited and any of its Subsidiaries that are designated by Bunge Limited as “Designated Obligors” under (and as defined in) the Pooling Agreement that are eligible to receive intercompany loans on such date from the proceeds of debt issued by any Investor Certificateholder under the Bunge Master Trust structure.
“Destination Sales Contract” means a Contract for the sale of goods originated by a U.S. Originator or Canadian Originator pursuant to which title to the applicable goods does not pass to the related Obligor until such goods reach the Obligor’s destination.
“Destination Sales Receivable” means a Receivable arising under an invoice for a sale under a Destination Sales Contract, where such invoice is issued at the time the goods are shipped and before the sale is completed by delivery of the goods to the Obligor.  For the avoidance of doubt, once the related goods have been delivered to the related Obligor, such Receivable shall no longer constitute a Destination Sale Receivable.
“Diluted Receivable” means any Portfolio Receivable or part thereof which is either (a) reduced, cancelled or adjusted as a result of (i) any defective, rejected or returned 
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goods, merchandise or services or any failure by the relevant Originator to deliver any merchandise or goods or provide any services or otherwise to perform under any related Contract, (ii) any change in the terms of, or cancellation of, a Contract or invoice or any rebate (including any volume rebate), administrative fee, discount, credit memo, refund, non-cash payment (other than payments by check), chargeback, allowance or any billing or other adjustment by the relevant Originator (except (x) any such change or cancellation made in settlement of such Receivable in accordance with the Credit and Collection Policies resulting from the financial inability of the Obligor to pay such Receivable and (y) any adjustments to correct manual errors on invoices that do not reduce the Unpaid Balance of such Receivable) or (iii) any set off or offset in respect of a claim by the relevant Obligor (in each case, whether such claim arises out of the same or a related transaction or an unrelated transaction); or (b) subject to any specific counterclaim or defense whatsoever (except the discharge in a proceeding under applicable Insolvency Law of the Obligor thereof).  For the avoidance of doubt, any Portfolio Receivable constituting a Destination Sale Receivable for which the related goods are never delivered to the applicable Obligor or with respect to which the related Obligor rejects or returns the related goods shall constitute a Diluted Receivable.
“Dilution Horizon Ratio” means the ratio (expressed as a percentage) computed as of each Monthly Reporting Date equal to a fraction, the numerator of which is the higher of (A) the aggregate amount of all sales (in U.S. Dollars or the Dollar Equivalent) which gave rise to Portfolio Receivables that were generated during the Calculation Period to which such Monthly Reporting Date relates and (B) (i) if the Applicable S&P Rating is below “BBB-” (or withdrawn or suspended) and the Applicable Moody’s Rating is below “Baa3” (or withdrawn or suspended), the aggregate amount of the sales (in U.S. Dollars or the Dollar Equivalent) which gave rise to Portfolio Receivables that were generated during the number of Calculation Periods ending prior to such Monthly Reporting Date equal to the weighted average dilution lag from the most recent collateral audit plus 7 days divided by 30 days (expressed in preceding Calculation Periods of sales) (i.e., if the weighted average dilution lag is 60 days, the number of Calculation Periods would be 67/30 or 2.23 preceding Calculation Periods of sales), and (ii) in all other cases, the aggregate amount of the sales (in U.S. Dollars or the Dollar Equivalent) which gave rise to Portfolio Receivables that were generated during the number of Calculation Periods ending prior to such Monthly Reporting Date equal to the weighted average dilution lag from the most recent collateral audit divided by 30 days (expressed in preceding Calculation Periods of sales) and the denominator of which is the Net Eligible Receivables Balance as of the last day of the Calculation Period to which such Monthly Reporting Date relates.
“Dilution Ratio” means the ratio (expressed as a percentage) computed as of each Monthly Reporting Date for the immediately preceding Calculation Period by dividing (a) the aggregate amount (in U.S. Dollars or the Dollar Equivalent) of Portfolio Receivables which became Diluted Receivables (other than as a result of a Contractual Dilution) during that Calculation Period, by (b) the aggregate amount (in U.S. Dollars or the Dollar Equivalent) of all sales which gave rise to Portfolio Receivables that were generated during the Calculation Period prior to the calendar month to which such Monthly Reporting Date relates (for example, if the applicable 
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Monthly Reporting Date is in February, then the sales for the prior December are utilized in this clause (b))  For the avoidance of doubt, any Diluted Receivable repurchased by an Originator pursuant to an Originator Sale Agreement shall be included in the calculation of Dilution Ratio.
“Dilution Reserve Ratio” means, as of any Monthly Reporting Date, and continuing until (but not including) the next Monthly Reporting Date, an amount (expressed as a percentage) that is calculated as follows:
DRR = [(SF x ED) + [(DS-ED) x (DS/ED)]] x DHR
where:
DRR    =    Dilution Reserve Ratio;
SF    =    the Stress Factor;
ED    =    the Expected Dilution;
DS    =    the “Dilution Spike”, defined as the highest one-month rolling average Dilution Ratio that occurred during the period of twelve consecutive Calculation Periods ending immediately prior to such earlier Monthly Reporting Date; and
DHR    =    the Dilution Horizon Ratio.
“Discount Percentage” means, unless otherwise specified in the applicable Originator Sale Agreement or Intermediate Transfer Agreement, with respect to the purchase of any Receivable and any period, a percentage equal to 0.15% or any other percentage agreed to by the applicable buyer and seller under the applicable Originator Sale Agreement or Intermediate Transfer Agreement.
“Dollar Equivalent” means, at any time in relation to an amount denominated in a currency other than U.S. Dollars, the U.S. Dollar equivalent of such amount determined by reference to the Spot Rate determined as of the most recent Exchange Rate Determination Date pursuant to Section 2.16 (Conversion of currencies).
“DPP Collections” has the meaning specified in Section 2.6(b)(iv) (Collections prior to Facility Termination Date).
“Dutch Account Security Agreement” has the meaning specified in the Dutch RPA.
“Dutch Collection Account” means any account set forth on Schedule 5 (Facility Accounts and Account Banks) hereto under the heading “Dutch Collection Accounts”, as such Schedule may be amended from time to time in accordance herewith.
“Dutch Collection Account Bank” means any bank or other financial institution set forth on Schedule 5 (Facility Accounts and Account Banks) under the heading “Dutch Collection Account Banks”, as such Schedule may be amended from time to time in accordance herewith.
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“Dutch Originator” has the meaning assigned to the term “Seller” in the Dutch RPA.
“Dutch RPA” means the Dutch Receivables Purchase Agreement, dated as of August  27, 2019, among the Dutch Originators, the Dutch Seller Agent and the Seller.
“Dutch Seller Agent” has the meaning assigned to the term “Seller Agent” in the Dutch RPA.
“Early Opt-in Election” means, if the then-current Benchmark with respect to U.S. Dollars is Eurocurrency Rate, the occurrence of:
(1)a notification by the Administrative Agent to (or the request by the Seller to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 
(2)the joint election by the Administrative Agent and the Seller to trigger a fallback from Eurocurrency Rate and the provision, as applicable, by the Administrative Agent of written notice of such election to the Seller and the Purchasers.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Eligible Account Bank” means (a) with respect to accounts in the U.S., a depositary institution or trust company (which may include the Administrative Agent and its Affiliates) organized under the laws of the U.S. or any one of the States thereof or the District of Columbia; provided that at all times (i) such depositary institution or trust company is a member of the Federal Deposit Insurance Corporation, (ii) unless the Purchaser Agents consent in writing otherwise, the short-term debt rating of such depositary institution or trust company have at least two of the three following ratings: at least A-1 by S&P, P-1 by Moody’s and F1 by Fitch and (iii) such depositary institution or trust company has a combined capital and surplus of at least $100,000,000, and (b) with respect to accounts outside the U.S., an entity (i) 
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authorized to accept deposits in the relevant jurisdiction, (ii) unless the Purchaser Agents consent in writing otherwise, which have at least two of the three following short-term debt ratings: at least A-2 by S&P, P2 by Moody’s and F2 by Fitch (provided that (A) in the case of Sparkasse, such bank shall be considered an Eligible Account Bank so long as it has short-term debt ratings of at least A-3 by S&P, P-3 by Moody’s or F3 by Fitch and (B) in the case of Banco Comercial Portugues, such bank shall be considered an Eligible Account Bank so long as (x) it has short-term debt ratings of at least A-3 by S&P, P-3 by Moody’s and F3 by Fitch or (y) if it does not satisfy the rating requirements of the preceding clause (x) the Majority Committed Purchasers have not delivered written notice to the Master Servicer declaring that such bank should no longer be treated as an Eligible Account Bank), and (iii) has a combined capital and surplus of at least $100,000,000.  If any account bank is downgraded or otherwise fails to satisfy the requirements set forth above (including any account bank which fails to satisfy such definition on the Amendment and Restatement Effective Date), such account bank shall fail to constitute an “Eligible Account Bank” under the Transaction Documents on the 30th calendar day following the initial date of such failure (and the applicable Transaction Party shall transfer the applicable Collection Account(s) to an Eligible Account Bank and start to redirect Obligors to make payments to such new account within such 30 day period). 
“Eligible Assignee” means, with respect to any Purchaser Group, any Person (i) that is a Purchaser Agent, a Program Manager, a Purchaser, a Program Support Provider or any Affiliate of any such Person that has a short-term debt rating of at least A-1 by S&P and P-1 by Moody’s, (ii) that is managed or sponsored by a Person described in clause (i) above and that has a short term debt rating of at least A-1 by S&P and P-1 by Moody’s (it being understood that any financing vehicle utilized by a Committed Purchaser shall not have to satisfy such rating requirement) or (iii) any other Person that has been approved by the Purchaser Agent for such Purchaser Group and consented to by the Administrative Agent (such consent not to be unreasonably withheld) and, so long as no Facility Termination Event or Portfolio Event has occurred and is continuing, consented to by the Master Servicer (such consent not to be unreasonably withheld or delayed).
“Eligible Obligor” means any Obligor (a) that is a resident of an Approved Obligor Jurisdiction, (b) that is not an Official Body (other than a Spanish Official Body or the U.S. federal government or any political subdivision or agency thereof) or an Affiliate of any Transaction Party, (c) that is not an individual or a sole trader (if such sole trader is considered an individual rather than a corporate entity for data protection purposes under applicable Law), (d) that is not an Excluded Obligor, (e) that is not the subject of an Event of Bankruptcy, (f) that is not a Restricted Person, (g) that does not, to the Actual Knowledge of the Master Servicer or the Originator that originates a Receivable payable by such Obligor, have an external credit rating lower than BB- by S&P or Ba3 by Moody’s, and (h) with respect to which not more than 25% of the aggregate Outstanding Balance of the Receivables owing by such Obligor and its Affiliates are (i) Defaulted Receivables or (ii) Receivables as to which any payment, or part thereof, remains unpaid for more than 90 days from the original due date for such Receivables.
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“Eligible Receivable” means, at any time, any Receivable:
(a)    (i)    which has been originated by an Originator and validly sold and/or otherwise assigned (or purported to be sold and/or otherwise assigned) by such Originator to a Seller Party pursuant to (and in accordance in all material respects with) an Originator Sale Agreement, with the result that such Seller Party has good and marketable title thereto (together with the Collections and Related Security related thereto), free and clear of all Adverse Claims (other than Permitted Adverse Claims) (with respect to the Receivable of any Obligor which is the U.S. federal government or any political subdivision or agency thereof, subject to any limitation on the Seller’s or its assigns’ rights under the Federal Assignment of Claims Act); and
(ii)    if such Seller Party is not the Seller, which has been sold and/or otherwise assigned (or purported to be sold and/or otherwise assigned) by such Seller Party to the Seller, pursuant to (and in accordance in all material respects with) an Intermediate Transfer Agreement, with the result that the Seller is the sole beneficial owner of and has good and marketable title to such Receivable (together with the Collections and Related Security related thereto), in each case, free and clear of all Adverse Claims (other than Permitted Adverse Claims) (with respect to the Receivable of any Obligor which is the U.S. federal government or any political subdivision or agency thereof, subject to any limitation on the Seller’s or its assigns’ rights under the Federal Assignment of Claims Act); (it being understood that this clause (a) shall be interpreted as appropriate when the definition of “Eligible Receivables” is used in an Originator Sale Agreement or Intermediate Transfer Agreement (i.e., the sale effectuated by such agreement shall not be required to have been completed prior to such sale));
(b)    which does not arise from the sale of any inventory (or other materials used to render or process the goods related to such Receivable) that is subject to an Adverse Claim (other than any Permitted Adverse Claim) covering the proceeds of such inventory, if such Adverse Claim would extend to such Receivable in a legally effective manner or otherwise remain in effect with respect to such Receivable (including, without limitation, any Adverse Claim arising by operation of law in favor of producers or sellers of agricultural commodities, such as the United States Perishable Agricultural Commodities Act of 1930);
(c)    the Obligor of which is an Eligible Obligor;
(d)    which has been billed to the relevant Obligor and, (i) according to the terms thereof and any Contract related thereto, is required to be paid in full (subject to any contractual rebate or discount) within 240 days from the original billing date therefor and (ii) would not cause the weighted average payment term of all Eligible Receivables to be greater than 70 days;
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(e)    which is denominated and payable only in an Approved Currency;
(f)    which is not (i) a Defaulted Receivable at such time or (ii) a Receivable as to which any payment, or part thereof, remains unpaid for more than 60 days from the original due date for such Receivable;
(g)    (i)    other than in the case of a Destination Sales Receivable, which arises pursuant to a Contract with respect to which the applicable Originator has performed all obligations required to be performed by it thereunder in order to have such Receivable become due and payable thereunder;
(ii)     which does not arise from a consignment sale or sale pursuant to which the applicable Obligor has the right to return the goods for which it has become obligated to pay in the event it is unable to sell such goods and in respect of which the applicable Originator is obligated to refund to such Obligor any amount in respect of such returned goods; and
(iii)    as to which the Originator is in compliance in all material respects with the terms of such Receivable and the related Contract; 
(h)    which:
(i)    if purchased with proceeds of Commercial Paper, would constitute a “current transaction” within the meaning of Section 3(a)(3) of the Securities Act of 1933;
(ii)     is an “eligible asset” as defined in Rule 3a-7 under the Investment Company Act of 1940; and
(iii)     represents all or part of the sales price of merchandise, insurance or services within the meaning of Section 3(c)(5) of the Investment Company Act of 1940;
(i)    which:
(i)     in the case of a Receivable subject to the Laws of a State of the U.S., is an “account” or “payment intangible” within the meaning of Section 9 of the UCC;
(ii)     in the case of any Receivable that is not subject to the Laws of a State of the U.S., is a right to payment of a monetary obligation for (A) property that has been sold, assigned or otherwise transferred or (B) services rendered to an Obligor; and 
(iii)     in the case of any Receivable (including a Receivable subject to the Laws of a State of the U.S.), is not evidenced or otherwise payable by chattel paper, a promissory note, a bill of exchange or other instrument other than, in the case of a Receivable originated by a Spanish Originator, a check (cheque) or promissory note (pagaré) which is 
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made payable not to the order (no a la orden) of such Spanish Originator;
(j)    which arises under a Contract that, together with such Receivable, is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor, enforceable against such Obligor except as such enforcement against such Obligor may be limited by any applicable Insolvency Law or by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), in each case, under all applicable Law, and is not subject to any litigation, dispute, offset in respect of a claim by the relevant Obligor, counterclaim or other defense other than unexpired volume or pricing discounts or rebates or other usual adjustments or dilutions incurred by the related Originator in the normal course of its business to which the Obligor thereon may be entitled (including, without limitation, any adjustments that are necessary to correct manual errors on invoices that do not reduce the Unpaid Balance of the applicable Receivable) or with the prior written consent of the Required Committed Purchasers;
(k)    which, together with the Contract related thereto, does not contravene any Laws applicable thereto which in any way renders such Receivable unenforceable or would otherwise impair in any material respect the collectability of such Receivable;
(l)    which has been underwritten in accordance with and otherwise satisfies in all material respects all applicable requirements of the applicable Originator’s Credit and Collection Policies;
(m)    which was originated in the ordinary course of the applicable Originator’s business and represents the purchase price of goods or services sold by such Originator;
(n)    the Obligor of which has been directed to make all payments to a Collection Account at an Eligible Account Bank with respect to which a valid and enforceable Account Security Agreement is in effect;
(o)    which has not been compromised, altered, adjusted or modified for credit reasons nor is it subject to any downward adjustment for Tax, rebates or other reasons (including by the extension of time for payment or the granting of any discounts, allowances or credits), in each case, other than in the ordinary course of the applicable Originator’s business and as permitted or required by the Credit and Collection Policies (including, without limitation, any adjustments that are necessary to correct manual errors on invoices that do not reduce the Unpaid Balance of the applicable Receivable) or with the prior written consent of the Required Committed Purchasers (for the avoidance of doubt, however, no Receivable which has been re-aged shall constitute an Eligible Receivable);
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(p)    (i)     the sale, assignment or other transfer of which (together with the Collections and Related Security related thereto) under the applicable Originator Sale Agreement to (or for the benefit of) a Seller Party;
(ii)     the sale, assignment or other transfer of which (together with the Collections and Related Security related thereto) to the Seller under an Intermediate Transfer Agreement; 
(iii)    the sale, assignment or other transfer (together with the Collections and Related Security related thereto) to the Purchasers pursuant to this Agreement; and 
(iv)    the grant of a security interest, pledge or charge therein to the Administrative Agent, on behalf of the Secured Parties, pursuant to this Agreement or any Security Documents;
    in each case, does not violate, conflict with or contravene any applicable Laws or any contractual or other restriction, limitation or encumbrance (including any restriction or limitation under the related Contract) and does not require the consent of or notice to the applicable Obligor or any other Person other than such consents as have been obtained and notices that have been given;
(q)    which, together with the Contract related thereto, has not been rewritten, varied, waived or extended or otherwise been re-invoiced and has not otherwise had its invoice date or due date changed, in each case, other than in the ordinary course of the applicable Originator’s business and as permitted or required by the Credit and Collection Policies (including, without limitation, any adjustments that are necessary to correct manual errors on invoices that do not reduce the Unpaid Balance of the applicable Receivable) or with the prior written consent of the Required Committed Purchasers (for the avoidance of doubt, however, no Receivable which has been re-aged shall constitute an Eligible Receivable);
(r)    with respect to which all of the Seller’s right, title and interest in such Receivable (together with the Related Security and Collections related thereto) is subject to a first priority security interest, charge or pledge created by this Agreement or the Security Documents under all applicable Law in favor of the Administrative Agent, on behalf of the Secured Parties, free and clear of all Adverse Claims (other than Permitted Adverse Claims);
(s)    which is governed by the laws of an Approved Contract Jurisdiction;
(t)    with respect to which the disclosure of information necessary to permit the Seller or its assigns to enforce such Receivable against the related Obligor (with respect to the Receivable of any Obligor which is the U.S. federal government or any political subdivision or agency thereof, subject to any limitation on the Seller’s or its assigns’ rights under the Federal Assignment of Claims Act), would not result in the breach of any Law, agreement (including the related Contract), judgment or other instrument by which the related Originator is bound; 
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(u)    (i)     each of (A) the Originator Sale Agreement under which such Receivable was sold to a Seller Party, and (B) if such Seller Party is other than the Seller, the Intermediate Transfer Agreement under which such Receivable was sold to the Seller, is in full force and effect;
(ii)     the applicable Originator of which has not been terminated as a “Seller” under the relevant Originator Sale Agreement; and
(iii)     the Seller Termination Date has not occurred with respect to the applicable Originator; and
(v)    with respect to Receivables being the subject of the German RPA or any other Originator Sale Agreement governed by German law, is not subject to a current account agreement (kontokorrentgebundene Forderung) within the meaning of sec. 355 of the German Commercial Code (HGB).
“EMU Legislation” means the legislative measures of the European Union for the introduction of, changeover to or operation of the Euro in one or more member states of the European Union.
“Equity Holder” means Stichting Bunge Securitization.
“Equity Interests” of any Person means any and all shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
“Euro” means the lawful currency of the Participating Member States.
“Eurocurrency Rate” means, for any Tranche for any Tranche Period and any applicable Approved Currency, the rate determined by the Administrative Agent by reference to LIBOR, EURIBOR, CDOR, BUBOR or equivalent for any other Approved Currency for deposits in the applicable Approved Currency of such Tranche appearing on the applicable page of the Telerate Service, Reuters or Bloomberg (or any successor to or substitute for such service, providing rate quotations comparable to those currently provided by such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in such currency in the London interbank market) (or, in the case of any Approved Currency for which the applicable rate is not published as such on such referenced page, on the relevant page of the applicable central bank or other commercially reasonable source determined by the Administrative Agent) at approximately 11:00 a.m., local time, on the Quotation Day, as the rate for deposits with a maturity comparable to such Tranche Period.  In the event that such rate is not available at such time for such Tranche Period (an 
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“Impacted Interest Period”) for any reason with respect to the applicable Approved Currency, then the “Eurocurrency Rate” shall be the Interpolated Rate.  Notwithstanding the foregoing, if any such rate is less than zero, the Eurocurrency Rate will be deemed to be zero.
“Eurocurrency Rate Reserve Percentage” means, for any Tranche Period in respect of which Yield is computed by reference to the Eurocurrency Rate, (a) in the case of a Tranche denominated in U.S. Dollars, the reserve percentage applicable two Business Days before the first day of such Tranche Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) (or if more than one such percentage shall be applicable, the daily average of such percentages for those days in such Tranche Period during which any such percentage shall be so applicable) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) with respect to liabilities or assets consisting of or including eurocurrency liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurocurrency Liabilities is determined) having a term equal to such Tranche Period and (b) with respect to a Tranche denominated in any applicable Approved Currency (other than U.S. Dollars), any applicable Statutory Reserves with respect to such currency.
“Eurocurrency Tranche” has the meaning specified in Section 2.12 (Illegality).
“Event of Bankruptcy” means (A) with respect to any Person, the occurrence of any of the following:
(a)    such Person shall voluntarily commence any case, proceeding or other action, or present a petition or make an application under any Insolvency Law:
(i)    relating to bankruptcy, insolvency, court protection, reorganisation or relief of debtors, seeking to have an order for relief entered with respect to it or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganisation, arrangement, adjustment, winding-up, examination, liquidation, administration, administrative receivership, dissolution, court protection, composition, declaration or other similar relief with respect to it or any of its debts; or 
(ii)    seeking the appointment of a liquidator, receiver, administrative receiver, examiner, security trustee, custodian, compulsory manager, administrator or other similar official for it or for all or any substantial part of its assets;
(b)    there shall be commenced, presented or made against such Person any case, proceeding or other action referred to in (a) above which is not dismissed by the relevant court, tribunal or authority within sixty (60) days after its commencement;
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(c)    there shall be commenced against such Person any case, proceeding or other action seeking issuance of a warrant of attachment, sequestration, distress, expropriation, execution, distraint or similar process against all or any substantial part of its assets which is not dismissed within sixty (60) days after its commencement; or
(d)    a moratorium is declared in respect of any of its debt; and
(B) with respect to the German Originator (i) the commencement of insolvency proceedings (Eröffnung des Insolvenzverfahrens) pursuant to the provisions of the German Insolvency Code (Insolvenzordnung), or (ii) the ordering by the insolvency court of a general prohibition of disposal (allgemeines Verfügungsverbot) or the order by the insolvency court that the German Originator may only dispose of its assets with the consent of a preliminary insolvency administrator pursuant to Section 21 para. 2 No. 2 of the German Insolvency Code (Insolvenzordnung).
“Exchange Rate Determination Date” means two Business Days before each Reporting Date.
“Excluded Obligor” means any Obligor set forth on Schedule 9 (Excluded Obligors), as such Schedule may be amended from time to time by agreement between the Master Servicer and the Administrative Agent as notified in writing by the Administrative Agent to the other Purchasers with a copy to the Master Servicer (and, for the avoidance of doubt, upon the addition of any Obligor to Schedule 9, only Receivables originated on or after such date of addition shall be excluded from the Portfolio Receivables under the Transaction Documents).  It being understood that upon any change to Schedule 9 any required corresponding change to the list of “Determined Debtors” or “Further Determined Debtors” (under and as defined in the Italian RPA) shall be made concurrently and any changes to the existing "Determined Debtors" of the Italian Originator will only become effective once the list of "Further Determined Debtors" to the Italian RPA has been updated in accordance with Section 2.9 of the Italian RPA.
“Excluded Taxes” means (a) income taxes based on (or measured by) net income or net profits (or franchise taxes imposed in lieu of net income taxes) that are imposed on any Agent, Purchaser or other recipient of any payment to be made by or on account of any Transaction Party Obligation as a result of a present or former connection between such Agent, Purchaser or other recipient and the jurisdiction of the Official Body imposing such tax or any political subdivision or taxing authority thereof (other than any such connection arising solely from the Agent, Purchaser or other recipient having executed, delivered or performed its obligations or received a payment hereunder, or enforced, this Agreement), (b) any branch profits taxes that are imposed on any Agent, Purchaser or other recipient of any payment to be made by or on account of any Transaction Party Obligation by any jurisdiction described in clause (a) above, (c) any Tax imposed on an Agent or Purchaser to the extent such Tax is attributable to such Agent’s or Purchaser’s failure to comply with relevant requirements set forth in Section 2.15(e) (Indemnity for Taxes) (or analogous provision of any other Transaction Document), unless such failure is due to a Change in Law and (d) any withholding Tax that is imposed on amounts payable to (i) any 
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Purchaser solely by reason of such Purchaser designating a new lending office, except to the extent that the Purchaser was entitled, immediately prior to the time of designation of a new lending office, to receive additional amounts from the Seller with respect to such withholding Tax pursuant to Section 2.15(a), or (ii) any Agent, Purchaser or other recipient which becomes a party to this Agreement after the Closing Date (other than an Eligible Assignee pursuant to a request by Seller under Section 2.20(e)), except to the extent that such Agent, Purchaser or other recipient (or an Assignor, if any) was entitled, immediately prior to the time of assignment or becoming a party to this Agreement, to receive additional amounts from the Seller with respect to such withholding Tax pursuant to Section 2.15(a).  
“Executive Order” means Executive Order No. 13224 of September 23, 2011 – Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism.
“Expected Dilution” means, as of any Monthly Reporting Date, and continuing until (but not including) the next Monthly Reporting Date, the twelve month rolling average of the Dilution Ratios that occurred during the period of twelve consecutive Calculation Periods ending immediately prior to such earlier Monthly Reporting Date.
“Facility” has the meaning specified in Section 11.6(a) (Confidentiality).
 “Facility Account” means, as the context requires, all or any one of the Collection Accounts or the Seller Operating Accounts.
“Facility Event” means a Facility Termination Event or Potential Facility Termination Event.
“Facility Limit” means, at any time, the Aggregate Commitment then in effect.
“Facility Party” means any Transaction Party other than the Sub-Servicers, the Originators and the Intermediate Transferors.
“Facility Termination Date” means the earliest of (a) the Scheduled Commitment Facility Termination Date, (b) the date that the Facility Termination Date is declared or automatically occurs pursuant to Section 7.2 (Termination of Facility), (c) the date that the Facility Termination Date is declared by the Administrative Agent (acting at the direction of the Majority Committed Purchasers) following the occurrence of a Portfolio Event, (d) if a Portfolio Event occurs and is not (i) cured, or (ii) waived by the Majority Committed Purchasers, in each case within thirty (30) calendar days, the date occurring thirty (30) calendar days following the occurrence of such Portfolio Event, (e) any Settlement Date specified by the Performance Undertaking Provider on not less than sixty (60) days (or such shorter period as the Agents may agree) prior written notice to the Administrative Agent and the Purchaser Agents, and (f) if the Transaction fails to comply with the requirements of Article 24 of the Securitisation Regulation and the Administrative Agent, the Purchaser Agents and the Master Servicer have been unable to agree on a revised Applicable Margin within twenty (20) Business Days, the date occurring forty (40) Business Days after the determination of such non-compliance.
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“Facility Termination Event” has the meaning specified in Section 7.1 (Facility Termination Events).
“FCA” has the meaning specified in Section 1.4 (Interest Rates; Eurocurrency Rate Notification).
“Federal Assignment of Claims Act” means the Assignment of Claims Act of 1940, 31 U.S.C. §3727 and 41 U.S.C. §15.
“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.
“Fee Letters” means, collectively, the Administrative Agent Fee Letter and the Purchaser Agent Fee Letter.
“Fees” means the fees payable pursuant to any Fee Letter.
“Final Payout Date” means the date after the Facility Termination Date on which all the Transaction Party Obligations have been reduced to zero by payment in full in cash.
“Final Termination Date” means May 17, 2031.
“Finance Charges” means, with respect to a Receivable, any finance, interest, late payment or similar charges owing by an Obligor in respect of such Receivable.
“Fitch” means Fitch, Inc.
“Floor” means, the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Eurocurrency Rate.
“Floor Reserve Percentage” means, at any time, a percentage equal to the sum of (a) the Loss Reserve Floor and (b)(i) the Expected Dilution multiplied by (ii) the Dilution Horizon Ratio.
“Foreign Purchaser” shall mean any Purchaser that is organized under the laws of a jurisdiction other than that in which the Seller is located.
“Fourth Amendment and Restatement Effective Date” means May 17, 2021.
“French Account Security Agreement” has the meaning specified in the French RPA. 
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“French Collection Account” means any account set forth on Schedule 5 (Facility Accounts and Account Banks) hereto under the heading “French Collection Accounts”, as such Schedule may be amended from time to time in accordance herewith.
“French Collection Account Bank” means any bank or other financial institution set forth on Schedule 5 (Facility Accounts and Account Banks) under the heading “French Collection Account Banks”, as such Schedule may be amended from time to time in accordance herewith.
“French Intermediate Transfer Agreement” means the French Intermediate Transfer Agreement, dated as of August 27, 2019, between the French Intermediate Transferor and the Seller.
“French Intermediate Transferor” means Rabobank.
“French Originator” has the meaning assigned to the term “Seller” in the French RPA.
“French RPA” means the French Receivables Purchase Agreement, dated as of August 27, 2019, among the French Originator(s), the French Seller Agent and the French Intermediate Transferor.
“French Seller Agent” has the meaning assigned to the term “Seller Agent” in the French RPA.
“Fundamental Change” means any amendment, waiver or consent which has the following effect:
(a)reduces the Invested Amount in respect of, or Yield that is payable on account of, any Investment or Tranche or delays any scheduled date for payment thereof;
(b)reduces the fees payable by the Seller to the Purchaser Agents, the Conduit Purchasers or the Committed Purchasers or delays the dates on which such fees are payable;
(c)extends the Scheduled Commitment Facility Termination Date (except as provided in Section 2.20 (Extension of Scheduled Commitment Facility Termination Date));
(d)releases any portion of the Collateral; 
(e)changes any of the provisions of the amendment or voting sections of a Transaction Document or the definition of “Required Committed Purchasers” and “Majority Committed Purchasers”;
(f)amends any Facility Termination Event or Portfolio Event;
(g)amends the definition of “CP Rate”, “Default Ratio”, “Approved Currency”, “Defaulted Receivable”, “Dilution Reserve Ratio”, “Floor Reserve 
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Percentage”, “Eligible Receivable”, “Funding Base” (or any defined term directly or indirectly used therein to determine the Funding Base), “Loss Reserve Floor”, “Loss Reserve Ratio”, “Net Eligible Receivables Balance”, “Reserve Percentage”, “Stress Factor”, “Yield Reserve Ratio”, or increases any Concentration Amount or any Obligor Concentration Limit; 
(h)releases the Performance Undertaking Provider from its obligations under the Performance Undertaking; or
(i)amends any provision of a Transaction Document related to limited recourse, non-petition, governing law or the rights and obligations of the Administrative Agent to act on behalf of the Purchasers.
“Funding Base” means, as of any date, an amount equal to (I)(a) the Net Eligible Receivables Balance multiplied by (b) a percentage equal to 100% minus the Reserve Percentage minus (II)(a) that portion of the Net Eligible Receivables Balance constituting Destination Sales Receivables multiplied by (b) 4% (provided that such 4% amount shall be subject to confirmation on an annual basis on each June 30th by the Committed Purchasers, and if the Committed Purchasers specify a higher percentage in a written notice to the Seller and the Master Servicer, such higher level shall be applicable until the following June 30th). 
“GAAP” means, with respect to any Person, generally accepted accounting principles applicable to such Person (including generally accepted accounting principles applicable to such Person by Law) or the consolidated group of which such Person is a member.
“German Account Security Agreement” has the meaning specified in the German RPA.
“German Collection Account” means any account set forth on Schedule 5 (Facility Accounts and Account Banks) hereto under the heading “German Collection Accounts”, as such Schedule may be amended from time to time in accordance herewith.
“German Collection Account Bank” means any bank or other financial institution set forth on Schedule 5 (Facility Accounts and Account Banks) under the heading “German Collection Account Banks”, as such Schedule may be amended from time to time in accordance herewith.
“German Originator” has the meaning assigned to the term “Seller” in the German RPA.
“German RPA” means the German Receivables Purchase Agreement, dated the Closing Date, among the German Originator(s), the German Seller Agent and the Seller.
“German Security Documents” means any account pledge agreement (including the German Account Security Agreement) and any other security agreement subject to the 
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Laws of the Federal Republic of Germany entered into with the Administrative Agent in favor of the Secured Parties.
“German Seller Agent” has the meaning assigned to the term “Seller Agent” in the German RPA.
“Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any obligation of (a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) with respect to which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business.  The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the applicable guaranteeing person in good faith.
“Hedge Agreements” means all rate swaps, caps or collar agreements or similar arrangements dealing with interest rates or currency exchange rates or the exchange of nominal interest obligations, either generally or under specific contingencies.
“Hungarian Account Security Agreements” has the meaning specified in the Hungarian RPA.
“Hungarian Collection Account” means any account set forth on Schedule 5 (Facility Accounts and Account Banks) hereto under the heading “Hungarian Collection Accounts”, as such Schedule may be amended from time to time in accordance herewith.
“Hungarian Collection Account Bank” means any bank or other financial institution set forth on Schedule 5 (Facility Accounts and Account Banks) under the 
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heading “Hungarian Collection Account Banks”, as such Schedule may be amended from time to time in accordance herewith.
“Hungarian Intermediate Transfer Agreement” means the Hungarian Intermediate Transfer Agreement, dated as of October 31, 2017, between the Hungarian Intermediate Transferor and the Seller.
“Hungarian Intermediate Transferor” means Rabobank.
“Hungarian Originator” has the meaning assigned to the term “Seller” in the Hungarian RPA.
“Hungarian RPA” means the Hungarian Receivables Purchase Agreement, dated as of October 31, 2017, among the Hungarian Originator(s), the Hungarian Seller Agent and the Hungarian Intermediate Transferor.
“Hungarian Seller Agent” has the meaning assigned to the term “Seller Agent” in the Hungarian RPA.
“IBA” means the ICE Benchmark Administrator. 
“Incremental Investment” means the initial purchase of the Portfolio on the Initial Purchase Date and each investment by the Purchasers in the Portfolio thereafter which increases the total outstanding Aggregate Invested Amount hereunder.
“Indebtedness” means, as to any Person, 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, except trade accounts payable arising in the ordinary course of business, (d) all obligations of such Person as lessee which are capitalized in accordance with GAAP, (e) all obligations of such Person created or arising under any conditional sales or other title retention agreement with respect to any property acquired by such Person (including without limitation, obligations under any such agreement which provides that the rights and remedies of the seller or lender thereunder in the event of default are limited to repossession or sale of such property), (f) all obligations of such Person with respect to letters of credit and similar instruments, including without limitation obligations under reimbursement agreements, (g) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) an Adverse Claim on any asset of such Person, whether or not such Indebtedness is assumed by such Person and (h) all Guarantee Obligations of such Person (other than guarantees of obligations of direct or indirect Subsidiaries of such Person).
“Indemnified Amounts” has the meaning specified in Section 10 (Indemnities by the Seller).
“Indemnified Party” has the meaning specified in Section 10 (Indemnities by the Seller).
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“Indemnified Taxes” mean Taxes other than Excluded Taxes and Other Taxes.
“Initial Purchase Date” mean the date of the initial Incremental Investment hereunder by the Purchasers.
“Insolvency Law” means any Law relating to bankruptcy, insolvency, administration, receivership, examination, administrative receivership, reorganisation, winding up or composition, moratorium or adjustment of debts or the rights of creditors generally (whether by way of voluntary arrangement or otherwise).
“Intermediate Transfer Agreements” means the French Intermediate Transfer Agreement, the Hungarian Intermediate Transfer Agreement, the Italian Intermediate Transfer Agreement and the U.S. Intermediate Transfer Agreement.
“Intermediate Transferors” means the French Intermediate Transferor, the Hungarian Intermediate Transferor, the Italian Intermediate Transferor and the U.S. Intermediate Transferor.
“Interpolated Rate” means, with respect to any currency at any time, for any Tranche Period, the rate per annum (rounded to the same number of decimal places as the Eurocurrency Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Eurocurrency Rate for the longest period for which the Eurocurrency Rate is available for the applicable currency that is shorter than the Impacted Interest Period; and (b) the Eurocurrency Rate for the shortest period (for which that Eurocurrency Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time.
“Invested Amount” means, with respect to each Incremental Investment hereunder, the amount paid in cash to the Seller by the Purchasers hereunder in connection with such Incremental Investment (it being understood that Reinvestments and Settlement Date Investments shall not change the Invested Amount of any Purchaser unless a repayment of Investment or an increase in Investment occurs in connection with any such Settlement Date Investment), as such amount may be divided or combined in accordance with Section 2.10 (Tranches), in each case as reduced from time to time by amounts paid to the applicable Purchaser(s) holding such Tranche pursuant to Section 2.6 (Collections prior to Facility Termination Date) or Section 2.7 (Collections after Facility Termination Date), as applicable, on account of the Invested Amount in respect of such Tranche; provided that if such Invested Amount shall have been reduced by any payment and thereafter all or a portion of such payment is rescinded or must otherwise be returned for any reason, such Invested Amount shall be increased by the amount of such rescinded or returned payment, as though it had not been received by such Purchaser(s).
“Investment” means each Incremental Investment, Settlement Date Investment and Reinvestment.
“Investment Company Act” means the United States Investment Company Act of 1940, as amended from time to time, and the rules promulgated thereunder.
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“Investment Date” has the meaning specified in Section 2.2(a)(i) (Purchase procedures).
“Investment Request” has the meaning specified in Section 2.2(a)(i) (Purchase procedures).
“Investor Certificateholder” means the holder of record of, or the bearer of, any certificate issued by the Bunge Master Trust under the Pooling Agreement or any supplement thereto, including, without limitation, Bunge Asset Funding Corp., Bunge Finance Europe B.V. and Bunge Limited Finance Corp.
“IRC” means the U.S. Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
“Italian Account Security Agreement” has the meaning specified in the Italian RPA.
“Italian Collection Account” means any account set forth on Schedule 5 (Facility Accounts and Account Banks) hereto under the heading “Italian Collection Accounts”, as such Schedule may be amended from time to time in accordance herewith.
“Italian Collection Account Bank” means any bank or other financial institution set forth on Schedule 5 (Facility Accounts and Account Banks) under the heading “Italian Collection Account Banks”, as such Schedule may be amended from time to time in accordance herewith.
“Italian Intermediate Transfer Agreement” means the Italian Intermediate Transfer Agreement, dated the Closing Date, between the Italian Intermediate Transferor and the Seller.
“Italian Intermediate Transferor” means Rabobank.
“Italian Originator” has the meaning assigned to the term “Seller” in the Italian RPA.
“Italian RPA” means the Italian Receivables Purchase Agreement, dated on or about May 17, 2021 among the Italian Originators, the Italian Seller Agent and the Italian Intermediate Transferor.
“Italian Seller Agent” has the meaning assigned to the term “Seller Agent” in the Italian RPA.
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“Joinder Agreement” means an agreement substantially in the form of Exhibit C (Form of Joinder Agreement) pursuant to which a new Purchaser Group is established hereunder pursuant to Section 11.3(i) (New Purchaser Groups).
“Law” means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or award of any Official Body.
“LIBOR” has the meaning specified in Section 1.4 (Interest Rates; Eurocurrency Rate Notification).
“Limited Exception Approved Obligor Jurisdiction” and “Limited Exception Approved Obligor Jurisdictions” have the meanings assigned to such terms in clause (c) of the definition of Approved Obligor Jurisdiction.
“Liquidation Fee” means for (a) any Tranche Period of a Conduit Purchaser for which Yield is computed by reference to the CP Rate and a reduction of the Invested Amount of the relevant Tranche is made for any reason or (b) any Tranche Period for which Yield is computed by reference to the Eurocurrency Rate and a reduction of the Invested Amount of the relevant Tranche is made for any reason, in each case, on any day other than the last day of such Tranche Period, the sum of (i) the amount, if any, by which (A) the additional Yield (calculated without taking into account any Liquidation Fee or any shortened duration of such Tranche Period or any Applicable Margin) which would have accrued during such Tranche Period (or, in the case of clause (a) above, during the period until the maturity of the underlying commercial paper tranches) on the reductions of the Invested Amount of the Tranche relating to such Tranche Period had such reductions not occurred, exceeds (B) the income, if any, received by the Conduit Purchaser or the Committed Purchaser which holds such Tranche from the investment of the proceeds of such reductions of the Invested Amount, plus (ii) the amount of any costs or expenses incurred in connection with the termination or reduction of any related Currency Hedge Agreements.  A certificate as to the amount of any Liquidation Fee (including the computation of such amount) shall be submitted by the affected Conduit Purchaser or Committed Purchaser to the Seller and shall be conclusive and binding for all purposes, absent manifest error.
“Liquidity Agreement” means each of the liquidity facility agreements entered into between each Conduit Purchaser and its related Committed Purchaser or other financial institution.
“Liquidity Banks” means each of the Committed Purchasers and other financial institutions providing Liquidity Funding to a Conduit Purchaser pursuant to a Liquidity Agreement.
“Liquidity Commitment” means, as to each Liquidity Bank, its commitment under its related Liquidity Agreement.  
“Liquidity Funding” means a purchase or funding by any Liquidity Bank pursuant to its Liquidity Commitment of all or any portion of the Aggregate Invested Amount from a Conduit Purchaser.
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“Local Business Day” means, with respect to any Originator or Sub-Servicer, any day excluding Saturday, Sunday and any day on which banks in London, Amsterdam or New York or the jurisdiction under the Laws of which such Originator or Sub-Servicer is organized are authorized or required by law to close, and, when used with respect to the determination of any Yield Rate for any currency, any day which is also a day for trading by and between banks in deposits in such currency in the London, European or other applicable interbank market and, when used with respect to the determination of the CP Rate, any day which is also a day when The Depository Trust Company, Euroclear Bank S.A./N.V., as operator of the Euroclear system and Clearstream Banking, société anonyme, Luxembourg, as applicable, are open for trading.
“Local Currency” means any Approved Currency other than U.S. Dollars.
“Loss Horizon Ratio” means, as of any Monthly Reporting Date and continuing until (but not including) the next Monthly Reporting Date, the amount equal to (a) the aggregate amount of all sales (in U.S. Dollars or the Dollar Equivalent) which gave rise to Portfolio Receivables that were generated during the prior 4 Calculation Periods (where the Portfolio Receivables have weighted average payment terms of less than or equal to 30 days) or 4.25 Calculation Periods (where the Portfolio Receivables have weighted average payment terms of greater than 30 days but less than or equal to 40 days) or 4.50 Calculation Periods (where the Portfolio Receivables have weighted average payment terms of greater than 40 days but less than or equal to 50 days) or 4.75 Calculation Periods (where the Portfolio Receivables have weighted average payment terms of greater than 50 days but less than or equal to 60 days) or 5.25 Calculation Periods (where the Portfolio Receivables have weighted average payment terms of greater than 60 days but less than or equal to 70 days) divided by (b) the Net Eligible Receivables Balance as of the end of the Calculation Period immediately preceding such earlier Monthly Reporting Date.
“Loss Reserve Floor” means, at any time, the percentage not less than 8.0% and not greater than 15.0% specified by the Master Servicer in the most recent Portfolio Report.
“Loss Reserve Ratio” means, as of any Monthly Reporting Date and continuing until (but not including) the next Monthly Reporting Date, an amount (expressed as a percentage) that is calculated as follows:
LRR = SF x LR x LHR
where:
LRR    =    Loss Reserve Ratio;
SF    =    the Stress Factor;
LR    =    the “Loss Ratio”, defined as the highest three-month rolling average Default Ratio that occurred during the period of 12 consecutive Calculation Periods immediately preceding such earlier Monthly Reporting Date; and
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LHR    =    the Loss Horizon Ratio.
“Majority Committed Purchasers” means Committed Purchasers representing more than 51% of the then outstanding Aggregate Commitment or, if the Aggregate Commitments have been reduced to zero, Committed Purchasers that represented more than 51% of the Aggregate Commitment immediately prior to such termination; provided that, subject to the terms of the relevant Program Support Agreement, so long as any Conduit Purchaser in any Purchaser Group holds any Investments hereunder, the Committed Purchasers in such Purchaser Group shall give any vote or direction hereunder only with the consent or at the direction of the related Purchaser Agent on behalf of such Conduit Purchaser.
 “Master Servicer” means at any time the Person then authorized pursuant to Section 2.1 (Designation of Servicer; Power of Attorney) of the Servicing Agreement to administer and collect the Receivables.
“Material Adverse Effect” means, with respect to any event or circumstance or any Person, a material adverse effect, individually or in the aggregate with other events or circumstances, on: (a) the business, condition (financial or otherwise), prospects, operations or assets of a Transaction Party; (b) the ability of any Transaction Party to perform any of its obligations under any Transaction Document to which it is a party or the ability of any Secured Party to exercise any rights or remedies under any Transaction Document; (c) the legality, validity or enforceability of any Transaction Document to which any Transaction Party is a party; (d) the status, existence, perfection or priority of the rights, title and interest of the Seller, any Intermediate Transferor, the Administrative Agent or any Secured Party in and to the Portfolio Receivables, Collections or Related Security related thereto or any Facility Account or any other Collateral (taken as a whole); or (e) the validity, enforceability or collectibility (if applicable) of all or any material portion of the Portfolio Receivables, Collections or Related Security related thereto or any other Collateral.
“Monthly Report” means a report substantially in the form of, and containing the information described in, Exhibit A-1 (Form of Monthly Report) to the Servicing Agreement duly completed and furnished by the Master Servicer pursuant to Section 2.3 (Reporting requirements) of the Servicing Agreement and containing the certification of the Master Servicer.
“Monthly Reporting Date” means the third (3rd) Business Day prior to each Settlement Date.
“Moody’s” means Moody’s Investors Service, Inc.
“Net Eligible Receivables Balance” means at any time the Dollar Equivalent of an amount equal to:
(a)    the Total Eligible Receivables Balance at such time, minus
(c)    the Concentration Amount at such time.
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“New Accordion Committed Purchasers” has the meaning specified in Section 2.21 (Accordion Increase).
“Obligor” means, with respect to any Receivable, each Person obligated to make payments in respect of such Receivable pursuant to a Contract.
“Obligor Concentration Factor” means, with respect to any Obligor (treating each Obligor and its Affiliates as if they were a single Obligor) as of any date of determination, the percentage, if applicable, specified (or the percentage resulting from the calculation specified) under the heading “Obligor Concentration Factor” in the grid immediately below; except that, with respect to Kraft Heinz Company, its “Obligor Concentration Factor” shall be the greater of (i) the percentage resulting from the calculation specified under the heading “Obligor Concentration Factor” in the grid immediately below and (ii) 4%.
									
	Obligor’s Short-Term Debt Rating (S&P/Moody’s)	Obligor’s Long-Term Debt Rating (S&P/Moody’s)	
Obligor Concentration Factor
	A-1+/P-1	AA/Aa2 or better	Loss Reserve Floor
	A-1/P-1	AA- to A+/Aa3 to A1	Loss Reserve Floor
	A-2/P-2 or better (but less than A-1/P-1)	A to BBB+/A2 to Baa1	Loss Reserve Floor/2
	A-3/P-3 or better (but less than A-2/P-2)	BBB to BBB-/Baa2 to Baa3	Loss Reserve Floor/3
	Lower than A-3/P-3 or no Debt Rating	Lower than BBB-/Baa3 or no Debt Rating	Loss Reserve Floor/5

The Obligor Concentration Factor shall be based upon an Obligor’s short-term Debt Ratings unless no such short-term Debt Rating is available from either S&P or Moody’s, in which case such Obligor’s long-term Debt Ratings will be used.
In the event the ratings of any Obligor from S&P and Moody’s fall within different ratings levels, the Obligor Concentration Factor for such Obligor shall be determined using the lower rating.
To the extent that the Receivables owing by any Obligor are subject to Approved Credit Enhancement and the aggregate Outstanding Balance of Portfolio Receivables owing by such Obligor would otherwise exceed the then applicable Obligor Concentration Factor for such Obligor based on the applicable Debt Ratings of such Obligor, the rating of such credit enhancer will be used for the purpose of determining the applicable Obligor Concentration Factor.
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“Obligor Concentration Limit” means, with respect to any Obligor at any time, the product of the Obligor Concentration Factor, if any, for such Obligor (treating each Obligor and its Affiliates as if they were a single Obligor), multiplied by the Total Eligible Receivables Balance at such time.
“Obligor Payables” means, with respect to any Obligor at any date of determination, the sum of the aggregate payables by the Transaction Parties to such Obligor at such time and the aggregate swap or hedge exposure of the Transaction Parties to such Obligor at such time.
“OFAC” shall have the meaning given to it in the definition of “Sanctions.”
“Official Body” means any government or political subdivision or any agency, authority, bureau, central bank, commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, or any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, or any accounting board or authority (whether or not a part of government) which is responsible for the establishment or interpretation of national or international accounting principles.
“Organizational Documents” of any Person means its memorandum and articles of association, articles or certificate of incorporation and by laws, limited liability agreement, partnership agreement or other comparable charter or organizational documents as amended from time to time.
“Original Termination Date” means May 17, 2024.
“Originator” means any Canadian Originator, Dutch Originator, French Orginator, German Originator, Hungarian Originator, Italian Originator, Portuguese Originator, Spanish Originator or U.S. Originator.
“Originator Sale Agreement” means any of the Canadian RPA, the Dutch RPA, the French RPA, the German RPA, the Hungarian RPA, the Italian RPA, the Portuguese RPA, the Spanish RPA and the U.S. RPA.
“Other Benchmark Rate Election” means, with respect to any Investment in a Eurocurrency Tranche denominated in U.S. Dollars, if the then-current Benchmark is the Eurocurrency Rate, the occurrence of:
(a)a request by the Seller to the Administrative Agent to notify each of the other parties hereto that, at the determination of the Seller, U.S. Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed), in lieu of a LIBOR-based rate, a term benchmark rate as a benchmark rate, and 
(b)the Administrative Agent, in its sole discretion, and the Seller jointly elect to trigger a fallback from the Eurocurrency Rate and the provision, as applicable, by the Administrative Agent of written notice of such election to the Seller and the Purchasers. 
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“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise, sales, goods and services or transfer taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, any Transaction Document, in each case, other than Excluded Taxes.
“Outstanding Balance” means, with respect to any Receivable at any time, the then outstanding principal amount thereof (in U.S. Dollars or the Dollar Equivalent), excluding any Finance Charges related thereto.
“Outstanding Receivables Report” means a report furnished by the Master Servicer pursuant to Section 2.3 (Reporting requirements) of the Servicing Agreement substantially in the form attached as Exhibit A-3 (Form of Outstanding Receivables Report) to the Servicing Agreement.
“Participant” has the meaning specified in Section 11.3(f) (Participations).
“Participating Member States” means any member state of the European Community that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union.
“Performance Undertaking” means the Performance and Indemnity Agreement, dated the Closing Date, issued by the Performance Undertaking Provider in favor of, among others, the Seller, the Administrative Agent and the Secured Parties.
“Performance Undertaking Provider” means Bunge Limited.
“Permitted Adverse Claim” means (a) any Adverse Claim created under the Security Documents or the other Transaction Documents, (b) any Adverse Claim in respect of taxes, assessments or other governmental charges or levies not yet due and payable or, in the case of any Transaction Party, the validity of which are being contested by such Transaction Party in good faith by appropriate proceedings and with respect to which appropriate reserves have been established in conformity with GAAP by such Transaction Party, (c) any Adverse Claim in respect of any Receivable which will be released on or prior to the sale or transfer (or purported sale or transfer) of such Receivable under an Originator Sale Agreement, (d) with respect to any Facility Account, any Adverse Claim of the bank or other financial institution at which such Facility Account is maintained and that arose in the ordinary course of business between the relevant account holder and such bank or other financial institution solely pursuant to the related account agreement (i.e., account fees, returned checks, and similar amounts) and not from any other relationship between the relevant account holder and such bank or other financial institution, and (e) any Adverse Claim resulting from any judgment or award, the time for the appeal or petition for rehearing of which shall not have expired, or in respect of which such Person shall at any time in good faith be prosecuting an appeal or proceeding for a review and with respect to which adequate reserves for losses or other appropriate revisions are being maintained in accordance with GAAP. 
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“Permitted Investments” means, with respect to any Seller Operating Account, any of the following investments denominated and payable solely in the Approved Currency for which such Seller Operating Account is maintained:  (a) readily marketable debt securities issued by, or the full and timely payment of which is guaranteed by the full faith and credit of, the central government of any Approved Originator Jurisdiction, (b) insured demand deposits, time deposits, term deposits and certificates of deposit of any Eligible Account Bank that is organized under the laws of an Approved Originator Jurisdiction, (c) repurchase obligations with a term of not more than 45 days for underlying securities of the types described in clause (a) above entered into with a bank meeting the qualifications described in clause (b) above, (d) money market funds rated in the highest ratings category by each of Moody’s and S&P (which rating, in the case of S&P, shall be AAAm or AAAmg and shall not have the “r” symbol attached to such rating and, in the case of Moody’s “P-1” or “Aaa” and “MR1+”), (e) commercial paper of any corporation incorporated under the laws of an Approved Originator Jurisdiction or any political subdivision thereof, provided that such commercial paper is rated at least A-1 (and without any “r” symbol attached to any such rating) by S&P and at least Prime-1 by Moody’s, and (f) cash.
“Person” means an individual, partnership, corporation, business trust, limited liability company, joint stock company, trust, unincorporated association, joint venture, Official Body or any other entity.
“Pooling Agreement” means that certain Sixth Amended and Restated Pooling Agreement, dated as of August 31, 2020, among Bunge Funding Inc., Bunge Management Services, Inc. and The Bank of New York Mellon.
“Portfolio” has the meaning specified in Section 2.1(a) (The Purchases).  
“Portfolio Event” means the occurrence of any of the following:
(a)    as at the end of any Calculation Period, the three-month rolling average Dilution Ratio exceeds 3.0%;
(b)    as at the end of any Calculation Period, the three-month rolling average Write-Off Ratio exceeds 1.0%;
(c)    as at the end of any Calculation Period, the three-month rolling average Delinquency Ratio exceeds 2.0%;
(d)    as of any Monthly Reporting Date, Days Sales Outstanding shall exceed 45 days; or
(e)    the occurrence of any event or circumstance which has a Material Adverse Effect on a Transaction Party.
“Portfolio Receivable” means any Receivable (other than a Receivable that has been repurchased or retransferred to an Originator or Intermediate Transferor pursuant to, and in accordance with, the Transaction Documents) (a) which has been sold and/or otherwise assigned (or purported to be sold and/or otherwise assigned) by an Originator to a Seller Party pursuant to an Originator Sale Agreement, and (b) if such 
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Seller Party is other than the Seller, which has been sold or and/or otherwise assigned (or purported to be sold and/or otherwise assigned)  by such Seller Party to the Seller, in each case, pursuant to an Intermediate Transfer Agreement.  For the avoidance of doubt, any Receivable repurchased or retransferred to an Originator or Intermediate Transferor shall, in accordance with the relevant Transaction Document, be released from the lien of this Agreement and no longer included in the Collateral.
“Portfolio Report” means any Monthly Report or Weekly Report.
“Portuguese Account Security Agreement” has the meaning specified in the Portuguese RPA.
“Portuguese Collection Account” means any account set forth on Schedule 5 (Facility Accounts and Account Banks) hereto under the heading “Portuguese Collection Accounts”, as such Schedule may be amended from time to time in accordance herewith.
“Portuguese Collection Account Bank” means any bank or other financial institution set forth on Schedule 5 (Facility Accounts and Account Banks) under the heading “Portuguese Collection Account Banks”, as such Schedule may be amended from time to time in accordance herewith.
“Portuguese Originator” has the meaning assigned to the term “Seller” in the Portuguese RPA.
“Portuguese RPA” means the Portuguese Receivables Purchase Agreement, dated the Closing Date, among the Portuguese Originator(s), the Portuguese Seller Agent, the Seller and the Administrative Agent.
“Portuguese Seller Agent” has the meaning assigned to the term “Seller Agent” in the Portuguese RPA.
“Potential Facility Termination Event” means an event that but for notice or lapse of time or both would constitute a Facility Termination Event or a Seller Termination Event.  
“Potential Servicer Default” means an event that but for notice or lapse of time or both would constitute a Servicer Default.
“Prime Rate” means, with respect to any Tranche or other amount denominated in U.S. Dollars and any date, the rate of interest per annum equal to the “U.S. Prime Rate” as reported from time to time in the Money Rates Section of the Eastern Edition of The Wall Street Journal or, if The Wall Street Journal shall cease publication or cease publishing the “U.S. Prime Rate” on a regular basis, such other regularly published average prime rate applicable to commercial banks as is acceptable to the Administrative Agent in its discretion.
“Program Manager” means, with respect to a Conduit Purchaser, the Person (if any) identified on Schedule 1 (Purchaser Groups) as the “Program Manager” for such Conduit Purchaser.
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“Program Support Agreement” means and includes any agreement entered into by any Program Support Provider providing for the issuance of one or more letters of credit for the account of a Conduit Purchaser, the issuance of one or more surety bonds for which such Conduit Purchaser is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such Conduit Purchaser to any Program Support Provider of the Investments funded by such Conduit Purchaser (or portions thereof or participations therein) and/or the making of loans and/or other extensions of credit to such Conduit Purchaser in connection with such Conduit Purchaser’s commercial paper program, together with any letter of credit, surety bond, swap or other instrument issued thereunder.
“Program Support Provider” means, with respect to any Conduit Purchaser, each Committed Purchaser with respect to such Conduit Purchaser and any other Person now or hereafter extending credit, or having a commitment to extend credit to or for the account of, or to make purchases from, such Conduit Purchaser or issuing a letter of credit, surety bond, swap or other instrument to support any obligations arising under or in connection with such Conduit Purchaser’s securitization program.
“Pro Rata Share” means, for any Committed Purchaser in any Purchaser Group (a) the Commitment of such Committed Purchaser, divided by the sum of the Commitments of all Committed Purchasers in such Purchaser Group and (b) after the Commitments of all the Committed Purchasers in such Purchaser Group have been terminated, the outstanding Invested Amount (in U.S. Dollars or the Dollar Equivalent) of the Investments funded by such Committed Purchaser, divided by the outstanding Invested Amount (in U.S. Dollars or the Dollar Equivalent) of the Investments funded by all the Committed Purchasers in such Purchaser Group.
“Purchase Price” has the meaning specified in the applicable Originator Sale Agreement or Intermediate Transfer Agreement.
“Purchaser Agent” means, with respect to any Purchaser Group, the Person identified as the “Purchaser Agent” for such Purchaser Group on Schedule 1 together with any successor thereto in such capacity appointed pursuant to Section 9 (The Purchaser Agents) and any Person that becomes a Purchaser Agent for a new Purchaser Group pursuant to Section 11.3(i) (New Purchaser Groups).
“Purchaser Agent’s Account” means, with respect to any Purchaser Agent, the account of the Purchaser Agent identified on Schedule 1 (Purchaser Groups), or such other account as such Purchaser Agent may designate in writing to the Seller, the Master Servicer and the Administrative Agent.
“Purchaser Agent Fee Letter” has the meaning specified in Section 2.4(b) (Yield and Fees).
“Purchaser Group” means a group consisting of one or more Conduit Purchasers, one or more Committed Purchasers and a Purchaser Agent for such Purchasers, as specified on Schedule 1 (Purchaser Groups) or in the Joinder Agreement pursuant to which such Purchaser Group is established pursuant to Section 11.3(i) (New Purchaser Groups).
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“Purchaser Group Limit” means, with respect to any Purchaser Group, the aggregate Commitment(s) of the Committed Purchaser(s) in such Purchaser Group.
“Purchaser Group Percentage” means, for any Purchaser Group, the percentage equivalent of a fraction (expressed out to five decimal places), the numerator of which is the aggregate Commitments of all Committed Purchasers in such Purchaser Group and the denominator of which is the Aggregate Commitment.
“Purchaser Representative” has the meaning specified in Section 11.6(b) (Confidentiality).
“Purchasers” means, collectively, the Committed Purchasers and the Conduit Purchasers.
“Quotation Day” means, with respect to any Investment and any Tranche Period, the day on which it is market practice in the relevant interbank market for prime banks to give quotations for deposits in the currency of such Investment for delivery on the first day of such Tranche Period, as determined by the Administrative Agent.  If such quotations would normally be given by prime banks on more than one day, the Quotation Day will be the last of such days.
“Rabobank” means Coöperatieve Rabobank U.A.
“Rate Type” means the Adjusted Eurocurrency Rate, the Base Rate or the CP Rate.
“Rating Agencies” shall mean on any date of determination the rating agencies then rating Commercial Paper at the request of any Conduit Purchaser.
“Rating Agency Condition” means, with respect to any event or circumstance, that each Rating Agency then rating the Commercial Paper of any Conduit Purchaser shall have confirmed to such Conduit Purchaser that such event or circumstance will not cause its rating of such Conduit Purchaser’s Commercial Paper to be reduced or withdrawn.
“Receivable” means any indebtedness and other payment obligations of any Obligor resulting from the provision or sale of merchandise, goods or services by an Originator, including the right to payment of any interest or Finance Charges, value added taxes or sales taxes, late payment charges, delinquency charges, extension or collection fees.
“Records” means, with respect to any Receivable, all Contracts, purchase orders, invoices, customer lists, credit files and other agreements, documents, books, records (including records relating to billing and collection matters) and other media for the storage of information including tapes, disks, punch cards, computer software and databases (including such licenses, sublicenses and/or assignments of contracts as may be required for the use of services and computer software that relate to the servicing of the Receivables) and related property with respect to the Receivable, the Related Security or the related Obligors.
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“Reference Time” means, with respect to any setting of the then-current Benchmark means (1) if such Benchmark is Eurocurrency Rate with respect to U.S. Dollars, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, (2) if such Benchmark is Eurocurrency Rate with respect to an Approved Currency other than U.S. Dollars, 11:00 a.m. Brussels time two TARGET Days preceding the date of such setting and (3) if such Benchmark is not Eurocurrency Rate, the time determined by the Administrative Agent in its reasonable discretion.
“Register” has the meaning specified in Section 11.3(d) (Register).
“Reinvestment” has the meaning specified in Section 2.6(a) (Collections prior to Facility Termination Date).
“Related Security” means, with respect to any Receivable, all of the applicable Originator’s, applicable Intermediate Transferor’s or Seller’s, as applicable, right, title and interest in, to and under:
(a)    all security interests, hypothecs, reservations of ownership, liens or other Adverse Claims and property subject thereto from time to time purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements, registrations, hypothecs, charges or other similar filings or instruments against an Obligor and all security agreements describing any collateral securing such Receivable;
(b)    all guarantees, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable  or otherwise (provided that it is understood and agreed that notwithstanding anything herein or in any other Transaction Document to the contrary (i) no Transaction Party shall be required to take any action to cause any such guarantee, insurance or other agreement or arrangement to be transferred to or for the benefit of, or otherwise assigned, to the Administrative Agent or any Purchaser to the extent any such transfer or assignment requires the consent of any Person (other than a Transaction Party) or is prohibited by applicable Law, and (ii) any amounts received by any Transaction Party in respect of, or otherwise in connection with, such guarantee, insurance or other agreement or arrangement shall constitute “Related Security” for all purposes of the Transaction Documents, including any obligation of any Transaction Party under the Transaction Documents to promptly deposit amounts received in respect of Collections to a Facility Account);
(c)    all Records related to such Receivable;
(d)    any and all goods (including Returned Goods, if any) and documentation or title evidencing the shipment or storage of any goods, the sale of which by the applicable Originator gave rise to such Receivable;
(e)    all of the Seller’s and the applicable Intermediate Transferor’s right, title and interest in, to and under the Transaction Documents; and
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(f)    all Collections and proceeds of the foregoing.
“Release” has the meaning specified in Section 2.6(e)(vi) (Collections prior to Facility Termination Date).
“Relevant Governmental Body” means, (a) with respect to a Benchmark Replacement in respect of Tranches denominated in U.S. Dollars, the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto, (b) with respect to a Benchmark Replacement in respect of Tranches denominated in Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central Bank or, in each case, any successor thereto and (c) with respect to a Benchmark Replacement in respect of Tranches denominated in any other Approved Currency, (i) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (ii) any working group or committee officially endorsed or convened by (A) the central bank for the currency in which such Benchmark Replacement is denominated, (B) any central bank or other supervisor that is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (C) the Financial Stability Board or any part thereof.
“Reporting Date” means any date on which a Portfolio Report is required to be delivered by the Master Servicer pursuant to Section 2.3 (Reporting requirements) of the Servicing Agreement.
“Representatives” has the meaning specified in Section 11.6(a) (Confidentiality).
“Required Committed Purchasers” means Committed Purchasers representing more than 66 2/3% of the then outstanding Aggregate Commitment or, if the Aggregate Commitments have been reduced to zero, Committed Purchasers that represented more than 66 2/3% of the Aggregate Commitment immediately prior to such termination; provided that, subject to the terms of the relevant Program Support Agreement, so long as any Conduit Purchaser in any Purchaser Group holds any Investments hereunder, the Committed Purchasers in such Purchaser Group shall give any vote or direction hereunder only with the consent or at the direction of the related Purchaser Agent on behalf of such Conduit Purchaser.
“Reserve Percentage” means the sum of (a) the greater of (i) the sum of (x) the Loss Reserve Ratio and (y) the Dilution Reserve Ratio, and (ii) the Floor Reserve Percentage; and (b) the Yield Reserve Ratio. 
“Responsible Officer” means, with respect to any Transaction Party, the president, any vice president, a secretary, a director, any duly authorized officer, the chief financial officer, the treasurer, the comptroller, the assistant comptroller, the assistant treasurer, assistant secretary or, to the extent any of the foregoing are not recognized in a jurisdiction, the equivalent thereof in such jurisdiction, of such Transaction Party, 
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or any other officer of such Transaction Party customarily performing functions similar to those  performed by any of the above designated officers.
“Restricted Party” means any Person listed:
(a)    in the Annex to the Executive Order;
(b)     on the “Specially Designated Nationals and Blocked Persons” list maintained by OFAC; or
(c)    in any successor list to either of the foregoing.
“Restricted Payments” has the meaning specified in Section 5.1(n) (Distributions, etc.).
“Restricted Person” means a Person that is:
(a)    listed on, or owned 50% or more by or controlled by a Person listed on any applicable Sanctions List; or 
(b)    located in, incorporated under the laws of, or owned or controlled by, or acting on behalf of, a Person located in or organized under the laws of a country or territory that is the target of any applicable country-wide Sanctions.  
For the purposes of this definition, "control" means the possession of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  The term "controlled" has the meaning correlative thereto.
“Retention Holder” means Koninklijke Bunge B.V. in its capacity as Subordinated Lender.
“Returned Goods” means all right, title and interest in and to returned, repossessed or foreclosed goods and/or merchandise the sale of which gave rise to a Receivable; provided that such goods shall no longer constitute Returned Goods after a Deemed Collection has been received with respect to the full Unpaid Balance of the related Receivables.
“RIBA Advance” means any amount paid by an Italian Originator to an Italian Collection Account Bank in respect of any amount credited by such Italian Collection Account Bank to an Italian Collection Account in respect of a payment to be made by an Obligor of a Portfolio Receivable via the RIBA system and in respect of which such Obligor subsequently defaulted in the making of such payment via the RIBA system.
“RIBA Dilution” means any reduction in the funds on deposit in any Italian Collection Account by an Italian Collection Account Bank in respect of any amount credited or otherwise advanced by such bank or financial institution in respect of a payment to be made by an Obligor of a Portfolio Receivable via the RIBA system and 
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in respect of which such Obligor subsequently defaulted in the making of such payment via the RIBA system.
“Risk Retention Requirements” has the meaning specified in Section 5.5 (Securitisation Regulations).
“Rome 1 Convention” means the Rome I Regulation (EU Regulation 593/2008) on the law applicable to contractual obligations as such may be amended from time to time.
“Rule 17g-5” means Rule 17g-5 under the U.S. Securities Exchange Act of 1934 as such may be amended from time to time, and subject to such clarification and interpretation as has been provided by the Securities and Exchange Commission in the adopting release (Amendments to Rules for Nationally Recognized Statistical Rating Organizations, Exchange Act Release No. 34-61050, 74 Fed. Reg. 63,832, 63,865 (Dec. 4, 2009)) and subject to such clarification and interpretation as may be provided by the Securities and Exchange Commission or its staff from time to time.
“S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC Business.
“Sanctioned Country” means any country subject to economic sanctions or trade restrictions of France, the United Nations, the European Union, the United Kingdom or the United States, that broadly prohibit or restrict dealings with such country (currently the Crimea Region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria).
“Sanctions” means any applicable economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by: 
(a)     the United States government;
(b)     the United Nations; 
(c)     the European Union; 
(d)    the United Kingdom; 
(e)     the relevant authorities of Switzerland; or 
(f)     the respective governmental institutions and agencies of any of the foregoing, 
including without limitation, the Office of Foreign Assets Control of the US Department of the Treasury (“OFAC”), the United States Department of State, and Her Majesty’s Treasury (together “Sanctions Authorities”). 
“Sanctions Authorities” shall have the meaning given to it in the definition of “Sanctions”.
“Sanctions List” means the “Specially Designated Nationals and Blocked Persons” list issued by OFAC, the Consolidated List of Financial Sanctions Targets issued by 
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Her Majesty's Treasury, or any similar applicable list issued or maintained or made public by any of the Sanctions Authorities.
“Scheduled Commitment Facility Termination Date” means, with respect to any Committed Purchaser, (a) the Original Termination Date, or (b) if the same is extended from time to time pursuant to the terms and conditions set forth under Section 2.20 (Extension of Scheduled Commitment Facility Termination Date), the date selected in accordance with Section 2.20(a); provided that the Scheduled Commitment Facility Termination Date may not be extended beyond the Final Termination Date without the consent of each Purchaser Agent.
“Secured Parties” means, collectively, the Purchasers, each Agent and each other Indemnified Party.
“Securitisation Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No. 1060/2009 and (EU) No. 648/2012, as amended from time to time.
“Securitisation Regulation Rules” means the Securitisation Regulation together with all regulatory technical standards, implementing technical standards, guidelines, guidance or Q&A responses published in relation thereto or applicable pursuant to any transitional provisions or arrangements under the Securitisation Regulation, in each case as amended from time to time.
“Security Documents” means each Account Security Agreement and each other security agreement, deed of charge or other analogous agreement executed or delivered from time to time by the Seller or any Transaction Party pursuant to, or in connection with, the transactions contemplated by the Transaction Documents.
“Seller” means Bunge Securitization B.V., a private limited liability company organized under the laws of the Netherlands.
“Seller Event” means a “Seller Event” under, and as defined in, any Originator Sale Agreement.
“Seller Operating Account” means any account set forth on Schedule 5 (Facility Accounts and Account Banks) under the heading “Seller Operating Accounts”, as such Schedule may be amended from time to time in accordance herewith.
“Seller Operating Account Bank” means any bank or other financial institution set forth on Schedule 5 (Facility Accounts and Account Banks) under the heading “Seller Operating Account Bank”, as such Schedule may be amended from time to time in accordance herewith.
“Seller Party” means the Seller or any Intermediate Transferor.
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“Seller Payout Date” means a “Seller Payout Date” under, and as defined in, any Originator Sale Agreement.
“Seller Termination Date” means the “Termination Date” under, and as defined in, any Originator Sale Agreement.
“Seller Termination Event” means a “Seller Termination Event” under, and as defined in, any Originator Sale Agreement.
“Servicer Default” has the meaning specified in Section 2.9 (Servicer Default) of the Servicing Agreement.
“Servicer Parties” means, collectively, the Master Servicer and the Sub-Servicers.
“Servicing Agreement” means the Servicing Agreement, dated the Closing Date among the Master Servicer, the Seller, the Italian Intermediate Transferor, the Originators and the Administrative Agent.
“Servicing Fee” has the meaning specified in Section 2.10 (Servicing Fee) of the Servicing Agreement.
“Servicing Fee Percentage” means 0.50% per annum or, following a Servicer Default and the appointment of a successor Master Servicer pursuant to, and in accordance with, the Transaction Documents, such other rate per annum as may be reasonably agreed by such successor Master Servicer and the Administrative Agent (with the prior written consent of the Required Committed Purchasers). 
“Settlement Date” means the sixteenth (16th) day of each calendar month or, if such day is not a Business Day, the immediately following Business Day; provided, however, that (i) at any time Weekly Reports are required to be delivered by the Master Servicer, the Settlement Date shall be the third (3rd) Business Day following the required date of delivery of the Weekly Report under the Servicing Agreement and (ii) on and after the occurrence of the Facility Termination Date, the Settlement Date shall be each Business Day specified by the Administrative Agent in its sole discretion.
“Settlement Date Investment” means each Investment on a Settlement Date made by the Purchasers to refinance the Aggregate Invested Amount maturing on such Settlement Date in accordance with Section 2.1(d).
“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.
“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the 
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secured overnight financing rate identified as such by the SOFR Administrator from time to time. 
“Solvent” means (a) with respect to any German Originator, that such entity is neither unable to pay its debts as they fall due (Zahlungsunfähigkeit), nor is over indebted (Überschuldung), nor is threatened with insolvency (drohende Zahlungsunfähigkeit) nor has commenced negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness or, for any of the reasons set out in §§ 17 to 19 (inclusive) of the German Insolvency Code (Insolvenzordnung), and (b) with respect to any Person on a particular date, that on such date (i) the fair value of the property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (ii) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (iii) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and (iv) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital.  The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
“Spanish Account Security Agreement” has the meaning specified in the Spanish RPA.
“Spanish Collection Account” means any account set forth on Schedule 5 (Facility Accounts and Account Banks) hereto under the heading “Spanish Collection Accounts”, as such Schedule may be amended from time to time in accordance herewith.
“Spanish Collection Account Bank” means any bank or other financial institution set forth on Schedule 5 (Facility Accounts and Account Banks) under the heading “Spanish Collection Account Banks”, as such Schedule may be amended from time to time in accordance herewith.
“Spanish Originator” has the meaning assigned to the term “Seller” in the Spanish RPA.
“Spanish RPA” means the Spanish Receivables Purchase Agreement, dated the Closing Date, among the Spanish Originator(s), the Spanish Seller Agent, the Seller and the Administrative Agent.
“Spanish Seller Agent” has the meaning assigned to the term “Seller Agent” in the Spanish RPA.
“Specified Deemed Collection Sections” means Section 2.8 (Deemed Collections; application of payments) of this Agreement and Section 2.13 (Deemed Collections) of the Servicing Agreement.
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“Specified Seller Termination Event” means any Seller Termination Event other than the one described in Section 7.1(h) of the applicable Originator Sale Agreement.
“Spot Rate” means on any day, for the purpose of determining the Dollar Equivalent of any Local Currency, the rate at which such Local Currency may be exchanged into U.S. Dollars, at the end of the day London time, on such day on the Bloomberg or Reuters screen (Reuters Identification Code (RIC): FXBENCH) for such currency.  In the event that such rate does not appear on either the Bloomberg or Reuters screen, the Spot Rate shall be determined by reference to the euro foreign exchange reference rate displayed on the appropriate page of the website of the European Central Bank (the URL of such page as at the date of this Agreement being http://www.ecb.int/stats/exchange/eurofxref/html/index.en.html); provided that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.
“Statutory Reserves” means, with respect to any Committed Purchaser and any Investment made in any currency (other than U.S. Dollars), any currency, maximum reserve, liquid asset, fees or similar requirements (including any marginal, special, emergency or supplemental reserves or other requirements) established by any central bank, monetary authority, the Bank of England, the Financial Services Authority, the European Central Bank or other Official Body for any category of deposits or liabilities customarily used to fund loans in such currency or by reference to which interest rates applicable to loans in such currency are determined, in each case expressed as a percentage of the Invested Amount in respect of such Investment, as determined by the Administrative Agent.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement.
“Stress Factor” means 2.50.
“Structuring Agent” means Rabobank.
“Sub-Servicer” has the meaning specified in Section 2.5 (Sub-Servicers) of the Servicing Agreement.
“Subordinated Lender” has the meaning specified in the Subordinated Loan Agreement.  
“Subordinated Loan” has the meaning specified in the Subordinated Loan Agreement. 
“Subordinated Loan Agreement” means the Subordinated Loan Agreement, dated the Closing Date, between the Seller, the Administrative Agent, the Master Servicer and the Subordinated Lender.
“Subordinated Loan Investment Request” has the meaning specified in the Subordinated Loan Agreement.
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“Subsidiary” means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned directly or indirectly through one or more intermediaries, or both, by such Person.
“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 19, 2007.
“TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.
“Taxes” means any and all present or future taxes (including social security contributions and value added taxes), levies, imposts, duties (including stamp duties), deductions, charges (including ad valorem charges), withholdings or other charges of any nature whatsoever imposed by any Official Body.
“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Term SOFR Notice” means a notification by the Administrative Agent to the Purchasers and the Seller of the occurrence of a Term SOFR Transition Event.
“Term SOFR Transition Event” means, the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent in its sole discretion, and (c) a Benchmark Transition Event or an Early Opt-In Election, as applicable (and, for the avoidance of doubt, not in the case of an Other Benchmark Rate Election), has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.13 (Alternate Rate of Interest) that is not Term SOFR.
“Term SOFR Transition Event Effective Date” means, with respect to a Term SOFR Transition Event, the date that is thirty (30) days after a Term SOFR Notice is provided to the Purchaser and the Seller pursuant to Section 2.13(c) (Flip Forward).
“Total Eligible Receivables Balance” means at any time the Dollar Equivalent of an amount equal to:
(a)    the aggregate Outstanding Balance of Portfolio Receivables that qualify as Eligible Receivables at such time, minus
(b)    the Credit Note Reduction at such time, minus
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(c)    if the Applicable S&P Rating is below “BBB-” (or withdrawn or suspended) and the Applicable Moody’s Rating is below “Baa3” (or withdrawn or suspended), the aggregate Obligor Payables at such time, minus
(d)    the Accrual Reserve at such time.
“Tranche” has the meaning specified in Section 2.10 (Tranches).
“Tranche Period” means, with respect to any Tranche (a) initially the period commencing on (and including) the applicable Investment Date and ending on (and excluding) the next Settlement Date and (b) thereafter, each successive period commencing on (and including) the last day of the immediately preceding Tranche Period for such Tranche and ending on (and excluding) the next succeeding Settlement Date; provided that:
(i)    any Tranche Period which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day (provided that if Yield in respect of such Tranche Period is computed by reference to the Adjusted Eurocurrency Rate, and such Tranche Period would otherwise end on a day which is not a Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Tranche Period shall end on the next preceding Business Day);
(ii)    in the case of any Tranche Period of one day (A) if such Tranche Period is the initial Tranche Period for a Tranche, such Tranche Period shall be the applicable Investment Date, (B) any subsequently occurring Tranche Period which is one day shall, if the immediately preceding Tranche Period is more than one day, be the last day of such immediately preceding Tranche Period and, if the immediately preceding Tranche Period is one day, be the day next following such immediately preceding Tranche Period and (C) if such Tranche Period occurs on a day immediately preceding a day which is not a Business Day, such Tranche Period shall be extended to the next succeeding Business Day;
(iii)    in the case of any Tranche Period for any Tranche which commences before the Facility Termination Date and would otherwise end on a date occurring after the Facility Termination Date, such Tranche Period shall end on the Facility Termination Date and the duration of each Tranche Period which commences on or after the Facility Termination Date shall be as selected by the applicable Purchaser Agent; and
(iv)    any Tranche Period in respect of which Yield is computed by reference to the CP Rate may be terminated at the election of the Purchaser Agent, at any time, in which case the Tranche allocated to such terminated Tranche Period shall be allocated to a new Tranche Period commencing on (and including) the date of such termination and ending on (but excluding) the next Settlement Date, and shall accrue Yield at the Alternate Rate.
“Transaction” means the transaction described in and contemplated by the Transaction Documents.
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“Transaction Documents” means this Agreement, the Bank Release Agreements, the Intermediate Transfer Agreements, the Originator Sale Agreements, the Servicing Agreement, the Security Documents, the Performance Undertaking, the Subordinated Loan Agreement, the Fee Letters and all other instruments, documents and agreements executed and/or delivered pursuant to or in connection therewith.
“Transaction Parties” means, collectively, the Seller, each Originator, the Performance Undertaking Provider, the U.S. Intermediate Transferor, the Master Servicer (so long as it is an Originator or an Affiliate thereof), each Sub-Servicer (so long as it is an Originator or an Affiliate thereof) and any Subordinated Lender.
“Transaction Party Obligations” means all present and future indebtedness and other liabilities and obligations (howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Seller or any other Transaction Party in any capacity to the Secured Parties arising under or in connection with this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby, and shall include the Aggregate Invested Amount, Yield accrued and to accrue to maturity with respect to all Tranche Periods at such time, Fees, and all other amounts owed and payable (whether or not due and payable) by the Seller or any other Transaction Party under or in connection with this Agreement or any other Transaction Document (whether in respect of fees, expenses, indemnifications, breakage costs, increased costs or otherwise), including interest, fees and other obligations that accrue after the commencement of any bankruptcy, insolvency or similar proceeding (including any Event of Bankruptcy) with respect to any Transaction Party (in each case whether or not allowed as a claim in such proceeding).
“Transaction SPV” means the Seller and the U.S. Intermediate Transferor.
“UCC” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions.
“U.K. Account Security Agreement” means that certain Deed of Charge, dated as of June 1, 2011, between the Seller and the Administrative Agent.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
“Uncollectible” means a Portfolio Receivable which is not collectible because of the financial inability of the relevant Obligor to pay such Portfolio Receivable.
“Unpaid Balance” means, with respect to any Receivable at any time, the unpaid amount of such Receivable at such time, excluding any Finance Charges.
“U.S.” means the United States of America.
“U.S. Account Security Agreement” has the meaning specified in the U.S. RPA.
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“U.S. Collection Account” means any account set forth on Schedule 5 (Facility Accounts and Account Banks) hereto under the heading “U.S. Collection Accounts”, as such Schedule may be amended from time to time in accordance herewith.
“U.S. Collection Account Bank” means any bank or other financial institution set forth on Schedule 5 (Facility Accounts and Account Banks) under the heading “U.S. Collection Account Banks”, as such Schedule may be amended from time to time in accordance herewith.
 “U.S. Dollars” and “$” each mean the lawful currency of the United States of America.
“U.S. Intermediate Transfer Agreement” means the U.S. Intermediate Transfer Agreement, dated the Closing Date, between the U.S. Intermediate Transferor and the Seller.
“U.S. Intermediate Transferor” means Bunge North America Capital, Inc., a Delaware corporation.
“U.S. Originator” has the meaning assigned to the term “Seller” in the U.S. RPA.
“U.S. RPA” means the U.S. Receivables Purchase Agreement, dated the Closing Date, among the U.S. Originator(s), the U.S. Seller Agent and the U.S. Intermediate Transferor.
“U.S. Seller Agent” has the meaning assigned to the term “Seller Agent” in the U.S. RPA.
“Volcker Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.
“Voting Stock” means, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.
“Weekly Report” means a report furnished by the Master Servicer pursuant to Section 2.3 (Reporting requirements) of the Servicing Agreement substantially in the form attached as Exhibit A-2 (Form of Weekly Report) to the Servicing Agreement.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
“Write-Off Ratio” means the ratio (expressed as a percentage) computed as of each Monthly Reporting Date for the immediately preceding Calculation Period by dividing (a) the aggregate amount (in U.S. Dollars or the Dollar Equivalent) of Portfolio Receivables which were written-off as Uncollectible during that Calculation 
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Period, by (b) the Outstanding Balance of Receivables as of the last day of the Calculation Period prior to such immediately preceding Calculation Period.
“Yield” means, for any Tranche and any Tranche Period, the sum of:

(a)    for each day during such Tranche Period, the result of the following:

plus
(b)    the Liquidation Fee, if any, for such Tranche for such Tranche Period
where:
YR    =    the Yield Rate for such Tranche for such day;
IA    =    the aggregate Invested Amount of such Tranche on such day;
Y    =    (a) in the case of a Tranche denominated in U.S. Dollars accruing interest at the Base Rate or a Tranche denominated in Canadian Dollars accruing interest at the Eurocurrency Rate by reference to CDOR, 365 or 366, as applicable, and (b) in the case of any other Tranche, 360 (or, in the event the practice of the relevant interbank market differs, in accordance with such market practice); 
provided that no provision of this Agreement shall require the payment or permit the collection of Yield in excess of the maximum permitted by applicable Law; and provided, further, that Yield for any Tranche shall not be considered paid by any distribution to the extent that at any time all or a portion of such distribution is rescinded or must otherwise be returned for any reason.
“Yield Rate” means, with respect to any Tranche for any day, (a) if such Tranche is funded on such day by any Conduit Purchaser through the issuance of Commercial Paper or a Committed Purchaser which is refinanced, directly or indirectly, through the issuance of Commercial Paper, the CP Rate plus the Applicable Margin and (b) otherwise, the Alternate Rate; provided that, and notwithstanding anything herein to the contrary, at all times that a Facility Termination Event has occurred and is continuing or following the declaration of the Facility Termination Date following the occurrence of a Portfolio Event, the Yield Rate for all Tranches shall be a rate per annum equal to the Default Rate.
“Yield Reserve Ratio” means, as of any Monthly Reporting Date and continuing until (but not including) the next Monthly Reporting Date, an amount (expressed as a percentage) that is calculated as follows:
YRR = SF x AR x (DSO/360)
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where:
YRR    =    Yield Reserve Ratio;
SF    =    the Stress Factor;
AR    =    the sum of (i) the “Applicable Rate”, defined as the sum of (a) the one-month rate calculated as the weighted average Eurocurrency Rate weighted by the Eurocurrency Tranche sizes as of such Monthly Reporting Date plus (b) the Applicable Margin for Tranches funded with reference to the Eurocurrency Rate, and (ii) the Servicing Fee Percentage; and
DSO    =    the Days Sales Outstanding.
1.2Other terms
All terms defined directly or by incorporation herein shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined herein, and accounting terms partly defined herein to the extent not defined, shall have the respective meanings given to them under, and shall be construed in accordance with, GAAP; (b) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (c) the words “hereof”, “herein” and “hereunder” and words of similar import refer to this Agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of this Agreement (or such certificate or document); (d) references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to this Agreement (or the certificate or other document in which the reference is made) and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” means “including without limitation”; (f) references to any Law refer to that Law as amended or re-enacted from time to time and include any successor Law; (g) references to any agreement refer to that agreement as from time to time amended, supplemented or novated or as the terms of such agreement are waived or modified in accordance with its terms; (h) references to any Person include that Person’s successors and permitted assigns; (i) references to “set-off” shall include analogous rights under applicable Law, (j) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof; (k) where in any Transaction Document there is an obligation to “perfect” a transfer, assignment, charge or other transaction, that shall be construed as an obligation to take all steps necessary in all relevant jurisdictions to make such transfer or other transaction valid as between the transferring parties and any creditor or hypothetical creditor of the transferor, including in any applicable insolvency proceedings; and (l) where it relates to a Dutch entity or Dutch security a reference to:
(i)“necessary action to authorize” where applicable, includes without limitation (A) any action required to comply with the Works Councils 
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Act of the Netherlands (Wet op de ondernemingsraden); and (B) obtaining either an unconditional positive advice (advies) or a conditional positive advice, which conditions have been fulfilled, from the competent works council(s) if a positive advice is required pursuant to the Works Councils Act of the Netherlands (Wet op de ondernemingsraden);
(ii)a “board of directors” means a managing board (bestuur);
(iii)a “director” means a managing director (bestuurder);
(iv)a “security interest” includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), privilege (voorrecht), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and, in general, any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);
(v)a “winding-up”, “administration” or “dissolution” includes a bankruptcy (faillissement) or dissolution (ontbinding);
(vi)a “moratorium” includes surseance van betaling and “a moratorium is declared” or “occurs” includes surseance verleend;
(vii)any “step” or “procedure” taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990);
(viii)a “liquidator” includes a curator;
(ix)an “administrator” includes a bewindvoerder;
(x)an “attachment” includes a beslag;
(xi)“gross negligence” means grove schuld;
(xii)“willful misconduct” means opzet;
(xiii)a merger includes a juridische fusie;
(xiv)“insolvency” includes a bankruptcy (faillissement), moratorium (surseance van betaling) and or any resolution proceedings within the meaning of Section 3A of the Wft; and
(xv)a “Subsidiary” includes a dochtermaatschappij as in section 2:24a of the Dutch Civil Code.
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1.3Computation of time periods
Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including”, the words “to” and “until” each means “to but excluding”, and the word “within” means “from and excluding a specified date and to and including a later specified date”.
1.4Interest Rates; Eurocurrency Rate Notification
The interest rate on an Investment in a Tranche denominated in U.S. Dollars or another Approved Currency may be derived from an interest rate benchmark that is, or may in the future become, the subject of regulatory reform.  Regulators have signalled the need to use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such interest rate benchmarks may cease to comply with applicable Laws, may be permanently discontinued and/or the basis on which they are calculated may change.  The London interbank offered rate (“LIBOR”) is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.  On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that:  immediately after December 31, 2021, publication of all seven euro LIBOR settings and the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published.  Each Party should consult its own advisors to stay informed of any such developments. Public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR.  Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, Section 2.13(b) (Benchmark Replacement), Section 2.13(c) (Flip Forward) and Section 2.13(d) (Benchmark Replacement Conforming Changes) provide the mechanism for determining an alternative rate of interest.  The Administrative Agent will promptly notify the Seller, pursuant to Section 2.13(e), of any change to the reference rate upon which the interest rate on Eurocurrency Tranches is based.  However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “Eurocurrency Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.13(b) (Benchmark Replacement) and Section 2.13(d) (Benchmark Replacement Conforming Changes) whether upon the occurrence 
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of a Benchmark Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.13(d) (Benchmark Replacement Conforming Changes), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the Eurocurrency Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.  The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Seller.  The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Eurocurrency Rate, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Seller, any Purchaser or any other Person for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.
2.AMOUNTS AND TERMS OF THE PURCHASES
2.1The Purchases
(a)On the terms and subject to the conditions hereof, the Seller hereby agrees to sell and assign and hereby sells, assigns and transfers to each Purchaser, and each Purchaser hereby agrees to purchase and accept and hereby purchases and accepts from the Seller, a pro rata share (calculated as such Purchaser’s Invested Amount as a percentage of the Aggregate Invested Amount) in all Portfolio Receivables, together with all Related Security and Collections and all proceeds of or payments in respect of any and all of the foregoing, in each case existing on the date of the initial Incremental Investment hereunder or thereafter arising and acquired by the Seller from time to time prior to the Facility Termination Date (in the aggregate, the “Portfolio”).  For administrative convenience, the Purchasers have appointed the Administrative Agent pursuant to Section 8 to take actions hereunder and under the other Transaction Documents with respect to the Portfolio on behalf of the Purchasers in each Purchaser Group in accordance with the respective portions of the Portfolio funded by that Purchaser Group from time to time.  For the avoidance of doubt, the Administrative Agent shall have no right, title or interest in the Portfolio but shall act as an agent on behalf of the Purchasers with respect to the Portfolio for the benefit of each individual Purchaser in accordance to such Purchaser’s pro rata share, calculated as such Purchaser’s Invested Amount as a percentage of the Aggregate Invested Amount.  
(b)On the terms and subject to the conditions hereof (including Section 3 (Conditions of Purchases)), on the Initial Purchase Date and thereafter from time to time prior to the Facility Termination Date, each Conduit Purchaser may in its sole discretion and each Committed Purchaser shall, if the Conduit 
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Purchaser in its related Purchaser Group elects not to do so, make Incremental Investments in the Portfolio to purchase Receivables and all Related Security and Collections, in an amount in any Approved Currency specified by the Seller (or the Master Servicer on behalf of the Seller) in accordance with Section 2.2(a), for each Purchaser Group, equal to its Purchaser Group Percentage of each Incremental Investment requested by the Seller pursuant to Section 2.2 (Purchase procedures); provided that, after giving effect to such Incremental Investments:
(i)the aggregate Invested Amount for any Purchaser Group shall not exceed its Purchaser Group Limit; and
(ii)the Aggregate Invested Amount shall not exceed the lesser of (A) the Facility Limit and (B) the Funding Base.
(c)The foregoing sale, assignment and transfer does not constitute and is not intended to result in the creation, or an assumption by the Administrative Agent, any Purchaser Agent or any Purchaser, of any obligation of the Seller, any Originator, the Master Servicer or any other Person under or in connection with the Portfolio, all of which shall remain the obligations and liabilities of the Seller and the Master Servicer, as applicable.
(d)The Seller, the Agents and the Purchasers intend that the sale, assignment and transfer of the Portfolio to the Purchasers hereunder shall be treated as a sale for all purposes, other than tax purposes as further described below.  If, notwithstanding the intent of the parties, such sale, assignment and transfer of the Portfolio to the Purchasers is not treated as a sale for all purposes, other than tax purposes as further described below, such sale, assignment and transfer of the Portfolio shall be treated as the grant of, and the Seller hereby does grant, a security interest in all right, title and interest of the Seller in, to and under (i) the Portfolio, (ii) all Transaction Documents, all Related Security and all Account Security Agreements, (iii) all other Collateral and (iv) all accounts, general intangibles, chattel paper, instruments, securities, financial assets, investment property, commercial tort claims, deposit accounts, documents, goods and letter-of-credit rights, supporting obligations, securities entitlements (in each case as defined in the UCC) and any and all other personal property and assets of any type or nature in which it has an interest, and all proceeds of the foregoing, in each case, to secure the payment and performance of the Seller’s obligations to the Administrative Agent (on behalf of the Purchasers) and the other Secured Parties hereunder and under the other Transaction Documents or as may be determined in connection therewith by applicable Law.  For all federal, and applicable state and local, income and franchise tax purposes, the Seller and the Agents agree, and each Purchaser by acquiring an Investment agrees, to treat and report each Investment as indebtedness issued by the Seller.  The parties hereto agree that each Investment shall be due and payable to the holder thereof on each Settlement Date.  Each Conduit Purchaser that is a U.S. Person, or that otherwise is subject to U.S. federal income taxation on a net basis, which is funding all or any portion of its Investment by the issuance of Commercial Paper in an 
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Approved Currency other than U.S. Dollars shall match fund such Commercial Paper (and any related hedging arrangements) to correspond to each Tranche Period.  
On each Settlement Date prior to the Facility Termination Date (upon the terms and subject to the conditions hereof), each Conduit Purchaser may make a Settlement Date Investment in respect of its then-current outstanding Investment (and, to the extent such Conduit Purchaser decides not to make a Settlement Date Investment, its related Committed Purchasers shall make such Settlement Date Investment) in an amount equal to (and in repayment of) all then-current outstanding Investments (it being understood and agreed by the parties hereto that each such Settlement Date Investment shall constitute a new Investment by the relevant Purchaser hereunder).  If the Aggregate Invested Amount is to decrease on a Settlement Date, each Settlement Date Investment made by the Purchasers on such date shall be reduced by their respective pro rata shares of the reduced Aggregate Invested Amount (and the reduction in the Aggregate Invested Amount shall be paid to the applicable Purchasers in the relevant Approved Currency in accordance with Section 2.6(f) hereof).  If the Aggregate Invested Amount is to increase on a Settlement Date, each Settlement Date Investment by the Purchasers made on such date shall be increased by their respective pro rata shares of the increased Aggregate Invested Amount (i.e., through an Incremental Investment in accordance with the terms hereof).  The Settlement Date Investments, any reductions in the Aggregate Invested Amount and any Incremental Investment shall all be set forth in a single Investment Request with respect to each Settlement Date, which Investment Request shall be delivered for each Settlement Date, regardless of whether the Aggregate Invested Amount is changing on such Settlement Date.
(e)If there is more than one Committed Purchaser in a Purchaser Group, each such Committed Purchaser shall purchase its Pro Rata Share of such Purchaser Group’s Purchaser Group Percentage of each Investment, to the extent not purchased by the related Conduit Purchaser.  In the event that one or more of such Committed Purchasers in any such Purchaser Group fails to purchase such Pro Rata Share as required hereunder, each of the other non-defaulting Committed Purchasers in such Purchaser Group shall purchase their Pro Rata Share (calculated without giving effect to such defaulting Committed Purchaser’s Commitment) of such Purchaser Group’s Purchaser Group Percentage of such Investment subject to the other terms and conditions hereof (including Section 2.2(c)(iii) (Committed Purchaser’s Commitment)).
(f)Each Incremental Investment in the Portfolio hereunder shall be in a minimum Invested Amount equal to such amount as will ensure that after giving effect to such Incremental Investment (A) no Purchaser Group’s Purchaser Group Percentage of the Aggregate Invested Amount (including the Dollar Equivalent of all Investments to be made on the applicable Investment Date in each Approved Currency) would be less than $10,000,000 and (B) each Purchaser Group’s Purchaser Group Percentage of the Aggregate Invested Amount would be an integral multiple of $100,000 or, in the case of any 
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Investment denominated in a Local Currency, 100,000 units of such Local Currency.
2.2Purchase procedures
(a)Investment Request.
(i)The Seller shall request an Incremental Investment hereunder by submitting (or causing the Master Servicer to execute and submit on behalf of the Seller) to the Administrative Agent a written notice, substantially in the form of Exhibit B (Form of Investment Request) (each, an “Investment Request”), prior to 11 a.m. (London time) on any Monthly Reporting Date (and the Administrative Agent shall forward such Investment Request to each Purchaser Agent by 12:00 noon (London time) on the same Business Day), requesting an Incremental Investment on the immediately following Settlement Date (each, an “Investment Date”), or such other times agreed upon by the Seller, the Master Servicer and the Agents.
(ii)Each Investment Request shall, among other things (A) specify (I) the desired Approved Currencies for the requested Incremental Investment, determined in accordance with Section 2.2(e), (II) for each such Approved Currency, the amount of the requested Incremental Investment and the Spot Rate used in determining the Dollar Equivalent thereof, and (III) the Aggregate Invested Amount after giving effect to such Incremental Investment and (B) certify that, after giving effect to the proposed Incremental Investment, the Aggregate Invested Amount shall not exceed the lesser of (x) the Facility Limit and (y) the Funding Base.  Each Investment Request shall be irrevocable and binding on the Seller.
(b)Conduit Purchaser Acceptance or Rejection.
Each Purchaser Agent will promptly notify its related Conduit Purchasers of its receipt of any Investment Request.  If a Conduit Purchaser rejects an Investment Request, the related Purchaser Agent shall promptly notify the related Committed Purchasers of such rejection.
(c)Committed Purchaser’s Commitment.
(i)If a Conduit Purchaser rejects an Investment Request, any Incremental Investment requested by the Seller in such Investment Request that would otherwise be made by such Conduit Purchaser shall be made by the related Committed Purchasers in its Purchaser Group on a pro rata basis in accordance with their respective Pro Rata Shares of such Incremental Investment.  
(ii)The obligations of any Committed Purchaser to make Incremental Investments hereunder are several from the obligations of any other Committed Purchasers (whether or not in the same Purchaser Group).  
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The failure of any Committed Purchaser to make Incremental Investments hereunder shall not release the obligations of any other Committed Purchaser (whether or not in the same Purchaser Group) to make Incremental Investments hereunder, but no Committed Purchaser shall be responsible for the failure of any other Committed Purchaser to make any Incremental Investment hereunder other than as described in Section 2.1(e) (The Purchases).
(iii)Notwithstanding anything herein to the contrary, a Committed Purchaser shall not be obligated to fund any Incremental Investment at any time on or after the Facility Termination Date, at any time a Facility Event exists or would exist after making such Incremental Investment, or if, after giving effect thereto, the Dollar Equivalent of the aggregate outstanding Invested Amount of the Incremental Investment funded by such Committed Purchaser hereunder would exceed an amount equal to (A) such Committed Purchaser’s Commitment less (B) the Dollar Equivalent of such Committed Purchaser’s ratable share of the aggregate outstanding Invested Amount held by the Conduit Purchaser in such Committed Purchaser’s Purchaser Group.
(d)Disbursement of Funds.
On each Investment Date, each applicable Purchaser shall remit its share of the aggregate amount of the Incremental Investment requested by the Seller as determined above to the applicable Seller Operating Account specified therefor by (i) 4:00 p.m. (London time) for amounts in U.S. Dollars and CAD or (ii) 3:00 p.m. (London time) for amounts in other Approved Currencies by wire transfer of same day funds.  Upon receipt of such funds by such deadline, the Administrative Agent shall remit such funds by (i) 4:00 p.m. (London time) for amounts in U.S. Dollars and CAD or (ii) 3:00 p.m. (London time) for amounts in other Approved Currencies to the account specified by the Seller (or the Master Servicer on its behalf) in the relevant Investment Request by wire transfer of same day funds (it being understood that if funds are not deposited by the applicable Purchasers by (i) 4:00 p.m. (London time) for amounts in U.S. Dollars and CAD or (ii) 3:00 p.m. (London time) for amounts in other Approved Currencies, the Administrative Agent may (but shall have no obligation to) remit such funds by (i) 4:00 p.m. (London time) for amounts in U.S. Dollars and CAD or (ii) 3:00 p.m. (London time) for amounts in other Approved Currencies.  To the extent (i) the Administrative Agent remits any funds at the direction of the Seller or Master Servicer and any applicable Purchaser shall fail to remit its share of the aggregate amount of the Incremental Investment requested by the Seller as determined above within the timeframe set forth above, (ii) the Administrative Agent fails to remit any funds as required by the timeframe set forth above or as required by the timeframe set forth in Section 2.9(a) or (iii) any Purchaser shall fail to remit its share of any Incremental Advance by the timeframe set forth above, interest thereon shall be payable by the applicable late Person and accrue for the benefit of the applicable recipient on such amounts at the Default Rate.  
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(e)Denomination of Investments.
Each Incremental Investment made by the Purchasers hereunder shall be denominated in an Approved Currency.  Notwithstanding anything herein or in any other Transaction Document to the contrary, the Seller shall not request any Incremental Investment, and the Purchasers shall not be obligated to make any such Incremental Investment, hereunder if, after giving effect thereto, the Dollar Equivalent of the aggregate Invested Amounts of the Investments held by the Purchasers in each Approved Currency would exceed the product of (A) the Currency Percentage for such Approved Currency set forth in the most recent Portfolio Report delivered under the Servicing Agreement (plus or minus 1.0%) and (B) the Net Eligible Receivables Balance. Notwithstanding the foregoing, the Seller may request an Incremental Investment denominated in U.S. Dollars or Euros, regardless of the Currency Percentage for such currency, if each Purchaser Agent has consented thereto and hedging agreements or hedging reserves satisfactory to the Purchaser Agents have been implemented with respect thereto.
(f)Redenomination of Local Currencies.
(i)Each obligation of any party to this Agreement to make a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the Amendment and Restatement Effective Date shall be redenominated into Euro at the time of such adoption (in accordance with the EMU Legislation).  If, in relation to the currency of any such member state, the basis of accrual of yield expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London Interbank Market for the basis of accrual of yield in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any Investment in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Investment, at the end of the then current Tranche Period.
(ii)Without prejudice and in addition to any method of conversion or rounding prescribed by any EMU Legislation and (A) without limiting the liability of the Seller for any amount due under this Agreement and (B) without increasing any Commitment of any Committed Purchaser, all references in this Agreement to minimum amounts (or integral multiples thereof) denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the Amendment and Restatement Effective Date shall, immediately upon such adoption, be replaced by references to such minimum amounts (or integral multiples thereof) as shall be specified herein with respect to Investments denominated in Euro.
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2.3Use of proceeds
The Seller shall use the proceeds of the Investments only to (a) pay the Purchase Price for Receivables, pursuant to and in accordance with the terms of the Originator Sale Agreements and Intermediate Transfer Agreements, (b) refinance Investments denominated in one Approved Currency with Investments denominated in another Approved Currency for the purpose of satisfying the requirements set forth in Section 2.2(e) (Denomination of Investments) and (c) pay transaction fees, costs and expenses incurred in connection with the consummation of the transactions contemplated by the Transaction Documents (with such fees, costs and expenses reflected in the applicable Discount Percentage deducted under the applicable Originator Sale Agreements); provided that, notwithstanding anything herein or in any other Transaction Document to the contrary, the Seller shall not use all or any portion of the proceeds of any Incremental Investment to pay the Purchase Price for any Receivable (i) to the extent Weekly Reports are then required to be delivered pursuant to Section 2.3 (Reporting requirements) of the Servicing Agreement, if a Weekly Report has not been delivered on such day pursuant to and in accordance with such Section 2.3, or (ii) that was originated by an Originator with respect to which a Seller Event has occurred and is continuing.
2.4Yield and Fees
(a)On each Settlement Date and in accordance with the requirements of Section 2.9(a), the Seller shall pay (in immediately available funds in the currency of such Tranche) to the Administrative Agent (for transfer by the Administrative Agent to the relevant Purchaser Agent, for the account of the Purchasers in such Purchaser Agent’s Purchaser Group), all Yield that is due and owing on such Settlement Date (i.e., for all Tranche Periods ending on such Settlement Date) with respect to all outstanding Tranches.  
(b)The Seller shall pay to the Administrative Agent (for transfer to the applicable recipient) certain Fees in the amounts and on the dates set forth in (i) the fee agreement of even date herewith between the Seller, the Performance Undertaking Provider and the Administrative Agent (including any replacement thereof, the “Administrative Agent Fee Letter”) and (ii) the fee agreement of even date herewith between the Seller, the Performance Undertaking Provider, the Administrative Agent and the Purchaser Agents (including any replacement thereof, the “Purchaser Agent Fee Letter”).
(c)On the second (2nd) Business Day immediately before each Reporting Date each Purchaser Agent shall furnish the Seller and the Master Servicer with an invoice setting forth the amount of the Yield and Fees that are due and owing on the immediately succeeding Settlement Date for such Tranche Period with respect to the Tranches held by the Purchaser(s) in such Purchaser Agent’s Purchaser Group.  To the extent necessary, such Yield shall be calculated using an estimate of the Yield Rate for the remaining days in such Tranche Period; provided that such Yield shall be adjusted as follows: if the Purchaser Agent shall have used an estimate of the Yield Rate with respect to the preceding Tranche Period, the Purchaser Agent shall compute the actual Yield 
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Rate and Yield for such Tranche Period and (i) if the actual Yield so computed is greater than the estimated Yield calculated for such preceding Tranche Period, the Yield calculated pursuant to the preceding sentence for the current Tranche Period shall be increased by the amount of such difference, and (ii) if the actual Yield so computed is less than the estimated Yield for such preceding Tranche Period, the Yield calculated pursuant to the preceding sentence for the current Tranche Period shall be decreased by the amount of such difference. 
2.5Payments
The Seller:
(a)shall, immediately upon acceleration of the Transaction Party Obligations pursuant to Section 7.2 (Termination of Facility), repay all outstanding amounts payable hereunder in accordance with the priority of payments set forth in Section 2.7 (Collections after Facility Termination Date);
(b)shall, if on any date the Aggregate Invested Amount exceeds the lesser of (i) the Facility Limit and (ii) the Funding Base as determined by reference to the most recent Portfolio Report delivered under the Servicing Agreement, pay such amounts on such date (which payment shall be effected by making a deposit to the applicable Seller Operating Account for application in accordance with Section 2.6 (Collections prior to Facility Termination Date) or Section 2.7 (Collections after Facility Termination Date), as applicable) in an amount sufficient to cause the Aggregate Invested Amount to be less than or equal to the lesser of (x) the Facility Limit and (y) the Funding Base; and
(c)from and after the Facility Termination Date, shall make payments out of Collections available for such purpose pursuant to Section 2.7 (Collections after Facility Termination Date).
2.6Collections prior to Facility Termination Date
(a)If at any time any Collections are received by the Master Servicer prior to the Facility Termination Date and are available for reinvestment pursuant to Sections 2.6(e)(vi) and 2.6(j)(ii), the Seller hereby requests and each Purchaser hereby agrees to make, subject to the terms and conditions set forth in the Agreement (including Section 3.2), simultaneously with such receipt, a reinvestment (each, a “Reinvestment”) in additional Receivables acquired by the Seller with the Collections received by the Master Servicer such that after giving effect to such Reinvestment, the Aggregate Invested Amount immediately after such receipt and corresponding Reinvestment shall be equal to an amount up to the Aggregate Invested Amount immediately prior to such receipt.  Collections received by the Master Servicer prior to the Facility Termination Date in excess of amounts to be reinvested shall be applied in accordance with Section 2.6(e).  Prior to the Facility Termination Date, Collections for such Reinvestment or application pursuant to Section 2.6(e) may be transferred by the Master Servicer directly from the Collection 
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Accounts to an account designated by the Master Servicer and applied to pay the Purchase Price, Deferred RPA Purchase Price or Advanced Purchase Price for Receivables under the Originator Sale Agreements and Intermediate Transfer Agreements or for the payment of other amounts described in Section 2.6(e).
(b)    Prior to the Final Payout Date, until the Aggregate DPP has been paid in full, the Subordinated Lender, pursuant to the Subordinated Loan Agreement, shall make available to the Seller a Subordinated Loan in an amount equal to the Aggregate DPP determined in accordance with Section 2.19(a) (Proceeds of Subordinated Loans).  Each amount allocated and paid to reduce the Subordinated Loan hereunder shall constitute a payment of a corresponding amount of the Aggregate DPP hereunder.
(ii)Prior to the Final Payout Date, the Aggregate DPP shall only be paid to the extent funds are available for such purpose pursuant to Section 2.6(j)(iii) or Section 2.7(d).  On each Business Day on and after the Final Payout Date until the date the Aggregate DPP is paid in full, the Master Servicer, on behalf of the Administrative Agent, shall pay to the Seller, in repayment of the Aggregate DPP, all Collections thereafter received less any accrued and unpaid Servicing Fee, which shall be retained by the Master Servicer.  
(iii)The Aggregate DPP shall be payable solely from Collections available therefor at the times and in the manner provided herein.
(iv)Each of the parties hereto hereby acknowledges and agrees that, notwithstanding anything to the contrary contained herein, all Collections which are allocated to the payment of any Deferred Purchase Price (and the Aggregate DPP) in accordance with the terms of this Agreement (the “DPP Collections”) (A) shall be set aside and held in trust by the Master Servicer for the benefit of the Seller and shall be paid by the Master Servicer only to the Seller (or as the Seller otherwise directs) in accordance with the terms of this Section 2.6 (Collections prior to Facility Termination Date) and Section 2.7 (Collections after Facility Termination Date), and (B) shall not constitute an asset of the Administrative Agent or the Purchasers or be available to satisfy the claims of any of their respective creditors.  In the event that the Administrative Agent or any Purchaser receives any payment or distribution hereunder out of the DPP Collections which, pursuant to the terms hereof, should be allocated to the payment of the Deferred Purchase Price, such party shall, and the Purchasers hereby direct and authorize the Administrative Agent to, pay such amount to the Seller in repayment of the Deferred Purchase Price.
(c)Notwithstanding any provision contained in this Agreement or any other Transaction Document to the contrary, the Purchaser Agents, the Purchasers and the Administrative Agent shall not, and shall not be obligated (whether on 
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behalf of the Purchaser Agent, a Purchaser or otherwise) to, pay any amount to the Seller as a Reinvestment or in respect of any portion of the Aggregate DPP, except to the extent of Collections on Receivables available for distribution to the Seller in accordance with this Agreement.  In addition, notwithstanding anything to the contrary contained in this Agreement or any other Transaction Document, any obligations of the Conduit Purchasers under this Agreement and all other Transaction Documents shall be payable by such Conduit Purchaser solely to the extent of funds received from the Seller in accordance herewith or from any party to any Transaction Document in accordance with the terms thereof in excess of funds necessary to pay such Person’s matured and maturing commercial paper or other senior indebtedness (it being acknowledged and agreed by the Conduit Purchasers that the DPP Collections shall only be applied to repay the Aggregate DPP and shall not be applied to pay such Person’s matured and maturing commercial paper or other senior indebtedness).  Any amount which the Administrative Agent, a Purchaser Agent or a Purchaser is not obligated to pay pursuant to the two preceding sentences shall not constitute a claim (as defined in § 101 of the U.S. Bankruptcy Code) against, or corporate obligation of, the Administrative Agent, the Purchaser Agent or Purchaser, as applicable, for any such insufficiency unless and until such amount becomes available for distribution to the Seller pursuant to the terms hereof.
(d)On each Business Day prior to the Facility Termination Date, the Seller shall (and shall cause the Master Servicer to) cause:
(i)all Collections and other amounts in respect of the Portfolio Receivables, the Related Security or the Collateral to be deposited directly into a Collection Account; and 
(ii)all Collections otherwise received directly by any Transaction Party in respect of the Portfolio Receivables, the Related Security or the Collateral to be deposited into a Collection Account no later than the second (2nd) Business Day immediately following the day on which such amounts were received and identified;
(e)On each Business Day prior to the Facility Termination Date, subject to the provisions of Section 11.1, the Seller shall (and shall cause the Master Servicer to) cause all Collections received in the Collection Accounts (including, if applicable, any investment earnings received with respect to funds on deposit in such Collection Accounts) to be applied to the following items (as determined by the Master Servicer in its discretion):
(i)to be retained in one or more Collection Accounts for the benefit of the Master Servicer (to be distributed to the Master Servicer on the following Settlement Date), an amount equal to the aggregate Servicing Fee that will be due and owing on the following Settlement Date;
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(ii)for deposit to the Seller Operating Account for the benefit of the relevant Persons, an amount equal to the aggregate Yield and Fees that will be due and owing on the following Settlement Date;
(iii)to pay operating costs, expenses, Agreed Annual Income and taxes of the Seller then due and payable, as instructed by the Seller; provided that the aggregate amount so paid during any calendar year shall not exceed EUR 100,000; 
(iv)to pay to the Master Servicer, for the benefit of the applicable Italian Originators, an amount equal to any unreimbursed RIBA Advances;
(v)if as determined by reference to the most recent Portfolio Report delivered under the Servicing Agreement the Aggregate Invested Amount exceeds the lesser of (A) the Facility Limit and (B) the Funding Base, for deposit to the applicable Seller Operating Account an amount necessary to cause the Aggregate Invested Amount to be less than or equal to the lesser of (x) the Facility Limit and (y) the Funding Base, as applicable; and
(vi)to remit any remaining Collections to the Seller for application in accordance with Section 2.6(j) below (any such remittance, a “Release”); provided that, if the conditions precedent for such Release set forth in Section 3.2 (Conditions precedent to all Incremental Investments, Reinvestments and Releases) are not satisfied, the Seller shall (and shall cause the Master Servicer to) cause any such remaining Collections to be retained in the applicable Seller Operating Accounts and shall apply such Collections in accordance with this Section 2.6 or Section 2.7 (Collections after Facility Termination Date) on the next Business Day.
(f)On each Settlement Date, the Seller shall (and shall cause the Master Servicer to) pay the following amounts in the following order of priority from amounts on deposit in the Seller Operating Accounts:
(i)to the Administrative Agent (for the benefit of the relevant Purchasers) all Yield that is due and owing on such Settlement Date;
(ii)to the Administrative Agent (for the benefit of the relevant Purchasers), the Fees that are due and owing on such Settlement Date;
(iii)to the Master Servicer, the Servicing Fee that is due and owing on such Settlement Date (to the extent not paid from Collections retained in the Collection Accounts in accordance with Section 2.6(e)(i));
(iv)to the Administrative Agent (for the benefit of the relevant Purchasers) an amount in reduction of the Aggregate Invested Amount (ratably in accordance with the Dollar Equivalent of the outstanding Invested Amounts of each) equal to the excess of the Aggregate Invested 
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Amount over the lesser of (A) the Facility Limit and (B) the Funding Base; and
(v)if any Transaction Party Obligations (other than any amount described in Sections 2.6(f)(i) and (ii)) are then due and payable by the Seller to any Secured Party, pay to each such Secured Party (ratably in accordance with the amounts owing to each) the Transaction Party Obligations so due and payable (in the currency in which such Transaction Party Obligations are payable).
(g)To the extent practicable, the Master Servicer shall cause all Collections applied pursuant to Section 2.6(e) in respect of any Transaction Party Obligations to be denominated in the same currency in which such Transaction Party Obligations are payable.  To the extent that Transaction Party Obligations payable or to become payable in any currency exceed the amount of Collections in that currency and available for such payment, and Collections in any other currency are available for such payment, the Master Servicer shall allocate such other Collections to the payment of such Transaction Party Obligations, and on the relevant payment date the Master Servicer shall cause such other Collections to be converted into the relevant currency of payment in accordance with Section 2.16 (Conversion of Currencies) and shall apply the amounts so converted to the making of such payment.
(h)In the event any deposit is made to a Seller Operating Account pursuant to Section 2.6(e)(v), the amount of such deposit shall be allocated among all Purchaser Groups ratably in proportion to the aggregate Invested Amount in respect of the Investments held by each and distributed on the next Settlement Date for application to the repayment of the Investments held by such Purchaser Group.  Notwithstanding the foregoing, if on any Business Day after such deposit is made and prior to the distribution of such deposit pursuant to this Section 2.6(h), the Master Servicer delivers a Portfolio Report with more recent data indicating that the Aggregate Invested Amount is less than or equal to the lesser of (i) the Facility Limit and (ii) the Funding Base, the Seller may (or may cause the Master Servicer to) withdraw the Collections so deposited for application in accordance with Section 2.6(e)(v) to the extent that, after giving effect to such withdrawal and application, the Aggregate Invested Amount is less than or equal to the lesser of (i) the Facility Limit and (ii) the Funding Base.
(i)[Reserved.]
(j)Any Collections remitted to the Seller pursuant to Section 2.6(e)(vi) shall be applied by the Master Servicer, on behalf of the Seller:
(i)first, if so requested by the Master Servicer (acting on behalf of the Seller), to pay or prepay (or set aside for the payment or prepayment of) Investments or other Transaction Party Obligations that are then due and payable;
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(ii)second, to pay the Purchase Price, Deferred RPA Purchase Price or Advanced Purchase Price for Receivables pursuant to (and in accordance with) the Originator Sale Agreements or Intermediate Transfer Agreements, as the case may be (provided that, notwithstanding anything herein or in any other Transaction Document to the contrary, the Seller shall not use all or any portion of the proceeds of any Release to pay the purchase price for any Receivable that was originated by an Originator with respect to which a Seller Termination Event has occurred and is continuing); and
(iii)third, (A) prior to the Final Payout Date, only if no Facility Event or Portfolio Event then exists, or (B) after the Final Payout Date has occurred, to make payments pursuant to the Subordinated Loan Agreement (such amount to be allocated among the Subordinated Lenders ratably in accordance with the proportion of such amounts owing to each such Person); provided that unless such date is a Settlement Date, the aggregate amount of payments made pursuant to this clause (iii) since the prior Settlement Date shall not exceed the amount of Subordinated Loans borrowed by the Seller since the prior Settlement Date (excluded).
2.7Collections after Facility Termination Date
(a)On the Facility Termination Date, and on each Business Day thereafter until the Final Payout Date, the Seller shall (and shall cause the Master Servicer to) cause:
(i)all Collections and other amounts in respect of the Portfolio Receivables, the Related Security or the Collateral to be deposited directly into a Collection Account and then transferred to a Seller Operating Account, no later than the second (2nd) Business Day immediately following the day on which such amounts were deposited into such Collection Accounts; and
(ii)all Collections and other amounts in respect of the Portfolio Receivables, the Related Security or the Collateral otherwise received by any Transaction Party to be deposited into a Collection Account no later than the second (2nd) Business Day immediately following the day on which such amounts were received and identified and then transferred to a Seller Operating Account, no later than the second (2nd) Business Day immediately following the day on which such amounts were deposited into such Collection Accounts.
(b)On each Settlement Date to occur on or after the Facility Termination Date, the Seller (or the Administrative Agent acting on behalf of the Seller) shall cause all funds on deposit in the Seller Operating Accounts from time to time, including any investment earnings received with respect to such funds, (collectively, “Seller Operating Account Funds”), to be distributed in the following order of priority: 
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(i)first, to pay, on a pro rata basis in no order of priority amongst themselves:
(A)to the Administrative Agent an amount equal to any unreimbursed Transaction Party Obligations then owing to the Administrative Agent in respect of costs and expenses incurred in connection with the enforcement of any Transaction Document or the collection of any amounts due thereunder; 
(B)all operating costs, expenses, Agreed Annual Income and taxes of the Seller then due and payable, as instructed by the Seller; provided that the aggregate amount so paid during any calendar year pursuant to this Section 2.7(b)(i)(B), when combined with the aggregate amount paid during such calendar year pursuant to Section 2.6(e)(iii), shall not exceed EUR 100,000;
(C)to the Master Servicer, for the benefit of the applicable Italian Originators, an amount equal to any unreimbursed RIBA Advances;
(ii)second, if the Master Servicer is a Person other than a Transaction Party or an Affiliate thereof, to pay to such Master Servicer the Servicing Fee then due and payable;
(iii)third, to pay to the Administrative Agent (for the benefit of the relevant Purchaser) an amount equal to the aggregate Yield and Fees then due and payable to each such Person (ratably in accordance with the proportion of such amounts owing to each such Person);
(iv)fourth, to pay to the Administrative Agent (for the benefit of the relevant Purchaser) an amount equal to the Aggregate Invested Amount (ratably in accordance with the Dollar Equivalent of the outstanding Invested Amounts held by each);
(v)fifth, if any Transaction Party Obligations (other than any amount described in Sections 2.7(b)(i) to (iv) above) are then due and payable to any Secured Party, to pay to each such Secured Party (ratably in accordance with the amounts owing to each) the Transaction Party Obligations so due and payable;
(vi)sixth, to pay all operating costs, expenses, Agreed Annual Income and taxes of the Seller then due and payable and not paid pursuant to Section 2.7(b)(i)(B) above, as instructed by the Seller;
(vii)seventh, if the Master Servicer is a Transaction Party or an Affiliate thereof, to pay to the Master Servicer the Servicing Fee then due and payable; and
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(viii)eighth, after all Transaction Party Obligations are paid in full, to pay to the Seller any remaining Collections for application in accordance with Section 2.7(d).
(c)To the extent practicable, the Seller (or the Administrative Agent acting on behalf of the Seller) shall apply Seller Operating Account Funds denominated in a currency to the payment of amounts payable pursuant to Section 2.7(b) in the same currency.  To the extent that aggregate amounts payable or to become payable in any currency exceed the amount of Seller Operating Account Funds denominated in that currency and available for such payment, and Seller Operating Account Funds denominated in any other currency are available for such payment, the Seller shall allocate such other Seller Operating Account Funds to the payment of such amount, and on the relevant payment date the Seller (or the Administrative Agent acting on behalf of the Seller) shall cause such other Seller Operating Account Funds to be converted into the relevant currency of payment using commercially reasonable methods and shall apply the amounts so converted to the making of such payment.
(d)Any Collections remitted to the Seller pursuant to Section 2.7(b)(viii) shall be applied by the Master Servicer, on behalf of the Seller, to make payments pursuant to the Subordinated Loan Agreement (such amount to be allocated among the Subordinated Lenders ratably in accordance with the proportion of such amounts owing to each such Person).
2.8Deemed Collections; application of payments
(a)Each of the parties hereto agrees that, unless otherwise required by contract or applicable Law or clearly indicated by facts or circumstances or unless an Obligor designates that a payment be applied to a specific Receivable, all Collections from an Obligor shall be applied in the order of maturity of the Receivables of such Obligor starting with the Receivable of such Obligor having the earliest maturity date (whether or not such Receivables are Portfolio Receivables).
(b)If and to the extent the Administrative Agent, any Purchaser Agent, any Purchaser or any Indemnified Party shall be required for any reason to pay over to an Obligor, any Transaction Party or any other Person (other than in accordance herewith) any amount received on its behalf hereunder, such amount shall be deemed not to have been so received but rather to have been retained by the Seller and, accordingly, the Administrative Agent, such Purchaser Agent, such Purchaser or such Indemnified Party, as the case may be, shall have a claim against the Seller for such amount, payable when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof.
(c)If on any day a Portfolio Receivable or any part thereof becomes a Diluted Receivable, the Seller shall be deemed to have received on such day a Collection of such Portfolio Receivable in the amount of such Diluted Receivable or part thereof.
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(d)If on any day it is determined that any of the representations or warranties in Section 4.1 (Representations and warranties of the Seller) was untrue with respect to a Portfolio Receivable, the Seller shall be deemed to have received on such day a Collection of such Portfolio Receivable in an amount equal to the Unpaid Balance thereof.
(e)If on any day a RIBA Dilution occurs, the Seller shall be deemed to have received on such day a Collection in the amount of such RIBA Dilution.
(f)Not later than the Settlement Date related to the Calculation Period in which such Collection is deemed to have been received pursuant to this Section 2.8 (and if a Facility Event or Portfolio Event has occurred and is continuing, not later than the second (2nd) Local Business Day after a Responsible Officer of the Master Servicer is notified in writing or otherwise becomes aware that the Seller has been deemed pursuant to this Section 2.8 to have received a Deemed Collection), the Seller shall deposit in a Seller Operating Account, in same day funds, the amount of such Deemed Collection; provided that prior to the occurrence of a Facility Event or Portfolio Event the amount so payable by the Seller shall not exceed the amount (if any) required (after giving effect to any Deemed Collection to be paid by any other Transaction Party on such day) in order to cause the Aggregate Invested Amount to be less than or equal to the lesser of (x) the Facility Limit and (y) the Funding Base.  Any such amount shall be applied as a Collection in accordance with Sections 2.6 (Collections prior to Facility Termination Date) or 2.7 (Collections after Facility Termination Date), as applicable.
2.9Payments and computations, etc.
(a)All amounts to be paid by the Seller or the Master Servicer to the Administrative Agent, any Purchaser Agent, any Purchaser or any other Secured Party shall be paid no later than (i) 4:00 p.m. (London time) for amounts in U.S. Dollars and CAD or (ii) 3:00 p.m. (London time) for amounts in other Approved Currencies on the day when due in immediately available funds (without counterclaim, setoff, deduction, defense, abatement, suspension or deferment) to the applicable Seller Operating Account (or other account specified by the Administrative Agent from time to time).  It is understood and agreed that payments by the Seller to the Purchaser or Purchaser Agents shall be made by the Seller depositing such payments into the applicable Seller Operating Account and the Administrative Agent remitting such amounts from such accounts to the applicable Purchasers or Purchaser Agents.  The Administrative Agent shall forward any amounts received by the Administrative Agent for the benefit of any other Person (including without limitation under Sections 2.6(f) and 2.7) to the applicable Person by (i) 4:00 p.m. (London time) for amounts in U.S. Dollars and CAD or (ii) 3:00 p.m. (London time) for amounts in other Approved Currencies in immediately available funds.  All amounts to be deposited by the Seller or the Master Servicer into any Facility Account or any other account shall be deposited in immediately available funds no later than (i) 4:00 p.m. (London time) for 
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amounts in U.S. Dollars and CAD or (ii) 3:00 p.m. (London time) for amounts in other Approved Currencies on the date when due.
(b)The Seller shall (and shall cause the Master Servicer to), to the extent permitted by Law, pay interest on any amount not paid or deposited by it when due hereunder (after as well as before judgment), at an interest rate per annum equal to the Default Rate, payable on demand.
(c)All computations of Yield, Fees and other amounts hereunder shall be made on the basis of a year of 360 days for the actual number of days (including the first but excluding the date of payment) elapsed, except that (i) [Reserved], (ii) computations of interest and Yield accruing at the Eurocurrency Rate by reference to CDOR with respect to any amount denominated in Canadian Dollars shall be made on the basis of a year of 365 days (or 366, as applicable), and (iii) in any case where the practice of the relevant interbank market differs, computations of interest and Yield shall be made in accordance with that market practice. Whenever any payment or deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of such payment or deposit.  Any computations by the Administrative Agent or any Purchaser Agent of amounts payable by the Seller hereunder shall be binding upon the Seller absent manifest error.
(d)All payments required to be made hereunder to any Purchaser, any Purchaser Agent, any Indemnified Party or any other Secured Party shall be made by paying such amount to the applicable account specified by the Administrative Agent from time to time (and the Administrative Agent, in turn, shall transfer such amounts to the applicable Purchaser Agent’s Account) in accordance with this Section 2.9.  Upon receipt of funds, the Purchaser Agent shall pay such funds to the related Person owed such funds in accordance with the records maintained by the Purchaser Agent.  If the applicable Purchaser Agent shall have paid to any Purchaser, the Purchaser Agent, any Indemnified Party or any other Secured Party any funds that (i) must be returned for any reason (including any Event of Bankruptcy) or (ii) exceeds that which such Person was entitled to receive, such amount shall be promptly repaid to the Purchaser Agent by such Person.
(e)All payments of Invested Amounts and Yield in respect of any Tranche shall be made in the same Approved Currency as the Approved Currency in which such Tranche is denominated.  All other payments to be made by the Master Servicer or the Seller hereunder shall be made solely in U.S. Dollars or Euros (as specified in the applicable invoice or request for payment) or in any other Approved Currency subject to an agreement between the relevant parties of the applicable exchange rate.
(f)It is understood and agreed that if a Purchaser is required to deposit funds into a Seller Operating Account on a particular date and is also scheduled to receive payment from such Seller Operating Account on such date in the same 
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currency, such Purchaser may net such payments if such Purchaser has given prior notice of such netting to the Administrative Agent.
2.10Tranches
Each Investment made by the Purchasers in the same Purchaser Group on any Investment Date shall be allocated to one or more Tranche Periods as set forth in the definition of such term with one or more Rate Types as selected by the applicable Purchaser Agent.  Any portion of an Investment having one Tranche Period and one Rate Type and denominated in the same Approved Currency is referred to herein as a “Tranche”.  Either the Master Servicer (acting on behalf of the Seller) or (following a Facility Termination Event or Portfolio Event) the Purchaser Agent for each Purchaser Group may, upon notice to the other party received at least four Business Days prior to the last day of any Tranche Period in the case of the Seller giving notice, or up to the last day of such Tranche Period in the case of the Purchaser Agent giving notice, either (a) divide any Tranche originating on such last day or having a Tranche Period ending on such last day into two or more Tranches having an aggregate Invested Amount equal to the Invested Amount of such divided Tranche or (b) combine any two or more Tranches originating on such last day or having Tranche Periods ending on such last day into a single Tranche having an Invested Amount equal to the aggregate of the Invested Amount of such Tranches; provided that no Tranche owned by any Conduit Purchaser may be combined with a Tranche owned by any other Purchaser, a Tranche held by the Committed Purchasers in any Purchaser Group may not be combined with any Tranche held by the Committed Purchasers in any other Purchaser Group and a Tranche denominated in one Approved Currency may not be combined with a Tranche denominated in another Approved Currency.
2.11Breakage costs
(a)The Seller shall indemnify the Purchasers, the Agents and any related Program Support Provider against any loss, cost or expense incurred by the Purchasers, the Agents or such Program Support Providers, either directly or indirectly, as a result of the failure by the Seller to make any Investment for any reason on the date specified by the Seller pursuant to, and in accordance with, Section 2.2 (Purchase procedures), including any loss, cost, loss of profit or expense incurred by any Agent, any Purchaser or any Program Support Provider by reason of the liquidation or reemployment of funds acquired by the Purchasers (including funds obtained by issuing Commercial Paper, obtaining deposits as loans from third parties and reemployment of funds) to fund such Investment and any costs incurred in connection with the termination or reduction of any related Currency Hedge Agreements.  Such indemnification may include an amount equal to the Liquidation Fee.
(b)The Seller further agrees to pay all Liquidation Fees associated with a reduction of the Invested Amount in respect of any Tranche at any time.
(c)A certificate as to any loss, expense or Liquidation Fees payable pursuant to this Section 2.11 submitted by any Purchaser, through its Purchaser Agent, to the Seller shall be conclusive in the absence of manifest error.
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2.12Illegality
Notwithstanding any other provision of this Agreement, if the adoption of or any change in any Law or in the interpretation or application thereof by any relevant Official Body shall make it unlawful, or any Official Body asserts it is unlawful, for any Purchaser to make or maintain Tranches for which Yield is calculated by reference to the Adjusted Eurocurrency Rate (each a “Eurocurrency Tranche”) as contemplated by this Agreement or to obtain in the interbank Eurocurrency market the funds with which to make or maintain any such Eurocurrency Tranche (a) such Purchaser shall promptly notify the Administrative Agent, its Purchaser Agent, the Master Servicer and the Seller thereof, (b) the obligation of such Purchaser to fund or maintain Eurocurrency Tranches or continue Eurocurrency Tranches as such shall forthwith be cancelled and (c) such Purchaser’s Tranches then outstanding as Eurocurrency Tranches, if any, shall be converted on the last day of the Tranche Period for such Tranches or within such earlier period as required by Law into a Tranche that accrues Yield based on an Alternate Rate for such Tranche Period equal to a rate per annum equal to the sum of (i) the Base Rate in effect from time to time during such Tranche Period plus (ii) 2.0% per annum (each a “Base Rate Tranche”).
2.13Alternate Rate of Interest
(a)Subject to clauses (b), (c), (d), (e), (f) and (g) of this Section 2.13, if prior to the commencement of any Tranche Period for a Eurocurrency Tranche:
(i)the applicable Purchaser Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining on a timely basis the Adjusted Eurocurrency Rate or the Eurocurrency Rate, as applicable, for such Tranche Period; or
(ii)the applicable Purchaser Agent determines that the Adjusted Eurocurrency Rate or the Eurocurrency Rate, as applicable, for such Tranche Period will not adequately and fairly reflect the cost to the applicable Purchasers of making or maintaining the related Tranche for such Tranche Period;
then, such Purchaser Agent shall give notice thereof to the Seller, the Master Servicer and each other Purchaser Agent by telephone or facsimile as promptly as practicable thereafter and, until the circumstances giving rise to such notice no longer exist, (x) any Investment Request that requests the conversion of any Tranche to, or continuation of any Tranche as, a Eurocurrency Tranche shall be ineffective, and (y) such Investment shall be made as a Base Rate Tranche based on an Alternate Rate for such Tranche Period equal to a rate per annum equal to the sum of (A) the Base Rate in effect from time to time during such Tranche Period plus (B) 2.0% per annum; provided that if the circumstances giving rise to such notice affect only one Rate Type of Investments, then all other Rate Types of Investments shall be permitted.  Furthermore, if any Investment in a Eurocurrency Tranche in any Approved Currency is outstanding on the date of the Seller’s receipt of the 
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notice from the Administrative Agent referred to in this Section 2.13(a) with respect to the applicable rate applicable to such Investment in a Eurocurrency Tranche, then until the Administrative Agent notifies the Seller and the Purchasers that the circumstances giving rise to such notice no longer exist, then on the last day of the Tranche Period applicable to such Eurocurrency Tranche (or the next succeeding Business Day if such day is not a Business Day), such Investment shall be converted by the Administrative Agent to, and shall constitute, an Investment in a Base Rate Tranche on such day based on an Alternate Rate for such Tranche Period equal to a rate per annum equal to the sum of (A) the Base Rate in effect from time to time during such Tranche Period plus (B) 2.0% per annum.
(b)Benchmark Replacement.  Notwithstanding anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” with respect to U.S. Dollars for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” with respect to any Approved Currency for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Purchaser Agents without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from the Required Committed Purchasers.
(c)Flip Forward.  Notwithstanding anything to the contrary herein or in any other Transaction Document and subject to the proviso below in this paragraph, with respect to Investments in a Tranche denominated in U.S. Dollars, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document; provided that, this Section 2.13(c) shall not be effective unless the Administrative Agent has delivered to the Purchaser Agents and the Seller a 
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Term SOFR Notice.  Notwithstanding anything contained herein to the contrary, the Administrative Agent shall not be required to deliver a Term SOFR Notice after the occurrence of a Term SOFR Transition Event and may do so in its sole discretion.  For the avoidance of doubt, any applicable provisions set forth in this Section 2.13 shall apply with respect to any Term SOFR transition pursuant to this Section 2.13(c) as if such forward-looking term rate was initially determined in accordance herewith including, without limitation, the provisions set forth in Section 2.13(d) (Benchmark Replacement Conforming Changes) and Section 1.4 (Interest Rates; Eurocurrency Rate Notification).
(d)Benchmark Replacement Conforming Changes.  In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document.
(e)Notices; Standards for Decisions and Determinations.  The Administrative Agent will promptly notify the Seller and each Purchaser of (i) any occurrence of a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Purchaser (or group of Purchasers) pursuant to this Section 2.13, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 2.13
(f)Unavailability of Tenor of Benchmark.  Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or Eurocurrency Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of 
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“Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Tranche Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(g)Benchmark Unavailability Period.  Upon the Seller’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Seller may revoke any request to fund an Investment in a Eurocurrency Tranche during any Benchmark Unavailability Period and, failing that, the Seller will be deemed to have converted any such request into a request for an Investment in a Base Rate Tranche in the applicable Approved Currency based on an Alternate Rate for such Tranche Period equal to a rate per annum equal to the sum of (A) the Base Rate in effect from time to time during such Tranche Period plus (B) 2.0% per annum.  During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate. Furthermore, if any Investment in a Eurocurrency Tranche in any Approved Currency is outstanding on the date of the Seller’s receipt of notice of the commencement of a Benchmark Unavailability Period, then until such time as a Benchmark Replacement for such Approved Currency is implemented pursuant to this Section 2.13, then on the last day of the Tranche Period applicable to such Investment (or the next succeeding Business Day if such day is not a Business Day), such Investment shall be converted by the Administrative Agent to, and shall constitute, an Investment in a Base Rate Tranche in the applicable Approved Currency on such day based on an Alternate Rate for such Tranche Period equal to a rate per annum equal to the sum of (A) the Base Rate in effect from time to time during such Tranche Period plus (B) 2.0% per annum.
2.14Indemnity for reserves and expenses
(a)If any Change in Law shall:
(i)impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Indemnified Party (except any such reserve requirement reflected in the Adjusted Eurocurrency Rate); or
(ii)impose on any Indemnified Party (or on the U.S. market for certificates of deposit or the London interbank market) any other condition or expense affecting or with respect to this Agreement, any Program Support Agreement or any other Transaction Document or Eurocurrency Tranches made or maintained by such Indemnified Party 
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(except those for which payment has been made pursuant to Section 2.15 (Indemnity for Taxes)) or the maintenance or financing of the Investments hereunder, directly or indirectly, or under any Program Support Agreement;
and the result of any of the foregoing shall be to increase the cost to such Indemnified Party of making or maintaining any Tranche (or of maintaining its obligation to fund any such Tranche or its obligations under any Program Support Agreement) by an amount that such Indemnified Party deems to be material or to reduce the amount of any sum received or receivable by such Indemnified Party hereunder (whether of principal, yield or otherwise), then on the tenth (10th) day immediately following notification thereof pursuant to Section 2.14(d) the Seller will pay to such Indemnified Party such additional amount or amounts as will compensate such Indemnified Party for such additional costs incurred or reduction suffered.  Notwithstanding anything herein to the contrary, (i) all requests, rules, guidelines, requirements, regulations and legislation and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or by the United States, the European Union or foreign regulatory authorities, in each case pursuant to Basel III and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines and directives promulgated thereunder, are deemed to have been introduced or adopted after the Amendment and Restatement Effective Date, regardless of the date enacted or adopted.
(b)If any Indemnified Party determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Indemnified Party’s capital or on the capital of such Indemnified Party’s holding company, if any, as a consequence of this Agreement, any Program Support Agreement or the Investments made or acquired by such Indemnified Party, to a level below that which such Indemnified Party or holding company could have achieved but for such Change in Law (taking into consideration such Indemnified Party’s policies and the policies of such Indemnified Party’s holding company with respect to capital adequacy) by an amount that such Indemnified Party deems to be material, then on the tenth (10th) day immediately following notification thereof pursuant to Section 2.14(d) the Seller will pay to such Indemnified Party such additional amount or amounts as will compensate such Indemnified Party or such Indemnified Party’s holding company for any such reduction suffered; provided, that the Seller shall not be required to compensate an Indemnified Party pursuant to this paragraph for any amounts incurred more than six months prior to the date that such Indemnified Party notifies the Seller and the Master Servicer of such Indemnified Party’s intention to claim compensation therefor; and provided, further, that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect.
(c)A certificate of an Indemnified Party setting forth the amount or amounts necessary to compensate such Indemnified Party or its holding company, as 
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applicable, as specified in clause (a) or (b) of this Section 2.14 shall be delivered to the Seller and the Master Servicer and shall be conclusive absent manifest error.
(d)Promptly after any Indemnified Party has determined that it will make a request for compensation pursuant to this Section 2.14, such Indemnified Party shall notify the Seller and the Master Servicer of such determination.  Except as otherwise provided in clause (b) of this Section 2.14, failure or delay on the part of any Indemnified Party to demand compensation pursuant to this Section 2.14 shall not constitute a waiver of such Indemnified Party’s right to demand such compensation.
(e)Notwithstanding anything in this Section 2.14 to the contrary, the Seller shall not be required to pay to any Indemnified Party any amount pursuant to this Section 2.14 to the extent (i) such amount has been fully and finally paid in cash to such Indemnified Party pursuant to any other provision of this Agreement or any other Transaction Document or (ii) such amounts constitute Excluded Taxes. 
2.15Indemnity for Taxes
(a)Any and all payments by or on account of any obligation of the Seller hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Seller shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.15) the recipient of such payment receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Seller shall make such deductions, and (iii) the Seller shall pay the full amount deducted to the relevant Official Body in accordance with applicable Law.
(b)In addition, the Seller shall pay any Other Taxes to the relevant Official Body in accordance with applicable Law.
(c)The Seller shall indemnify each Indemnified Party within ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by such Indemnified Party on or with respect to the sale, assignment and transfer of the Portfolio Receivables under this Agreement, any Investment and any payment by or on account of any obligation of the Seller hereunder  or where payment of any Indemnified Taxes or Other Taxes is otherwise made by an Indemnified Party pursuant to or in connection with this Agreement (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.15) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Official Body (other than those resulting from the Indemnified Party’s gross negligence, fraud or wilful 
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misconduct).  A certificate (along with a copy of the applicable documents from the relevant Official Body) as to the amount of such payment or liability delivered to the Seller by an Indemnified Party, or by the Administrative Agent on its own behalf, on behalf of another Agent or on behalf of a Purchaser, shall be conclusive absent manifest error.  In connection with any request for compensation pursuant to this Section 2.15(c), the relevant Indemnified Party shall deliver to the Master Servicer a receipt (or other evidence reasonably satisfactory to the Master Servicer) of such payment or liability with respect to which such request relates.
(d)As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Seller to an Official Body, the Seller shall deliver to the related Purchaser Agent the original or a certified copy of a receipt issued by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to such Purchaser Agent.  Simultaneously with the delivery to a Purchaser Agent of any receipt, return or other evidence pursuant to this Section 2.15(d), the Seller shall deliver a copy of the same to the Master Servicer.
(e)(i)    Upon the reasonable request of the Seller, any Foreign Purchaser that is entitled to an exemption from or reduction of withholding Tax under the law of the jurisdiction in which the Seller is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Seller (with a copy to the Administrative Agent), such properly completed and executed documentation prescribed by applicable Law (and, so far is practicable, within the time or times required by applicable Law) as will permit such payments to be made without withholding or at a reduced rate; provided, that such Foreign Purchaser is legally able to complete, execute and deliver such documentation and such documentation has not already been provided by the Foreign Purchaser pursuant to Section 2.15(e)(ii) hereof.
    (ii)    Each Purchaser shall deliver to the Seller (with a copy to the Administrative Agent) either (A) in the case of a Purchaser that is not a “U.S. Person” as defined in section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), a properly completed and executed Internal Revenue Service (“IRS”) Form W-8BEN or W-8ECI, as appropriate, claiming to the effect a zero percent rate of U.S. federal income tax withholding on interest income, or (B) in the case of a Purchaser that is a “U.S. Person” as defined in Code section 7701(a)(30), a properly completed and executed IRS Form W-9 certifying that it is not subject to backup withholding.
Such IRS forms shall be delivered by each applicable Purchaser on or prior to the date on which such Purchaser becomes a Purchaser under this Agreement.  In addition, each Purchaser shall deliver such applicable IRS forms no later than the end of the third calendar year following the year in which the most recently submitted IRS forms 
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were delivered and upon the obsolescence or invalidity of any previously delivered IRS form resulting from a related change in factual circumstances of Purchaser; provided, however, that notwithstanding any other provision in this Section 2.15(e), a Purchaser shall not be required to deliver any such subsequent IRS form pursuant to this paragraph that such Purchaser is not legally able to complete, execute and deliver.
(f)If an Indemnified Party determines, in its sole good faith discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Seller or with respect to which the Seller has paid additional amounts pursuant to this Section 2.15, it shall pay over such refund to the Seller (but only to the extent of indemnity payments made, or additional amounts paid, by the Seller under this Section 2.15 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of such Indemnified Party and without interest (other than any interest paid by the relevant Official Body with respect to such refund net of any applicable Taxes payable in respect of such interest); provided that the Seller, upon the request of such Indemnified Party, agrees to repay the amount paid over to the Seller (plus any penalties, interest or other charges imposed by the relevant Official Body) to such Indemnified Party in the event such Indemnified Party is required to repay such refund to such Official Body.  This Section 2.15 shall not be construed to require any Indemnified Party to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the Seller or any other Person.
(g)Notwithstanding anything in this Section 2.15 to the contrary, the Seller shall not be required to pay to any Indemnified Party any amount pursuant to this Section 2.15 to the extent (i) such amount has been fully and finally paid in cash to such Indemnified Party pursuant to any other provision of this Agreement or any other Transaction Document or (ii) such amounts constitute Excluded Taxes. 
(h)Each Purchaser shall, at such times as the Administrative Agent may request, take reasonable steps to obtain and deliver to the Administrative Agent a valid certificate issued by the appropriate taxation authority in that Purchaser’s jurisdiction of incorporation certifying that Purchaser is resident for taxation purposes in that jurisdiction (including certification of residence, where applicable, for the purposes of a double taxation treaty).
(i)Each of the Seller, the Administrative Agent and each Purchaser shall provide a certified copy of a certificate of tax residence to the Master Servicer from their respective jurisdictions at closing and on an annual basis thereafter.
2.16Conversion of currencies
(a)If, on any day a payment is due and payable hereunder or under any other Transaction Document, it is necessary for funds in one currency to be converted into another currency in order to make any payment required to be 
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made pursuant to Sections 2.6 (Collections prior to Facility Termination Date) or 2.7 (Collections after Facility Termination Date), as applicable, the Seller shall (and shall cause the Master Servicer to) solicit offer quotations from at least two foreign exchange dealers reasonably acceptable to the Administrative Agent for effecting such exchange and shall select the quotation which provides for the best exchange rate.  The Seller shall (and shall cause the Master Servicer to) effect such exchange (or, if applicable, shall instruct the Administrative Agent to effect such exchange) as soon thereafter as is reasonably practicable but in no event later than two Business Days thereafter.
(b)On each Exchange Rate Determination Date, the Seller shall (and shall cause the Master Servicer to) determine the Spot Rate for each Local Currency (based on the relevant exchange rate appearing on any Reuters World Currency Page or applicable Bloomberg BGN FX Page for such currency as set forth in the definition of Spot Rate) and give notice thereof to the Administrative Agent.  In the event the Spot Rate for such Local Currency cannot be determined by the Master Servicer because the relevant exchange rate does not appear on any Reuters World Currency Page or applicable Bloomberg BGN FX Page for such currency as set forth in the definition of Spot Rate, then the Spot Rate shall be determined by the Administrative Agent and notified to the Seller and the Master Servicer in accordance with such definition.
(c)Whenever any computation or calculation hereunder requires the aggregation of amounts denominated in more than one currency, all amounts that are denominated in a Local Currency shall be converted to U.S. Dollars using the Spot Rate determined for the Exchange Rate Determination Date immediately preceding the date of such calculation.
2.17[Reserved]
2.18Mitigation obligations
If an event occurs as a result of which any Indemnified Party requests compensation under Section 2.11 (Breakage costs) or Section 2.14 (Indemnity for reserves and expenses), or if any cancellation occurs under Section 2.12 (Illegality) or if the Seller is required to pay any additional amount to any Indemnified Party or any Official Body for the account of any Indemnified Party pursuant to Section 2.15 (Indemnity for Taxes), then such Indemnified Party shall notify the Seller of such event and, subject to the prior written consent of the Performance Undertaking Provider (such consent not to be unreasonably withheld), use reasonable efforts to mitigate or avoid the effects of such event, if, in the reasonable judgment of such Indemnified Party, such efforts (a) would eliminate or reduce the amounts payable pursuant to such Sections in the future and (b) would not subject such Indemnified Party or any of its Affiliates to any unreimbursed cost or expense (taking into account any reimbursement made by any Transaction Party pursuant to a Transaction Document) and would not (in the reasonable opinion of such Indemnified Party) otherwise be disadvantageous to such Indemnified Party or any of its Affiliates.  For the avoidance of doubt, the Seller hereby agrees to pay all reasonable costs and expenses incurred by 
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any Indemnified Party in connection with any action taken by such Indemnified Party pursuant to, or in connection with, this Section 2.18.
2.19Proceeds of Subordinated Loans
(a)On the Initial Purchase Date, the Seller shall request a Subordinated Loan in an amount equal to the excess of (i) the aggregate Unpaid Balance of the Receivables to be purchased by the Seller pursuant to the Originator Sale Agreements and the Intermediate Transfer Agreements, over (ii) the aggregate cash payment made by the Purchasers to the Seller on the Initial Purchase Date in respect of such Receivables.  On any date of purchase of Receivables by the Seller, if the Seller does not have sufficient available funds to pay the full Purchase Price thereof and the Deferred RPA Purchase Price amounts with respect to the related Originator would exceed an amount equal to 10% of the Unpaid Balance of Portfolio Receivables that qualify as Eligible Receivables set forth in the most recently delivered Portfolio Report with respect to such Originator, the Seller shall request a Subordinated Loan in the amount of any shortfall if the Seller does not otherwise have sufficient funds available for such purpose; provided, that so long as the Applicable S&P Rating is not below “BBB-” (or withdrawn or suspended) and the Applicable Moody’s Rating is not below “Baa3” (or withdrawn or suspended), then the determination as to whether the Deferred RPA Purchase Price amounts with respect to each Originator would exceed such 10% threshold may be made on a weekly basis (rather than daily in any other circumstance) on the fourth Business Day (or, if such calendar week has less than 4 Business Days, on the last Business Day) of such calendar week and any such determination shall remain in effect until the immediately succeeding date of determination.
(b)If (i) on any day, the Seller has insufficient funds to pay the full Purchase Price of Receivables to be purchased on such day pursuant to, and in accordance with the terms and conditions of, the Originator Sale Agreements and the Intermediate Transfer Agreements or (ii) on any Settlement Date, the Seller has insufficient funds to pay amounts payable on such Settlement Date pursuant to Section 2.6(f)(i) through (iii) or 2.7(b)(i) through (iii) (solely for the first Settlement Date on which amounts are distributed pursuant to Section 2.7 and not to exceed the amount applied to the Purchase Price of Receivables during the related Calculation Period), as applicable, the Seller shall request a Subordinated Loan on such day in amount equal to such insufficiency. 
2.20Extension of Scheduled Commitment Facility Termination Date
(a)In connection with each anniversary of the Fourth Amendment and Restatement Effective Date (the “Applicable Anniversary Date”), the Seller (or the Master Servicer on its behalf) may advise the Administrative Agent and each Purchaser Agent in writing of its desire to extend the Scheduled Commitment Facility Termination Date to a date falling twelve (12), twenty-four (24) or thirty-six (36) calendar months after such Applicable Anniversary Date, provided (i) such request is made not more than ninety (90) days prior to, and not less than sixty (60) days prior to, the Applicable Anniversary Date 
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and (ii) the Scheduled Commitment Facility Termination Date may not extend beyond the Final Termination Date without the consent of each Purchaser Agent.  Each Purchaser Agent shall promptly notify each Purchaser in its related Purchaser Group of any such request and each such Purchaser shall notify its related Purchaser Agent, the Administrative Agent, the Master Servicer and the Seller of its decision to accept or decline the request for such extension no later than thirty (30) days prior to the then Applicable Anniversary Date (it being understood that each Purchaser may accept or decline such request in its sole discretion and on such terms as it may elect, and the failure to so notify its Purchaser Agent, the Administrative Agent, the Master Servicer and the Seller shall be deemed an election not to extend by such Purchaser).  In the event that all Committed Purchasers agree to extend the then current Scheduled Commitment Facility Termination Date, the Seller, the Administrative Agent, the Purchasers and the applicable Purchaser Agents shall enter into such documents as such Purchasers may deem necessary or appropriate to reflect such extension, and any costs and expenses incurred in connection with such documents shall be paid as agreed in writing among such Purchasers, the Purchaser Agents and the Administrative Agent (including attorneys’ fees), the Seller and the Master Servicer.
(b)No Committed Purchaser shall be obligated to agree to extend the Scheduled Commitment Facility Termination Date.  If any Committed Purchaser does not agree to extend, the Seller may (i) require such Committed Purchaser and its related Conduit Purchaser to assign its interest hereunder to an Eligible Assignee identified by the Seller (or the Master Servicer on its behalf) or (ii) if no Facility Event or Portfolio Event has occurred and is continuing, apply Collections to repay in full (to the extent not assigned in clause (i)) the Investment, Yield and other amounts owing to such Committed Purchaser and related Conduit Purchaser on a non-pro rata basis and terminate in full any unassigned commitment of such Committed Purchaser.
2.21Accordion Increase
(a)Notwithstanding anything to the contrary contained in this Agreement, the Seller (or the Master Servicer on its behalf) may request from time to time an increase in the Aggregate Commitment (each, an “Accordion Increase”) in an aggregate amount which when aggregated with the amount of all other Accordion Increases does not exceed $75,000,000 (the “Additional Commitments”).
(b)Subject to and in accordance with Section 2.21(a), the Seller (or the Master Servicer on its behalf) may invite (i) any one or more Committed Purchasers to provide Additional Commitments in such amount as may be agreed by the Seller and such Committed Purchaser (each such Committed Purchaser that is invited and wishes to provide Additional Commitments, an “Accordion Committed Purchaser,”) and/or (ii) in consultation with the Administrative Agent, any one or more banks or other entities that have a short-term debt rating of at least A-1 by S&P and P-1 by Moody’s (unless agreed by the Administrative Agent that such minimum rating is not applicable) (each, a 
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“New Accordion Committed Purchaser”) to provide Additional Commitments in such amounts as may be agreed by the Seller and such New Accordion Committed Purchaser.
(c)For the avoidance of doubt, no Committed Purchaser shall (unless otherwise agreed by that Committed Purchaser) be obliged to provide any Additional Commitment.
(d)The Seller shall, promptly following agreement with the Accordion Committed Purchasers and New Accordion Committed Purchasers and in any event not later than forty-five (45) Business Days (or such other period as the Administrative Agent after consultation with the Accordion Committed Purchasers and New Accordion Committed Purchasers, as applicable, and the Seller (or the Master Servicer on its behalf) may agree) prior to the proposed date of the Accordion Increase, deliver to the Administrative Agent a notice (an “Accordion Request”) signed by a Responsible Officer of the Seller (or the Master Servicer on its behalf) which shall specify: (i) the aggregate amount of the proposed Additional Commitments, (ii) the proposed date of the Accordion Increase which shall be a Settlement Date (the “Accordion Increase Date”), (iii) the identity of, and the amount of the proposed Additional Commitment of, each Accordion Committed Purchaser and each New Accordion Committed Purchaser that wishes to provide an Additional Commitment and (iv) any fees relating to the Accordion Increase.  Following the receipt by the Administrative Agent of the Accordion Request, the Administrative Agent shall promptly forward a copy to each Purchaser Agent for informational purposes.  
(e)An Accordion Increase will only become effective if, on the date of the Accordion Request and the proposed Accordion Increase Date, the Facility Termination Date has not occurred and no event exists or would result from the proposed Accordion Increase that constitutes a Facility Event or Portfolio Event.
(f)Subject to the conditions in this Section 2.21 (Accordion Increase), an Accordion Increase will become effective in accordance with paragraph (g) below when the Administrative Agent executes an otherwise duly completed Accordion Increase Certificate delivered to it by the Seller (or the Master Servicer on its behalf) and the Additional Commitment Purchasers, if applicable, and any New Accordion Committed Purchaser and the Conduit Purchasers and Purchaser Agent in its new Purchaser Group shall have executed a Joinder Agreement in accordance with Section 11.3(i) (New Purchaser Groups). The Administrative Agent shall as soon as reasonably practicable after receipt by it of a duly completed Accordion Increase Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute the Accordion Increase Certificate.  The Administrative Agent shall only be obliged to execute an Accordion Increase Certificate delivered to it by the Seller (or the Master Servicer on its behalf) and the Additional Commitment Purchasers once it is satisfied it has complied with all necessary “know your 
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customer” or other similar checks under all applicable laws and regulations in relation to each New Accordion Committed Purchaser.
(g)On the Accordion Increase Date, the amount of the Additional Commitment of each Additional Commitment Purchaser will be as set out in the relevant column opposite its name in the Accordion Increase Certificate.  Notwithstanding any provision to the contrary in this Agreement, on and after any Accordion Increase Date, any Incremental Investment made by the Conduit Purchasers and the Committed Purchasers, and any Invested Amount repaid to the Conduit Purchasers and the Committed Purchasers, shall be made or repaid on a non-pro rata basis until each Purchaser Group’s Invested Amount (after giving effect to such Incremental Investment) is the same percentage of such Purchaser Group’s Commitment as every other Purchaser Group.
(h)The Seller shall promptly on demand pay the Administrative Agent and the Purchaser Agents the amount of all costs and expenses (including legal fees) reasonably incurred by them in connection with any increase in Commitments under this Section 2.21.
(i)Any amounts payable to the Purchasers by any Transaction Party on or before the Accordion Increase Date (including, without limitation, all interest, fees and commission payable up to (but excluding) the Accordion Increase Date) in respect of any period ending on or prior to the Accordion Increase Date shall be for the amount of the Purchasers party to this Agreement prior to the Accordion Increase Date and no Additional Commitment Purchaser shall have any interest in, or any rights in respect of, any such amount (save in respect of their Commitments up to (but excluding) the Accordion Increase Date).
(j)Each New Accordion Committed Purchaser, by executing the relevant Accordion Increase Certificate confirms, for the avoidance of doubt, that the Administrative Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Purchasers in accordance with this Agreement on or prior to the date on which the Accordion Increase Certificate becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Purchasers.
3.CONDITIONS OF PURCHASES
3.1Conditions precedent to initial Incremental Investment
The effectiveness of the Commitments and the initial Incremental Investment under this Agreement is each subject to the conditions precedent that:
(a)to the extent required by the program documents governing any Conduit Purchaser’s Commercial Paper Program or Commercial Paper Program of any conduit refinancing directly or indirectly a Committed Purchaser, each Rating Agency shall have confirmed that the execution and delivery of this Agreement by such Conduit Purchaser will not result in the reduction or 
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withdrawal of the then-current ratings of such Conduit Purchaser’s Commercial Paper below A-1 by S&P and P-1 by Moody’s;
(b)the results of a review and audit of the collection, operating and reporting systems, Credit and Collection Policies and historical receivables information which accounts for 70% of the Originators’ portfolio are reasonably satisfactory to the Administrative Agent and the Purchaser Agents and a satisfactory written agreed upon procedures report as to such matters is delivered by a Person satisfactory to the Administrative Agent and the Purchaser Agents on or before the Closing Date;
(c)consummation of the transactions contemplated herein shall have occurred or shall occur simultaneously with the initial purchase by the Seller Parties under the applicable Originator Sale Agreements; and
(d)the Administrative Agent and each Purchaser Agent shall have received on or before the date of such Incremental Investment all of the instruments, documents, agreements, certificates and opinions specified on Schedule 4 (Condition Precedent Documents), each (unless otherwise indicated) dated on or about the Closing Date, in form and substance reasonably satisfactory to the Administrative Agent and each Purchaser Agent.
3.2Conditions precedent to all Incremental Investments, Reinvestments and Releases
Each Incremental Investment (including the initial Incremental Investment), each Reinvestment and each Release hereunder shall be subject to the further conditions precedent that on the date of such Incremental Investment, Reinvestment or Release the following statements shall be true (and acceptance of the proceeds of any such Incremental Investment, Reinvestment or Release shall be deemed a representation and warranty by the Seller that such statements are then true by reference to the facts and circumstances existing on the date of such Incremental Investment, Reinvestment or Release):
(i)In the case of an Incremental Investment, the making of such Incremental Investment does not violate any provisions of Section 2.1 (The Purchases);
(ii)In the case of an Incremental Investment, Reinvestment or Release, the Seller has delivered an Investment Request, appropriately completed, within the time period required by Section 2.2 (Purchase procedures);
(iii)In the case of any Investment, Reinvestment or Release, (i) the Master Servicer has delivered the Monthly Report for the most recent Calculation Period in accordance with the Servicing Agreement and (ii) to the extent Weekly Reports are then required to be delivered pursuant to Section 2.3 (Reporting requirements) of the Servicing Agreement, the Master Servicer shall have delivered a Weekly Report pursuant to and in accordance with such Section on the date of such Investment, Reinvestment or Release;
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(iv)The Facility Termination Date has not occurred and, in the case of Incremental Investments, no event exists, or would result from such Incremental Investment, that constitutes a Facility Event or Portfolio Event;
(v)All Fees required to be paid on or prior to the date of such Incremental Investment, Reinvestment or Release in accordance with the Fee Letters and all fees and expenses described in Section 11.4 (Costs and expenses) to the extent then due and payable shall have been paid in full in accordance with the terms thereof;
(vi)No portion of the proceeds of such Incremental Investment, Reinvestment or Release will be used by the Seller to pay the purchase price for any Receivable that was originated by an Originator with respect to which a Seller Termination Event has occurred and is continuing;
(vii)After giving effect to such Incremental Investment, Reinvestment or Release and the use of the proceeds thereof in accordance with Section 2.3 (Use of proceeds) the Aggregate Invested Amount does not exceed the lesser of (I) the Facility Limit and (II) the Funding Base; and 
(viii)Any Subordinated Loan requested on the date of such Incremental Investment, Reinvestment or Release shall have been (or shall simultaneously with such Incremental Investment, Reinvestment or Release be) made by a Subordinated Lender.
4.REPRESENTATIONS AND WARRANTIES
4.1Representations and warranties of the Seller
The Seller hereby represents and warrants to the Agents and the Purchasers that, on the Closing Date and as of the date of each Investment, each Reinvestment and each Release hereunder and as of each Reporting Date:
(a)It (i) is a private limited liability company duly organized and validly existing under the laws of its jurisdiction of organization, (ii) is duly qualified to do business in every other jurisdiction where the nature of its business requires it to be so qualified, unless the failure to so qualify would not have a Material Adverse Effect, and (iii) has all corporate or other organizational power and authority required to perform its obligations under the Transaction Documents to which it is a party and to carry on its business in each jurisdiction in which its business is now conducted unless the failure to have such power and authority would not have a Material Adverse Effect.
(b)The execution, delivery and performance by it of this Agreement and any other Transaction Document to which it is a party, including the Seller’s use of the proceeds of Investments (i) are within its corporate powers, (ii) have been duly authorized by all necessary corporate action, (iii) are in its interest and it will receive a corporate benefit as a result of the transactions contemplated 
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hereby and thereby and the value of the consideration obtained by it under the transactions contemplated hereby and thereby constitutes fair market value, (iv) do not contravene or constitute a default under (A) its Organizational Documents, (B) any applicable Law, (C) any contractual restriction binding on or affecting it or its property or (D) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property except in each case where any such contravention or default would not have a Material Adverse Effect and (v) do not result in or require the creation or imposition of any Adverse Claim (other than Permitted Adverse Claims) upon or with respect to any of its properties.  Each Transaction Document to which the Seller is a party has been duly executed and delivered by the Seller.
(c)No authorization, approval, license, consent, qualification or other action by, and no notice to or filing or registration with, any Official Body or official thereof or any third party is required for the due execution, delivery and performance by it of this Agreement or any other Transaction Documents to which it is a party or any other document to be delivered by it hereunder or thereunder, except for the actions taken or referred to in Schedule 4 (Conditions precedent documents) all of which have been duly made or taken, as the case may be, and are in full force and effect and except where the failure to have obtained any such authorization or approval or taken any such action or made any such filing or notice would not have a Material Adverse Effect.
(d)Each of this Agreement and the other Transaction Documents to which it is a party constitutes the legal, valid and binding obligation of the Seller enforceable against it in accordance with its terms, subject to any limitation on the enforceability thereof against the Seller arising from the application of any applicable Insolvency Law or by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
(e)There are no actions, suits, investigations by an Official Body, litigation or proceedings at law or in equity or by or before any Official Body or in arbitration now pending against or affecting the Seller or its Subsidiaries or any of its businesses, properties or revenues (i) which involve or question the validity of this Agreement or any other Transaction Document to which it is a party or any of the transactions contemplated hereby or thereby (excluding any litigation or proceeding against any Obligor) or (ii) which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.  The Seller is not in default or violation of any order, judgment or decree of any Official Body or arbitrator which could reasonably be expected to have a Material Adverse Effect.
(f)No event has occurred and is continuing, or would result from any Investment or application of the proceeds therefrom, which constitutes a Facility Event or Portfolio Event which has not been (i) notified to the relevant parties pursuant to, and in accordance with, the Transaction Documents or (ii) remedied or waived, in each case, in accordance with the Transaction Documents.
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(g)No proceeds of any Investment will be used to purchase or carry, or to extend credit to others for the purpose of purchasing or carrying, “margin stock” within the meaning of Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time.
(h)Each Receivable treated as or represented to be a Portfolio Receivable is owned by the Seller, free and clear of any Adverse Claim (other than Permitted Adverse Claims).  The Administrative Agent, for the benefit of the Secured Parties, has a valid and perfected first priority charge, security interest or pledge, ranking ahead of any other charge, security interest or pledge and the interest of any other creditor of any Transaction Party (other than Permitted Adverse Claims) in the Seller Operating Accounts and all other Collateral, in each case, free and clear of any Adverse Claim (other than Permitted Adverse Claims).  No effective financing statement or other instrument similar in effect is filed in any recording office listing any Transaction Party as debtor, covering any Receivable, Related Security or other Collateral, or any interest therein or proceeds thereof, other than in respect of a Permitted Adverse Claim.
(i)(i) Each Portfolio Report and Outstanding Receivables Report is complete and accurate in all material respects as of its date, (ii) all other information, data, exhibits, documents, books, records and reports (“Information”) furnished by or on behalf of the Seller in connection with this Agreement, any other Transaction Document or any transaction contemplated hereby or thereby is complete and accurate in all material respects as of its date and no such Information contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein, in the light of the circumstances under which they were made, not materially misleading; provided, that, with respect to projected financial information provided by or on behalf of the Seller, the Seller represents only that such information was prepared in good faith by management of the Seller on the basis of assumptions believed by such management to be reasonable as of the time made, and (iii) all financial statements which have been furnished by or on behalf of the Seller (A) have been prepared in accordance with GAAP consistently applied (except as approved by the external auditors and as disclosed therein, if any) and (B) fairly present, in all material aspects, the financial condition of the Seller and, if applicable, its consolidated Subsidiaries as of the dates set forth therein and the results of any operations of the Seller for the periods ended on such dates.
(j)It has (i) timely filed or caused to be filed all material Tax returns required to be filed and (ii) paid or made adequate provision for the payment of all material Taxes, assessments and other governmental charges due and payable by it, except any such Taxes, assessments or other governmental charges that are being contested in good faith by appropriate proceedings and for which the Seller has set aside in its books and records reserves in accordance with GAAP as reasonably determined by the Seller.
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(k)The Seller has its registered office, its center of main interests and its principal place of business in the Netherlands.  The Seller has no other place of business in any other jurisdiction.
(l)(i) The names and addresses of all the Seller Operating Account Banks together with the account numbers of the Seller Operating Accounts at such Seller Operating Account Banks are as specified in Schedule 5 (Facility Accounts and Account Banks), as such Schedule 5 (Facility Accounts and Account Banks) may be updated from time to time pursuant to Section 5.1(g) (Change in payment instructions to Obligors).  (ii)  Only Collections and other amounts payable in respect of Portfolio Receivables are deposited into the Seller Operating Accounts.  
(m)Since its formation, the Seller has not used any company name, tradename or doing-business-as name other than the name in which it has executed this Agreement.
(n)The Seller was formed on March 9, 2011 under the Laws of the Netherlands and the Seller did not engage in any business activities prior to such date.  The Seller has no Subsidiaries.  
(o)The Seller is not (i) a "covered fund" under the Volcker Rule or (ii) an "investment company," or a company "controlled" by an "investment company," within the meaning of the Investment Company Act of 1940. In determining that the Seller is not an investment company, the Seller is relying on the exemption from the definition of "investment company" set forth in Section 3(c)(5) of the Investment Company Act of 1940.
(p)The Seller is Solvent.
(q)With respect to each Receivable treated as or represented to be a Portfolio Receivable, the applicable Seller Party purchased such Receivable from the applicable Originator in accordance with the terms of the applicable Originator Sale Agreement in exchange for payment (made by the applicable Seller Party to such Originator in accordance with the provisions of the applicable Originator Sale Agreement) of cash, in an amount which constituted fair market value.  Each such purchase referred to above shall not have been made for or on account of an antecedent debt owed by the applicable Originator to the applicable Seller Party, or by any Intermediate Transfer to the Seller, as the case may be, and no such sale, acquisition or other transaction is or may be voidable or subject to avoidance under any section of any applicable Insolvency Law or by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
(r)The Seller has no operations or employees in the U.S.
(s)Each of the representation and warranties of the Seller contained in the Transaction Documents (other than this Agreement), is complete and correct in all material respects and the Seller hereby makes each such representation 
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and warranty to, and for the benefit of, the Administrative Agent and the Secured Parties as if the same were set forth in full herein.
(t)There have been no material changes to the Credit and Collection Policies since the Closing Date which have not been (i) notified to the Agents pursuant to, and in accordance with, the Transaction Documents or (ii) permitted in accordance with the Transaction Documents.
(u)It is not required to account to any Official Body for any value added or other substantially similar Tax in respect of the assignment by it of any Receivable or any Related Security related thereto and no withholding or other Tax is deductible or payable on any payment made by an Obligor with respect to any Receivable or any Related Security related thereto.
(v)The Seller is, to the extent applicable, in compliance with Sanctions.
(w)The Seller is not, and no director or senior officer of the Seller is, any of the following:
(i)a Restricted Person;
(ii)a Person owned 50% or more or controlled by, or acting on behalf of, any Restricted Person; or
(iii)a Person that commits, threatens or conspires to commit or support “terrorism” as defined in the Executive Order.
4.2Representations of the Performance Undertaking Provider
The Performance Undertaking Provider hereby represents and warrants to the Agents and the Purchasers that, on the date of the Closing Date and as of the date of each Investment, each Reinvestment and each Release hereunder and as of each Reporting Date:
(a)To the best of the knowledge of the Responsible Officers of the Performance Undertaking Provider, the Performance Undertaking Provider and its Subsidiaries are, to the extent applicable, in compliance in all material respects with Sanctions.
(b)To the best of the knowledge of the Responsible Officers of the Performance Undertaking Provider, the Performance Undertaking Provider is not, and no Subsidiary and no director or senior officer of the Performance Undertaking Provider or any Subsidiary, is any of the following:
(i)a Restricted Party;
(ii)a Person owned 50% or more or controlled by, or acting on behalf of, any Restricted Party; or
(iii)a Person that commits, threatens or conspires to commit or support “terrorism” as defined in the Executive Order.
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(c)The Performance Undertaking Provider has implemented and maintains in effect policies and procedures designed to promote compliance by the Performance Undertaking Provider, its Subsidiaries and their respective directors, officers and employees with applicable Anti-Corruption Laws and Sanctions.
4.3Representations and warranties of the Master Servicer
The Master Servicer hereby represents and warrants to the Agents and the Purchasers that, on the date of the Closing Date and as of the date of each Investment, each Reinvestment and each Release hereunder and as of each Reporting Date:
(a)The Master Servicer is, to the extent applicable, in compliance with Sanctions.
(b)The Master Servicer is not, and no director or senior officer of the Master Servicer is, any of the following:
(i)a Restricted Person;
(ii)a Person owned 50% or more or controlled by, or acting on behalf of, any Restricted Person; or
(iii)a Person that commits, threatens or conspires to commit or support “terrorism” as defined in the Executive Order.
4.4Representations and warranties of the Seller and the Retention Holder
Each of the Seller and the Retention Holder hereby represents and warrants to the Agents and the Purchasers that as of each Reporting Date:
(a)In the case of the Retention Holder, it, itself or through the Originators, directly or indirectly, was involved in the original agreements which created the obligations of the Obligors giving rise to the Portfolio Receivables, by virtue of, inter alia, its supervision of the Originators and its approval of the Credit and Collection Policies, such that it is an "originator" of each of the Portfolio Receivables for the purposes of the Securitisation Regulation;
(b)In the case of the Retention Holder, it was not established for, and does not operate for, the sole purpose of securitising exposures and (i) it has a business strategy and the capacity to meet payment obligations consistent with a broader business enterprise and involving material support from capital, assets, fees or other income available to it, relying neither on the exposures being securitized by it, nor on the Retained Interest, as well as any corresponding income from such exposures and interests and (ii) its responsible decision makers have the required experience to enable it to pursue the established business strategy, as well as an adequate corporate governance arrangement;
(c)It has not selected Receivables to be transferred to the Seller with the aim of rendering losses on those Receivables, measured over the life of the Transaction described in the Transaction Documents, higher than the losses 
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over the same period on comparable Receivables held on its balance sheet, in accordance with Article 6(2) of the Securitisation Regulation;
(d)Each Portfolio Receivable in respect of which any amount is outstanding as at the Amendment and Restatement Effective Date was an Eligible Receivable (for the avoidance of doubt as defined in this Agreement as amended and restated on the Amendment and Restatement Effective Date as of the relevant Purchase Date);
(e)The Seller’s rights and obligations under the Transaction Documents to sell Receivables and/or repurchase Portfolio Receivables do not constitute active portfolio management for purposes of Article 24(7) of the Securitisation Regulation;
(f)Each of the Portfolio Receivables is:
(i) not a securitisation position, as defined in Article 2(19) of the Securitisation Regulation;
(ii)at the time at which it is or was (as applicable) sold to the Seller under the applicable Originator Sale Agreement:
(A) not an exposure in default within the meaning of Article 178(1) of Regulation (EU) No 575/2013;
(B)not an exposure to a credit-impaired debtor or guarantor, who, to the best of the applicable Originator's knowledge, has been (I) declared insolvent or had a court grant his creditors a final non-appealable right of enforcement or material damages as a result of a missed payment within three years prior to the date of origination or has undergone a debt restructuring process with regard to its non-performing exposures within three years prior to the date of transfer or assignment of the applicable Portfolio Receivable to the Seller; (II) was, at the time of origination, where applicable, on a public credit registry of persons with adverse credit history or, where there is no such public credit registry, another credit registry that is available to the applicable Originator; or (III) has a credit assessment or a credit score indicating that the risk of contractually agreed payments not being made is significantly higher than for comparable Receivables held by the applicable Originator which are not securitised; or
(C)a trade receivable with full recourse to the relevant Obligor; and
(D)not a transferable security, as defined in point (44) of Article 4(1) of Directive 2014/65/EU;
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(g)For the purposes of Article 24(11) of the Securitisation Regulation, payments under the Transaction Documents do not depend predominantly on the sale of assets securing the Purchased Receivables;
(h)For the purposes of Article 24(12) of the Securitisation Regulation, the Seller has not entered into any derivative contracts, other than the Hedge Agreements;
(i)It and the Master Servicer have remedies and actions relating to delinquency and default of Obligors, debt restructuring, debt forgiveness, forbearance, payment holidays, losses, charge offs, recoveries and other asset performance remedies;
(j)It has made available, in accordance with Article 24(14) of the Securitisation Regulation, data on static and dynamic historical default and loss performance, such as delinquency and default data, for substantially similar Receivables to those being securitised under the Transaction Documents, and the sources of those data and the basis for claiming similarity, to the Administrative Agent, the Purchaser Agents, the Committed Purchasers and the Conduit Purchasers;
(k)The Portfolio Receivables are homogeneous for purposes of Article 24(15) of the Securitisation Regulation, on the basis that they: (i) are trade receivables; (ii) have been underwritten by the applicable Originator in accordance with similar underwriting standards applying similar approaches with respect to the assessment of a potential Obligor's credit risk and on terms no less stringent than those that such Originator used on similar exposures not securitised under this Transaction; and (iii) are serviced by the Master Servicer in accordance with the Credit and Collection Policies and the Servicing Agreement in accordance with the same servicing procedures with respect to monitoring, collections and administration of cash receivables generated from the Portfolio Receivables;
(l)For the purposes of Article 24(17)(c) of the Securitisation Regulation, no provision of the Transaction Documents requires automatic liquidation of the Portfolio Receivables upon a Facility Termination Event;
(m)Each Originator has expertise in originating Receivables of a similar nature to the Portfolio Receivables;
(n)At the time of purchase under the terms of the Transaction Documents, the Portfolio Receivables meet or met (as applicable), to the best knowledge of the Originators and the Retention Holder, the requirements of Article 243(1)(a) of the CRR; and
(o)It has at all times complied with its obligations under Section 5.5 (Securitisation Regulation).
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5.COVENANTS
5.1Covenants of the Seller
Until the Final Payout Date:
(a)Compliance with laws, etc.
The Seller will comply in all material respects with all applicable Laws and preserve and maintain its corporate existence, rights, franchises, qualifications, and privileges, except to the extent that the failure so to comply with such Laws or the failure so to preserve and maintain such existence, rights, franchises, qualifications and privileges would not have a Material Adverse Effect.
(b)Offices, records and books of account
The Seller will keep its records concerning the Receivables at (i) the address of the Seller specified in Section 11.2 (Notices, etc.) as of the date of this Agreement or (ii) upon fifteen (15) days prior written notice to the Administrative Agent and the Purchaser Agents, at any other locations in jurisdictions where all actions reasonably requested by the Administrative Agent or any Purchaser Agent to protect and perfect its security interest in the Collateral have been taken and completed.  The Seller also will maintain and implement, or cause the Master Servicer to maintain and implement, administrative and operating procedures (including an ability to recreate records evidencing Receivables and related Contracts in the event of the loss or destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables (including records adequate to permit the daily identification of each Receivable and all Collections of and adjustments to each existing Receivable).  
(c)Notice of Seller’s interest
In the event that the Seller shall sell, hold in trust or otherwise transfer any interest in any Receivable, any Related Security or any other Collateral (other than as contemplated by the Transaction Documents), the Seller shall inform the counterparty that it has entered into a securitization program arranged by Rabobank under which it has securitized certain of its Receivables. 
(d)Sales, Liens, etc.
The Seller will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim (except for Permitted Adverse Claims) upon or with respect to, the Portfolio Receivables, any Seller Operating Account, any other Collateral or any other asset of the Seller, or assign any right to receive income in respect thereof and the Seller shall not issue any Equity Interest to any other Person other than the Equity Holder or permit any such Equity Interests to be subject to any Adverse Claim, except as 
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otherwise expressly provided for in the Transaction Documents.  Nothing in this Section 5.1(d) shall prevent the Seller from making Restricted Payments otherwise permitted under Section 5.1(n).
(e)Extension or amendment of Portfolio Receivables and Contracts
Except as provided in Section 2.2(c) (Duties of the Master Servicer) of the Servicing Agreement, the Seller will not (i) extend, amend or otherwise modify the terms of any Portfolio Receivable or any Related Security, or (ii) amend, modify or waive any term or condition of any Contract related thereto except (i) in accordance with the applicable Credit and Collection Policies, (ii) as required by Law or (iii) otherwise in a manner that would not have a Material Adverse Effect or materially adversely affect the interests or remedies of the Secured Parties.
(f)Change in Business
The Seller will not make any change to the character of its business.
(g)Change in payment instructions to Obligors
The Seller will not add or terminate any Seller Operating Account from those listed in Schedule 5 (Facility Accounts and Facility Account Banks), or make any change in any instruction to Obligors regarding payments to be made in respect of the Receivables which would adversely affect the likelihood that Obligors will make payments directly to the relevant Collection Account or payments to be made to any Seller Operating Account unless the Administrative Agent and each Purchaser Agent shall have received at least fifteen (15) days prior written notice of such addition, termination or change (including an updated Schedule 5 (Facility Accounts and Facility Account Banks)) and a fully executed Security Document with respect to each new Seller Operating Account has been delivered to the Administrative Agent.  Each Seller Operating Account shall be maintained at all times in the name of the Seller and at a bank or other financial institution with at least two of the three following ratings: at least A-1 by S&P, P1 by Moody’s and F1 by Fitch.
(h)Deposits to Seller Operating Accounts
If the Seller shall receive any Collections directly, the Seller shall (or will cause the Master Servicer to) promptly (and in any event within two (2) Business Days) cause such Collections to be deposited into a Seller Operating Account or Collection Account.  The Seller will not permit and will (and will cause the Servicer Parties to) prevent funds which do not constitute Collections of Receivables or the proceeds of Incremental Investments or Subordinated Loans under the Subordinated Loan Agreement from being deposited into any Seller Operating Account.  
(i)Further Assurances; Change in Name or Jurisdiction of Organisation, etc.
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(i)The Seller agrees from time to time, at its expense, promptly to execute and deliver all further instruments and documents, and to take all further actions, that the Administrative Agent may reasonably request, to (A) perfect, protect or more fully evidence the Administrative Agent’s security interest in the Seller Operating Accounts and the other Collateral, (B) enable the Conduit Purchasers, the Committed Purchasers, the Purchaser Agents or the Administrative Agent to exercise and enforce their respective rights and remedies under this Agreement or (C) ensure that the transactions contemplated hereunder and under the other applicable Transaction Documents are treated as true sales.  Without limiting the foregoing, the Seller will at its expense, within ten (10) Business Days request of the Administrative Agent, duly execute, file, or serve in or on the appropriate filing office, Official Body or other Person in each jurisdiction necessary all registrations, notices, financing or continuation statements, or amendments thereto, and such other instruments and other documents, that may be necessary or reasonably desirable, or that the Administrative Agent may reasonably request, to perfect, protect or evidence the Administrative Agent’s security interest in the Seller Operating Accounts and the other Collateral.  The Seller authorizes the Administrative Agent to file financing or continuation statements or similar instruments, and amendments thereto and assignments thereof, relating to the Seller Operating Accounts and the other Collateral for the purpose of evidencing or protecting its security interest in connection therewith without the signature of the Seller.  A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by Law.
(ii)The Seller will at all times be incorporated under the laws of Netherlands and will not take any action to change its jurisdiction of organisation.
(iii)The Seller will not change its name, identity, corporate structure, location, registered office, its centre of main interests, its principal place of management or tax identification number or make any other change which could render any financing statement or similar instrument filed in connection with any Transaction Document seriously misleading or otherwise ineffective under applicable Law, unless the Administrative Agent shall have received at least fifteen (15) days advance written notice of such change prior to the effectiveness thereof and all action by the Seller necessary or appropriate to perfect or maintain the perfection of the Administrative Agent’s security interest in the Seller Operating Accounts and the other Collateral (including the filing of all financing statements or similar instruments and the taking of such other action as the Administrative Agent may request in connection with such change) shall have been duly taken.
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(j)Separateness
The Seller shall:
(i)maintain corporate records and books of account separate from those of any other Transaction Party;
(ii)ensure that the resolutions, agreements and other instruments underlying the transactions described in the Transaction Documents shall be continuously maintained as official records;
(iii)maintain an arm’s-length relationship with each other Transaction Party and not hold itself out as being liable for any Indebtedness of any other Transaction Party;
(iv)keep its assets and its liabilities wholly separate from those of each other Transaction Party;
(v)not mislead third parties by conducting or appearing to conduct business on behalf of any other Transaction Party or expressly or impliedly representing or suggesting that the Seller is liable or responsible for any Indebtedness of any other Transaction Party or that the assets of the Seller are available to pay the creditors of any other Transaction Party;
(vi)not hold any other Transaction Party out to third parties as other than an entity with assets and liabilities distinct from the Seller;
(vii)not hold itself out to be responsible for any decisions or actions relating to any other Transaction Party;
(viii)take such other actions as are necessary on its part to ensure that all corporate procedures required by its Organizational Documents are duly and validly taken;
(ix)keep correct and complete records and books of account and corporate minutes;
(x)not act in any manner that could foreseeably mislead others with respect to the separate identity of each other Transaction Party;
(xi)at all times limit its transactions with each other Transaction Party only to those expressly permitted hereunder or under any other Transaction Document; and
(xii)take, or refrain from taking, as the case may be, all other actions that are necessary to be taken or not to be taken by it in order to (I) ensure that the assumptions and factual recitations set forth in any true sale opinion or non-consolidating opinion issued in connection with the Transaction Documents remain true and correct in all material respects 
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with respect to it and the other Transaction Party and (II) comply in all material respects with those procedures described in such provisions which are applicable to it.
(k)Transaction Documents
Except as permitted under Section 11.14 (Limitation on the addition and termination of Originators) or as otherwise expressly permitted by the Transaction Documents, the Seller will not terminate, amend, waive or modify, or consent to any termination, amendment, waiver or modification of, any provision of any Transaction Document or grant any other consent or other indulgence under any Transaction Document, in each case, without the prior written consent of the Administrative Agent and the Required Committed Purchasers (such consent not to be unreasonably withheld); provided that the consent of each Committed Purchaser shall be required for any such amendment, waiver, modification, consent or other indulgence that would have a Fundamental Change.  The Seller will perform in all material respects all of its obligations under the Transaction Documents and will enforce its rights under the Transaction Documents in accordance with their respective terms.  The Seller will take all actions to perfect and enforce its rights and interests (and the rights and interests of the Administrative Agent and the Secured Parties as assignees of Seller) under the Transaction Documents as the Administrative Agent or the Required Committed Purchasers may from time to time reasonably request, including making claims to which it may be entitled under any indemnity, reimbursement or similar provision contained in any Transaction Document.
(l)Nature of Business; No Subsidiaries; Change in Credit and Collection Policies
The Seller will not engage in any business other than the ownership, collection and financing of Receivables, Related Security and Collections originated by the Originators pursuant to and in accordance with terms of the Transaction Documents.  The Seller will not create or form any Subsidiary.  The Seller will not amend, modify, change or repeal any of its Organizational Documents without the prior written consent of each Agent.  The Seller will not make any material change in the Credit and Collection Policies except (i) as required by Law and, if such changes are material, notified to each Purchaser Agent or (ii) with the prior written consent of each Purchaser Agent (such consent not to be unreasonably withheld).  The Seller will not have any employees.
(m)Mergers, etc.
Except to the extent expressly permitted by the Transaction Documents, the Seller will not liquidate or dissolve or merge with or into or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions), all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or substantially 
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all of the assets or capital stock or other ownership interest of, or enter into any joint venture or partnership agreement with, any Person.
(n)Distributions, etc.
The Seller will not (i) except as otherwise required by applicable Law, declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any of its Equity Interests in the Seller, or return any capital to its members or other Equity Holders as such, or purchase, retire, defease, redeem or otherwise acquire for value or make any payment in respect of any membership interests or other equity of the Seller or any warrants, rights or options to acquire any membership interests or other equity of the Seller, now or hereafter outstanding, (ii) prepay, purchase or redeem any Indebtedness (other than expressly in accordance with the Transaction Documents), (iii) lend or advance any funds or (iv) repay any loans or advances to, for or from any of its Affiliates (the amounts described in Sections 5.1(n)(i) to (iv) being referred to as “Restricted Payments”); provided that the Seller may (x) purchase Receivables and any Related Security and Collections related thereto, and (y) pay amounts owing in respect of the Subordinated Loans, in each case, pursuant to and in accordance with the terms and conditions of the Transaction Documents, including Section 2.6 (Collections prior to Facility Termination Date), Section 2.7 (Collections after Facility Termination Date) and Section 3 (Conditions of Purchases).
(o)Indebtedness
The Seller will not create, incur, guarantee, assume or suffer to exist any Indebtedness or other liabilities, whether direct or contingent, funded or unfunded, other than (i) as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, (ii) the incurrence of obligations under this Agreement, (iii) the incurrence of other obligations pursuant to, and, as expressly set forth in, the Transaction Documents or (iv) the incurrence of operating expenses in the ordinary course of business in an amount not to exceed EUR 100,000 at any time outstanding. 
(p)Taxes
The Seller will file all material tax returns and reports required by Law to be filed by it and will within the time period required by applicable Law or regulation pay all material Taxes and governmental charges at any time due and payable by it (including, without limitation, all Taxes payable by the Seller in connection with the Portfolio Receivables and Related Security), except to the extent such Taxes or governmental charges are being contested in good faith by appropriate proceedings and the Seller has set aside in its books adequate reserves in accordance with GAAP as reasonably determined by the Seller.
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(q)Enforcement
The Seller on its behalf, and on behalf of the Secured Parties, shall (or shall cause the Master Servicer Parties to) promptly require compliance with all covenants and obligations in its favor of the Intermediate Transferors contained in the Intermediate Transfer Agreements and all covenants and obligations in its favor of the Originators under the Originator Sale Agreements.  The Seller shall also deliver consents, approvals, acknowledgements, directions, notices, waivers and take such further actions thereunder as may be directed by the Administrative Agent.  The Seller (or the Seller Agent or Master Servicer on its behalf) shall track all funds paid to each Originator as Advanced Purchase Prices and shall at no time permit the transfer of Advanced Purchase Price payments (which have not been applied to the Purchase Price of Receivables that qualify as Eligible Receivables) to exceed 10% of the Unpaid Balance of Portfolio Receivables that qualify as Eligible Receivables set forth in the most recently delivered Portfolio Report with respect to the applicable Originator; provided, that so long as the Applicable S&P Rating is not below “BBB-” (or withdrawn or suspended) and the Applicable Moody’s Rating is not below “Baa3” (or withdrawn or suspended), then the determination as to whether the Advanced Purchase Price amounts with respect to each Originator would exceed such 10% threshold may be made on a weekly basis on the fourth Business Day (or, if such calendar week has less than 4 Business Days, on the last Business Day) of such calendar week and any such determination shall remain in effect until the immediately succeeding date of determination.  In addition, the Seller (or the Seller Agent or Master Servicer on its behalf) shall track all Deferred RPA Purchase Price amounts payable to Originators and shall at no time permit the Deferred RPA Purchase Price amounts to exceed 10% of the Unpaid Balance of Portfolio Receivables that qualify as Eligible Receivables set forth in the most recently delivered Portfolio Report with respect to the applicable Originator; provided, that so long as the Applicable S&P Rating is not below “BBB-” (or withdrawn or suspended) and the Applicable Moody’s Rating is not below “Baa3” (or withdrawn or suspended), then the determination as to whether the Deferred RPA Purchase Price amounts with respect to each Originator would exceed such 10% threshold may be made on a weekly basis (rather than daily in any other circumstance) on the fourth Business Day (or, if such calendar week has less than 4 Business Days, on the last Business Day) of such calendar week and any such determination shall remain in effect until the immediately succeeding date of determination.
(r)Seller Operating Accounts
The Seller will cause all Seller Operating Accounts to be subject at all times to a Security Document and all Collection Accounts to be subject at all times to an Account Security Agreement.
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(s)Change in accountants or accounting policies
The Seller shall promptly notify the Administrative Agent of (i) any change in its auditors or (ii) any material change in its accounting policies to the extent such change in accounting policies could reasonably be expected to have a Material Adverse Effect.
(t)Power of Attorney
The Seller will not revoke or attempt to revoke any power of attorney granted by it in connection with the transactions contemplated by the Transaction Documents (unless such revocation results from mandatory application of applicable Law).
(u)Negotiable Instruments
Unless delivered to the Administrative Agent, the Seller shall not take any action to cause any Portfolio Receivable not evidenced by a negotiable instrument upon origination to become evidenced by a negotiable instrument, except in connection with the enforcement or collection of a Defaulted Receivable.
(v)Delivery of Audited Financial Statements
The Seller shall deliver to the Administrative Agent, within 120 days after the close of each of its fiscal years starting from its fiscal year ending December 31, 2011, a copy of its audited financial statements prepared by its accountants in accordance with GAAP and that are provided to the Performance Undertaking Provider in connection with the preparation of the Performance Undertaking Provider’s consolidated annual audited financial statements.
(w)Licenses, etc.
The Seller shall maintain in full force and effect all licenses, approvals, authorizations, consents, registrations and notifications which are at any time required in connection with the performance of its duties and obligations hereunder and under the other Transaction Documents, except to the extent the failure to do so would not have a Material Adverse Effect.
(x)Credit and Collection Policies
The Seller shall comply in all material respects with the applicable Credit and Collection Policies.
(y)Sanctions
(i)Promptly upon a Responsible Officer of the Seller becoming aware that the Seller has received formal notice that it has become subject to any action or investigation under any Sanctions, the Seller shall, to the 
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extent permitted by law, supply to the Administrative Agent details of any such action or investigation.
(ii)The Seller will not knowingly permit or authorize any other Person to, directly or indirectly, use, lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of the transactions contemplated by this Agreement to fund any trade, business or other activities: (i) involving or for the benefit of any Restricted Person except as otherwise permitted or authorized by Sanctions or Sanctions Authorities, including, without limitation, as authorized by OFAC general or specific license or (ii) in any other manner that would result in any of the Seller, the Administrative Agent, any Purchaser Agent, any Committed Purchaser or any Conduit Purchaser being in breach of any Sanctions or becoming a Restricted Person.
(z)Transparency Requirements
The Seller agrees that it will provide such information in relation to the Seller as may reasonably be requested from time to time by the Administrative Agent, any Purchaser Agent, any Committed Purchaser and any Conduit Purchaser in order to enable each Committed Purchaser (in its capacities as a Committed Purchaser and/or as a Liquidity Bank) and Conduit Purchaser, as applicable, to comply with their respective obligations under Article 5 and/or Article 7 of the Securitisation Regulation, or by the Master Servicer in order to enable the Master Servicer, in its capacity as an “originator” as defined in Article 2(3) of the Securitisation Regulation, to comply with its obligations under Section 6.4(c) (Transparency).  The Seller will not be in breach of the requirements in this Section 5.1(z) if, due to events, actions or circumstances beyond its control, it is not able to comply with the undertakings contained herein.
5.2Inspections; annual agreed upon procedures audit
Until the Final Payout Date:
(a)The Seller will, at the expense of the Seller (subject to the proviso to this Section 5.2(a)), from time to time during regular business hours as requested by the Administrative Agent and/or any Purchaser Agent upon five (5) Business Days prior notice, permit the Administrative Agent, any Purchaser Agent, or their respective agents or representatives (including independent accountants, which may not be the Seller’s or the Master Servicer’s independent accountants) (i) to conduct audits of the Receivables, the Related Security, the other Collateral and the related books and records, including the Contracts, and collections systems of the Seller; (ii) to examine and make copies of and abstracts from all documents, purchase orders, invoices, agreements, books, records and other information (including computer programs, tapes, discs, punch cards, data processing software, storage media and related property and rights) relating to Receivables, the Related Security 
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and the other Collateral, including, the related Contracts to the extent necessary to preserve the Secured Parties’ rights, and verify the Transaction Parties’ compliance with their obligations, under the Transaction Documents and (iii) to visit the offices and properties of the Seller for the purpose of examining such materials described in Sections 5.2(a)(i) and (ii), and to discuss matters relating to Receivables, the Related Security and the other Collateral or the Seller’s performance under the Transaction Documents or under the Contracts with any of the officers or employees of the Seller having knowledge of such matters; provided that, unless a Facility Event  or Portfolio Event has occurred, only one such examination and visit in any calendar year shall be at the expense of the Seller.
(b)On or before the 30th day before each anniversary of the Amendment and Restatement Effective Date, or at any time upon the occurrence and during the continuance of a Facility Event or Portfolio Event, upon the request of the Administrative Agent and/or any Purchaser Agent, the Seller shall, and shall cause each Servicer Party to, cause a firm of nationally recognized independent accountants or collateral auditors, in either case acceptable to the Administrative Agent (who may also render other services to the Seller, the Servicer Parties or their Affiliates) to furnish a report (addressed to the Administrative Agent and each Purchaser Agent) to the Administrative Agent and each Purchaser Agent (each such report, an “Accountants’ Letter”) in a form acceptable to the Administrative Agent and each Purchaser Agent, to the effect that they have performed certain procedures as reasonably requested by the Administrative Agent and the Purchaser Agents (which, unless otherwise agreed by the Administrative Agent and the Purchaser Agents, shall include the procedures identified on Schedule 6 (Agreed upon Procedures)) and examined certain documents and records relating to the Receivables and the servicing thereof and have compared the information contained in certain of the Portfolio Reports and Outstanding Receivables Reports delivered pursuant to the Transaction Documents for the preceding twelve (12) calendar month period with such documents and records and that, on the basis of such procedures, have noted no material instances where the amounts set forth in such Portfolio Reports and Outstanding Receivables Reports are not in agreement with the Master Servicer documents and records, except for such exceptions as shall be set forth in such report; provided, that (i) each such annual review shall examine the historical receivables information which accounts for at least 25% of the Outstanding Balance of Portfolio Receivables as of the date of determination used for the Accountants’ Letter and (ii) with respect to each review conducted in connection with the second anniversary of the Amendment and Restatement Effective Date and the anniversary falling every two calendar years thereafter, such review shall examine historical receivables information which accounts for at least 25% of the Outstanding Balance of Portfolio Receivables originated by the U.S. Originators as of the date of determination used for the Accountants’ Letter.  The cost of any Accountants’ Letter shall be paid by the Master Servicer out of its own funds.  For the avoidance of doubt, the Seller (or the Master Servicer) shall only be responsible for the costs of one such annual review and any such review per 
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Servicer Party requested by the Administrative Agent and/or the Purchaser Agents upon the occurrence and during the continuance of a Facility Event or Portfolio Event.
5.3Covenants of the Performance Undertaking Provider
(a)Sanctions Actions or Investigations
Promptly upon a Responsible Officer of the Performance Undertaking Provider becoming aware that the Performance Undertaking Provider or any of its Subsidiaries has received formal notice that it has become the subject of any material action or investigation under any Sanctions, the Performance Undertaking Provider shall, to the extent permitted by law, supply to the Administrative Agent details of any such material action or investigation.
(b)Anti-Corruption and Sanctions Compliance Policies and Procedures
The Performance Undertaking Provider will maintain in effect policies and procedures designed to promote compliance by the Performance Undertaking Provider, its Subsidiaries and their respective directors, officers and employees with applicable Anti-Corruption Laws and Sanctions.
(c)Anti-Money Laundering
The Performance Undertaking Provider will not knowingly conduct its operations in violation of any applicable financial recordkeeping and reporting requirements of the U.S. Bank Secrecy Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any applicable authority (collectively, the “Money Laundering Laws”), and no action or inquiry by or before any authority involving the Performance Undertaking Provider with respect to Money Laundering Laws is pending or, to the best of the knowledge of the Responsible Officers of the Performance Undertaking Provider, is threatened.
(d)Sanctions
The Performance Undertaking Provider will not knowingly use, or permit any of its Subsidiaries to use, any funds derived from any activity that would violate Sanctions to pay any of the obligations under the Transaction Documents.
5.4Covenants of the Master Servicer
(a)Sanctions
(i)Promptly upon a Responsible Officer of the Master Servicer becoming aware that the Master Servicer has received formal notice that it has become subject to any action or investigation under any Sanctions, the 
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Master Servicer shall, to the extent permitted by law, supply to the Administrative Agent details of any such action or investigation.
(ii)The Master Servicer will not knowingly permit or authorize any other Person to, directly or indirectly, use, lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of the transactions contemplated by this Agreement to fund any trade, business or other activities: (i) involving or for the benefit of any Restricted Person except as otherwise permitted or authorized by Sanctions or Sanctions Authorities, including, without limitation, as authorized by OFAC general or specific license or (ii) in any other manner that would result in any of, the Master Servicer, the Administrative Agent, any Purchaser Agent, any Committed Purchaser or any Conduit Purchaser being in breach of any Sanctions or becoming a Restricted Person.
5.5Securitisation Regulation
(a)The Retention Holder, in its capacity as an “originator” for the purposes of the Risk Retention Requirements will, in furtherance of complying with the Risk Retention Requirements, advance the Subordinated Loans to the Seller pursuant to the Subordinated Loan Agreement.
(b)The Retention Holder hereby undertakes, for so long as the securitisation comprised in the Transaction Documents is ongoing, to:
(i)hold and retain a material net economic interest in the securitisation comprised in the Transaction Documents in an amount equal to at least five percent (5.00%) in the form of the retention of the first loss tranche in accordance with option (d) of Article 6(3) of the Securitisation Regulation (the “Retained Interest”) and the related provisions of the Securitisation Regulation Rules (together, the “Risk Retention Requirements”) by its provision of the Subordinated Loan to the Seller;
(ii)not change the manner or form in which it retains such net economic interest, except to the extent permitted under the text of the Securitisation Regulation Rules;
(iii)not transfer, sell or hedge or otherwise enter into any credit risk mitigation, short position or any other credit risk hedge with respect to such net economic interest, except to the extent permitted under the Securitisation Regulation Rules;
(iv)at all times confirm, promptly upon the written request of the Seller, the continued compliance with clauses (i), (ii) and (iii) above; and
(v)promptly notify the Seller and the Administrative Agent if for any reason it (A) ceases to hold the retention in accordance with the 
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requirements of this Agreement or (B) fails to comply with the covenants set out in this Agreement in respect of the retention.
(c)The Master Servicer, on behalf of the Retention Holder, shall certify in each Monthly Report delivered with respect to the last month of each calendar quarter the Retention Holder’s ongoing compliance with the undertakings contained herein.
(d)It is agreed that any covenant in the Transaction Documents requiring retention of risk in accordance with Article 405 of Regulation (EU) No 575/2013 and/or Article 122a of Directive 2006/48/EC as amended by Directive 2009/111/EC  (but not, for the avoidance of doubt, successors thereto), shall no longer apply.
(e)The Seller, each of the Originators and the Retention Holder hereby undertakes, until the Final Payout Date:
(i)that it shall notify each the Administrative Agent, any Purchaser Agent, any Committed Purchaser or any Conduit Purchaser, European Securities and Markets Authority (or any successor or replacement thereof) and the applicable competent authorities immediately if at any time the Transaction does not comply with the requirements of Article 24 of the Securitisation Regulation; 
(ii)for the purposes of Article 24(12) of the Securitisation Regulation, that it shall not enter into any derivative contracts, other than the Hedge Agreements; 
(iii)that it shall notify the Administrative Agent, any Purchaser Agent, any Committed Purchaser or any Conduit Purchaser of any amendment to the priority of payments set out in the Transaction Documents which may materially adversely affect the payment of amounts owed to such persons, without undue delay in accordance with Article 24(13) of the Securitisation Regulation; 
(iv)to provide notice promptly to the Administrative Agent, any Purchaser Agent, any Committed Purchaser and any Conduit Purchaser in the event it fails to comply with any of its obligations under this Section 5.5; and
(v)in the case of the Seller and the Originators, to provide the Master Servicer with any information which it requires in order to enable it to fulfil its obligations under Section 6.4(b) (Transparency). 
6.ADMINISTRATION AND COLLECTION OF RECEIVABLES
6.1Designation of Master Servicer
The servicing, administration and collection of the Portfolio Receivables shall be conducted by the Master Servicer so designated under the Servicing Agreement from 
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time to time.  If the Applicable S&P Rating is below “BBB-” (or withdrawn or suspended) and the Applicable Moody’s Rating is below “Baa3” (or withdrawn or suspended), then the Administrative Agent (at the direction of any Purchaser) may appoint a back-up servicer reasonably acceptable to the Administrative Agent hereunder and under the other Transaction Documents at the reasonable expense of the Master Servicer.  Such back-up servicer must agree to commence servicing within five Business Days of receipt of notice to succeed the Master Servicer.  The Master Servicer shall cooperate with such appointment and take all actions reasonably requested by the Administrative Agent or any Purchaser Agent in connection therewith.  The back-up servicer shall be appointed within 3 calendar months of such downgrade (but, for the avoidance of doubt, any failure to appoint a back-up servicer within such timeframe shall not constitute a Facility Termination Event).
6.2Certain Rights of the Administrative Agent
(a)The Administrative Agent may (and if so directed by the Majority Committed Purchasers, shall), at any time following the occurrence and during the continuation of a Facility Event or Portfolio Event, have each Seller Operating Account transferred into the name of the Administrative Agent for the benefit of the Secured Parties and/or assume exclusive control of the Seller Operating Accounts and Collection Accounts and, in each case, take such actions to effect such transfer or assumption as it may determine to be necessary or appropriate (including delivering the notices attached to the applicable Security Documents).
(b)At any time following the occurrence and during the continuation of a Facility Termination Event:
(i)At the Administrative Agent’s request (acting at the request of the Majority Committed Purchasers) and at the Seller’s expense, the Seller shall, or shall cause each Servicer Party to (and if any Servicer Party shall fail to do so within two (2) Local Business Days, the Administrative Agent may) (i) notify each Obligor of Portfolio Receivables of the transfer, sale, trust, assignation and assignment of the Portfolio Receivables and the Related Security with respect thereto pursuant to the Transaction Documents and of the applicable Purchaser’s ownership of the Portfolio Receivables and the Related Security with respect thereto, (ii) direct such Obligors that payments under any Portfolio Receivable or any Related Security with respect thereto be made directly to the Administrative Agent or its designee and (iii) execute any power of attorney or other similar instrument and/or take any other action necessary or desirable to give effect to such notice and directions, including any action required (x) to convey or perfect the relevant Purchaser’s title in the Portfolio Receivables and Related Security, or (y) to be taken so that the obligations or other indebtedness of such Obligors in respect of any Portfolio Receivables and any Related Security with respect thereto may no longer be legally satisfied by payment to the applicable Originator or any of its Affiliates.
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(ii)At the Administrative Agent’s request (acting at the request of the Majority Committed Purchasers) and at the Seller’s expense, the Seller shall, or shall cause each Servicer Party to, (A) assemble all of the Contracts, documents, instruments and other records (including computer tapes and disks) that evidence or relate to the applicable Portfolio Receivables, or that are otherwise necessary or desirable to collect the applicable Portfolio Receivables, and shall make the same available to the Administrative Agent at a place selected by the Administrative Agent or its designee and (B) segregate all cash, checks and other instruments received by it from time to time constituting Collections of Portfolio Receivables in a manner acceptable to the Administrative Agent and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to the Administrative Agent or its designee.
(c)The Seller authorizes the Administrative Agent, following the occurrence and during the continuation of a Facility Termination Event, to take any and all steps in the Seller’s name and on behalf of the Seller that are necessary or desirable, in the determination of the Administrative Agent, to collect amounts due under the Portfolio Receivables, including (i) endorsing the Seller’s or any other Transaction Party’s name on checks and other instruments representing Collections, and (ii) enforcing the Receivables and the Related Security and the Security Agreements and other Transaction Documents, including to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in connection with therewith and to file any claims or take any action or institute any proceedings that the Administrative Agent (or such designee) may deem to be necessary or desirable for the collection thereof or to enforce compliance with the terms and conditions of, or to perform any obligations or enforce any rights of the Seller or any other Transaction Party in respect of, the Receivables and the Related Security and the other Transaction Documents.
6.3Performance of obligations
(a)If the Master Servicer or the Seller fails to perform any of its obligations under this Agreement or any other Transaction Document and a Servicer Default or Facility Termination Event has occurred and is continuing with respect to the Master Servicer or the Seller, as applicable, the Administrative Agent may (but shall not be required to) itself perform, or cause performance of, such obligation; and the Administrative Agent’s costs and expenses reasonably incurred in connection therewith shall be payable by the Master Servicer or the Seller, as applicable.
(b)The Seller shall, and shall cause the Master Servicer to, perform their respective obligations, and exercise their respective rights, under the Contracts and the Transaction Documents to the same extent as if the Portfolio Receivables had not been sold and transferred pursuant hereto.  The exercise by the Administrative Agent on behalf of the Secured Parties of their rights under this Agreement shall not release the Master Servicer or the Seller from 
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any of their duties or obligations with respect to any Contracts or Transaction Documents.  None of the Administrative Agent, the Purchasers or the Purchaser Agents shall have any obligation or liability with respect to any Transaction Documents or Contracts, nor shall any of them be obligated to perform the obligations of any Transaction Party under any Transaction Document or Contract.
(c)The Administrative Agent’s rights and powers under this Section 6 and under the Servicing Agreement shall not subject the Administrative Agent to any liability if any action taken by it proves to be inadequate or invalid nor shall such powers confer any obligation whatsoever upon the Administrative Agent.
6.4Transparency
(a)For the purposes of Article 7(2) of the Securitisation Regulation, each of the Originators, the Master Servicer, the Seller, each Committed Purchaser and each Conduit Purchaser designates the Master Servicer, in its capacity as an “originator” as defined in Article 2(3) of the Securitisation Regulation, to fulfil the information requirements of Article 7(1) of the Securitisation Regulation and the Master Servicer, in such capacity, hereby accepts such designation.
(b)The Master Servicer, in its capacity as an “originator” as defined in Article 2(3) of the Securitisation Regulation, agrees that, until the Final Payout Date, it will provide promptly upon request, all information as the Administrative Agent, any Purchaser Agent, any Committed Purchaser  and/or any Conduit Purchaser may reasonably request and will take such further action and enter into such other agreements not otherwise provided for hereunder as may be reasonably required by the Administrative Agent, any Purchaser Agent, any Committed Purchaser and/or any Conduit Purchaser in order to enable compliance by the Administrative Agent, any Purchaser Agent, any Committed Purchaser (in its capacities as a Committed Purchaser and/or as a Liquidity Bank) and/or any Conduit Purchaser with Article 5 and/or Article 7 of the Securitisation Regulation, in relation to the Transaction.
(c)The Master Servicer, in its capacity as an “originator” as defined in Article 2(3) of the Securitisation Regulation, agrees that, until the Final Payout Date, it will make available to each Committed Purchaser and each Conduit Purchaser, each relevant competent authority and, upon request therefor, potential Committed Purchasers and Conduit Purchasers, all documents, reports and information necessary to fulfil the requirements of Article 7 of the Securitisation Regulation including the requirements of Article 7(1)(a), (b), (c), (d), (e) and (g) of the Securitisation Regulation.
7.TERMINATION EVENTS
7.1Facility Termination Events
If any of the following events (each a “Facility Termination Event”) shall occur and be continuing:
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(a)any Facility Party shall fail to make any payment or deposit required to be made by it hereunder or under any other Transaction Document to which it is a party when due hereunder or thereunder and such failure remains unremedied for two (2) Business Days from the earlier to occur of (i) the date upon which a Responsible Offer of such Facility Party obtains knowledge of such failure or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Facility Party by the Administrative Agent or any Purchaser Agent;
(b)any representation, warranty, certification or statement made by any Facility Party in this Agreement or any other Transaction Document to which such Facility Party is a party shall prove to have been incorrect in any material respect when made or deemed made (other than any breach of a representation, warranty, certification or statement solely relating to a Portfolio Receivable for which the entire Deemed Collection amount required to be paid under the applicable Specified Deemed Collection Section has been paid) and such Facility Party shall have failed to remedy such circumstances in a manner such that such representation, warranty, certification or statement is true and correct in all material respects within thirty (30) days after a Responsible Officer of such Facility Party obtained knowledge or received notice thereof;
(c)other than as addressed in Section 7.1(a), any Facility Party shall fail to perform or observe any term, covenant or agreement contained in this Agreement or any other Transaction Document to which such Facility Party is a party in any material respect and such Facility Party shall have failed to remedy such failure within thirty (30) days after a Responsible Officer of such Facility Party obtained knowledge or received notice thereof;
(d)Bunge Limited, any Investor Certificateholder or any Designated Master Trust Obligor shall (i) default in making any payment of any principal of any Indebtedness (including any Guarantee Obligation) on the scheduled or original due date with respect thereto; (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided that (A) a default, event or condition described in clause (i), (ii) or (iii) above shall not at any time constitute a Facility Termination Event unless, at such time, one or more defaults, events or conditions of the type described in clauses (i) through (iii) above shall have occurred and be continuing with respect to Indebtedness the outstanding principal amount of which together exceeds in the aggregate 
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$100,000,000 or the Dollar Equivalent thereof in any other currency; and (B) clause (iii) shall be deemed inapplicable if the occurrence of such event or condition referred to above gives rise to an obligation to make mandatory prepayment without further demand of any Person on terms agreed prior to the occurrence of such event or condition; 
(e)an Event of Bankruptcy shall occur with respect to any Transaction Party; 
(f)the Administrative Agent, on behalf of the Secured Parties, shall, for any reason, fail or cease to have a valid and perfected first priority charge, security interest or pledge in the Collateral prior to all other interests;
(g)a Servicer Default shall occur and be continuing;
(h)any Change of Control shall occur;
(i)the Aggregate Invested Amount exceeds the Funding Base as determined by reference to the most recent Portfolio Report delivered under the Servicing Agreement and such circumstance remains unremedied for two (2) Business Days;
(j)the failure by any Transaction Party to pay one or more final judgments requiring that Transaction Party to pay a sum or sums of money aggregating in excess of $100,000,000 or the Dollar Equivalent thereof in any other currency, which judgments are not discharged or effectively vacated, discharged, bonded, waived or stayed (including by appeal within thirty (30) days from entry thereof) for a period of thirty (30) consecutive days (unless fully covered by insurance as to which the relevant insurance company has acknowledged coverage), or any action shall be legally taken by a judgment creditor to levy upon assets or properties of any such Transaction Party to enforce any such judgment;
(k)the failure by the Seller to pay one or more final judgments requiring the Seller to pay a sum or sums of money aggregating in excess of $50,000 or the Dollar Equivalent thereof in any other currency which judgments are not discharged or effectively waived or stayed (including by appeal provided that the Seller is not required to make any payment or payments in respect of such judgment pending appeal) for a period of thirty (30) consecutive days, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Seller to enforce any such judgment;
(l)except in the case of a termination expressly permitted under Section 11.14 (Limitation on the addition and termination of Originators), any Transaction Document or any material provision thereof shall cease, for any reason, to be in full force and effect, or any Transaction Party shall so assert in writing or any Transaction Party shall otherwise seek to terminate or disaffirm its material obligations under any such Transaction Document; 
(m)the Subordinated Lender fails for any reason (including as the result of the failure to meet any condition precedent) to make a Subordinated Loan under 
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the Subordinated Loan Agreement following delivery by the Seller of a Subordinated Loan Investment Request and such failure remains unremedied for two (2) Business Days; or
(n)an “Event of Default” occurs under and as defined in the Subordinated Loan Agreement and the Subordinated Lender’s commitment to make further Subordinated Loans thereunder shall be cancelled; 
then, and in any such event, the Administrative Agent shall, at the direction of the Majority Committed Purchasers, declare the Facility Termination Date to have occurred upon notice to the Seller (in which case the Facility Termination Date shall be deemed to have occurred); provided that automatically upon the occurrence of any event (without any requirement for the giving of notice) described in Section 7.1(e), the Facility Termination Date shall occur.  Upon any such declaration or upon such automatic termination, the Purchasers, the Purchaser Agents and the Administrative Agent shall have, in addition to the rights and remedies which they may have under this Agreement, all other rights and remedies provided after default under applicable Law, which rights and remedies shall be cumulative.  Each Committed Purchaser agrees to provide written notice to the Administrative Agent within three (3) Business Days of receipt of notice of the occurrence of a Facility Termination Event or Portfolio Event of both (1) whether it desires to declare the Facility Termination Date and (2) whether it desires to waive such Facility Termination Event or Portfolio Event; provided, that any failure to respond shall be deemed to be (x) a decision not to declare the Facility Termination Date (although any such decision not to declare may be switched to a decision to declare the Facility Termination Date at any time thereafter in such Committed Purchaser’s discretion) and (y) a decision not to waive such Facility Termination Event or Portfolio Event.    
7.2Termination of Facility
If the Facility Termination Date occurs following the occurrence of any Facility Termination Event, Reinvestments shall immediately terminate without demand, protest or further notice of any kind, all of which are hereby expressly waived by each Seller Party.  The aforementioned rights and remedies shall be without limitation, and shall be in addition to all other rights and remedies of the Agents and the Purchasers otherwise available under any other provision of this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including all rights and remedies provided under the UCC, all of which rights shall be cumulative.
8.THE ADMINISTRATIVE AGENT
8.1Authorization and Action
(a)The Administrative Agent shall:
(i)hold, administer and realize any Collateral that is transferred or assigned by way of security (Sicherungseigentum/Sicherungsabtretung) or otherwise granted to it creating or evidencing a non-accessory security right (nicht akzessorische Sicherheit) in its own name as trustee (Treuhänder) for the benefit of the Secured Parties; 
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(ii)hold, administer, and realize any Collateral that is pledged (Verpfändung) or otherwise transferred to the Administrative Agent creating or evidencing an accessory security right (akzessorische Sicherheit) for the benefit of the Secured Parties; 
(iii)the Administrative Agent shall promptly forward to any Purchaser Agent the original or a copy of any document or report which is delivered to the Administrative Agent by any Transaction Party in connection with any Transaction Document (including, (i) in the case of any document or report specifically required to be delivered to the Administrative Agent by 12:00 noon (London time) on any Business Day, by the end of such Business Day of receipt and (ii) in the case of each other document or report, by 12:00 noon (London time) on the following Business Day); and
(iv)upon receipt of the specified direction of all Purchasers, the Majority Committed Purchasers or the Required Committed Purchasers, as applicable, take any action which the Transaction Documents specify must be taken by the Administrative Agent upon receipt of such direction.  It is understood and agreed that any Purchaser or Purchaser Agent shall have the ability to request a vote on any matter requiring Purchaser or Purchaser Agent consent hereunder at any time, in which event the Administrative Agent shall promptly solicit such vote.
(b)Each Secured Party hereby ratifies and approves all acts and declarations done by the Administrative Agent on such Secured Parties' behalf before the execution of this Agreement.
(c)Each of the parties to this Agreement agrees that, in relation to any jurisdiction the courts of which would not recognize or give effect to the trust expressed to be created by this Agreement, the relationship of the Secured Parties to the Administrative Agent shall be construed as one of principal and agent but, to the extent permissible under the laws of such jurisdiction, all the other provisions of this Agreement shall have full force and effect between the parties to this Agreement.
(d)Each of the Secured Parties hereby authorizes and grants power of attorney (Vollmacht) to the Administrative Agent to: 
(i)accept as its representative (Stellvertreter) any pledge or other creation of any accessory Collateral granted to it in relation to the German Security Documents and to execute and amend for and on its behalf all German Security Documents to which it is a party, and any other agreements related to the Collateral;
(ii)execute on behalf of itself and the Secured Parties where relevant and without the need for any further referral to, or authority from, the Secured Parties or any other person all necessary releases of any Collateral created under any of the German Security Documents;
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(iii)realize the Collateral in accordance with the German Security Documents;
(iv)make and receive all declarations and statements which are necessary or desirable in connection with the Collateral or any of the German Security Documents; and
(v)undertake all other necessary actions and measures.
(e)The Administrative Agent is exempt from the restrictions of section 181 of the German Civil Code (Bürgerliches Gesetzbuch) or similar restrictions under any applicable law.
(f)The Administrative Agent has the power to grant sub-power of attorney (including the release from the restrictions of section 181 of the German Civil Code).  A Secured Party which, due to its statutes, is not able to grant an exemption from the restrictions of section 181 of the German Civil Code will notify the Administrative Agent accordingly.  Upon demand of the Administrative Agent, such Secured Party will grant a certain power of attorney to the Administrative Agent in order to enable the Administrative Agent to act on the Secured Party's behalf in accordance with the Transaction Documents in a way the Administrative Agent deems appropriate to maintain the Secured Party's rights.
(g)Each Purchaser and Purchaser Agent hereby irrevocably appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are delegated to the Administrative Agent by the terms hereof and the other Transaction Documents, together with such powers as are reasonably incidental thereto.  Without limiting the foregoing, the Administrative Agent is empowered and authorized, on behalf of the Secured Parties, to hold and administer the Collateral as trustee for the benefit of the Secured Parties under the Security Documents.
(h)Without limiting the foregoing, the Administrative Agent and the Seller hereby undertake to enter into an acknowledgment deed, substantially in the form attached hereto as Exhibit D, bearing certain date at law (data certa) with the Italian Originator and the Italian Collection Account Banks, in order to acknowledge that pursuant to Section 2.1 of this Agreement any right, title and interest arising from the Italian Account Security (including those transferred by the Italian Intermediate Transferor to the Seller under the Italian Intermediate Transfer Agreement) has been transferred by the Seller to the Administrative Agent (on behalf of the Purchasers), including the right to exercise all the Seller’s rights and powers under the Italian Account Security Agreement.
(i)The Administrative Agent shall not have any duties other than those expressly set forth in the Transaction Documents, and no implied obligations or liabilities shall be read into any Transaction Document, or otherwise exist, 
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against the Administrative Agent.  The Administrative Agent does not assume, nor shall it be deemed to have assumed, any duty of care or obligation to, or relationship of trust or agency with, any Transaction Party, the Conduit Purchasers, the Committed Purchasers, the Purchaser Agents or any other Secured Party, except as expressly set out in the Transaction Documents.  Notwithstanding any provision of this Agreement or any other Transaction Document, in no event shall the Administrative Agent ever be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to any provision of any Transaction Document or applicable Law.  Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law.  Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.
8.2Liability of Agent
Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with the Transaction Documents (including the Administrative Agent’s servicing, administering or collecting Receivables as Servicer pursuant to Section 6 (Administration and Collection of Receivables)), in the absence of its or their own gross negligence or wilful misconduct.  Without limiting the generality of the foregoing, the Administrative Agent:
(a)may consult with legal counsel (including counsel for the Seller or any Transaction Party), independent accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts;
(b)makes no warranty or representation to any Purchaser Agent, Conduit Purchaser, Committed Purchaser or other Secured Party (whether written or oral) and shall not be responsible to any Purchaser Agent, Conduit Purchaser, Committed Purchaser or other Secured Party for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement or any other Transaction Document;
(c)shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Transaction Document on the part of any Transaction Party or to inspect the property (including the books and records) of any Transaction Party or to verify the accuracy of any Portfolio Report, Outstanding Receivables Report or any other information received under the Transaction Document;
(d)shall not be responsible to any Purchaser Agent, Conduit Purchaser, Committed Purchaser or other Secured Party for the due execution, legality, 
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validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Transaction Document; and
(e)shall incur no liability under or in respect of this Agreement or any other Transaction Document by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it in good faith to be genuine and signed or sent by the proper party or parties.
8.3Rabobank and Affiliates
The obligation of Rabobank to fund its pro rata share of Incremental Investments under this Agreement may be satisfied by Rabobank or any of its Affiliates.  With respect to any Incremental Investment or interest therein owned by it, Rabobank shall have the same rights and powers under this Agreement as any Committed Purchaser and may exercise the same as though it were not the Administrative Agent.  Rabobank and any of its Affiliates may generally engage in any kind of business with the Transaction Parties or any Obligor, any of their respective Affiliates and any Person who may do business with or own securities of the Transaction Parties or any Obligor or any of their respective Affiliates, all as if Rabobank were not the Administrative Agent and without any duty to account therefor to the Purchaser Agents, the Conduit Purchasers, the Committed Purchasers or other Secured Parties.
8.4Indemnification of Administrative Agent 
Whether or not the transactions contemplated hereby are consummated, each Committed Purchaser severally agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Transaction Parties), ratably based on the Commitment of such Committed Purchaser (or, if the Commitments have terminated, ratably according to the respective Commitment of such Committed Purchaser immediately prior to such termination), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any other Transaction Document or any action taken or omitted by the Administrative Agent under this Agreement or any other Transaction Document, provided that no Committed Purchaser shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence, fraud or willful misconduct; provided, that no action taken in accordance with the direction of the Required Committed Purchasers shall be deemed to constitute gross negligence, fraud or willful misconduct for purposes of this Section 8.4.  Without limitation of the foregoing, to the extent not previously reimbursed by a Transaction Party or the priority of payments hereunder, each Committed Purchaser shall reimburse the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorney’s fees pre-approved by the Purchasers (which approval shall not be unreasonably withheld)) incurred by the Administrative 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 Transaction Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of the Seller.  The undertaking in this Section 8.4 shall survive payment on the Final Payout Date and the resignation or replacement of the Administrative Agent.
8.5Delegation of Duties
The Administrative Agent may execute any of its duties 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 agents or attorneys-in-fact selected by it with reasonable care.
8.6Action or inaction by Administrative Agent
The Administrative Agent shall in all cases be fully justified in failing or refusing to take action under any Transaction Document unless it shall first receive such advice or concurrence of the Purchaser Agents, the Required Committed Purchasers or the Majority Committed Purchasers, as the case may be, and assurance of its indemnification by the Committed Purchasers, as it deems appropriate.  The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Transaction Document in accordance with a request or at the direction of the Required Committed Purchasers, and such request or direction and any action taken or failure to act pursuant thereto shall be binding upon all Conduit Purchasers, Committed Purchasers and Purchaser Agents.  Unless any action to be taken by the Administrative Agent under a Transaction Document (a) specifically requires the advice or concurrence of the Purchaser Agents or (b) specifically provides that it be taken by the Administrative Agent alone or without any advice or concurrence of the Purchaser Agents, then the Administrative Agent may (and shall, to the extent required hereunder) take action based upon the advice or concurrence of the Required Committed Purchasers.
8.7Notice of Facility Events; Action by Administrative Agent
The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Facility Event or Portfolio Event or any other default or termination event under the Transaction Documents, as the case may be, unless the Administrative Agent has received notice from any Purchaser Agent, any Purchaser or any Transaction Party stating that a Facility Event or Portfolio Event has occurred hereunder or thereunder and describing such termination event or default.  If the Administrative Agent receives such a notice, it shall promptly give notice thereof to the Purchaser Agents whereupon the Purchaser Agents shall promptly give notice thereof to their respective Conduit Purchaser(s) and Committed Purchasers.  The Administrative Agent shall take such action concerning a Facility Event or Portfolio Event or any other matter hereunder as may be directed by the Required Committed Purchasers (subject to the other provisions of this Section 8), but until the Administrative Agent receives such directions, the Administrative Agent may (but 
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shall not be obligated to) take such action, or refrain from taking such action, as the Administrative Agent deems advisable and in the best interests of the Purchasers (unless specifically required by the terms of the applicable Transaction Document to await instruction from all Purchasers, the Majority Committed Purchasers or the Required Committed Purchasers, as applicable).
8.8Non-Reliance on Administrative Agent and Other Parties
Each Purchaser Agent and each Purchaser expressly acknowledges that neither the Administrative Agent nor any of its directors, officers, agents or employees has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Transaction Parties, shall be deemed to constitute any representation or warranty by the Administrative Agent.  Each Purchaser represents and warrants to the Administrative Agent that, independently and without reliance upon the Administrative Agent, any Purchaser Agent or any other Purchaser and based on such documents and information as it has deemed appropriate, it has made and will continue to make its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of each Transaction Party and the Receivables and its own decision to enter into this Agreement and to take, or omit, action under any Transaction Document.  Except for items expressly required to be delivered under any Transaction Document by the Administrative Agent to any  Purchaser Agent or any Purchaser, the Administrative Agent shall not have any duty or responsibility to provide any Purchaser Agent or Purchaser with any information concerning the Transaction Parties or any of their Affiliates that comes into the possession of the Administrative Agent or any of its directors, officers, agents, employees, attorneys-in-fact or Affiliates.
8.9Successor Administrative Agent
The Administrative Agent may, upon at least thirty days notice to the Seller, the Master Servicer and the Purchaser Agents, resign as Administrative Agent.  In addition, if either (i) the Administrative Agent has defaulted in the performance of its obligations under the Transaction Documents or (ii) the Administrative Agent is no longer Solvent, the Administrative Agent may be removed by the Purchaser Agents representing the Majority Committed Purchasers upon 30 days prior notice in the case of clause (i) above or immediately in the case of clause (ii) above.  Except as provided below, such resignation or removal shall not become effective until a successor Administrative Agent is appointed by the Purchaser Agents (with the consent of the Master Servicer, such consent not to be unreasonably withheld or delayed) and has accepted such appointment.  If no successor Administrative Agent shall have been appointed within 90 days after the departing Administrative Agent’s giving of notice of resignation, the departing Administrative Agent may appoint a successor Administrative Agent, which successor Administrative Agent shall have short-term debt ratings of at least A-1 from S&P and P-1 from Moody’s and shall be either a commercial bank having a combined capital and surplus of at least $250,000,000 or a Subsidiary of such an institution and shall be acceptable to the Master Servicer (such acceptance not to be unreasonably withheld or delayed).  If no successor Administrative Agent shall have been appointed within 120 days after the departing 
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Administrative Agent’s giving of notice of resignation, the departing Administrative Agent may petition a court of competent jurisdiction to appoint a successor Administrative Agent, which successor Administrative Agent shall have short-term debt ratings of at least A-1 from S&P and P-1 from Moody’s, and shall be either a commercial bank having a combined capital and surplus of at least $250,000,000 or a Subsidiary of such an institution.  Upon such acceptance of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall succeed to and become vested with all the rights and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from any further duties and obligations under the Transaction Documents.  After any retiring Administrative Agent’s resignation hereunder, the provisions of Section 2.6 (Indemnities) of the Servicing Agreement and Section 10 (Indemnities by the Seller) and this Section 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent.
8.10Consent to agreed upon procedures
Each of the Purchasers and the Purchaser Agents, by becoming a party to this Agreement, authorizes the Administrative Agent (a) to execute on its behalf a letter agreement with respect to the limited engagement of, and consenting to the agreed upon procedures to be performed by, a firm of nationally recognized independent accountants or collateral auditors, in either case acceptable to the Administrative Agent in connection with the transactions contemplated by the Transaction Documents so long as such procedures are consistent with Section 5.2 (Inspections; annual agreed upon procedures audit); and (b) to approve additional agreed upon procedures.
9.THE PURCHASER AGENTS
9.1Authorization and action
Each Conduit Purchaser and each Committed Purchaser which belongs to the same Purchaser Group hereby appoints and authorizes the Purchaser Agent for such Purchaser Group to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are delegated to the Purchaser Agent by the terms hereof and the other Transaction Documents, together with such powers as are reasonably incidental thereto.  No Purchaser Agent shall have any duties other than those expressly set forth in the Transaction Documents, and no implied obligations or liabilities shall be read into any Transaction Document, or otherwise exist, against any Purchaser Agent.  No Purchaser Agent assumes, nor shall it be deemed to have assumed, any obligation to, or relationship of trust or agency with any Transaction Party, Conduit Purchaser or Committed Purchaser except as otherwise expressly agreed by such Purchaser Agent.  Notwithstanding any provision of this Agreement or any other Transaction Document, in no event shall any Purchaser Agent ever be required to take any action which exposes such Purchaser Agent to personal liability or which is contrary to any provision of any Transaction Document or applicable Law.
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9.2Purchaser Agent’s reliance, etc.
No Purchaser Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them as a Purchaser Agent under or in connection with this Agreement or the other Transaction Documents in the absence of its or their own gross negligence or willful misconduct.  Without limiting the generality of the foregoing, a Purchaser Agent: (a) may consult with legal counsel (including counsel for the Administrative Agent, the Seller, any Transaction Party), independent accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to any Conduit Purchaser or Committed Purchaser (whether written or oral) and shall not be responsible to any Conduit Purchaser or Committed Purchaser for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement or any other Transaction Document; (c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Transaction Document on the part of any Transaction Party or any other Person or to inspect the property (including the books and records) of any Transaction Party or to verify the accuracy of any Portfolio Report, Outstanding Receivables Report or any other information received under the Transaction Document; (d) shall not be responsible to any Conduit Purchaser or any Committed Purchaser for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Transaction Documents or any other instrument or document furnished pursuant hereto; and (e) shall incur no liability under or in respect of this Agreement or any other Transaction Document by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties.
9.3Purchaser Agent and Affiliates
With respect to any Investment or interests therein owned by it, each Purchaser Agent shall have the same rights and powers under this Agreement as any Committed Purchaser and may exercise the same as though it were not a Purchaser Agent.  The Purchaser Agent and any of its Affiliates may generally engage in any kind of business with any Transaction Party or any Obligor, any of their respective Affiliates and any Person who may do business with or own securities of any Transaction Party or any Obligor or any of their respective Affiliates, all as if such Purchaser Agent were not a Purchaser Agent and without any duty to account therefore to any Conduit Purchasers or Committed Purchasers.
9.4Indemnification of Purchaser Agents
Each Committed Purchaser in any Purchaser Group severally agrees to indemnify the Purchaser Agent for such Purchaser Group (to the extent not reimbursed by the Transaction Parties), ratably according to its Pro Rata Share, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed 
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on, incurred by, or asserted against such Purchaser Agent in any way relating to or arising out of this Agreement or any other Transaction Document or any action taken or omitted by such Purchaser Agent under this Agreement or any other Transaction Document; provided that no Committed Purchaser shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Purchaser Agent’s gross negligence or willful misconduct.
9.5Delegation of Duties
Each Purchaser Agent may execute any of its duties through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  No Purchaser Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.
9.6Action or inaction by Purchaser Agent
Each Purchaser Agent shall in all cases be fully justified in failing or refusing to take action under any Transaction Document unless it shall first receive such advice or concurrence of the Conduit Purchasers and Committed Purchasers in its Purchaser Group and assurance of its indemnification by the Committed Purchasers in its Purchaser Group, as it deems appropriate.  Each Purchaser Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Transaction Document in accordance with a request or at the direction of the Committed Purchasers in its Purchaser Group representing a majority of the Commitments in such Purchaser Group, and such request or direction and any action taken or failure to act pursuant thereto shall be binding upon all Conduit Purchasers and Committed Purchasers in its Purchaser Group.
9.7Notice of Events of Termination
No Purchaser Agent shall be deemed to have knowledge or notice of the occurrence of any Facility Event or Portfolio Event or and other default or termination event under the Transaction Documents unless such Purchaser Agent has received notice from the Administrative Agent, any Conduit Purchaser or Committed Purchaser, any Servicer Party or the Seller stating that a Facility Event or Portfolio Event or default or termination event under the Transaction Documents, as the case may be, has occurred hereunder or thereunder and describing such termination event or default.  If a Purchaser Agent receives such a notice, it shall promptly give notice thereof to the Conduit Purchasers and Committed Purchasers in its Purchaser Group and to the Administrative Agent (but only if such notice received by such Purchaser Agent was not sent by the Administrative Agent).  A Purchaser Agent may take such action concerning a Facility Event or Portfolio Event as may be directed by Committed Purchasers in its Purchaser Group representing a majority of the Commitments in such Purchaser Group (subject to the other provisions of this Section 9), but until such Purchaser Agent receives such directions, such Purchaser Agent may (but shall not be obligated to) take such action, or refrain from taking such action, as such Purchaser Agent deems advisable and in the best interests of the Conduit Purchasers and Committed Purchasers in its Purchaser Group.
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9.8Non-reliance on Purchaser Agent and other Parties
Except to the extent otherwise agreed to in writing between a Conduit Purchaser and its Purchaser Agent, each Conduit Purchaser and Committed Purchaser expressly acknowledges that neither the Purchaser Agent for its Purchaser Group nor any of such Purchaser Agent’s directors, officers, agents or employees has made any representations or warranties to it and that no act by such Purchaser Agent hereafter taken, including any review of the affairs of the Transaction Parties, shall be deemed to constitute any representation or warranty by such Purchaser Agent.  Each Conduit Purchaser and Committed Purchaser represents and warrants to the Purchaser Agent for its Purchaser Group that, independently and without reliance upon such Purchaser Agent, any other Purchaser Agent, the Administrative Agent or any other Conduit Purchaser or Committed Purchaser and based on such documents and information as it has deemed appropriate, it has made and will continue to make its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Transaction Parties and the Receivables and its own decision to enter into this Agreement and to take, or omit, action under any Transaction Document.  Except for items expressly required to be delivered under any Transaction Document by a Purchaser Agent to any Conduit Purchaser or Committed Purchaser in its Purchaser Group, no Purchaser Agent shall not have any duty or responsibility to provide any Conduit Purchaser or Committed Purchaser in its Purchaser Group with any information concerning the Transaction Parties or any of their Affiliates that comes into the possession of such Purchaser Agent or any of its directors, officers, agents, employees, attorneys-in-fact or Affiliates.
9.9Successor Purchaser Agent
Any Purchaser Agent may, upon at least 30 days notice to the Administrative Agent, the Seller, the Master Servicer and the Conduit Purchasers and Committed Purchasers in its Purchaser Group, resign as the Purchaser Agent for its Purchaser Group.  Except as provided below, such resignation shall not become effective until a successor Purchaser Agent has been, with the consent of the Master Servicer (such consent not to be unreasonably withheld), appointed in the manner prescribed by the relevant Program Support Agreements or, in the absence of any provisions in such Program Support Agreements providing for the appointment of a successor Purchaser Agent, until a successor Purchaser Agent is appointed by the Conduit Purchaser(s) in such Purchaser Group (with the consent of the Committed Purchasers representing a majority of the Commitments in such Purchaser Group) and has accepted such appointment.  If no successor Purchaser Agent shall have been so appointed within 30 days after the departing Purchaser Agent’s giving of notice of resignation, then the departing Purchaser Agent may appoint a successor Purchaser Agent for such Purchaser Group, which successor Purchaser Agent shall have short-term debt ratings of at least A-1 from S&P and P-1 from Moody’s and shall be either a commercial bank having a combined capital and surplus of at least $250,000,000 or an Affiliate of such an institution.  Upon such acceptance of its appointment as Purchaser Agent for such Purchaser Group hereunder by a successor Purchaser Agent, such successor Purchaser Agent shall succeed to and become vested with all the rights and duties of the retiring Purchaser Agent, and the retiring Purchaser Agent shall be discharged from any further duties and obligations under the Transaction Documents.  After any 
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retiring Purchaser Agent’s resignation hereunder, the provisions of Section 2.6 (Indemnities) of the Servicing Agreement and Section 10 (Indemnities by the Seller) and this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Purchaser Agent.
9.10Reliance on Purchaser Agent
Unless otherwise advised in writing by a Purchaser Agent or by any Conduit Purchaser or Committed Purchaser in such Purchaser Agent’s Purchaser Group, each party to this Agreement may assume that (a) such Purchaser Agent is acting for the benefit and on behalf of each of the Conduit Purchasers and Committed Purchasers in its Purchaser Group, as well as for the benefit of each assignee or other transferee from any such Person and (b) each action taken by such Purchaser Agent has been duly authorized and approved by all necessary action on the part of the Conduit Purchasers and Committed Purchasers in its Purchaser Group.
10.INDEMNITIES BY THE SELLER
Without limiting any other rights that the Administrative Agent, the Purchaser Agent, the Conduit Purchasers (including any related financing conduit if any such Conduit Purchaser funds itself through another issuing entity), the Committed Purchasers, the Program Support Providers, any Program Manager or any of their respective officers, directors, agents, employees, controlling Persons or Affiliates of any of the foregoing (each, an “Indemnified Party”) may have hereunder, under any other Transaction Document or under applicable Law, the Seller hereby agrees to indemnify and hold harmless each Indemnified Party from and against any and all damages, losses, claims, liabilities, deficiencies, costs, disbursements and expenses, including interest, penalties, amounts paid in settlement and reasonable internal and external attorneys’ fees and expenses (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any Indemnified Party (including in connection with or relating to):
(i)  any investigation, litigation or lawsuit (actual or threatened) or order, consent decree, judgment, claim or other action of whatever sort (including the preparation of any defense with respect thereto), in each case, in any way arising out of, resulting from or related to this Agreement or any other Transaction Document, the funding or maintenance or financing, either directly or indirectly, by any Indemnified Party of the Investments made hereunder or the use of the proceeds thereof or in respect of any Collateral or any Facility Account or the enforcement, servicing, administration or collection thereof, or any other transaction contemplated hereby or thereby;
(ii)  the occurrence of any Facility Event, Portfolio Event, Seller Event or Servicer Default;
(iii)  the failure to vest in the Seller ownership of the Portfolio Receivables, the Related Security with respect thereto and other Collateral free of any Adverse Claims;
(iv)  the failure to vest in the Administrative Agent a first priority perfected security interest prior to all other interests in all of the Portfolio Receivables, the Related 
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Security with respect thereto, the Facility Accounts and other Collateral, free and clear of any Adverse Claim;
(v)  any dispute, claim, setoff or defense (other than discharge in bankruptcy) of an Obligor to the payment of any Receivable (including a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the merchandise, goods or services related to such Receivable or the furnishing or failure to furnish such merchandise, goods or services or relating to collection activities with respect to such Receivable or from any breach or alleged breach of any provision of the Receivables or any Contracts related thereto restricting assignment of any Receivables; or
(vi)  the commingling by any Transaction Party of Collections of Portfolio Receivables at any time with any other funds, the payment of any Collections into an account other than a Facility Account, or any failure of a bank or other financial institution at which a Facility Account is maintained to remit any amounts held in the Facility Accounts or any related lock-boxes pursuant to applicable instructions whether by reason of the exercise of setoff rights or otherwise;
excluding, however (a) Indemnified Amounts to the extent that such Indemnified Amounts resulted from the negligence, fraud or wilful misconduct on the part of such Indemnified Party, (b) recourse (except as otherwise specifically provided in this Agreement or any other Transaction Document) for Uncollectible Portfolio Receivables and Related Security with respect thereto, (c) any Excluded Taxes, and (d) any Indemnified Amount to the extent the same has been fully and finally paid in cash to such Indemnified Party pursuant to any other provision of this Agreement or any other Transaction Document.
11.MISCELLANEOUS
11.1Amendments, etc.
No failure on the part of the Purchaser Agents, the Conduit Purchasers, the Committed Purchasers or the Administrative Agent to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.  No amendment or waiver of any provision of this Agreement or consent to any departure by any Transaction Party therefrom shall be effective unless in writing signed by the Administrative Agent, with the prior written consent of each Purchaser Agent (and, in the case of any amendment, also signed by the Seller, the Master Servicer and the Performance Undertaking Provider), and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided that, notwithstanding the foregoing, the Majority Committed Purchasers may waive any Portfolio Event or Facility Termination Event; and provided, further, that (i) no amendment, waiver or consent shall increase the Commitment of any Committed Purchaser unless in writing and signed by such Committed Purchaser and the relevant Purchaser Agent and (ii) no amendment, waiver or consent shall alter the duties of any Purchaser Agent in any 
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material respect without the consent of such Purchaser Agent.  Following the occurrence of a Portfolio Event or Facility Termination Event and either (i) any waiver of such Portfolio Event or Facility Termination Event (as described above or in Section 7.1) or (ii) the failure of the Committed Purchasers to declare the Facility Termination Date where one or more Committed Purchasers have voted in favour of such declaration, any Committed Purchaser (and its related Conduit Purchaser) which voted against such waiver or in favour of the declaration of the Facility Termination Date may notify the Seller, the Master Servicer and the Administrative Agent in writing that it did not consent to such waiver and has opted for an early exit from this Facility.  If the Administrative Agent is one of the Committed Purchasers exiting the Facility, (i) one of the waiving Committed Purchasers (or its related Purchaser Agent) shall be immediately appointed as the successor Administrative Agent by the waiving Committed Purchasers (without the consent of the Seller or the Master Servicer or the necessity of satisfying any of the other requirements of Section 8.9) and (ii) all necessary steps shall be taken to transition all rights, obligations, security interests, charges, etc. to the successor Administrative Agent as a condition to such exit by the predecessor Administrative Agent.  Following delivery of such notice, and for so long as the Facility Termination Date has not occurred, the Seller may draw on the non-exiting Purchasers to the extent of any unused Commitments and availability hereunder (and subject to the conditions set forth in Section 3.2) to repay the Invested Amounts of each exiting Purchaser and/or shall allocate all Collections received (after paying amounts required under Sections 2.6(e)(i)-(v)) on a nonpro rata basis to the repayment of such Committed Purchaser (and its related Conduit Purchaser), in each case, until the Invested Amount of each exiting Purchaser has been reduced to zero (instead of reinvesting such amounts) (it being understood that if there are several exiting Purchasers, the allocation of Collections shall be paid on a pro rata basis across all exiting Purchasers).  In addition, the Commitment of any exiting Committed Purchaser shall be reduced to zero and no further Investments shall be made by such Committed Purchaser (or its related Conduit Purchaser).  For purposes of any voting by the Purchasers during the exiting process of a Committed Purchaser, such Committed Purchaser (and its related Conduit Purchaser) shall be permitted to vote based on their then-current Invested Amount.
11.2Notices, etc.
All communications and notices provided for hereunder shall be provided in the manner described in Schedule 2 (Address and Notice Information).
11.3Assignability
(a)General
This Agreement and each Purchaser’s rights and obligations hereunder shall be assignable by such Purchaser and its successors and permitted assigns to any Eligible Assignee subject to Sections 11.3(b) and (c).  Each assignor of an Investment or any interest therein shall notify the Administrative Agent and the Seller of any such assignment.  Each assignor of an Investment or any interest therein may, in connection with the assignment or participation, disclose to the assignee or participant any information relating to the 
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Transaction Parties, including the Collateral, furnished to such assignor by or on behalf of any Transaction Party or by the Administrative Agent; provided that, prior to any such disclosure, the assignee or participant agrees to preserve the confidentiality of any confidential information relating to the Transaction Parties received by it from any of the foregoing entities in a manner consistent with Section 11.6(b) (Confidentiality).  
Notwithstanding the foregoing, the provisions and procedures set forth in this Section 11.3 (Assignability) shall not apply to any assignment made by a Committed Purchaser for the sole purpose of refinancing such Committed Purchaser’s Invested Amount using, in this respect, any entity within its group or managed by its Purchaser Agent.  In such a case, a Committed Purchaser may assign any of its rights with respect to such Invested Amount to such entities without any restriction.
(b)Assignments by Conduit Purchasers
Each Conduit Purchaser may pledge or otherwise grant security interests in all or any portion of the Investments to a security trustee in connection with its commercial paper program without prior notice to or consent from any other party or any other condition or restriction of any kind.  Each Conduit Purchaser may assign or otherwise transfer all or any portion of the Investments to any Conduit Assignee or Program Support Provider with respect to such Conduit Purchaser without prior notice to or consent from any other party or any other condition or restriction of any kind.  Without limiting the generality of the foregoing, each Conduit Purchaser may, from time to time assign all or any portion of its interest in the Investments and its rights and obligations under this Agreement and any other Transaction Documents to which it is a party to an Eligible Assignee.  Upon such assignment by a Conduit Purchaser to a Conduit Assignee, (i) unless a new Purchaser Group is being established pursuant to Section 11.3(i), the Purchaser Agent for such Conduit Purchaser will act as the Purchaser Agent for such Conduit Assignee hereunder, (ii) such Conduit Assignee (and any related commercial paper issuer, if such Conduit Assignee does not itself issue commercial paper) and its liquidity support provider(s) and credit support provider(s) and other related parties (including all of its Program Support Providers) shall have the benefit of all the rights and protections provided to such Conduit Purchaser and its related Committed Purchasers herein and in the other Transaction Documents (including any limitation on recourse against such Conduit Assignee), (iii) such Conduit Assignee shall assume all of such Conduit Purchaser’s obligations hereunder or under any other Transaction Document (whenever created, whether before or after such assignment) with respect to the assigned portion of the Investments held by such Conduit Purchaser and such Conduit Purchaser shall be released from all such obligations, (iv) all distributions to such Conduit Purchaser hereunder with respect to the assigned portion of the Investments shall be made to such Conduit Assignee, (v) the definition of the term “CP Rate” shall be determined on the basis of the interest rate or discount applicable to Commercial Paper issued by such Conduit Assignee (and any related commercial paper issuer, if such Conduit 
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Assignee does not itself issue commercial paper) rather than such assigning Conduit Purchaser, (vi) the defined terms and other terms and provisions of this Agreement and the other Transaction Documents shall be interpreted in accordance with the foregoing and (vii) if requested by the Administrative Agent or the Purchaser Agent with respect to such Conduit Assignee, the parties will execute and deliver such further agreements and documents (including amendments to this Agreement) and take such other actions as the Administrative Agent or such Purchaser Agent may reasonably request to evidence and give effect to the foregoing.
(c)Assignment by Committed Purchasers
Each Committed Purchaser may assign to any Eligible Assignee all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and any Investments or interests therein owned by it); provided that:
(i)each such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this Agreement;
(ii)the amount being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than the lesser of (A) $100,000,000 (in U.S. Dollars or the Dollar Equivalent) and (B) all of the assigning Committed Purchaser’s Commitment; and
(iii)the parties to each such assignment shall execute and deliver to the Administrative Agent, for its recording in the Register (as defined below), an Assignment and Acceptance, together with a processing and recordation fee of $5,000 (which fee shall not be payable with respect to any assignment by a Committed Purchaser of a type described in the last sentence of Section 11.3(a)).  The Seller shall have no responsibility for such fee.  
Upon such execution, delivery, acceptance and recording from and after the effective date specified in such Assignment and Acceptance, (x) the assignee thereunder shall be a party to this Agreement and, to the extent that rights and obligations under this Agreement have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Committed Purchaser thereunder and (y) the assigning Committed Purchaser shall, to the extent that rights and obligations have been assigned by it pursuant to such Assignment and Acceptance, relinquish such rights and be released from such obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Committed Purchaser’s rights and obligations under this Agreement, such Committed Purchaser shall cease to be a party hereto).  In addition, any Committed Purchaser or any of its Affiliates may assign any of its rights (including rights to payment of any Invested Amount and Yield) under this Agreement to any U.S. Federal Reserve Bank or European Central Bank without notice to or 
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consent of any Transaction Party, any other Committed Purchaser or Conduit Purchaser, any Purchaser Agent or the Administrative Agent. 
(d)Register
At all times during which any Investment is outstanding, the Administrative Agent shall maintain at its address referred to in Section 11.2 (Notices, etc.) (or such other address of the Administrative Agent notified by the Administrative Agent to the other parties hereto) a register as provided herein (the “Register”).  All Investments and any interest therein, and any Assignments and Acceptances of any Investments and any interest therein delivered to and accepted by the Administrative Agent, shall be registered in the Register, and the Register shall serve as a record of ownership that identifies the owner of each Investment and any interest therein.  Notwithstanding any other provision of this Agreement, no transfer of any Investment or any interest therein shall be effective unless and until such transfer has been recorded in the Register.  The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Seller, the Master Servicer, the Administrative Agent, the Purchaser Agents, the Conduit Purchasers and the Committed Purchasers may treat each Person whose name is recorded in the Register as a Committed Purchaser or Conduit Purchaser, as the case may be, under this Agreement for all purposes of this Agreement.  This Section 11.3(d) shall be construed so that each Investment and any interest therein is maintained at all times in “registered form” within the meaning of clauses 163(f), 871(h) and 881(c) of the IRC, and solely for the purposes of this Section 11.3, the Administrative Agent will act as an agent of the Seller.  The Register shall be available for inspection by the Seller, the Master Servicer, any Purchaser Agent, any Conduit Purchaser or any Committed Purchaser at any reasonable time and from time to time upon reasonable prior notice.
(e)Procedure
Upon its receipt of an Assignment and Acceptance executed by an assigning Committed Purchaser and an Eligible Assignee, the Administrative Agent shall, if such Assignment and Acceptance has been duly completed, (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Seller and the Master Servicer.
(f)Participations
Each Purchaser may sell participations to one or more banks or other entities that are Eligible Assignees on the date of such sale (each a “Participant”) in or to all or a portion of its rights and obligations under this Agreement (including all or a portion of its interests in the Investments owned by it and, in the case of a Committed Purchaser, its Commitment); provided that:
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(i)such Purchaser’s obligations under this Agreement shall remain unchanged;
(ii)such Purchaser shall remain solely responsible to the other parties to this Agreement for the performance of such obligations; and
(iii)the Administrative Agent, the Purchaser Agents, the other Purchasers, the Seller and the Master Servicer shall have the right to continue to deal solely and directly with such Purchaser in connection with such Purchaser’s rights and obligations under this Agreement.
Any agreement or instrument pursuant to which a Purchaser sells such a participation shall provide that the Participant shall not have any right to direct the enforcement of this Agreement or other Transaction Documents or to approve any amendment, modification or waiver of any provision of this Agreement or the other Transaction Documents; provided that such agreement or instrument may provide that such Committed Purchaser will not, without the consent of the Participant, agree to any amendment, modification or waiver of a type that would require the consent of each Purchaser affected thereby pursuant to Section 11.1 (Amendments, etc.).
(g)Seller and Servicer Assignment
Neither the Seller nor the Master Servicer may assign any of its rights or obligations hereunder or any interest herein without the prior written consent of each Purchaser Agent.
(h)Cooperation
The Seller and the Master Servicer agree to assist each Committed Purchaser, upon its reasonable request, in syndicating their respective Commitments hereunder, including making management and representatives of the Master Servicer and the Seller reasonably available to participate in informational meetings with potential assignees. 
(i)New Purchaser Groups
In connection with any assignment by a Conduit Purchaser of all or any portion of its Invested Amount to a Conduit Assignee, such Conduit Assignee may elect to establish a new Purchaser Group hereunder by the execution and delivery of a Joinder Agreement by such Conduit Assignee, the Committed Purchasers which are to be in its Purchaser Group and the Person which is to be the Purchaser Agent for such Purchaser Group, in each case without the consent of any other party.  In connection with a New Accordion Committed Purchaser providing an Additional Commitment pursuant to an Accordion Increase, such New Accordion Committed Purchaser shall establish a new Purchaser Group hereunder by the execution and delivery of a Joinder Agreement by such New Accordion Committed Purchaser, the Person which is to be the Conduit Purchaser for such Purchaser Group and the Person which is to be the Purchaser Agent for such Purchaser Group.  Upon the effective date 
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of such Joinder Agreement, (i) the Person specified therein as a “Purchaser Agent” shall become a party hereto and a party to the Purchaser Agent Fee Letter as the Purchaser Agent, entitled to the rights and subject to the obligations of the Purchaser Agent hereunder and (ii) Schedule 1 (Purchaser Groups) shall be deemed to have been amended as appropriate to incorporate the information set forth in such Joinder Agreement.
11.4Costs and Expenses
In addition to the rights of indemnification granted under Section 10 (Indemnities by the Seller) and the other obligations herein, the Seller agrees to pay on written demand all reasonable costs and expenses incurred by any Indemnified Party in connection with the preparation, execution, delivery and administration of this Agreement, any Program Support Agreement and the other Transaction Documents, including (a) all rating agency fees, (b) subject to Section 5.2(a) (Inspections; annual agreed upon procedures audit), all reasonable fees and expenses associated with any audits and other due diligence, (c) except as otherwise provided in Section 2.20(a) (Extension of Scheduled Commitment Facility Termination Date), any amendments, waivers or consents under the Transaction Documents and (d) to the extent not included in the CP Rate for any Conduit Purchaser or Committed Purchaser refinanced, directly or indirectly, through the issuance of Commercial Paper, all reasonable costs incurred by such Conduit Purchaser to open and maintain accounts in Local Currencies in connection with the Investments made by it hereunder.  In addition, the Seller agrees to pay on written demand all costs and expenses (including reasonable counsel fees and expenses), of each of the Administrative Agent, the Purchaser Agents, the Conduit Purchasers, the Committed Purchasers, the Program Support Providers and their respective Affiliates, incurred in connection with the enforcement of, or any dispute, work-out, litigation or preparation for litigation involving, this Agreement or any other Transaction Document.
11.5No proceedings; no recourse
Each of the parties hereto, each assignee of an Investment or any interest therein and each Person which enters into a commitment to purchase Investments or interests therein hereby agrees that it will not institute against any Conduit Purchaser (including, for the avoidance of doubt, any Conduit Purchaser acting as a Committed Purchaser hereunder) any proceeding of the type referred to in the definition of Event of Bankruptcy so long as any Commercial Paper or other senior indebtedness issued by such Conduit Purchaser (or its related commercial paper issuer) shall be outstanding or there shall not have elapsed two years plus one day since the last day on which any such Commercial Paper or other senior indebtedness shall have been outstanding.  
11.6Confidentiality
(a)The Fee Letters and any other pricing information relating to the facility contemplated by the Transaction Documents (including such information set forth in any engagement letter, term sheet or proposal prior to the Closing 
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Date) (collectively, “Product Information”) is confidential.  Each of the Seller, the Performance Undertaking Provider and the Master Servicer agrees:
(i)to keep all Product Information confidential and to disclose Product Information only to those of its officers, employees, agents, accountants, legal counsel and other representatives (collectively “Representatives”) who have a need to know such Product Information for the purpose of assisting in the negotiation, completion and administration of the facility contemplated hereby (the “Facility”);
(ii)to use the Product Information only in connection with the Facility and not for any other purpose; and
(iii)to cause its Representatives to comply with these provisions and to be responsible for any failure of any Representative to so comply.
The provisions of this Section 11.6 shall not apply to Product Information that is or hereafter becomes (through a source other than the Seller, the Master Servicer, the Performance Undertaking Provider or any of their respective Affiliates or Representatives) a matter of general public knowledge.  The provisions of this Section 11.6 shall not prohibit the Seller, the Performance Undertaking Provider or the Master Servicer from filing with any governmental or regulatory agency any information or other documents with respect to the Transaction Documents as may be required by applicable Law.
(b)The Seller, each Purchaser, each Purchaser Agent, and the Administrative Agent agrees to maintain the confidentiality of all non-public information with respect to the Transaction Parties, the Receivables, the Collections, the Related Security, the Collection Accounts or any other matters furnished or delivered to it pursuant to or in connection with this Agreement or any other Transaction Document (including, for the avoidance of doubt, any such information obtained from another Committed Purchaser, Conduit Purchaser, Purchaser Agent, or the Administrative Agent); provided that such information may be disclosed (i) to such party’s Affiliates or such party’s or its Affiliates officers, employees, agents, accountants, legal counsel and other representatives or professional advisers (collectively “Purchaser Representatives”), in each case, who have a need to know such information for the purpose of assisting in the negotiation, completion and administration of the Facility contemplated hereby, (ii) to such party’s permitted (including potential) assignees and participants (and their respective affiliates, representatives and professional advisers) to the extent such disclosure is made pursuant to a written agreement of confidentiality substantially similar to this Section 11.6(b), (iii) to any rating agency (including by means of a password-protected internet website maintained in connection with Rule 17g-5) and to the Program Support Providers for each Conduit Purchaser, (iv) to the extent required by applicable Law or by any Official Body, (v) to any Person who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any interest of such Committed Purchaser or Conduit Purchaser hereunder to the extent such disclosure is made pursuant to a written 
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agreement of confidentiality substantially similar to this Section 11.6(b), and (vi) to the extent necessary in connection with the enforcement of any Transaction Document.
The provisions of Section 11.6(b) shall not apply to information that is or hereafter becomes (through a source other than the applicable Purchaser, Purchaser Agent or the Administrative Agent or any Purchaser Representative associated with such party) a matter of general public knowledge.  The provisions of this Section 11.6 shall not prohibit any Purchaser, any Purchaser Agent or the Administrative Agent from filing with or making available to any governmental or regulatory agency any information or other documents with respect to the Transaction Documents as may be required by applicable Law or requested by such governmental or regulatory agency.
11.7Further Assurances
From time to time as may be necessary, each of the Seller and the Master Servicer shall (a) cooperate with each Rating Agency in connection with any review of the Transaction Documents which may be undertaken by such Rating Agency and (b) provide each Rating Agency with such information or access to such information as they may reasonably request in connection with any future review of the ratings referred to above.
11.8Execution in Counterparts
This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic file in a format that is accessible by the recipient shall be effective as delivery of a manually executed counterpart of this Agreement.
11.9Integration; Binding Effect; Survival of Termination; Severability
This Agreement and the other Transaction Documents executed by the parties hereto on the date hereof contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy).  Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until the Final Payout Date; provided, that the provisions of Sections 2.11, 2.12, 2.13, 2.14, 2.15, 10, 11.4, 11.5, 11.6, 11.11, 11.13, 
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11.15, and 11.17 shall survive any termination of this Agreement.  If any one or more of the provisions of this Agreement shall for any reason whatsoever be held invalid, then such provisions shall be deemed severable from the remaining provisions of this Agreement and shall in no way affect the validity or enforceability of such other provisions.
11.10Governing law; consent to jurisdiction; waiver of jury trial
(a)THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
(b)Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement.  Each party hereto hereby irrevocably waives, to the fullest extent that it may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.  Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law.
(c)Each of the parties hereto consents to the service of any and all process in any such action or proceeding by the mailing of copies of such process to it at its address specified herein.  Nothing in this Section 11.10 shall affect the right of any party to serve legal process in any manner permitted by Law.
(d)TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ITS RIGHT TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE.  EACH OF THE PARTIES HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY.  WITHOUT LIMITING THE FOREGOING, EACH OF THE PARTIES HERETO FURTHER AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF.  THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.
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11.11Right of Setoff
Each Purchaser is hereby authorized (in addition to any other rights it may have) at any time after the occurrence of the Facility Termination Date following the occurrence of a Facility Termination Event to set off, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any amounts and any other indebtedness held or owing by such Purchaser to, or for the account of, the Seller against the amount of the Transaction Party Obligations owing by the Seller to such Person.
11.12Ratable payments
If any Committed Purchaser, whether by setoff or otherwise, has payment made to it with respect to any Transaction Party Obligation in a greater proportion than that received by any other Committed Purchaser entitled to receive a ratable share of such Transaction Party Obligation, such Committed Purchaser agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of such Transaction Party Obligation held by the other Committed Purchasers so that after such purchase each Committed Purchaser will hold its ratable proportion of such Transaction Party Obligation; provided that if all or any portion of such excess amount is thereafter recovered from such Committed Purchaser, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.  Notwithstanding the foregoing, if a Purchaser receives any payment through a proceeding against a Transaction Party and the other Purchasers were provided an opportunity to participate in such proceeding but opted not to, then such Purchaser may retain any such amounts.
11.13Limitation of Liability
(a)No claim may be made by any party against any other party or their respective Affiliates, directors, officers, employees, attorneys or agents (each a “Default Party”) for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement or any other Transaction Document, or any act, omission or event occurring in connection herewith or therewith, except with respect to any claim arising out of the willful misconduct or gross negligence of such Default Party; and each party hereto hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.
(b)Notwithstanding anything to the contrary contained herein or any other Transaction Document, the obligations of the respective Conduit Purchasers (including, for the avoidance of doubt, any Conduit Purchaser acting as a Committed Purchaser hereunder) under this Agreement and all other Transaction Documents are solely the corporate obligations of each such Conduit Purchaser and shall be payable only at such time as funds are actually received by, or are available to, such Conduit Purchaser in excess of funds necessary to pay in full all outstanding Commercial Paper issued by such 
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Conduit Purchaser and shall be non-recourse other than with respect to such excess funds, and without limiting Section 11.5, if ever and until such time as such Conduit Purchaser has sufficient funds to pay such obligation shall not constitute a claim against such Conduit Purchaser.  Each party hereto agrees that the payment of any claim of any such party shall be subordinated to the payment in full of all Commercial Paper.
(c)No recourse under any obligation, covenant or agreement of any party hereto contained in this Agreement or any other Transaction Document shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of such party or any of their Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement and the other Transaction Documents are solely a corporate obligation of such party, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of any party hereto or any of their Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of such party contained in this Agreement or any other Transaction Document, or implied therefrom, and that any and all personal liability for breaches by any party of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement or any other Transaction Document; provided that the foregoing shall not relieve any such Person from any liability it might otherwise have as a result of grossly negligent or fraudulent actions taken or grossly negligent or fraudulent omissions made by them.
11.14Limitation on the addition and termination of Originators
(a)Without limiting the right of any Originator to terminate its rights and obligations to sell Receivables to a Purchaser pursuant to and in accordance with the applicable Originator Sale Agreement, the Seller shall not consent to any request made to terminate any Originator Sale Agreement or to terminate the right or obligation of any Originator to continue selling its Receivables to the Seller or any Intermediate Transferor (as applicable) thereunder, nor will any Originator which is the subject of such request be terminated under an Originator Sale Agreement, in each case unless (i) the Master Servicer provides the Administrative Agent, the Purchaser Agents and each Committed Purchaser with a certificate (signed by a Responsible Officer of the Master Servicer) which attaches a Monthly Report or Weekly Report, as applicable, giving pro forma effect to any reduction in the Net Eligible Receivables Balance resulting from the termination of such Originator or Originator Sale Agreement, and which certifies that, after giving pro forma effect to such termination and any prepayments of Investments on or prior to the date of such termination, the Aggregate Invested Amount does not exceed the Funding Base, (ii) no Facility Termination Event (other than with respect to the 
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Originator so terminated) or Portfolio Event has occurred and is continuing (both before and after giving effect to such termination) and (iii) the Administrative Agent and the Purchaser Agents will have received ten (10) Business Days’ prior written notice of such termination.  In the event any Originator or Originator Sale Agreement is so terminated, the ratios used in calculating the performance triggers or reserves shall be determined as if the Receivables of such Originator or Originators under such Originator Sale Agreement, as applicable, had never existed.
(b)The Seller will not, and will not permit any Intermediate Transferor to, consent to the addition of a new Originator under an Originator Sale Agreement except (i) with the consent of the Administrative Agent and each Purchaser Agent (such consent not to be unreasonably withheld), (ii) upon the satisfaction of the conditions precedent specified in such Originator Sale Agreement, and (iii) a reaffirmation from the Performance Undertaking Provider in form and substance reasonably satisfactory to the Administrative Agent and the Required Committed Purchasers pursuant to which the Performance Undertaking Provider reaffirms its obligations under the Performance Undertaking after giving effect to the addition of such new Originator thereunder, together with any opinions and certificates in connection with the addition of such new Originator reasonably requested by the Administrative Agent, the Purchaser Agent or the Seller.
(c)the Seller will not enter into any new Intermediate Transfer Agreement without the prior consent of the Administration Agent and each Purchaser Agent.
(d)Bunge Limited, acting on behalf of one or more of its Subsidiaries organized under the laws of a jurisdiction which at the time of such request is not an Approved Originator Jurisdiction, may submit a request in writing to the Administrative Agent in order to seek the approval of the addition of a new Approved Originator Jurisdiction (and a related new Approved Obligor Jurisdiction, Approved Currency and Approved Contract Jurisdiction to the extent necessary) and the entry into a new Originator Sale Agreement relating to such new Approved Originator Jurisdiction, provided that:
(i)the Administrative Agent shall respond to any such request as soon as reasonably practicable following receipt thereof, and any approval of such request, subject to clause (ii) below, shall be “in principle” and may be conditional upon the execution by Bunge Limited of a mandate letter to be entered into with Rabobank in which Rabobank shall indicate its estimate of the costs to be incurred in adding such Subsidiary(ies) as a new Originator(s) hereunder, including the costs of due diligence in connection with, and structuring of, the securitization of such proposed new Originator’s Receivables;
(ii)notwithstanding any indication of approval of any such request by the Administrative Agent pursuant to clause (i) above, the addition of the proposed new Approved Originator Jurisdiction (and a related new 
146
    
949049213.2

Approved Obligor Jurisdiction, Approved Currency and Approved Contract Jurisdiction to the extent necessary) and any proposed new Originator organized under the laws thereof shall be subject to the final approval of each Purchaser Agent and confirmation from the Rating Agencies that the addition of such new Originator(s) will not result in the reduction or withdrawal of the then-current ratings of any Conduit Purchaser’s Commercial Paper;
(iii)each Person proposed to become a new Originator has become a party to the Servicing Agreement as a Sub-Servicer and, if applicable, with respect to a new Intermediate Transferor, is reasonably satisfactory to each Committed Purchaser;
(iv)the Originator Sale Agreement and, if applicable, Intermediate Transfer Agreement are in form and substance satisfactory to each Purchaser Agent;
(v)the Seller shall have delivered such instruments, opinions and other documents any Committed Purchasers may reasonably request in connection therewith (including amendment of the Performance Undertaking to include the obligations of any new Originator), all of which shall be in form and substance satisfactory to such Committed Purchasers;
(vi)no Facility Termination Event or Portfolio Event has occurred and is continuing or would result therefrom; and
(vii)the Administrative Agent and each Purchaser Agent shall have received an amendment hereto reflecting such new Originator Sale Agreement and/or Intermediate Transfer Agreement. 
11.15Judgment Currency
(a)If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given.
(b)The obligations of the Seller in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount 
147
    
949049213.2

of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the Seller agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss and if the amount of the Agreement Currency so purchased is more than the sum originally due to the Applicable Creditor in the Agreement Currency, such Applicable Creditor agrees to return any such excess to the Seller.  The obligations of the Seller contained in this Section 11.15 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.
11.16USA Patriot Act
Each Purchaser hereby notifies the Seller that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and any similar Law in any relevant jurisdiction (the “Acts”), it is required to obtain, verify and record information that identifies the Transaction Parties, which information includes the name and address of each Transaction Party and other information that will allow such Purchaser to identify such Transaction Party in accordance with the Acts.
11.17No proceeding; limited recourse
(a)Each of the parties hereto hereby agrees that (i) it will not institute against the Seller any proceeding of the type referred to in the definition of Event of Bankruptcy until there shall have elapsed two years plus one day since the Final Payout Date and (ii) notwithstanding anything contained herein or in any other Transaction Document to the contrary, the obligations of the Seller under the Transaction Documents are solely the corporate obligations of the Seller and shall be payable solely to the extent of funds which are received by the Seller pursuant to the Transaction Documents and available for such payment in accordance with the terms of the Transaction Documents and shall be non-recourse other than with respect to such available funds and, without limiting Section 11.17, if ever and until such time as the Seller has sufficient funds to pay such obligation shall not constitute a claim against the Seller.
(b)No recourse under any obligation, covenant or agreement of the Seller contained in this Agreement or any other Transaction Document shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of the Seller by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement and the other Transaction Documents are solely a corporate obligation of the Seller, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of the Seller or any of them under or by reason of any of the obligations, covenants or agreements of the Seller contained in this Agreement or any other Transaction Document, or implied therefrom, and that any and all personal liability for breaches by the Seller of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule 
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949049213.2

or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement; provided that the foregoing shall not relieve any such Person from any liability it might otherwise have as a result of fraudulent actions taken or fraudulent omissions made by them.
11.18Acknowledgment and Consent to Bail-In of EEA Financial Institutions
Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among the parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder that may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)the effects of any Bail-in Action on any such liability, including, if applicable:
(i)a reduction in full or in part or cancellation of any such liability;
(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Transaction Document; or
(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.
[Signature pages follow.]
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949049213.2

EXECUTION of Receivables Transfer Agreement:
The parties have shown their acceptance of the terms of this Agreement by executing it below.
BUNGE SECURITIZATION B.V., as Seller

By:    
Name:
Title:

By:    
Name:
Title:

KONINKLIJKE BUNGE B.V., as Master Servicer and Subordinated Lender

By:    
Name:
Title:

By:    
Name:
Title:

BUNGE LIMITED, as Performance Undertaking Provider

By:    
Name:
Title:

By:    
Name:
Title:

    S-1    Receivables Transfer Agreement

COÖPERATIEVE RABOBANK U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent

By:    
Name: 
Title:   

NIEUW AMSTERDAM RECEIVABLES CORPORATION B.V. as Conduit Purchaser

By:    
Name: 
Title:   

    S-2    Receivables Transfer Agreement

CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK, as Purchaser Agent and Committed Purchaser

By:    
Name:
Title:

By:    
Name:
Title:

    S-3    Receivables Transfer Agreement

BNP PARIBAS, LONDON BRANCH, as Purchaser Agent

By:    
Name:
Title:

MATCHPOINT FINANCE PLC, as Committed Purchaser and Conduit Purchaser

By:    
Name:
Title:

    S-4    Receivables Transfer Agreement

    S-5    Receivables Transfer Agreement

EXHIBIT A
FORM OF ASSIGNMENT AND ACCEPTANCE
Dated [] 
Reference is made to the Receivables Transfer Agreement, dated June 1, 2011 (as it may from time to time be amended, restated, supplemented, renewed, extended or otherwise modified from time to time, the “Receivables Transfer Agreement”), among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer, Bunge Limited, as Performance Undertaking Provider, the Persons from time to time parties thereto as Conduit Purchasers, and Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent and as Purchaser Agent. Terms defined in the Receivables Transfer Agreement are used herein with the same meaning.
[Assigning Committed Purchaser] (the “Assignor”), [Eligible Assignee] (the “Assignee”) and [Name of applicable Purchaser Agent], in its capacity as Purchaser Agent for the Purchaser Group which includes the Assignor [and the Assignee] (in such capacity, the “Purchaser Agent”), hereby agree as follows:
1.    Purchase and Sale of Interest
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 Receivables Transfer Agreement as of the Effective Date (as defined below) interest in and to all of the Assignor’s rights and obligations under the Receivables Transfer Agreement as of the date hereof (including, without limitation, its Commitment and all Investments, if any, or interests therein owned by it) equal to the percentage (the “Percentage”) interest specified on Schedule I attached hereto. After giving effect to such sale and assignment, [the Assignee will be a Committed Purchaser in the Purchaser Group that includes [Name of Conduit Purchaser] and the Assignee’s Commitment will be as set forth in Section 2 of the signature page hereto. As consideration for the sale and assignment contemplated in this Section 1, the Assignee shall pay to the Assignor on the Effective Date (as defined below) in immediately available funds an amount equal to [$][€][], representing the purchase price payable by the Assignee for the interests in the transferred interest sold and assigned to the Assignee under this Section 1.
2.    Representations and Disclaimers of Assignor 
The Assignor:
(a)    represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of any Adverse Claim created by it;
949049213.2

(b)    makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with any Transaction Document or any other instrument or document furnished pursuant thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Receivables Transfer Agreement or any other Transaction Document or any such other instrument or document furnished pursuant thereto, or the perfection, priority or value of any ownership interest or security interest created or purported to be created under the Receivables Transfer Agreement or under any Originator Sale Agreement; and
(c)    makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Transaction Party or the performance or observance by any Transaction Party of any of its respective obligations under the Receivables Transfer Agreement or any other Transaction Document or any other instrument or document furnished pursuant thereto.
3.    Representations and Agreements of Assignee
The Assignee:
(a)    confirms that it has received a copy of the Receivables Transfer Agreement and the other Transaction Documents, together with such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase its interest in and to the Assignor’s right, title and interest in the Commitment and Investments being purchased by it hereunder;
(b)    agrees that it will, independently and without reliance upon the Administrative Agent, any Purchaser Agent, the Assignor or any other Purchaser or any of their respective Affiliates 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 Receivables Transfer Agreement and any other Transaction Document;
(c)    appoints and authorizes the Administrative Agent [and the Purchaser Agent] to take such action as agent on its behalf and to exercise such powers under the Receivables Transfer Agreement and the other Transaction Documents and any other instrument or document furnished pursuant thereto as are delegated to the Administrative Agent [and the Purchaser Agent, respectively,] by the terms thereof, together with such powers and discretion as are reasonably incidental thereto;
(d)    agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Receivables Transfer Agreement and this Assignment and Acceptance are required to be performed by it as a Committed Purchaser;
    - 7 -    

(e)    specifies as its address and telecopier number for notices the office set forth beneath its name on the signature pages hereof;
(f)    represents that this Assignment and Acceptance has been duly authorized, executed and delivered by the Assignee pursuant to its corporate powers and constitutes the legal, valid and binding obligation of the Assignee;
(g)    represents that as of the Effective Date it is an Eligible Assignee; and
(h)    [other representations to be included, if applicable].
4.    Effectiveness of Assignment
Following the execution of this Assignment and Acceptance by the Assignor, [the Purchaser Agent,] and the Assignee, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent and to the Master Servicer. The effective date of this Assignment and Acceptance shall be the later of (a) the date the Administrative Agent receives this Assignment and Acceptance executed by the parties hereto, including the Consent to Assignment attached hereto as Annex I executed by the Seller, (the “Effective Date”) or (b) the date of this Assignment and Acceptance.
5.    Rights of the Assignee
Upon such acceptance and recording by the Administrative Agent, as of the Effective Date, (i) the Assignee shall be a party to the Receivables Transfer Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Committed Purchaser thereunder, hereunder and under the other Transaction Documents and (ii) the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Receivables Transfer Agreement.
6.    Payments
Upon such acceptance and recording by the Administrative Agent, from and after the Effective Date, the Administrative Agent, the Purchaser Agent, the Seller, the Performance Undertaking Provider or the Servicer, as the case may be, shall make all payments under the Receivables Transfer Agreement in respect of the interest assigned hereby (including, without limitation, all payments of fees with respect thereto) to the Assignee or the Purchaser Agent for the benefit of the Assignee in accordance with the Receivables Transfer Agreement. The Assignor and Assignee shall make all appropriate adjustments in payments under the Receivables Transfer Agreement for periods prior to the Effective Date directly between themselves.
7.    Governing Law
This Assignment and Acceptance and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the law of the State of New York, other 
    - 8 -    

than those conflict of law provisions that would defer to the substantive laws of another jurisdiction. This governing law election has been made by the parties in reliance (at least in part) on Section 5-1401 of the General Obligation Law of the State of New York, as amended (as and to the extent applicable), and other applicable Law.
Schedule I
Assignment and Acceptance
Dated    , []
Section 1. 
Percentage:     _________%
Section 2.
Assignee’s Commitment as of the Effective Date:    [€][$]*
Principal Balance of Investments    [€][$]
held by Assignee as of the Effective Date:    [€][$]
Section 3. 
Effective Date:**    , [•]

*    The Assignee’s Commitment shall be no less than $100,000,000 (in U.S. Dollars or the Dollar Equivalent).
**    This date should be no earlier than the date of acceptance by the Administrative Agent as indicated below as the date the Administrative Agent executes this Assignment and Acceptance.

    - 9 -    

The parties have shown their acceptance of the terms of this Assignment and Acceptance by executing it below.
[NAME OF ASSIGNOR]

By:     
Name: 
Title:

[NAME OF ASSIGNEE]

By:     
Name: 
Title:
Address and telecopier number for Notices: 
[Insert]

    - 10 -    

Accepted this _______ day of
___________ []

COӦPERATIEVE RABOBANK U.A., as Administrative Agent

By:     
Name: 
Title:
AGREED TO:
__________________________________, as Purchaser Agent

By:     
Name: 
Title:

    - 11 -    

ANNEX I TO
ASSIGNMENT AND ACCEPTANCE
CONSENT TO ASSIGNMENT
[________] []
Coöperatieve Rabobank U.A.
245 Park Avenue, 37th Floor 
New York, New York 10167
Attention: [______________]
Reference is made to the Receivables Transfer Agreement dated as of June 1, 2011 (as it may from time to time be amended, restated, supplemented, renewed, extended or otherwise modified from time to time, being the “Receivables Transfer Agreement”), among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer, Bunge Limited, as Performance Undertaking Provider, the Persons from time to time parties thereto as Conduit Purchasers and Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent and as Purchaser Agent. Unless otherwise defined herein, terms defined in the Receivables Transfer Agreement are used herein as therein defined.
The undersigned hereby consents to the execution, delivery and performance of the foregoing Assignment and Acceptance by the Assignor and the Assignee as defined therein on the terms and conditions specified therein and agrees that such Assignee is an Eligible Assignee under and as defined in the Receivables Transfer Agreement.

[__________________________________]

By:     
Name: 
Title:

    - 12 -    

EXHIBIT B
FORM OF INVESTMENT REQUEST
Dated as of _________, _________
Coöperatieve Rabobank U.A.
as Administrative Agent
245 Park Avenue, 37th Floor
New York, New York 10167
Attention: Eugene van Esveld
Ladies and Gentlemen:
The undersigned, BUNGE SECURITIZATION B.V., and, with respect to clauses (B) (solely to the Master Servicer’s knowledge) and (D) only, KONINKLIJKE BUNGE B.V., refer to the Receivables Transfer Agreement dated as of June 1, 2011 (as amended, amended and restated, supplemented, extended, renewed or otherwise modified from time to time, the “Receivables Transfer Agreement”), among BUNGE SECURITIZATION B.V., as Seller, KONINKLIJKE BUNGE B.V., as Master Servicer, BUNGE LIMITED, as Performance Undertaking Provider, the Persons from time to time party thereto as Conduit Purchasers and Committed Purchasers and COÖPERATIEVE RABOBANK U.A., as Administrative Agent, and Purchaser Agent. Unless otherwise defined herein, terms defined in the Receivables Transfer Agreement are used herein as therein defined.
The undersigned hereby gives you notice, irrevocably, pursuant to Section 2.2 of the Receivables Transfer Agreement that the undersigned hereby requests the following Investment(s) under the Receivables Transfer Agreement, and in that connection sets forth below the information relating to such Investment (the “Proposed Investment”) as required by Section 2.2(a)(ii) of the Receivables Transfer Agreement:
Prior Settlement Date Investment Amount
949049213.2

									
	(i)	The current aggregate amount of such U.S. Dollar denominated Investment:	________________________
	(ii)	The current aggregate amount of such EURO denominated Investment:	________________________
	(iii)	The current aggregate amount of such Canadian Dollar denominated Investment:	________________________
	(iv)	The current aggregate amount of such Hungarian Forint denominated Investment:	________________________
	(v)	The current Aggregate Invested Amount in the Dollar Equivalent:	________________________

Proposed Settlement Date Investment
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	(i)	The proposed Cash Purchase Price portion of the U.S. Dollar denominated Investment:	________________________
	(ii)	The proposed Cash Purchase Price portion of the EURO denominated Investment:	________________________
	(iii)	The proposed Cash Purchase Price portion of the Canadian Dollar denominated Investment:	________________________
	(iv)	The proposed Cash Purchase Price portion of the Hungarian Forint denominated Investment:	________________________
	(v)	The Spot Rates (based on the most recent Exchange Rate Determination Date) for such Approved Currencies:1
	
		EURO:	________________________
		Canadian Dollar:	________________________
		Hungarian Forint:	________________________
	(vi)	The proposed Aggregate Invested Amount in the Dollar Equivalent:	________________________
	(vii)	The requested Investment Date of such proposed Investment:	________________________

The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the date of the Proposed Investment:
(A)    the representations and warranties contained in Section 4.1 of the Receivables Transfer Agreement, in Section [_____] of the [______] RPA and in Section 9 of the Performance and Indemnity Agreement are correct in all material respects on and as of the date hereof, before and after giving effect to the Proposed Investment(s) and to the application of the proceeds therefrom, as though made on and as of the date hereof, other than any such representations and warranties that, by their terms, refer to a specific date other than the date of this Investment Request or the date of the Proposed Investment(s), in which case, as of such other dates;

1 Include if Proposed Investments in such Approved Currencies are requested.
    - 15 -    

(B)    the Facility Termination Date has not occurred, and no event has occurred and is continuing, or would result from the Proposed Investment(s) or from the application of the proceeds therefrom, which constitutes a Facility Event or a Portfolio Event;
(C)    no portion of the proceeds of such Investment(s) will be used by the Seller to pay the purchase price for any Receivable that was originated by an Originator with respect to which a Seller Termination Event has occurred and is continuing; and
(D)    after giving effect to the Proposed Investment(s), the Aggregate Invested Amount will not exceed the lesser of (1) the Facility Limit and (2) the Funding Base on such Investment Date.
Delivery of an executed counterpart of this Investment Request by telecopier shall be effective as delivery of an original executed counterpart of this Investment Request.
Very truly yours,

BUNGE SECURITIZATION B.V.

By:     
Name: 
Title:

KONINKLIJKE BUNGE B.V.

By:     
Name: 
Title:

    - 16 -    

EXHIBIT C
FORM OF JOINDER AGREEMENT
Dated []
Reference is made to the Receivables Transfer Agreement, dated June 1, 2011, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer, Bunge Limited, as Performance Undertaking Provider, the Persons from time to time party thereto as Conduit Purchasers and Committed Purchasers, and Coöperatieve Rabobank U.A., as Administrative Agent (as amended, amended and restated, supplemented, extended, renewed or otherwise modified from time to time, the “Receivables Transfer Agreement”). Terms defined in the Receivables Transfer Agreement are used herein with the same meaning.
[] (the “New Conduit Purchaser”), [] (the “New Purchaser Agent”), and [] (the “New Committed Purchaser(s)”; and together with the New Purchaser Agent and New Conduit Purchaser(s), the “New Purchaser Group”) agree as follows:
1.By execution and delivery of this Joinder Agreement and pursuant to Section 11.3(i) (New Purchaser Groups) of the Receivables Transfer Agreement, the New Purchaser Group elects to become a “Purchaser Group” under the Receivables Transfer Agreement.

2.The effective date (the “Effective Date”) of this Joinder Agreement shall be the later of (i) the date on which a fully executed copy of this Joinder Agreement is delivered to the Administrative Agent, (ii) the date of this Joinder Agreement, [(iii) the effective date of that certain assignment agreement of even date herewith between the New Committed Purchaser and [Name of Committed Purchaser Assignor]] [and (iv) the effective date of that certain Accordion Increase Certificate of even date herewith between the Accordion Committed Purchaser and the Seller].

3.By executing and delivering this Joinder Agreement, each of the New Purchaser Agent, the New Conduit Purchaser(s) and the New Committed Purchaser(s) confirms to and agrees with each other party to the Receivables Transfer Agreement that (i) it has received a copy of the Receivables Transfer Agreement and the other Transaction Documents, together with such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Agreement; (ii) it will, independently and without reliance upon the Administrative Agent, any other Purchaser Agent, any other Purchaser or any of their respective Affiliates, 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 Receivables Transfer Agreement and any Transaction Documents; (iii) it appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Receivables Transfer Agreement and the Transaction Documents and any other instrument or document furnished pursuant thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (iv) it will perform in accordance with their terms all of the obligations which by the terms of the Receivables Transfer Agreement and the documents or agreements to be delivered 
949049213.2

thereunder are required to be performed by it as a Purchaser Agent, a Conduit Purchaser, or a Committed Purchaser, respectively; (v) its address and telecopier number for notices shall be the office set forth beneath its name on the signature pages of this Joinder Agreement; (vi) the Purchaser Group Limit for the New Purchaser Group shall be as set forth on Schedule 1; (vii) the Purchaser Agent’s Account for the new Purchaser Agent shall be as set forth in Schedule 1 and (viii) this Joinder Agreement has been duly authorized, executed and delivered by it pursuant to its applicable corporate powers and constitutes the legal, valid and binding obligation of the New Purchaser Agent, the New Conduit Purchaser(s) and the New Committed Purchaser(s), respectively.

4.On the Effective Date of this Joinder Agreement, the New Purchaser Agent shall become a party to the Purchaser Fee Letter as a Purchaser Agent thereunder, and each of the New Purchaser Agent, the New Conduit Purchaser(s) and the New Committed Purchaser(s) shall join in and be a party to the Receivables Transfer Agreement and, to the extent provided in this Joinder Agreement, shall have the rights and obligations of a Purchaser Agent, a Conduit Purchaser and a Committed Purchaser, respectively, under the Receivables Transfer Agreement and the other Transaction Documents. Schedule 1 to the Receivables Transfer Agreement shall be amended to incorporate the information set forth on the signature pages and Schedule 1 to this Joinder Agreement.

5.This Joinder Agreement may be executed by one or more of the parties on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

6.This Joinder Agreement and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the law of the State of New York, other than those conflict of law provisions that would defer to the substantive laws of another jurisdiction. This governing law election has been made by the parties in reliance on Section 5-1401 of the General Obligation Law of the State of New York, as amended, and other applicable Law.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

    - 2 -    

EXECUTION:
The parties hereto have caused this Joinder Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.
NEW CONDUIT PURCHASER(S): 
[NAME(S)]

By:     
Name: 
Title:
Address and telecopier number for notices: 
[Address]
[Telecopier No.]

NEW COMMITTED PURCHASER(S): 
[NAME(S)]

By:     
Name: 
Title:
Address and telecopier number for notices: 
[Address]
[Telecopier No.]

NEW PURCHASER AGENT: 
[NAME]

By:     
Name: 
Title:
Address and telecopier number for notices: 
[Address]
[Telecopier No.]
 
    - 3 -    

SCHEDULE 1
Purchaser Agent’s Account for New Purchaser Agent:    []
Conduit Lending Limit for New Conduit Purchaser:    []
Commitments of New Committed Purchasers:    []

    - 4 -    

EXHIBIT D

Form of Italian Acknowledgment Deed

[FORM OF ACKNOWLEDGMENT DEED TO BE ATTACHED TO THE RTA – TO BE EXECUTED BY ANY OF THE ITALIAN COLLECTION ACCOUNT BANKS WITH CERTAIN DATE AT LAW (DATA CERTA)]

This acknowledgement deed dated [●] 2011 (“Acknowledgment Deed”) is made today by:
(1)BUNGE SECURITIZATION B.V., a private limited liability company organized under the laws of the Netherlands, whose registered office is at [●], enrolled with the Companies Register of [●] under number [●] (hereinafter the “Seller”);
(2)COÖPERATIEVE RABOBANK U.A. organized under the laws of the Netherlands, whose registered office is at [●], enrolled with the Companies Register of [●] under number [●], on behalf of the Purchasers, (hereinafter “Rabobank Nederland” or the “Italian Intermediate Transferor” and together with the Seller, the “Pledgees”);
(3)COÖPERATIEVE RABOBANK U.A. organized under the laws of the Netherlands, whose registered office is at [●], enrolled with the Companies Register of [●] under number [●], on behalf of the Purchasers (hereinafter, the “Administrative Agent”); 
(4)BUNGE ITALIA S.P.A., a joint stock company organized under the laws of Italy, whose registered office is at [●], enrolled with the Companies Register of [●] under no. [●] (hereinafter, the “Bunge Italia” or the “Pledgor”);
(5)UNICREDIT S.P.A., a bank organized under the laws of Italy, whose registered office is at [●], enrolled with the Companies Register of [●] under no. [●] and with the bank register (Albo delle Banche) held by the Bank of Italy in accordance with article 13 of Italian legislative decree No. 385/93 (“MPS”/“Unicredit” or the “Italian Collection Account Bank”),] [TO BE CONFIRMED BY BUNGE ITALIA]
jointly, the “Parties”.

Whereas:
(A)on [●] 2011, Bunge Italia, in its capacity as Pledgor and the Administrative Agent in the name and on behalf of the Seller and the Italian Intermediate Transferor, as pledgees, have entered into a deed of pledge over the Collection Accounts held by Bunge Italia with MPS/Unicredit as Italian Collection Account Bank (the “Deed of Pledge”);
(B)on [●] 2011, the Italian Collection Account Bank has received a copy of the Deed of Pledge and has entered into a letter of acceptance of the Pledge created over the relevant bank accounts (the “Acceptance”);
(C)on [●] 2011, the Italian Intermediate Transferor and the Seller have entered into an Italian intermediate transfer agreement, pursuant to which the Italian Intermediate Transferor has assigned to the Seller, in accordance with article 1260 and followings of the Italian civil code, inter alia, all its rights, title and interests in, to and under the Deed of Pledge (the “First Assignment”); 
(D)on [●] 2011, the Seller and the Administrative Agent, inter alios, have entered into a transfer agreement governed by U.S.A. law (the “RTA”); in accordance with Clause 2.1 of the RTA, the Seller has transferred to the Administrative Agent, on behalf of the Purchasers (as defined in the RTA), all 
    D-1    Receivables Transfer Agreement

the rights, title and interests in, to and under, inter alia, the Deed of Pledge, including those assigned to it by the Italian Intermediate Transferor under the First Assignment (the  “Second Assignment” and together with the First Assignment, (the “Assignments”)). 

Now therefore, it is agreed as follows:
1.Capitalized terms used herein unless otherwise defined, have the same meaning given to them under the Deed of Pledge.
2.The Parties acknowledge and accept the Assignments as specified under Recitals (C) and (D) above, and hereby acknowledges that, following and within the limits of such Assignments, the Administrative Agent, on behalf of the Purchasers, is entitled to exercise all the rights of the Pledgees (including the enforcement of the Pledge), titles and interest under the Deed of Pledge (as transferred by the Seller to the Administrative Agent, in accordance with the Assignments), with no prejudice for the terms and conditions contained in the Acceptance. 
3.The parties hereto acknowledge that the Assignments shall not be considered as a novation (novazione) of the Pledge which continues to be in full force and effect, valid and enforceable against third parties, as security for the prompt satisfaction of any and all Secured Claims.
    D-2    Receivables Transfer Agreement

EXECUTION OF ACKNOWLEDGEMENTS DEED

For and on behalf of
BUNGE SECURITIZATION B.V.
_________________
By: 
Title: 

COÖPERATIEVE RABOBANK U.A. (as Italian Intermediate Transferor)
_________________
By: 
Title: 

COÖPERATIEVE RABOBANK U.A. (as Administrative Agent)
_________________
By: 
Title: 

BUNGE ITALIA S.P.A.
_________________
By: 
Title:

UNICREDIT S.P.A.

_________________
By: 
Title:

D-3

EXHIBIT E

FORM OF ACCORDION INCREASE CERTIFICATE

To:    COÖPERATIEVE RABOBANK U.A., as Administrative Agent
From:    BUNGE SECURITIZATION B.V., as Seller (or the Master Servicer on its behalf)
Dated:    [●]
We refer to the Receivables Transfer Agreement dated June 1, 2011 (as it may be amended, restated, supplemented, renewed, extended or otherwise modified from time to time, the "Agreement"), among Bunge Securitization B.V. (the “Seller”), Koninklijke Bunge B.V. (the “Master Servicer”), the Conduit Purchasers from time to time party thereto, the Committed Purchasers from time to time party thereto, the Purchaser Agents from time to time party thereto, Coöperatieve Rabobank U.A., as the Administrative Agent (the “Administrative Agent”) and a Purchaser Agent, and Bunge Limited, as Performance Undertaking Provider. 
1.This is an Accordion Increase Certificate.  Terms defined in the Agreement have the same meaning in this Accordion Increase Certificate unless given a different meaning in this Accordion Increase Certificate.
2.We refer to Section 2.21 (Accordion Increase) of the Agreement:
(a)Each Accordion Committed Purchaser agrees to provide the Additional Commitment as set out in the table below opposite its name and in accordance with paragraph (g) of Section 2.21 (Accordion Increase).
(b)The proposed Accordion Increase Date is [●].
3.This Accordion Increase Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Accordion Increase Certificate.
4.This Accordion Increase Certificate and any non-contractual obligations arising out of or in connection with it are governed by and construed in accordance with the law of the State of New York. 
									
	

Accordion Committed Purchaser
	Additional Commitment	Total Commitment
			
			

[Signature page follows.]

    
949049213.2

    
949049213.2

			
	[Accordion Committed Purchaser(s)]
	By: _________________________
Name: _______________________
Title: ________________________

	Address: [●]
	[Bunge Securitization B.V., as Seller] [Koninklijke Bunge B.V., as Master Servicer]

	By: _________________________
Name: _______________________
Title: ________________________

By: _________________________
Name: _______________________
Title: ________________________

	

This Accordion Increase Certificate is accepted by the Administrative Agent and the Accordion Increase Date is confirmed as [●].
Coöperatieve Rabobank U.A.

By: _________________________
Name: _______________________
Title: ________________________

[Signature Page to Accordion Increase Certificate]EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 INDENTURE 

Dated as of October 22, 2021 

Among 
 VERTIV GROUP CORPORATION,

 VERTIV INTERMEDIATE HOLDING II CORPORATION, 

THE SUBSIDIARY GUARANTORS PARTY HERETO 

and 
 UMB BANK, N.A., 

as Trustee and Collateral Agent 

4.125% SENIOR SECURED NOTES DUE 2028 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 SECTION 1.1.
	 	 Definitions
	  	 	1	 
	 SECTION 1.2.
	 	 Other Definitions
	  	 	46	 
	 SECTION 1.3.
	 	 Rules of Construction
	  	 	47	 
	 SECTION 1.4.
	 	 Limited Condition Transactions
	  	 	47	 
		
	 ARTICLE II THE NOTES
	  	 	48	 
	 SECTION 2.1.
	 	 Form and Dating
	  	 	48	 
	 SECTION 2.2.
	 	 Execution and Authentication
	  	 	50	 
	 SECTION 2.3.
	 	 Registrar; Paying Agent
	  	 	50	 
	 SECTION 2.4.
	 	 Paying Agent to Hold Money in Trust
	  	 	51	 
	 SECTION 2.5.
	 	 Holder Lists
	  	 	51	 
	 SECTION 2.6.
	 	 Book-Entry Provisions for Global Notes
	  	 	51	 
	 SECTION 2.7.
	 	 Replacement Notes
	  	 	54	 
	 SECTION 2.8.
	 	 Outstanding Notes
	  	 	54	 
	 SECTION 2.9.
	 	 Treasury Notes
	  	 	54	 
	 SECTION 2.10.
	 	 Temporary Notes
	  	 	55	 
	 SECTION 2.11.
	 	 Cancellation
	  	 	55	 
	 SECTION 2.12.
	 	 Defaulted Interest
	  	 	55	 
	 SECTION 2.13.
	 	 Computation of Interest
	  	 	55	 
	 SECTION 2.14.
	 	 CUSIP and ISIN Numbers
	  	 	55	 
	 SECTION 2.15.
	 	 Transfer and Exchange
	  	 	56	 
	 SECTION 2.16.
	 	 Issuance of Additional Notes
	  	 	58	 
		
	 ARTICLE III REDEMPTION AND PREPAYMENT
	  	 	59	 
	 SECTION 3.1.
	 	 Notices to Trustee
	  	 	59	 
	 SECTION 3.2.
	 	 Selection of Notes to Be Redeemed
	  	 	59	 
	 SECTION 3.3.
	 	 Notice of Redemption
	  	 	59	 
	 SECTION 3.4.
	 	 Effect of Notice of Redemption
	  	 	60	 
	 SECTION 3.5.
	 	 Deposit of Redemption Price
	  	 	61	 
	 SECTION 3.6.
	 	 Notes Redeemed in Part
	  	 	61	 
	 SECTION 3.7.
	 	 Optional Redemption
	  	 	61	 
	 SECTION 3.8.
	 	 Special Mandatory Redemption
	  	 	63	 
		
	 ARTICLE IV COVENANTS
	  	 	63	 
	 SECTION 4.1.
	 	 Payment of Notes
	  	 	63	 
	 SECTION 4.2.
	 	 Maintenance of Office or Agency
	  	 	63	 
	 SECTION 4.3.
	 	 Provision of Financial Information
	  	 	64	 
	 SECTION 4.4.
	 	 Compliance Certificate
	  	 	65	 
	 SECTION 4.5.
	 	 Taxes
	  	 	66	 
	 SECTION 4.6.
	 	 Stay, Extension and Usury Laws
	  	 	66	 
	 SECTION 4.7.
	 	 Limitation on Restricted Payments
	  	 	66	 
	 SECTION 4.8.
	 	 Limitation on Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries
	  	 	70	 

  
 i 

							
	 SECTION 4.9.
	 	 Limitation on Debt
	  	 	72	 
	 SECTION 4.10.
	 	 Limitation on Asset Dispositions
	  	 	77	 
	 SECTION 4.11.
	 	 Limitation on Transactions with Affiliates
	  	 	81	 
	 SECTION 4.12.
	 	 Limitation on Liens
	  	 	83	 
	 SECTION 4.13.
	 	 Offer to Purchase upon Change of Control
	  	 	84	 
	 SECTION 4.14.
	 	 Corporate Existence
	  	 	85	 
	 SECTION 4.15.
	 	 Future Guarantees
	  	 	86	 
	 SECTION 4.16.
	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	86	 
	 SECTION 4.17.
	 	 Covenant Suspension
	  	 	87	 
	 SECTION 4.18.
	 	 Use of Proceeds Prior to the Consummation of the Acquisition
	  	 	88	 
	 SECTION 4.19.
	 	 Limited Activities
	  	 	89	 
		
	 ARTICLE V SUCCESSORS
	  	 	90	 
	 SECTION 5.1.
	 	 Consolidation, Merger, Conveyance, Transfer or Lease
	  	 	90	 
		
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	 	93	 
	 SECTION 6.1.
	 	 Events of Default
	  	 	93	 
	 SECTION 6.2.
	 	 Acceleration
	  	 	97	 
	 SECTION 6.3.
	 	 Other Remedies
	  	 	97	 
	 SECTION 6.4.
	 	 Waiver of Past Defaults
	  	 	98	 
	 SECTION 6.5.
	 	 Control by Majority
	  	 	98	 
	 SECTION 6.6.
	 	 Limitation on Suits
	  	 	98	 
	 SECTION 6.7.
	 	 Rights of Holders of Notes to Receive Payment
	  	 	98	 
	 SECTION 6.8.
	 	 Collection Suit by Trustee
	  	 	99	 
	 SECTION 6.9.
	 	 Trustee May File Proofs of Claim
	  	 	99	 
	 SECTION 6.10.
	 	 Priorities
	  	 	99	 
	 SECTION 6.11.
	 	 Undertaking for Costs
	  	 	100	 
	 SECTION 6.12.
	 	 Restoration of Rights and Remedies
	  	 	100	 
	 SECTION 6.13.
	 	 Rights and Remedies Cumulative
	  	 	100	 
	 SECTION 6.14.
	 	 Delay or Omission Not Waiver
	  	 	100	 
		
	 ARTICLE VII TRUSTEE AND COLLATERAL AGENT
	  	 	101	 
	 SECTION 7.1.
	 	 Duties of Trustee and Collateral Agent
	  	 	101	 
	 SECTION 7.2.
	 	 Rights of Trustee and Collateral Agent
	  	 	102	 
	 SECTION 7.3.
	 	 Individual Rights of the Trustee
	  	 	104	 
	 SECTION 7.4.
	 	 Disclaimer
	  	 	104	 
	 SECTION 7.5.
	 	 Notice of Defaults
	  	 	104	 
	 SECTION 7.6.
	 	 Compensation and Indemnity
	  	 	104	 
	 SECTION 7.7.
	 	 Replacement of Trustee or Collateral Agent.
	  	 	105	 
	 SECTION 7.8.
	 	 Successor by Merger, Etc.
	  	 	106	 
	 SECTION 7.9.
	 	 Eligibility; Disqualification
	  	 	106	 
		
	 ARTICLE VIII DEFEASANCE; DISCHARGE OF THIS INDENTURE
	  	 	106	 
	 SECTION 8.1.
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	106	 
	 SECTION 8.2.
	 	 Legal Defeasance
	  	 	107	 
	 SECTION 8.3.
	 	 Covenant Defeasance
	  	 	107	 
	 SECTION 8.4.
	 	 Conditions to Legal or Covenant Defeasance
	  	 	108	 
	 SECTION 8.5.
	 	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions
	  	 	109	 

  
 ii 

							
	 SECTION 8.6.
	 	 Repayment to Company
	  	 	109	 
	 SECTION 8.7.
	 	 Reinstatement
	  	 	110	 
	 SECTION 8.8.
	 	 Discharge
	  	 	110	 
		
	 ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	111	 
	 SECTION 9.1.
	 	 Without Consent of Holders of the Notes
	  	 	111	 
	 SECTION 9.2.
	 	 With Consent of Holders of Notes
	  	 	113	 
	 SECTION 9.3.
	 	 Revocation and Effect of Consents
	  	 	114	 
	 SECTION 9.4.
	 	 Notation on or Exchange of Notes
	  	 	115	 
	 SECTION 9.5.
	 	 Trustee and Collateral Agent to Sign Amendments, Etc.
	  	 	115	 
		
	 ARTICLE X GUARANTEES
	  	 	115	 
	 SECTION 10.1.
	 	 Guarantees
	  	 	115	 
	 SECTION 10.2.
	 	 Execution and Delivery of Guarantee
	  	 	117	 
	 SECTION 10.3.
	 	 Severability
	  	 	117	 
	 SECTION 10.4.
	 	 Limitation of Guarantors’ Liability
	  	 	117	 
	 SECTION 10.5.
	 	 Releases
	  	 	117	 
	 SECTION 10.6.
	 	 Benefits Acknowledged
	  	 	118	 
		
	 ARTICLE XI COLLATERAL AND SECURITY
	  	 	118	 
	 SECTION 11.1.
	 	 Collateral
	  	 	118	 
	 SECTION 11.2.
	 	 Maintenance of Collateral
	  	 	119	 
	 SECTION 11.3.
	 	 Impairment of Security Interest
	  	 	120	 
	 SECTION 11.4.
	 	 Further Assurances
	  	 	120	 
	 SECTION 11.5.
	 	 After-Acquired Property
	  	 	120	 
	 SECTION 11.6.
	 	 Negative Pledge
	  	 	121	 
	 SECTION 11.7.
	 	 Release of Liens on the Collateral
	  	 	121	 
	 SECTION 11.8.
	 	 Authorization of Actions to be Taken by the Trustee or the Collateral Agent Under the
Security Documents
	  	 	122	 
	 SECTION 11.9.
	 	 Information Regarding Collateral
	  	 	124	 
	 SECTION 11.10.
	 	 Security Documents
	  	 	124	 
		
	 ARTICLE XII MISCELLANEOUS
	  	 	125	 
	 SECTION 12.1.
	 	 Notices
	  	 	125	 
	 SECTION 12.2.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	126	 
	 SECTION 12.3.
	 	 Statements Required in Certificate or Opinion
	  	 	127	 
	 SECTION 12.4.
	 	 Rules by Trustee and Agents
	  	 	127	 
	 SECTION 12.5.
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	127	 
	 SECTION 12.6.
	 	 Governing Law; Consent to Jurisdiction; Waiver of Jury Trial
	  	 	127	 
	 SECTION 12.7.
	 	 No Adverse Interpretation of Other Agreements
	  	 	128	 
	 SECTION 12.8.
	 	 Successors
	  	 	128	 
	 SECTION 12.9.
	 	 Severability
	  	 	128	 
	 SECTION 12.10.
	 	 Execution in Counterparts
	  	 	128	 
	 SECTION 12.11.
	 	 Table of Contents, Headings, Etc.
	  	 	128	 
	 SECTION 12.12.
	 	 Acts of Holders
	  	 	128	 
	 SECTION 12.13.
	 	 Force Majeure
	  	 	131	 
	 SECTION 12.14.
	 	 Legal Holidays
	  	 	131	 
	 SECTION 12.15.
	 	 USA PATRIOT Act
	  	 	131	 

  
 iii 

 Exhibits 
  

			
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Supplemental Indenture to be Delivered by Subsequent Subsidiary Guarantors
	Exhibit C	  	Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S
	Exhibit D	  	Form of Certificate to be Delivered in Connection with Transfers to IAIs

  
 iv 

 This Indenture, dated as of October 22, 2021, is by and among Vertiv Group Corporation,
a Delaware corporation (collectively with successors and assigns, the “Issuer”), Vertiv Intermediate Holding II Corporation, a Delaware corporation (“Holdings”), the Subsidiary Guarantors party hereto and UMB Bank,
N.A., as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, including its successors and assigns, the “Collateral Agent”), paying agent and registrar. 

Holdings, the Issuer, the Subsidiary Guarantors, the Trustee and the Collateral Agent agree as follows for the benefit of each other and for
the equal and ratable benefit of the Holders (as defined herein) of (i) the Issuer’s 4.125% Senior Secured Notes due 2028 to be issued in an initial aggregate principal amount of $850.0 million on the date hereof (the “Initial
Notes”) and (ii) Additional Notes (as defined herein): 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1. Definitions. 

“ABL Collateral Agent” has the meaning ascribed to the “Revolving Credit Collateral Agent” in the ABL Intercreditor
Agreement. 
 “ABL Credit Agreement” means (i) that certain asset-based revolving credit agreement, dated as of
November 30, 2016, and as amended, amended and restated, modified, supplemented, extended or renewed from time to time in accordance with the terms hereof and thereof, among Vertiv Intermediate Holding II Corporation, Vertiv Group Corporation,
the other borrowers party thereto, certain other parties thereto and JPMorgan Chase Bank, N.A., as the administrative agent, and (ii) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or
instrument evidencing or governing the terms of any Debt or other financial accommodation that has been incurred to refinance (subject to the limitations set forth herein (including by reference to the ABL Intercreditor Agreement)) in whole or in
part the Debt and other obligations outstanding under (x) the credit agreement referred to in clause (i) or (y) any subsequent ABL Credit Agreement, unless such agreement or instrument expressly provides that it is not intended to be and
is not an ABL Credit Agreement hereunder, in each case as amended, amended and restated, modified, supplemented, extended or renewed from time to time in accordance with the terms hereof and thereof. Any reference to the ABL Credit Agreement
hereunder shall be deemed a reference to any ABL Credit Agreement then in existence. 
 “ABL Intercreditor Agreement” means
that certain Intercreditor Agreement, dated as of November 30, 2016, by and among the Term Loan Credit Agreement Collateral Agent and the ABL Collateral Agent, and acknowledged by Vertiv Intermediate Holding II Corporation, Vertiv Group
Corporation and certain subsidiaries of Vertiv Group Corporation that are grantors, as may be amended, amended and restated, modified or otherwise supplemented from time to time in accordance with the terms thereof and this Indenture. 

“Account” shall have the meaning set forth in the Security Agreement. 

 “Acquisition” means Vertiv Holdings Ireland DAC’s and Vertiv
International Holding Corporation’s purchase of all of the outstanding equity interests of the Targets, pursuant to the Acquisition Agreement, as described in the Offering Memorandum. 

“Acquisition Agreement” means that certain Sale and Purchase Agreement, dated September 8, 2021 (together with the
exhibits and schedules thereto, as amended, supplemented or otherwise modified), among Vertiv Holdings Ireland DAC, a private company limited by shares incorporated in Ireland, Vertiv International Holding Corporation, a private company limited by
shares incorporated in Ohio, Vertiv Holdings Corporation, a Delaware corporation, and the various sellers whose details are set out in Schedule 2 of the Acquisition Agreement. 

“Acquisition Closing Date” means the date of the consummation of the Acquisition. 

“Additional Notes” means Notes (other than the Initial Notes) issued pursuant to Article II and otherwise in compliance with
the provisions of this Indenture, whether or not they have the same CUSIP number. 
 “Advisory Agreement” means that
certain Corporate Advisory Services Agreement dated as of November 30, 2016 by and among Vertiv Group Corporation and the Sponsor, as may be amended, amended and restated, modified, supplemented, extended or renewed from time to time. 

“Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Registrar, Paying Agent, co-registrar or other agent appointed
pursuant to this Indenture. 
 “amend” means to amend, supplement, restate, amend and restate or otherwise modify,
including successively, and “amendment” shall have a correlative meaning. 
 “Applicable Premium” means,
with respect to any Note on any applicable redemption date, the greater of: 
 (1) 1.00% of the then-outstanding principal
amount of such Note; and 
 (2) the excess, if any, of: 

(a) the present value at such redemption date of the sum of (i) the redemption price of such Note at November 15,
2024 (such redemption price being set forth in the table appearing in Section 3.7(b)) plus (ii) all required interest payments due on such Note through November 15, 2024 (excluding accrued but unpaid interest), such present value to
be computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

  
 2 

 (b) the then-outstanding principal amount of such Note, as calculated by the
Issuer or on behalf of the Issuer by such Person as the Issuer will designate; provided that such calculation of Applicable Premium or correctness thereof will not be the duty or obligation of the Trustee. 

“asset” means any asset or property, including, without limitation, Capital Stock. 

“Asset Disposition” by any Person means any transfer, conveyance, sale, lease or other disposition (but excluding the
creation of any Lien permitted under Section 4.12 or any disposition in connection therewith) by such Person or any of its Restricted Subsidiaries (including a consolidation or merger or other sale of any such Restricted Subsidiary with, into
or to another Person in a transaction in which such Restricted Subsidiary ceases to be a Restricted Subsidiary, but excluding a disposition by a Restricted Subsidiary of such Person to such Person or a Restricted Subsidiary of such Person or by such
Person to a Restricted Subsidiary of such Person) of: 
 (1) shares of Capital Stock (other than directors’ qualifying
shares) or other ownership interests of a Restricted Subsidiary of such Person; 
 (2) substantially all of the assets of
such Person or any of its Restricted Subsidiaries representing a division or line of business; or 
 (3) other assets or
rights of such Person or any of its Restricted Subsidiaries outside of the ordinary course of business. 
 The term “Asset
Disposition” shall not include any transfer, conveyance, sale, lease or other disposition: 
 (a) that consists of a
Restricted Payment or Permitted Investment that is made in compliance with Section 4.7; 
 (b) that constitutes a
“Change of Control”; 
 (c) that is of cash or Cash Equivalents, or a disposition or termination or surrender of
contract rights, including settlement of any hedging obligations, or licensing or sublicensing (or terminations thereof) of intellectual property or general intangibles; 

(d) that is of obsolete, damaged, worn-out, surplus or unusable equipment or assets
that are not used or useful in the Issuer’s business; 
 (e) that consists of defaulted receivables for collection or
any write-off, sale, transfer or other disposition of defaulted receivables for collection; 

(f) arising from foreclosures, condemnation or any similar action on assets or the granting of Liens not prohibited by this
Indenture; 
 (g) that is of Capital Stock in, or Debt or other securities of, an Unrestricted Subsidiary; 

  
 3 

 (h) in compliance with Section 5.1; 

(i) arising from any financing transaction with respect to property built or acquired by the Issuer or any Restricted
Subsidiary after the Issue Date, including without limitation any sale and leaseback transaction or asset securitization; 

(j) that constitute leases, subleases, licenses or sublicenses (and terminations thereof) of real or personal property granted
by the Issuer or any of its Restricted Subsidiaries to others in the ordinary course of business not interfering in any material respect with the business of the Issuer or any of its Restricted Subsidiaries; 

(k) constituting the sale of inventory in the ordinary course of business; 

(l) including any disposition of Investments in joint ventures to the extent required by, or made pursuant to buy/sell
arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements; or 

(m) comprised of any transaction or series of related transactions for which the aggregate consideration is less than
$25.0 million. 
 “Average Life” means, as of any date of determination, with respect to any Debt, the quotient
obtained by dividing (1) the sum of the products of the number of years from such date of determination to the dates of each successive scheduled principal payments of such Debt by the amount of each such principal payment by (2) the sum
of all such principal payments. 
 “Bankruptcy Code” means Title 11 of the United States Code, as amended. 

“Board of Directors” means, as to any Person, the Board of Directors, or similar governing body, of such Person or any duly
authorized committee thereof. 
 “Borrowing Base” has the meaning given to such term in the ABL Credit Agreement as in
effect on the Issue Date. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial
banks in New York City or Houston, Texas are authorized or required by law to remain closed. 
 “Capital Stock” of any
Person means any and all shares, interests, participations, warrants, options or other rights to acquire or other equivalents of or interests in (however designated) corporate stock or other equity participations, including partnership interests,
whether general or limited, of such Person, but in each case excluding any debt security that is convertible or exchangeable for Capital Stock. 

“Capitalized Lease Obligations” means, at the time any determination is to be made, the amount of the liability in respect of
a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior
to the first date upon which such lease may be prepaid by the lessee without payment of a penalty; 

  
 4 

 
provided, however, that lease liabilities and associated expenses recorded by the Issuer and its Subsidiaries pursuant to ASU 2016-02, Leases, shall not be
treated as Debt and shall not be included in consolidated interest expense or Consolidated Fixed Charges, unless the lease liabilities would have been treated as Capitalized Lease Obligations under GAAP as in effect prior to the adoption of ASU 2016-02, Leases (in which case such lease liabilities and associated expenses shall be treated as Capitalized Lease Obligations, and the interest component of such Capitalized Lease Obligation shall be included in
consolidated interest expense and Consolidated Fixed Charges). 
 “Cash Contribution Amount” means the aggregate amount of
cash contributions made to the capital of the Issuer or any Subsidiary Guarantor and designated as a “Cash Contribution Amount.” 

“Cash Equivalents” means: 

(1) Dollars and, in the case of Foreign Subsidiaries, the local currency where such Foreign Subsidiary is operating; 

(2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof having maturities of not more than six months from the date of acquisition; 
 (3) certificates of
deposit and Eurodollar time deposits with maturities of six months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six months and bank deposits, in each case with any lender party to the Senior Credit
Facilities or with any domestic commercial bank having capital and surplus in excess of $250.0 million and a Moody’s, S&P or Fitch rating of “B” or better; 

(4) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses
(2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) commercial paper having a rating of at least P-1 from Moody’s and a rating of
at least A-1 from S&P; 
 (6) deposits available for withdrawal on demand with
any commercial bank not meeting the qualifications specified in clause (3) above; and 
 (7) investments in money market
or other mutual funds substantially all of whose assets comprise securities of the types described in clauses (2) through (6) above including, for the avoidance of doubt, JPMorgan 100% U.S. Treasury Securities Money Market Fund and JPMorgan
U.S. Government Money Market Fund. 
 “Cash Management Agreement” any agreement to provide cash management services,
including treasury, depository, overdraft, credit or debit card (including non-card electronic payables), electronic funds transfer, automated clearing house and other cash management arrangements. 

  
 5 

 “Change of Control” means the occurrence of any of the following events:

 (1) the consummation of any transaction as a result of which any Person or any Persons acting together that would
constitute a “group” for purposes of Section 13(d) of the Exchange Act, or any successor provision thereto, other than a Permitted Holder or any Permitted Parent, becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision thereto) of at least 50% of the aggregate voting power of all classes of Voting Stock of any Permitted Parent or the Issuer, directly or indirectly, and a
Rating Event; 
 (2) the sale, assignment, conveyance, transfer, lease or other disposition, in one or a series of related
transactions, of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than a Restricted
Subsidiary and a Rating Event; 
 (3) the adoption by any Permitted Parent or the Issuer of a plan or proposal for the
liquidation or dissolution; 
 (4) Ultimate Parent ceases to own, directly or indirectly, 100% of the Equity Interests of
Holdings; or 
 (5) Holdings ceases to own, directly or indirectly, 100% of the Equity Interests of the Issuer. 

“Chattel Paper” shall have the meaning set forth in the Security Agreement. 

“Collateral” has the meaning set forth in the Security Agreement, but excluding Foreign Collateral. 

“Collateral Agent” has the meaning set forth in the preamble hereto. 

“Commercial Tort Claims” shall have the meaning set forth in the Security Agreement. 

“Commodity Accounts” shall have the meaning set forth in the Security Agreement. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person, for any period, the total amount of
depreciation and amortization expense, including (i) amortization of deferred financing fees and debt issuance costs, commissions, fees and expenses, (ii) amortization of unrecognized prior service costs and actuarial gains and losses
related to pensions and other post-employment benefits and (iii) amortization of intangibles (including, without limitation, amortization of turnaround costs, goodwill and organizational costs) (excluding any such adjustment to the extent that
it represents an accrual of or reserve for cash expenditures in any future period except to the extent such adjustment is subsequently reversed), in each case of such Person and its Restricted Subsidiaries for such period on a consolidated basis in
accordance with GAAP. 

  
 6 

 “Consolidated EBITDA” means, with respect to any Person for any period, Consolidated Net
Income of such Person for such period; plus (without duplication): 
 (1) provision for taxes based on income, profits
or capital (including state franchise taxes and similar taxes in the nature of income tax) of such Person and its Restricted Subsidiaries for such period, franchise taxes and foreign withholding taxes and including an amount equal to the tax
distributions actually made to the holders of the Equity Interests of such Person or any direct or indirect parent of such Person in respect of such period as though such amounts had been paid as income taxes directly by such Person, in each case,
to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 
 (2) the
Consolidated Depreciation and Amortization Expense of such Person and its Restricted Subsidiaries for such period, to the extent such expenses were deducted in computing such Consolidated Net Income; plus 

(3) the Consolidated Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such
Consolidated Fixed Charges were deducted in computing such Consolidated Net Income; plus 
 (4) any other non-cash losses, charges and expenses of such Person and its Restricted Subsidiaries (including write-offs and write-downs) for such period, to the extent that such non-cash
charges were included in computing such Consolidated Net Income; provided that, if any such non-cash charge represents an accrual or reserve for anticipated cash charges in any future period, (i) such
Person may determine not to add back such non-cash charge in the period for which Consolidated EBITDA is being calculated; provided that the aggregate amount of such
non-cash charges not so added back in such period shall not exceed, when aggregated with amounts not added back pursuant to the proviso at the end of this definition, $10.0 million and (ii) to the
extent such Person does decide to add back such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding
amortization of a prepaid cash item that was paid in a prior period; plus 
 (5) any losses from foreign currency
transactions (including losses related to currency remeasurements of Debt) of such Person and its Restricted Subsidiaries for such period, to the extent that such losses were taken into account in computing such Consolidated Net Income; plus

 (6) (a) the Specified Permitted Adjustments and (b) any other cost savings, operating expense reductions, operating
improvements and synergies permitted to be added back to this definition pursuant to the definition of “Pro Forma Cost Savings” (including, without limitation, expenses attributable to the implementation of such cost savings initiatives
and costs and expenses related to employment of terminated employees incurred by such Person during such period to the extent such costs and expenses were deducted in computing Consolidated Net Income); plus 

  
 7 

 (7) losses in respect of post-retirement benefits of such Person and its
Restricted Subsidiaries, as a result of the application of ASC 715, Compensation-Retirement Benefits, to the extent that such losses were deducted in computing such Consolidated Net Income; plus 

(8) the amount of fees, indemnities and expenses incurred or reimbursed by such Person and its Restricted Subsidiaries under
Section 4.11 (excluding Section 4.11(b)(14)); plus  
 (9) any proceeds from business interruption insurance
received by such Person and its Restricted Subsidiaries during such period, to the extent the associated losses arising out of the event that resulted in the payment of such business interruption insurance proceeds were included in computing
Consolidated Net Income; plus 
 (10) any contingent or deferred payments (including, without limitation, earn-out payments, noncompete payments and consulting payments) incurred in connection with any acquisition or other Investment and paid or accrued during the applicable period; plus 

(11) the amount of any interest expense consisting of Subsidiary income attributable to minority equity interests of third
parties in any Restricted Subsidiary of such Person that is not a Wholly Owned Restricted Subsidiary of such Person; minus 

(12) the amount of any gain in respect of post-retirement benefits as a result of the application of ASC 715, to the extent
such gains were taken into account in computing such Consolidated Net Income; minus 
 (13) any gains from foreign
currency transactions (including gains related to currency remeasurements of Debt) of such Person and its Restricted Subsidiaries for such period, to the extent that such gains were taken into account in computing such Consolidated Net Income;
minus 
 (14) non-cash gains increasing such Consolidated Net Income for such
period, other than the accrual of revenue in the ordinary course of business and other than reversals of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period; 

provided that the Issuer may, in its sole discretion, elect to not make any adjustment for any item pursuant to the foregoing clauses
(1) through (14) above if any such item individually is less than $1.0 million in any fiscal quarter; provided further that the aggregate amount of such items not added back in such period shall not exceed, when aggregated with amounts not
added back pursuant to clause (4)(i) of this definition, $10.0 million. 
 “Consolidated Fixed Charges” means for any
period the consolidated interest expense, other than non-cash interest expense attributable to convertible debt securities, included in a consolidated income statement (without deduction of interest income) of
the Issuer and its Restricted Subsidiaries for such period calculated on a consolidated basis in accordance with GAAP, including without limitation or duplication (or, to the extent not so included, with the addition of), subject to the limitations
above: 
 (1) the amortization of Debt discounts; 

  
 8 

 (2) the consolidated amount of interest capitalized by the Issuer and its
Restricted Subsidiaries during such period calculated in accordance with GAAP; 
 (3) any payments or fees with respect to
letters of credit, bankers’ acceptances or similar facilities; 
 (4) net fees with respect to interest rate swap or
similar agreements or foreign currency hedge, exchange or similar agreements; 
 (5) Preferred Stock dividends of Restricted
Subsidiaries of the Issuer (other than with respect to Redeemable Stock) declared and paid or payable (other than in exchange for Capital Stock (other than Redeemable Stock)); 

(6) accrued Redeemable Stock dividends of the Issuer and its Restricted Subsidiaries, whether or not declared or paid (other
than dividends payable in Capital Stock that is not Redeemable Stock); 
 (7) interest on Debt Guaranteed by the Issuer and
its Restricted Subsidiaries; 
 (8) interest on Debt issued or Guaranteed by the Issuer and its Restricted Subsidiaries paid
by the issuance of additional Debt; and 
 (9) the portion of rental expense deemed to be representative of the interest
factor attributable to Capitalized Lease Obligations. 
 “Consolidated Net Income” means, with respect to any specified
Person for any period the aggregate of the net income (loss) of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 

(1) any after-tax effect of all extraordinary (as determined in accordance with GAAP
prior to giving effect to Accounting Standards Update No. 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement
Presentation by Eliminating the Concept of Extraordinary Items), nonrecurring or unusual gains or losses or income or expenses (including related to the Transactions) or any restructuring charges or reserves, including, without limitation, any
expenses or charges related to any reconstruction, recommissioning or reconfiguration of fixed assets for alternate uses, retention, severance, system establishment cost, contract termination costs, costs to consolidate facilities and relocate
employees, advisor fees and other out of pocket costs and non-cash charges to assess and execute operational improvement plans and restructuring programs, will be excluded; 

  
 9 

 (2) any expenses, costs or charges incurred, or any amortization thereof for
such period, in connection with any Equity Offering, Permitted Investment, acquisition, disposition, recapitalization or incurrence or repayment of, or amendment or waiver of the operative documents with respect to, Debt permitted under this
Indenture, including a refinancing thereof (in each case whether or not successful) (including any such costs and charges incurred in connection with the Transactions), and all gains and losses realized in connection with any business disposition or
any disposition of assets outside the ordinary course of business or the disposition of securities or the early extinguishment of Debt or other derivative instruments, together with any related provision for taxes on any such gain, loss, income or
expense will be excluded; 
 (3) the net income (or loss) of any Person that is not a Restricted Subsidiary or that is
accounted for by the equity method of accounting will be excluded; provided that the income of such Person will be included to the extent of the amount of dividends or similar distributions paid in cash (or converted to cash) to the specified Person
or a Restricted Subsidiary of the Person; 
 (4) the net income (or loss) of any Person and its Restricted Subsidiaries will
be calculated without deducting the income attributed to, or adding the losses attributed to, the minority equity interests of third parties in any non-Wholly Owned Restricted Subsidiary except to the extent
of the dividends paid in cash (or convertible into cash) during such period on the shares of Equity Interests of such Restricted Subsidiary held by such third parties; 

(5) solely for the purpose of Section 4.7, the net income (but not loss) of any Restricted Subsidiary (other than any
Subsidiary Guarantor) will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that net income is not at the date of determination permitted without any prior governmental
approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any Requirement of Law, unless such restrictions with respect to the payment of dividends or similar distributions have been legally
waived; provided that the Consolidated Net Income of such Person will be increased by the amount of dividends or distributions or other payments actually paid in cash (or converted to cash) by any such Restricted Subsidiary to such Person in respect
of such period, to the extent not already included therein; 
 (6) the cumulative effect of any change in accounting
principles will be excluded; 
 (7) (a) any non-cash expenses resulting from the
grant or periodic remeasurement of stock options, restricted stock grants or other equity incentive programs (including any stock appreciation and similar rights), (b) any changes related to the accounting treatment of warrants or similar equity
instruments of such Person or any direct or indirect parent of such Person and (c) any costs or expenses incurred pursuant to any management equity plan or stock option plan or other management or employee benefit plan or agreement or any stock
subscription or shareholder agreement, to the extent, in the case of clause (c), that such costs or expenses are funded with cash proceeds contributed to the common equity capital of the Issuer or a Restricted Subsidiary of the Issuer, will be
excluded; 

  
 10 

 (8) the effect of any non-cash
impairment charges or write-ups, write-downs or write-offs of assets or liabilities resulting from the application of GAAP and the amortization of intangibles arising from the application of GAAP, including
pursuant to ASC 805, Business Combinations, ASC 350, Intangibles-Goodwill and Other, or ASC 360, Property, Plant and Equipment, as applicable, will be excluded; 

(9) any net after-tax income or loss from disposed, abandoned or discontinued
operations and any net after-tax gains or losses on disposed, abandoned or discontinued, transferred or closed operations will be excluded; 

(10) any increase in amortization or depreciation, or effect of any adjustments to inventory, property, plant or equipment,
software, goodwill and other intangibles, debt line items, deferred revenue or rent expense, any one time cash charges (such as purchased in process research and development or capitalized manufacturing profit in inventory) or any other effects, in
each case, resulting from purchase accounting in connection with the Transactions or any other acquisition prior to or following the Acquisition Closing Date will be excluded; 

(11) an amount equal to the tax distributions actually made to the holders of the Equity Interests of such Person or any direct
or indirect parent of such Person in respect of such period will be included as though such amounts had been paid as income taxes directly by such Person for such period; 

(12) unrealized gains and losses relating to foreign currency transactions, including those relating to mark-to-market of Debt resulting from the application of GAAP, including pursuant to ASC 830, Foreign Currency Matters (including any net loss or gain resulting from hedge
arrangements for currency exchange risk) will be excluded; 
 (13) any net gain or loss from obligations under Interest Rate,
Currency or Commodity Price Agreement or in connection with the early extinguishment of Debt or obligations under Interest Rate, Currency or Commodity Price Agreement (including of ASC 815, Derivatives and Hedging) will be excluded; 

(14) the amount of any restructuring, business optimization, acquisition and integration costs and charges (including, without
limitation, retention, severance, systems establishment costs, excess pension charges, information technology costs, rebranding costs, recruiting and signing bonuses and expenses, contract termination costs, including future lease commitments, costs
related to the start-up (including entry into new market/channels and new service offerings), preopening, opening, closure or relocation, reconfiguration or consolidation of facilities and costs to relocate
employees, systems, facilities or equipment conversion costs, consulting fees, costs associated with tax projects and audits) or other fees related to any of the foregoing (including any such costs, charges and fees incurred in connection with the
Transactions) will be excluded; 
 (15) accruals and reserves that are established or adjusted within 18 months after the
Acquisition Closing Date that are so required to be established as a result of the Transactions in accordance with GAAP will be excluded; 

  
 11 

 (16) all amortization and write-offs of deferred financing fees, debt
issuance costs, commissions, fees and expenses, costs of surety bonds, charges owed with respect to letters of credit, bankers’ acceptances or similar facilities, and expensing of any bridge; commitment or other financing fees (including in
connection with a transaction undertaken but not completed), will be excluded; 
 (17) losses, charges and expenses that are
covered by indemnification or other reimbursement provisions in connection with any asset disposition will be excluded to the extent actually reimbursed, or so long as such Person has made a determination that a reasonable basis exists for
indemnification or reimbursement, but only to the extent that such amount is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so
indemnified or reimbursed within such 365 days); and 
 (18) cash dividends or returns of capital from Investments in Persons
other than the Issuer and its Restricted Subsidiaries (such return of capital limited to gains on dispositions of Investments), in each case received during such period, to the extent not otherwise included in Consolidated Net Income for that period
or any prior period subsequent to the Acquisition Closing Date will be included; 
 provided that the Issuer may, in its sole discretion, elect to
not make any adjustment for any item pursuant to the foregoing clauses (1) through (18) above if any such item individually is less than $2.0 million in any fiscal quarter; provided further that the aggregate amount of such adjustments not
included in any such fiscal quarter shall not exceed $10.0 million. 
 “Consolidated Total Assets” means, as of any
date of determination, the total assets reflected on the most recent internally available annual or quarterly consolidated balance sheet of the Issuer and its Restricted Subsidiaries prepared in accordance with GAAP. 

“Contingent Obligation” shall mean, as to any Person, any obligation of such Person as a result of such Person being a
general partner of any other Person, unless the underlying obligation is expressly made non-recourse as to such general partner, and any obligation of such Person guaranteeing or intended to guarantee any Debt
(“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any such obligation of such Person, whether or not contingent, (i) to purchase
any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (x) for the purchase or payment of any such primary obligation or (y) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, however, that the term Contingent Obligation
shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation
in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith. 

  
 12 

 “Contract Rights” shall have the meaning set forth in the Security
Agreement. 
 “Contracts” shall have the meaning set forth in the Security Agreement. 

“Corporate Trust Office” means the offices of the Trustee at which at any time its corporate trust business shall be
principally administered, which office as of the date hereof, for purposes of presentment, surrender, registration, transfer and exchange in respect of the Notes, is located at 5555 San Felipe Street, Suite 870, Houston, Texas 77056, and for notices
and all other purposes is located at 5555 San Felipe Street, Suite 870, Houston, Texas 77056, or such other address as the Trustee may designate from time to time by notice to the Holders and the Issuer, or the corporate trust office of any
successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Issuer). 

“Current Asset Collateral” has the meaning ascribed to “ABL Collateral” in the ABL Intercreditor Agreement. 

“Debt” means (without duplication), with respect to any Person, whether recourse is to all or a portion of the assets of such
Person and whether or not contingent: 
 (1) every obligation of such Person for money borrowed; 

(2) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) every reimbursement obligation of such Person with respect to letters of credit, bankers’ acceptances or similar
facilities issued for the account of such Person (excluding obligations with respect to letters of credit securing obligations (other than obligations with respect to borrowed money) entered into in the ordinary course of business of such Person to
the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth business day following receipt by such Person of a demand for reimbursement following payment on the letter
of credit); 
 (4) every obligation of such Person issued or assumed as the deferred purchase price of property or services
(including securities repurchase agreements but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business and with respect to services, excluding deferred compensation to employees), which purchase price is
due more than six months after the date of placing such property in service or taking delivery and title thereto or engaging such services; 

(5) every Capitalized Lease Obligation of such Person; 

(6) all Receivables Sales of such Person to the extent sold with recourse to such Person; 

(7) all Redeemable Stock issued by such Person valued at the greater of its voluntary or involuntary maximum fixed repurchase
price plus accrued and unpaid dividends; 

  
 13 

 (8) if such Person is a Restricted Subsidiary, all Preferred Stock issued by
such Person; 
 (9) every net obligation under Interest Rate, Currency or Commodity Price Agreements of such Person; and 

(10) every obligation of the type referred to in clauses (1) through (9) of another Person and all dividends of another
Person the payment of which, in either case, (a) such Person has Guaranteed or is responsible or liable, directly or indirectly, as obligor, Guarantor or otherwise or (b) is secured by (or for which the holder of such obligation has an
existing right, contingent or otherwise, to be secured by) any Lien upon or with respect to property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the
payment of such Debt or dividends; 
 if and to the extent that any of the preceding items (other than in respect of letters of credit as provided in clause
(3)) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. 
 Notwithstanding the
foregoing, Debt shall not include any obligation arising from any agreement entered into in connection with the acquisition of any business or assets with any seller of such business or assets that provides for the payment of earn-outs to such
seller or guarantees to such seller a minimum price to be realized by such seller upon the sale of any Capital Stock (other than Redeemable Stock) of the Issuer that was issued by the Issuer to such seller in connection with such acquisition. 

“Debt Facilities” means one or more credit facilities, debt facilities, indentures or commercial paper facilities (including,
without limitation, the Senior Credit Facilities), in each case with banks or other financial institutions or lenders or investors, providing for revolving credit loans, term loans, private placements, debt securities, receivables financings
(including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit or letter of credit guarantees, in each case, as amended, restated, modified,
supplemented, extended, renewed, refunded, replaced or refinanced in whole or in part from time to time. 
 “Default” means
any of the events described in Section 6.1, which with the passage of time, the giving of notice or any other condition, would constitute an Event of Default. 

“Deposit Account” has the meaning set forth in Article 9 of the Uniform Commercial Code. 

“Depositary” means with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in
Section 2.3 hereof as the Depositary with respect to the Global Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

  
 14 

 “Derivative Instrument” with respect to a Person, means any contract,
instrument or other right to receive payment or delivery of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in the Notes (other
than a Screened Affiliate) is a party (whether or not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes and/or
the creditworthiness of the Issuer and/or any one or more of the Guarantors (the “Performance References”). 
 “Designated
Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the Issuer or any of its Restricted Subsidiaries in connection with an
Asset Disposition that is so designated in good faith by senior management of the Issuer. The aggregate Fair Market Value of the Designated Non-cash Consideration, taken together with the Fair Market Value at
the time of receipt of all other Designated Non-cash Consideration received, shall not exceed in the aggregate outstanding at any one time the greater of (x) $150.0 million and (y) 30.0% of Consolidated
EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended determined at the time of such Asset Disposition (with the Fair Market Value being measured at the time received and without giving effect
to subsequent changes in value). 
 “Disinterested Director” means, with respect to any transaction or series of related
transactions, a member of the Board of Directors of the Issuer who does not have any material direct or indirect financial interest in, or with respect to, such transaction or series of transactions. 

“Disposition” means with respect to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or
other disposition (in one transaction or in a series of related transactions) of any property by any Person (including any issuance of Capital Stock by a Subsidiary of such Person), including any sale, assignment, transfer or other disposal, with or
without recourse, of any notes or accounts receivable or any rights and claims associated therewith. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Dollar” or “$” means the lawful money of the United States of America. 

“Domestic Subsidiary” means any Restricted Subsidiary of the Issuer organized under the laws of any jurisdiction within the
United States. 
 “DTC” means The Depository Trust Company and any successor. 

“Equipment” shall have the meaning set forth in the Security Agreement. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means an offering of
Capital Stock (other than Redeemable Stock) of the Issuer or any Parent Company that results in aggregate net cash proceeds to the Issuer, other than (1) public offerings registered on Form S-4 or S-8 or successor form thereto, (2) an issuance to any Subsidiary and (3) any such public or private sale that constitutes an Excluded Contribution. 

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

  
 15 

 “Excluded Accounts” means a Deposit Account, Securities Account or
Commodity Account (i) which is used for the sole purpose of making payroll and withholding tax payments related thereto and other employee wage and benefit payments and accrued and unpaid employee compensation payments (including salaries,
wages, benefits and expense reimbursements, 401(k) and other retirement plans and employee benefits, including rabbi trusts for deferred compensation and health care benefits), (ii) which is used for paying taxes, including sales taxes,
(iii) which is used as an escrow account or as a fiduciary or trust account or is otherwise held exclusively for the benefit of an unaffiliated third party, (iv) which is a zero balance Deposit Account, Securities Account or Commodity
Account or (v) which is not otherwise subject to the provisions of this definition and together with any other Deposit Accounts Securities Accounts or Commodity Accounts that are excluded pursuant to this clause (v), has an average daily
balance for any fiscal month of less than $15.0 million. 
 “Excluded Collateral” means: 

(1) any fee-owned real property that is not Material Real Property and any real
property leasehold interests; 
 (2) interest in any contracts (including Contracts and Contract Rights), permits, licenses,
leases, Accounts, General Intangibles (other than any Equity Interests), Payment Intangibles, Chattel Paper, Letter-of-Credit Rights, Promissory Notes and
Health-Care-Insurance Receivables if the grant of a security interest or Lien therein is prohibited as a matter of law, rule or regulation or under the terms of such contracts (including Contracts and Contract Rights), permits, licenses, leases,
Accounts, General Intangibles, Payment Intangibles, Chattel Paper, Letter-of-Credit Right, Promissory Notes and Health-Care-Insurance Receivables in each case after
giving effect to Article 9 of the applicable Uniform Commercial Code and other applicable law; 
 (3) the Voting Equity
Interests of (i) any first tier Foreign Subsidiary in excess of 65% of the outstanding Voting Equity Interests thereof and (ii) any FSHCO in excess of 65% of the outstanding Voting Equity Interests thereof; 

(4) assets subject to Capitalized Lease Obligations, purchase money financing and cash to secure letter of credit reimbursement
obligations to the extent such Capitalized Lease Obligations, purchase money financing or letters of credit are permitted under this Indenture and the terms thereof prohibit a grant of a security interest therein; 

(5) assets sold to a person who is not a Grantor in compliance with this Indenture; 

(6) assets owned by a Domestic Subsidiary after the release of the guaranty of the obligations of such Domestic Subsidiary
pursuant to this Indenture; 
 (7) Vehicles; 

  
 16 

 (8) any application for registration of a trademark filed with the PTO on an
intent-to-use basis until such time (if any) as a statement of use or amendment to allege use is accepted by the PTO, at which time such trademark shall automatically
become part of the Collateral and subject to the security interest of the Security Agreement; 
 (9) Equity Interests in any
Person (i) other than Wholly Owned Subsidiaries to the extent a pledge thereof is not permitted by the terms of such Person’s charter documents or joint venture or shareholders agreements and other organizational documents and (ii) to
the extent a pledge thereof is not permitted by any law, rule or regulation after giving effect to the applicable anti-assignment provisions of the UCC and other applicable law; 

(10) any Letter-of-Credit Right (to the extent
a security interest in such Letter-of-Credit Right cannot be perfected by a UCC filing) and any Commercial Tort Claim with a value (as determined in good faith by the
Issuer) of less than $30.0 million; 
 (11) those assets as to which the Issuer reasonably determines that the cost of
obtaining such a security interest or perfection thereof are excessive in relation to the benefit to the Secured Parties of the security to be afforded thereby; provided that such assets also constitute “Excluded Collateral” (or other
equivalent term) under any Parity Lien Debt; 
 (12) “margin stock” (within the meaning of Regulation U); 

(13) Excluded Accounts described in clauses (i) through (iii) of the definition thereof; 

(14) Equity Interests of Unrestricted Subsidiaries; 

(15) any segregated deposits that constitute Permitted Liens and in each case that are prohibited from being subject to other
Liens and constitute “Excluded Collateral” (or other equivalent term) under any Parity Lien Debt; and 
 (16) any
asset to the extent granting a security interest in such asset would result in a material adverse tax consequence to Holdings and/or its Subsidiaries, as reasonably determined in good faith by the Issuer; 

provided, however, that Excluded Collateral shall not include any Proceeds, substitutions or replacements of any Excluded Collateral referred to in any
of clauses (1) through (16) (unless such Proceeds, substitutions or replacements would constitute Excluded Collateral referred to in any of clauses (1) through (16)). Notwithstanding anything to the contrary contained in the Security
Agreement or in any other Note Document, (i) no Grantor shall be required to perfect the security interest in Fixtures, except to the extent that the same are Equipment or are related to or located on Material Real Property, other than by the
central filing of a UCC financing statement, (ii) no Grantor shall be required to take any action with respect to the creation or perfection of a security interest or Liens under foreign law with respect to any Collateral, (iii) no Grantor
shall be required to deliver landlord lien waivers, estoppels, bailee waivers or collateral access letters; provided that if any landlord lien waiver, estoppel, bailee waiver or collateral access letter in respect of any location where Collateral is
located is delivered to the ABL Collateral Agent, at the request of the Collateral Agent the applicable Grantor shall use its commercially reasonable efforts to include the Collateral Agent as a party thereto on customary

  
 17 

 
terms consistent with the ABL Intercreditor Agreement, except to the extent the Grantor has reasonably determined in good faith that the inclusion of the Collateral Agent as a party thereto would
result in undue burden or expense or otherwise materially hinder its efforts to deliver such landlord lien waiver, estoppel, bailee waiver or collateral access letter to the ABL Collateral Agent, (iv) no Grantor shall be required to deliver any
“control agreement” or other control arrangements with respect to any Deposit Account, Securities Account or Commodity Account of such Grantor except as set forth in the Security Agreement. 

“Excluded Contributions” means the net cash proceeds and Cash Equivalents, or the Fair Market Value of other assets, received
by the Issuer after the Issue Date from (1) contributions to its common equity capital and (2) the sale of Capital Stock (other than Excluded Equity) of the Issuer, in each case designated as Excluded Contributions pursuant to an
Officers’ Certificate. Excluded Contributions will be excluded from the calculation set forth in Section 4.7(a)(iii). 

“Excluded Equity” means (i) Redeemable Stock, (ii) any Capital Stock issued or sold to a Restricted Subsidiary or
any employee stock ownership plan or trust established by the Issuer or any of its Subsidiaries or a direct or indirect parent of the Issuer (to the extent such employee stock ownership plan or trust has been funded by the Issuer or any Subsidiary
or a direct or indirect parent of the Issuer), and (iii) any Capital Stock that has already been used or designated (x) as (or the proceeds of which have been used or designated as) a Cash Contribution Amount or an Excluded Contribution or
(y) to increase the amount available under clause (9) of the definition of “Permitted Investments.” 
 “Excluded
Subsidiary” means any Subsidiary of the Issuer that is (a) a Foreign Subsidiary, (b) an Unrestricted Subsidiary, (c) a FSHCO, (d) not a Wholly Owned Subsidiary of the Issuer or one or more of its Wholly Owned Restricted
Subsidiaries, (e) an Immaterial Subsidiary, (f) prohibited by applicable law, rule or regulation from being a Guarantor under this Indenture, or which would require governmental (including regulatory) consent, approval, license or
authorization to provide a Guarantee, in each case, unless such consent, approval, license or authorization has been received (but without obligation to seek the same), (g) prohibited from Guaranteeing the obligations by any contractual obligation
in existence (x) on the Issue Date or (y) at the time of the acquisition of such Subsidiary after the Issue Date (to the extent such prohibition was not entered into in contemplation of such acquisition), (h) a Subsidiary with respect to
which a guarantee by it of the obligations would result in a material adverse tax consequence to Ultimate Parent, Holdings, the Issuer or any Restricted Subsidiary, as reasonably determined in good faith by the Issuer, (i) a not-for-profit Subsidiary or a Subsidiary regulated as an insurance company, (j) any other Subsidiary with respect to which, in the reasonable judgment of the Issuer, the
cost or other consequences (including any adverse tax consequences) of guaranteeing the obligations shall be excessive in view of the benefits to be obtained by the Holders therefrom (provided that such decision is also made with respect to the Term
Loan Credit Agreement), and (k) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary; provided that, notwithstanding the above, the Issuer may designate any Subsidiary that would otherwise constitute an
“Excluded Subsidiary” hereunder as a “Subsidiary Guarantor” and cause such Subsidiary to execute the Guarantee as a “Subsidiary Guarantor” (and from and after the execution of the Subsidiaries Guarantee, such Subsidiary
shall no longer constitute an “Excluded Subsidiary” unless released from its obligations under the Subsidiaries Guaranty as a “Subsidiary Guarantor” in accordance with the terms hereof and

  
 18 

 
thereof) so long as, to the extent such Subsidiary is organized in a jurisdiction other than the United States, such jurisdiction shall be reasonably acceptable to the Trustee and such Subsidiary
shall grant a perfected lien on substantially all of its assets to the Collateral Agent for the benefit of the Holders, pursuant to arrangements reasonably agreed between the Trustee and the Issuer and subject to customary limitations in such
jurisdiction to be reasonably agreed to between the Trustee and the Issuer. 
 “Fair Market Value” means, with respect to
any asset or property, the sale value that would be obtained in an arm’s-length free market transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer
under no compulsion to buy, determined in good faith by senior management or the Board of Directors of the Issuer, whose determination will be conclusive for all purposes under this Indenture. 

“First Lien Secured Net Leverage Ratio” means, as of any date of determination, the ratio of (1) (x) Priority Lien Debt plus
Parity Lien Debt of the Issuer and its Restricted Subsidiaries as of such date minus (y) unrestricted cash and Cash Equivalents (but excluding in all cases cash proceeds from Debt incurred on the date of determination) that would be stated on
the balance sheet of the Issuer and its Restricted Subsidiaries for which internal financial statements are available immediately preceding such date and held by the Issuer and its Restricted Subsidiaries as of such date of determination, and in
each case, calculated on a Pro Forma Basis to (2) the Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended. If the First Lien Secured Net Leverage Ratio is being determined
for the Reference Period most recently ended, Debt of the Issuer and its Restricted Subsidiaries shall be measured on the last day of such Reference Period, with Consolidated EBITDA being determined for such Reference Period. 

“Fitch” means Fitch, Inc., and any successor to its rating agency business. 

“Fixed Asset Collateral” has the meaning set forth in the ABL Intercreditor Agreement. 

“Fixed Charge Coverage Ratio” means, with respect to any Person as of any date, the ratio of (1) Consolidated EBITDA of
such Person determined for the Reference Period most recently ended to (2) the Consolidated Fixed Charges of such Person for such period calculated on a Pro Forma Basis. In the event that the Issuer or any of its Restricted Subsidiaries Incurs
or redeems or repays any Debt subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is
made, then the Fixed Charge Coverage Ratio shall be calculated on a Pro Forma Basis; provided that, in the event that the Issuer shall classify Debt Incurred on the date of determination as Incurred in part as Ratio Debt pursuant to
Section 4.9(a) and in part pursuant to one or more clauses of Section 4.9(b) as provided in Section 4.9(c), any calculation of Consolidated Fixed Charges pursuant to this definition on such date (but not in respect of any future
calculation following such date) shall not include any such Debt (and shall not give effect to any repayment, repurchase, redemption, defeasance or other acquisition, retirement or discharge of Debt from the proceeds thereof) to the extent Incurred
pursuant to any such other clause of such definition. 
 “Fixtures” shall have the meaning set forth in the Security
Agreement. 

  
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 “Foreign Collateral” means any Collateral consisting of property or assets
of any Foreign Subsidiary, and any Non-US Pledged Equity other than Fixed Asset Non-US Pledged Collateral. 

“Foreign Subsidiary” means any Restricted Subsidiary (x) that is not organized under the laws of the United States of
America or any State thereof or the District of Columbia or (y) for purposes of Sections 4.15 and 10.1, that is organized under the laws of the United States of America or any State thereof or the District of Columbia and has no material assets
other than Capital Stock of one or more foreign entities of the type described in clause (x) above. 
 “FSHCO” means
any Domestic Subsidiary that is a disregarded entity that has no material assets other than Equity Interests in one or more Foreign Subsidiaries. 

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

“General Intangibles” shall have the meaning set forth in the Security Agreement. 

“Global Note Legend” means the legend identified as such in Exhibit A. 

“Governmental Authority” means the government of the United States of America, any other, supranational authority or nation
or any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government. 
 “Grantor” shall have the meaning set forth in the
Security Agreement. 
 “Global Notes” means the Notes that are in the form of Exhibit A issued in global form and
registered in the name of the Depositary or its nominee. 
 “Guarantee” by any Person means any obligation, contingent or
otherwise, of such Person guaranteeing, or having the economic effect of guaranteeing, any Debt of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including, without limitation, any obligation of
such Person: 
 (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or to purchase
(or to advance or supply funds for the purchase of) any security for the payment of such Debt; 
 (2) to purchase property,
securities or services for the purpose of assuring the holder of such Debt of the payment of such Debt; or 
 (3) to maintain
working capital, equity capital or other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Debt (and “Guaranteed,” “Guaranteeing” and “Guarantor” shall
have meanings correlative to the foregoing); 

  
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 provided, however, that the Guarantee by any Person shall not include endorsements by such
Person for collection or deposit, in either case, in the ordinary course of business. 
 “Guarantor” means and includes
Holdings and each Subsidiary Guarantor. 
 “Health-Care-Insurance Receivables” shall have the meaning set forth in the
Security Agreement. 
 “Holder” means a Person in whose name the Note is registered on the Registrar’s books. 

“Holdings” has the meaning set forth in the preamble of this Indenture. 

“IAI” means an investor constituting an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
(7) under the Securities Act. 
 “Immaterial Subsidiary” means any Restricted Subsidiary of the Issuer that, as of the
Reference Period most recently ended, does not have, when taken together with all other Immaterial Subsidiaries, (a) assets in excess of 5.0% of Consolidated Total Assets; or (b) revenues for the Reference Period most recently ended in
excess of 5.0% of the combined revenues of the Issuer and its Restricted Subsidiaries for such period. 
 “Incur” means,
with respect to any Debt or other obligation of any Person, to create, issue, incur (by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Debt or other obligation including by acquisition of
Subsidiaries or the recording, as required pursuant to GAAP or otherwise, of any such Debt or other obligation on the balance sheet of such Person (and “Incurrence,” “Incurred” and “Incurring” shall have meanings
correlative to the foregoing); provided, however, that a change in GAAP that results in an obligation of such Person that exists at such time becoming Debt shall not be deemed an Incurrence of such Debt. 

“Indenture” means this Indenture, as amended, supplemented or otherwise modified from time to time. 

“Independent Assets or Operations” means, with respect to any Parent Company, that each of that Parent Company’s total
assets, revenues, income from continuing operations before income taxes and cash flows from operating activities (excluding, in each case, amounts related to (i) its investment in the Issuer and its Restricted Subsidiaries and
(ii) accounting for deferred tax assets), determined in accordance with GAAP and as shown on the most recent financial statements of such Parent Company, is, in each case, more than 5.00% of such Parent Company’s corresponding consolidated
amount. 
 “Initial Notes” has the meaning set forth in the preamble hereto. 

  
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 “insolvency or liquidation proceeding” means: 

(1) any case commenced by or against the Issuer or any Guarantor under the Bankruptcy Code or any similar federal or state law for the relief
of debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Issuer or any Guarantor, any receivership or assignment for the benefit of creditors relating to the Issuer or
any Guarantor or any similar case or proceeding relative to the Issuer or any other Guarantor or its creditors, as such, in each case whether or not voluntary; or 

(2) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Issuer or any Guarantor, in
each case whether or not voluntary and whether or not involving bankruptcy or insolvency; provided that the liquidation or dissolution of any Subsidiary that is not prohibited by and does not require consent under any of the Parity Lien Documents
shall not be considered an insolvency or liquidation proceeding. 
 “Intercreditor Agreements” means the ABL Intercreditor
Agreement and the Pari Passu Intercreditor Agreement and any other intercreditor agreement from time to time entered into to set forth the relative rights in respect of the Collateral, in each case as may be amended, restated, amended and restated,
modified or otherwise supplemented from time to time in accordance with the terms thereof and this Indenture. 
 “Interest Rate,
Currency or Commodity Price Agreement” of any Person means (i) any forward contract, futures contract, swap, option, credit derivative transactions, forward rate transactions, foreign exchange transactions or other financial agreement
or arrangement (including, without limitation, caps, floors, collars spot contracts and similar agreements) relating to, or the value of which is dependent upon, interest rates, currency exchange rates or commodity prices or indices (excluding
contracts for the purchase or sale of goods in the ordinary course of business); and (ii) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master
agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement. 

“Investment” by any Person means any direct or indirect loan, advance or other extension of credit or capital contribution
(by means of transfers of cash or other property (other than Capital Stock that is neither Redeemable Stock nor Preferred Stock of a Restricted Subsidiary) to others or payments for property or services for the account or use of others, or
otherwise) to, or purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person, including any Guarantee of any obligation of such other Person, but shall not include: 

(1) trade accounts receivable in the ordinary course of business; 

(2) any Permitted Interest Rate, Currency or Commodity Price Agreement; and 

(3) endorsements of negotiable instruments and documents in the ordinary course of business. 

“Investment Grade Rating” means a rating equal to or higher than: 

(1) Baa3 (or the equivalent) by Moody’s; 

  
 22 

 (2) BBB- (or the equivalent) by
S&P; or 
 (3) BBB- (or the equivalent) by Fitch; 

or, if any such entity ceases to rate the Notes for reasons outside of the Issuer’s control, the equivalent investment grade credit rating from any other
Rating Agency. 
 “Issue Date” means October 22, 2021. 

“Issuer” has the meaning set forth in the preamble of this Indenture. 

“Letter-of-Credit Rights” shall have the
meaning set forth in the Security Agreement. 
 “Lien” means, with respect to any property or assets, any mortgage or deed
of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien (statutory or otherwise), charge, easement (other than any easement not materially impairing usefulness or marketability), encumbrance, preference, priority or
other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any sale and leaseback arrangement, conditional sale or other title retention
agreement having substantially the same economic effect as any of the foregoing). 
 “Limited Condition Transaction” means
(1) any Investment or acquisition (whether by merger, consolidation or otherwise), whose consummation is not conditioned on the availability of, or on obtaining, third-party financing, (2) any redemption, repurchase, defeasance,
satisfaction and discharge or repayment of Debt requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment and (3) any dividends or distributions on, or redemptions of, Capital
Stock requiring irrevocable notice in advance thereof. 
 “Long Derivative Instrument” means a Derivative Instrument
(i) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or the
payment or delivery obligations under which generally increase, with negative changes to the Performance References. 
 “Market
Capitalization” means an amount equal to (i) the total number of issued and outstanding shares of capital stock of any Parent Company on the date of declaration of the relevant dividend multiplied by (ii) the arithmetic mean of
the closing prices per share of such capital stock on The New York Stock Exchange (or, if the primary listing of such capital stock is on another exchange, on such other exchange) for the 30 consecutive trading days immediately preceding the date of
declaration of such dividend. 
 “Material Real Property” means each parcel of Real Property owned on or acquired after
March 2, 2020 and owned in fee by Holdings, the Issuer or any Subsidiary Guarantor that (together with any other parcels constituting a single site or operating property) has a fair market value (as determined by the Issuer) of at least the
greater of (x) $15.0 million and (y) 3.0% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended. 

  
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 “Moody’s” means Moody’s Investors Service, Inc. and any successor
to its rating agency business. 
 “Net Available Proceeds” from any Asset Disposition by any Person means cash or Cash
Equivalents received (including by way of sale or discounting of a note, installment receivable or other receivable, but excluding any other consideration received in the form of assumption by the acquirer of Debt or other obligations relating to
such properties or assets) therefrom by such Person, net of: 
 (1) all legal, title and recording tax expenses, commissions
and other fees and expenses Incurred and all federal, state, foreign and local taxes required to be accrued as a liability as a consequence of such Asset Disposition; 

(2) all payments made by such Person or its Restricted Subsidiaries on any Debt which is secured by such assets in accordance
with the terms of any Lien upon, or with respect to, such assets or which must by the terms of such Lien, or in order to obtain a necessary consent to such Asset Disposition or by applicable law, be repaid out of the proceeds from such Asset
Disposition; 
 (3) all distributions and other payments made to minority interest holders in Restricted Subsidiaries of such
Person or joint ventures as a result of such Asset Disposition; and 
 (4) appropriate amounts to be provided by such Person
or any Restricted Subsidiary thereof, as the case may be, as a reserve in accordance with GAAP against any liabilities associated with such assets and retained by such Person or any Restricted Subsidiary thereof, as the case may be, after such Asset
Disposition, including, without limitation, liabilities under any indemnification obligations and severance and other employee termination costs associated with such Asset Disposition, in each case as determined in good faith by senior management of
the Issuer. 
 “Net Short” means, with respect to a Holder or beneficial owner, as of a date of determination, either
(i) the value of its Short Derivative Instruments exceeds the sum of (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such date of determination or (ii) it is reasonably expected that such
would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Issuer or any Guarantor immediately prior to such date of determination.

 “Non-US Pledged Equity” has the meaning set forth in the ABL Intercreditor
Agreement. 
 “Note Custodian” means the Person appointed as custodian for the Depositary with respect to the Global Notes,
or any successor entity thereto. 
 “Note Documents” means this Indenture, the Notes and the Security Documents. 

“Notes” means the Initial Notes and any Additional Notes. The Initial Notes and the Additional Notes, if any, shall be
treated as a single class for all purposes under this Indenture. 

  
 24 

 “Offer to Purchase” means a written offer (the “Offer”)
sent by the Issuer by first class mail, postage prepaid, to each Holder at such Holder’s address appearing in the security register or, with respect to Global Notes, given in accordance with DTC procedures on the date of the Offer offering to
purchase up to the principal amount of Notes specified in such Offer at the purchase price specified in such Offer (as determined pursuant to this Indenture). Unless otherwise required by applicable law, the Offer shall specify an expiration date
(the “Offer Expiration Date”) of the Offer to Purchase which shall be, subject to any contrary requirements of applicable law, not less than 10 days or more than 60 days after the date of such Offer and a settlement date (the
“Purchase Date”) for purchase of Notes within three Business Days after the Offer Expiration Date. The Offer shall contain a description of the events requiring the Issuer to make the Offer to Purchase and all instructions and
materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. The Offer shall also state: 

(1) the section of this Indenture pursuant to which the Offer to Purchase is being made; 

(2) the Offer Expiration Date and the Purchase Date and, if such Offer is made in advance of a Change of Control and
conditioned upon the occurrence of a Change of Control, that the Offer is conditioned upon the occurrence of a Change of Control; 

(3) the aggregate principal amount of the outstanding Notes offered to be purchased by the Issuer pursuant to the Offer to
Purchase (including, if less than 100%, the manner by which such amount has been determined pursuant to the section of this Indenture requiring the Offer to Purchase) (the “Purchase Amount”); 

(4) the purchase price to be paid by the Issuer for each $1,000 aggregate principal amount of Notes accepted for payment (as
specified pursuant to this Indenture) (the “Purchase Price”); 
 (5) that the Holder may tender all or any
portion of the Notes registered in the name of such Holder and that any portion of a Note tendered must be tendered in an integral multiple of $1,000 principal amount; 

(6) the place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase; 

(7) that interest on any Note not tendered or tendered but not purchased by the Issuer pursuant to the Offer to Purchase will
continue to accrue; 
 (8) that on the Purchase Date the Purchase Price will become due and payable upon each Note being
accepted for payment pursuant to the Offer to Purchase and that interest thereon shall cease to accrue on and after the Purchase Date; 

(9) that each Holder electing to tender a Note pursuant to the Offer to Purchase will be required to surrender such Note at the
place or places specified in the Offer prior to the close of business on the Offer Expiration Date (such Note being, if the Issuer or the Trustee so requires, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing); 

  
 25 

 (10) that Holders will be entitled to withdraw all or any portion of Notes
tendered if the Issuer (or its Paying Agent) receives, not later than the close of business on the Offer Expiration Date, a telegram, telex, facsimile or other electronic transmission or letter, or otherwise complies with the procedures of the
Depositary, setting forth the name of the Holder, the principal amount of the Note the Holder tendered, the certificate number of the Note the Holder tendered and a statement that such Holder is withdrawing all or a portion of his tender; 

(11) that (a) if Notes in an aggregate principal amount less than or equal to the Purchase Amount are duly tendered and
not withdrawn pursuant to the Offer to Purchase, the Issuer shall purchase all such Notes and (b) if Notes in an aggregate principal amount in excess of the Purchase Amount are tendered and not withdrawn pursuant to the Offer to Purchase, the
Issuer shall purchase Notes having an aggregate principal amount equal to the Purchase Amount on a pro rata basis (with such adjustments as may be deemed appropriate so that only Notes in denominations of $1,000 or integral multiples thereof shall
be purchased); and 
 (12) that in the case of any Holder whose Note is purchased only in part, the Issuer shall execute, and
the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and in exchange for the
unpurchased portion of the Note so tendered. 
 If any of the Notes subject to an Offer to Purchase is in global form, then the Offer shall
be modified by the Issuer to the extent necessary to comply with the procedures of the Depositary applicable to repurchases. Any Offer to Purchase shall be governed by and effected in accordance with the Offer for such Offer to Purchase. 

“Offering Memorandum” means the Issuer’s offering memorandum, dated October 14, 2021, relating to the offer and
sale of the Initial Notes. 
 “Officer” means the Chairman of the Board of Directors, the Chief Executive Officer, the
Chief Financial Officer, the President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer, the Controller or the Secretary of the Issuer or of any other Person, as the case may be, or in the event that the Issuer
or such Person is a partnership or a limited liability company that has no such officers, a person duly authorized under applicable law by the general partner, managers, members or a similar body to act on behalf of the Issuer or such Person. 

“Officers’ Certificate” means a certificate signed by two Officers that meets the requirements of Section 12.3 of
this Indenture; provided that each Officer signing a certificate shall not be the same Person. 
 “Opinion of Counsel”
means a written opinion from legal counsel reasonably acceptable to the Trustee. The counsel may be an employee of, or counsel to, the Issuer or any direct or indirect parent thereof or the Trustee. 

  
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 “Parent Company” means any Person that is or becomes after the Issue Date a
direct or indirect parent of the Issuer (other than, for the avoidance of doubt, the Sponsor). 
 “Pari Passu Debt”
means Debt of the Issuer or a Subsidiary Guarantor that is pari passu in right of payment with the Notes, in the case of the Issuer, or the Subsidiary Guarantees, in the case of any Subsidiary Guarantor. For the purposes of this
definition, no Debt will be considered to be senior or junior by virtue of being secured on a first or junior priority basis. 

“Pari Passu Intercreditor Agreement” means the intercreditor agreement entered into on the Issue Date by and among the
Collateral Agent, the Term Loan Credit Agreement Collateral Agent, the Issuer and Guarantors, as may be amended, restated, amended and restated, modified or otherwise supplemented from time to time in accordance with the terms thereof and this
Indenture. 
 “Parity Lien” means a Lien granted to the Collateral Agent or other Parity Lien Representative under any
Parity Lien Debt for the benefit of the holders thereof, at any time, upon the Collateral to secure Parity Lien Obligations. 

“Parity Lien Debt” means: 

(1) Debt represented by the Notes initially issued by the Issuer under this Indenture on the Issue Date and any Additional Notes issued
pursuant to this Indenture; 
 (2) Debt incurred by the Issuer or any of the Guarantors under the Term Loan Credit Agreement and/or other
obligations secured ratably thereunder that is intended by the Issuer to be secured equally and ratably with the Parity Lien Obligations by a Parity Lien that is permitted to be incurred and/or secured by a Parity Lien under this Indenture; 

(3) any other Debt of the Issuer or any Guarantor (including Additional Notes, but, for the avoidance of doubt, excluding Priority Lien Debt)
that is intended by the Issuer to be secured equally and ratably with the Parity Lien Obligations by a Parity Lien that is permitted to be incurred and secured by a Parity Lien under this Indenture; provided that, in the case of any Debt referred to
in this clause (3): 
 (a) on or before the date on which such Debt is incurred by the Issuer or such Guarantor, such Debt is designated by
the Issuer, in accordance with the terms and conditions of the Pari Passu Intercreditor Agreement, as “Additional First Lien Obligations” for the purposes of the Pari Passu Intercreditor Agreement; provided that no series of debt may be
designated as both Parity Lien Debt and Priority Lien Debt; and 
 (b) the Parity Lien Representative of such Debt becomes a party to the
Intercreditor Agreements in accordance with the terms thereof; and 
 (4) guarantees by any Guarantor in respect of any of the obligations
described in the foregoing clauses (1) through (3). 

  
 27 

 “Parity Lien Documents” means, collectively, the Note Documents, the Term
Loan Credit Agreement and any indenture, credit agreement or other agreement governing other Parity Lien Debt and the security documents related to the foregoing. 

“Parity Lien Obligations” means Parity Lien Debt and all other obligations in respect thereof. 

“Parity Lien Representative” means (1) the Collateral Agent, in the case of the Notes, (2) the Term Loan Credit
Agreement Collateral Agent, in the case of the Term Loan Credit Agreement and (3) in the case of any other series of Parity Lien Debt, the trustee, agent or representative of the holders of such series of Parity Lien Debt who is appointed as a
representative of such series of Parity Lien Debt (for purposes related to the administration of the applicable security documents related thereto) pursuant to the indenture, credit agreement or other agreement governing such series of Parity Lien
Debt. 
 “Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

“Payment Intangibles” shall have the meaning set forth in the Security Agreement. 

“Paying Agent” means any Person authorized by the Issuer to pay the principal of, premium, if any, or interest on any Notes
on behalf of the Issuer. 
 “Permitted Acquisition Debt” means Debt of the Issuer or any of its Restricted Subsidiaries to
the extent that: 
 (1) such Debt consists of Debt of an acquired Person that was outstanding prior to the date on which such
Person became a Restricted Subsidiary as a result of having been acquired, or assets were acquired from such Person, by the Issuer or a Restricted Subsidiary or assets were acquired from such Person and any Debt Incurred, including by the Issuer or
any Restricted Subsidiary, in contemplation of such acquisition; or 
 (2) such Debt consists of Debt of a Person that was
outstanding prior to the date on which such Person was merged, consolidated or amalgamated with or into the Issuer or a Restricted Subsidiary and any Debt Incurred, including by the Issuer or any Restricted Subsidiary, in contemplation of such
merger, consolidation or amalgamation; 
 provided that, on the date such Person became a Restricted Subsidiary or the date such Person was merged,
consolidated and amalgamated with or into the Issuer or a Restricted Subsidiary, as applicable, after giving pro forma effect thereto: 

(a) the Issuer would be permitted to Incur at least $1.00 of additional Debt pursuant to Section 4.9(a); 

(b) the Fixed Charge Coverage Ratio of the Issuer would be equal to or greater than the Fixed Charge Coverage Ratio of the
Issuer immediately prior to giving effect to such transaction; or 

  
 28 

 (c) the aggregate outstanding principal amount of such Debt does not exceed
$50.0 million at any time outstanding. 
 “Permitted Holders” means (i) the Sponsor, (ii) David M. Cote,
Cote SPAC 1 LLC and Atlanta Sons LLC, (iii) any Related Party of the Sponsor and (iv) any “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act or any successor provision) of
which any of the foregoing are members; provided that, in the case of such “group” and without giving effect to the existence of such “group” or any other “group,” such Persons specified in clauses (i)—(iii) above,
collectively, have beneficial ownership, directly or indirectly, of more than 50% of the total voting power of the voting stock of Ultimate Parent. 

“Permitted Interest Rate, Currency or Commodity Price Agreement” of any Person means any Interest Rate, Currency or Commodity
Price Agreement entered into in order to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes. 

“Permitted Investments” means: 

(1) any Investment in the Issuer or a Restricted Subsidiary or in a Person or assets that will become or be merged into or
consolidated with a Restricted Subsidiary as a result of such Investment, and any Investment held by a Person at the time it is acquired by or merged into the Issuer or a Restricted Subsidiary; 

(2) any Investment in a Permitted Joint Venture which, together with any other outstanding Investment made pursuant to this
clause (2), does not exceed the greater of (x) $120.0 million and (y) 25.0% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended at the time of such Investment; 

(3) any Investment in cash and Cash Equivalents, or investments in Permitted Interest Rate, Currency or Commodity Price
Agreements; 
 (4) any non-cash consideration received in connection with an Asset
Disposition (or a disposition excluded from the definition of “Asset Disposition”) that was made in compliance with Section 4.10; 

(5) prepaid expenses advanced to employees, officers or managers in the ordinary course of business or other loans or advances
to employees, officers or managers in the ordinary course of business not to exceed $2.5 million in the aggregate at any one time outstanding; 

(6) guarantees of Debt made in compliance with Section 4.9; 

(7) any Investment existing on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or an
Investment consisting of any extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment may only be increased pursuant to this clause (7) to the extent required by the
terms of such Investment as in existence on the Issue Date or as otherwise permitted under this Indenture; 

  
 29 

 (8) Investments acquired with the net cash proceeds received by the Issuer
after the Issue Date from the issuance and sale of Capital Stock (other than Redeemable Stock) or made in exchange for Capital Stock (other than Redeemable Stock or Preferred Stock); provided that such net cash proceeds are used to make such
Investment within ten days of the receipt thereof and the amount of all such net cash proceeds will be excluded from clause (iii)(2) of Section 4.7(a); 

(9) any Investment solely in exchange for the issuance of Capital Stock (other than Redeemable Stock) of the Issuer or any
Parent Company; 
 (10) deposits made in the ordinary course of business to secure the performance of leases or other
obligations as permitted by Section 4.12; 
 (11) purchases of assets in the ordinary course of business; 

(12) receivables owing to the Issuer or any of its Subsidiaries or any advances to suppliers, in each case if created, acquired
or made in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; 
 (13)
Investments (including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary
course of business; 
 (14) any other Investment; provided that, immediately before and immediately after giving pro forma
effect to the making of any such Investment and any Debt incurred in connection therewith, (x) no Default or Event of Default shall have occurred and be continuing and (y) the Total Net Leverage Ratio of the Issuer would not exceed 3.25 to
1.00; 
 (15) any Investment in an Unrestricted Subsidiary which, together with any other outstanding Investment made
pursuant to this clause (15), does not exceed the greater of (x) $150.0 million and (y) 30.0% of the Issuer’s Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended (at the
time of such Investment); 
 (16) any transaction to the extent it constitutes an Investment that is permitted and made in
accordance with the provisions of Section 4.11(b) (other than clauses (4), (8) or (11) thereof); and 
 (17) any
other Investment that, when taken together with all other Investments made pursuant to this clause (17) since the Issue Date and outstanding on the date such Investment is made, does not exceed the greater of (x) $250.0 million and (y)
45.0% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended (at the time of such Investment). 

  
 30 

 “Permitted Joint Venture” means any joint venture arrangement (which may be
structured as a corporation, partnership, trust, limited liability company or any other Person) or other Person (other than a Restricted Subsidiary) in which the Issuer or a Restricted Subsidiary owns Capital Stock. 

“Permitted Liens” means, with respect to any Person: 

(1) (i) Liens securing Debt under Debt Facilities outstanding or Incurred under clause (1) of Section 4.9(b), which
Liens are limited to Liens on the Collateral and, in the case of clause (1)(i), (1)(iii) and clause (1)(iv), shall be Parity Lien Debt, and, in the case of clause (1)(ii), shall be Priority Lien Debt, (ii) Liens on the Collateral created
pursuant to the Security Documents, and (iii) Liens on cash granted in favor of any lender under the ABL Credit Agreement or the Lender (as defined in the ABL Credit Agreement) created as a result of any requirement to provide cash collateral
pursuant to the ABL Credit Agreement; 
 (2) Liens securing any Debt which became Debt pursuant to a transaction permitted
under Section 5.1 or securing Debt which was created prior to (and not created in connection with, or in contemplation of) the Incurrence of such Debt (including any assumption, guarantee or other liability with respect thereto by any
Restricted Subsidiary) and which Debt is permitted under the provisions of Section 4.9; provided that, (a) in the case of Liens that are pari passu or senior to the Liens securing the Notes, the pro forma First Lien Secured Net Leverage
Ratio of the Issuer would be equal to or less than the greater of (x) 3.75 to 1.00 and (y) the First Lien Secured Net Leverage Ratio of the Issuer immediately prior to giving effect to such transaction and (b) in the case of Liens that are
junior to the Liens securing the Notes, the pro forma Total Net Leverage Ratio of the Issuer would be equal to or less than the greater of (x) 5.25 to 1.00 and (y) the Total Net Leverage Ratio of the Issuer immediately prior to giving effect to
such transaction; 
 (3) Liens imposed by law, including carriers’, warehousemen’s, landlord’s,
materialmen’s, processors’ and mechanics’ Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings if a reserve or other appropriate provisions, if any, as shall be required by GAAP shall
have been made in respect thereof; 
 (4) Liens for taxes, assessments or other governmental charges not yet subject to
penalties for nonpayment or which are being contested in good faith by appropriate proceedings provided appropriate reserves required pursuant to GAAP have been made in respect thereof; 

(5) Liens under the Issuer’s joint collateral accounts, concentration accounts, deposit accounts or other funds maintained
with a depositary institution or bank; provided that such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Issuer in excess of those set forth by regulations issued by the
Federal Reserve Board; 

  
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 (6) Liens on assets, property or shares of stock of a Person existing at the
time such Person becomes a Restricted Subsidiary or is merged with or into or consolidated or amalgamated with the Issuer or any Restricted Subsidiary of the Issuer; provided, however, that such Liens shall not extend to any other
property owned by the Issuer or any Restricted Subsidiary; 
 (7) encumbrances, ground leases, easements or reservations of,
or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in
title and similar encumbrances) as to the use of real properties or liens incidental to the conduct of the business of such Person or to the ownership of its properties which do not in the aggregate materially adversely affect the value of said
properties or materially impair their use in the operation of the business of such Person; 
 (8) leases, licenses, subleases
and sublicenses of assets (including, without limitation, real property and intellectual property rights) which do not materially interfere with the ordinary conduct of the business of the Issuer or any of its Restricted Subsidiaries; 

(9) Liens existing on the Issue Date (other than Liens permitted under clause (1)); 

(10) pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Debt) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash
or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case Incurred in the ordinary course of
business; 
 (11) judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any
appropriate legal proceedings which may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired; 

(12) any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or
similar arrangement pursuant to any joint venture or similar agreement; 
 (13) Liens for the purpose of securing the payment
of all or a part of the purchase price of, purchase money obligations or other payments Incurred to finance the acquisition, lease, improvement or construction of or repairs or additions to, assets or property acquired or constructed by the Issuer
or a Restricted Subsidiary in the ordinary course of business; provided that: (a) the aggregate principal amount of Debt secured by such Liens is otherwise permitted to be Incurred under this Indenture and does not exceed the cost of the
assets or property so acquired or constructed; and (b) such Liens are created within 180 days of the later of the acquisition, lease, completion of improvements, construction, repairs or additions or commencement of full operation of the assets
or property subject to such Lien and do not encumber any other assets or property of the Issuer or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto; 

  
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 (14) any interest or title of a lessor under any Capitalized Lease
Obligation Incurred under clause (6) of Section 4.9(b); provided that such Liens do not extend to any property or assets which is not leased property subject to such Capitalized Lease Obligation; 

(15) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations
in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(16) Liens securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other
property relating to such letters of credit and products and proceeds thereof; 
 (17) Liens encumbering deposits made to
secure obligations arising from statutory, regulatory, contractual, or warranty requirements of the Issuer or any of its Subsidiaries, including rights of offset and set-off; 

(18) Liens securing Permitted Interest Rate, Currency or Commodity Price Agreements; 

(19) Liens on assets of any Foreign Subsidiary of the Issuer or any Restricted Subsidiary that is not a Subsidiary Guarantor
securing Debt of such Foreign Subsidiary or such Restricted Subsidiary, in each case, that is permitted to be Incurred under clause (9) of the Section 4.9(b); 

(20) Liens on cash, Cash Equivalents or other property arising in connection with the discharge or redemption of Debt; 

(21) Liens on any Real Property constituting exceptions to title as set forth in a mortgage title policy delivered to a secured
lender with respect thereto; 
 (22) Liens on insurance policies and the proceeds thereof securing the financing of premiums
with respect thereto; provided that such Liens shall not exceed the amount of such premiums so financed; 
 (23) Liens
in favor of the Issuer or a Restricted Subsidiary; 
 (24) Liens arising from filing Uniform Commercial Code financing
statements regarding leases or precautionary Uniform Commercial Code financings statements or similar filings; 
 (25)
permits other ordinary course Liens or Liens consistent with past practice, in each case, incidental to the conduct of the Issuer and its Restricted Subsidiaries’ business or the ownership of its property, not securing any Debt, and which do
not in the aggregate materially detract from the value of the Issuer and its Restricted Subsidiaries’ property, when taken as a whole, or materially impair the use thereof in the operation of its business; 

  
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 (26) Liens to secure Debt permitted under clause (13) of
Section 4.9(b); provided that (i) such Liens are limited to securing only the unpaid premiums under the applicable insurance policy and (ii) such Liens only encumber the proceeds of the applicable insurance policy; 

(27) Liens securing Debt Incurred under clause (20) of Section 4.9(b); provided that such Liens shall be junior to
the Liens securing the Notes; 
 (28) Liens not otherwise covered by clauses (1) through (27) securing Debt in the
aggregate amount outstanding at any time not to exceed the greater of (x) $250.0 million and (y) 45.0% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended (measured at the
time of incurrence); and 
 (29) Liens securing Debt Incurred to refinance Debt (other than Liens permitted under clause (1))
that was previously so secured (or otherwise replacing any such Lien); provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect
thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure) the Debt being refinanced or is in respect of property that is the security for a Permitted Lien hereunder; provided, however, that such
Liens have no greater priority relative to the Notes and the Guarantees and the holders of such Debt secured by such Liens have no greater intercreditor rights relative to the Notes and the Guarantees than the original Liens and related Debt and the
holders thereof. 
 “Permitted Parent” means any Parent Company that beneficially owns, together with any other Permitted
Parent, 100% of the Capital Stock of the Issuer; provided that the ultimate beneficial ownership of the Issuer has not been modified, solely by virtue of the transaction by which such Parent Company became the beneficial owner of 100% of the Capital
Stock of the Issuer and such Parent Company owns no assets other than Cash Equivalents and the Capital Stock of the Issuer or any other Permitted Parent. 

“Permitted Payments to Parent” means: 

(1) payments with respect to any taxable period for which the Issuer and/or any of its Subsidiaries are members of a
consolidated, combined or similar income tax group for U.S. federal and/or applicable state, local or foreign income or similar tax purposes of which a direct or indirect parent of the Issuer is the common parent, the portion of any U.S. federal,
state, local and/or foreign income and similar taxes (including any alternative minimum taxes) of such tax group that is attributable to the taxable income of the Issuer and/or such Subsidiaries; provided (1) that the amount of such payments
made in respect of any taxable period in the aggregate do not exceed the amount that the Issuer and/or such Subsidiaries would have been required to pay in respect of such taxable period had the Issuer and/or such Subsidiaries been a stand-alone
corporate taxpayer or tax group for all 

  
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applicable taxable periods ending after the date hereof, (2) that the permitted payment pursuant to this clause (B) attributable to any Unrestricted Subsidiary for any taxable period
shall be limited to the amount actually paid by such Unrestricted Subsidiary to the Issuer or any Restricted Subsidiary and (3) that with respect to any taxable period (or portion thereof) ending prior to the Issue Date, distributions otherwise
permitted under this clause (B) shall be permitted only to the extent such tax distribution relates to income tax audit adjustments that arise after the Issue Date; 

(2) payments, directly or indirectly, to any Parent Company if the proceeds thereof are used to (i) pay franchise and
similar taxes, public company costs, indemnification costs and other fees required to maintain the corporate existence of such Parent Company, general corporate and overhead expenses (including salaries and other compensation of directors, officers
and employees, and administrative, legal, accounting and similar expenses provided by third parties) incurred in the ordinary course of the business of such Parent Company, (ii) reimburse reasonable expenses paid by the Parent Company on behalf
of the Issuer or (iii) pay fees and expenses (other than to Affiliates) relating to any unsuccessful debt or equity financing or other financing transaction or acquisition, disposition, other investment or similar transaction; and 

(3) any payments or disbursements to or on behalf of any Parent Company that satisfy, or are used to satisfy, the obligations
of any Parent Company under the Tax Receivable Agreement. 
 “Permitted Refinancing Debt” means any Debt of the Issuer or
any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Debt of the Issuer or any of its Restricted Subsidiaries; provided that: 

(1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Debt does not exceed the principal
amount of, plus premium, if any, and accrued and unpaid interest on the Debt so extended, refinanced, renewed, replaced, defeased or refunded (plus the amount of reasonable expenses Incurred in connection therewith); 

(2) the Permitted Refinancing Debt has a final maturity date no earlier than the earlier of the final maturity date of the Debt
being extended, refinanced, renewed, replaced, deferred or refunded and 91 days after the final maturity date of the Notes; 

(3) the Permitted Refinancing Debt has an Average Life at the time such Permitted Refinancing Debt is Incurred that is equal to
or greater than the shorter of (A) the Average Life of the Debt being extended, refinanced, renewed, replaced, deferred or refunded and (B) 91 days after the Average Life of the Notes; 

(4) if the Debt being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the
Notes or a Subsidiary Guarantee, such Permitted Refinancing Debt is subordinated in right of payment to the Notes or such Subsidiary Guarantee on terms at least as favorable, taken as a whole, to the Holders of Notes as those contained in the
documentation governing the Debt being extended, refinanced, renewed, replaced, defeased or refunded; 

  
 35 

 (5) such Debt shall not include Debt of a Restricted Subsidiary that is not
a Subsidiary Guarantor that refinances Debt of the Issuer or a Subsidiary Guarantor; and 
 (6) to the extent the Debt being
extended, refinanced, renewed, replaced, defeased or refunded is secured, the Liens securing such Permitted Refinancing Debt have a Lien priority equal to or junior to the Liens securing the Debt being extended, refinanced, renewed, replaced,
defeased or refunded. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture,
association, joint stock company, trust, unincorporated organization, government (or any agency or political subdivision thereof) or any other entity. 

“Preferred Stock” of any Person means Capital Stock of such Person of any class or classes (however designated) that ranks
prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding-up of such Person, to shares of Capital Stock of any other class
of such Person. 
 “Priority Lien Debt” means: 

(1) Debt (including letters of credit and reimbursement obligations with respect thereto) and other obligations incurred by the Issuer or any
of the Subsidiary Guarantors under or in respect of the ABL Credit Agreement and/or secured by the Priority Lien Security Documents; 
 (2)
any other Debt of the Issuer or any Subsidiary Guarantor that is intended by the Issuer to be secured by Liens that are equal and ratable with the Priority Lien Debt; provided that, in the case of any Debt referred to in this clause (2): 

(a) on or before the date on which such Debt is incurred by the Issuer or such Subsidiary Guarantor, such Debt is designated by the Issuer, in
accordance with the terms and conditions of the ABL Intercreditor Agreement, as “Revolving Credit Obligations” for the purposes of the ABL Intercreditor Agreement; provided that no series of Debt may be designated as both Priority Lien
Debt and Parity Lien Debt; and 
 (b) the Priority Lien Representative of such Debt becomes a party to the ABL Intercreditor Agreement in
accordance with the requirements thereof; and 
 (3) guarantees by any Guarantor in respect of any of the obligations described in the
foregoing clauses (1) and (2). 
 “Priority Lien Documents” means, collectively, the ABL Credit Agreement, the ABL
Intercreditor Agreement and the indenture, credit agreement or other agreement governing other Priority Lien Debt and the security documents related to the foregoing. 

  
 36 

 “Priority Lien Representative” means, (1) in the case of the ABL
Credit Agreement, the ABL Collateral Agent and (2) in the case of any other Priority Lien Debt, the trustee, agent or representative of the holders of such Priority Lien Debt who is appointed as a representative of such Priority Lien Debt (for
purposes related to the administration of the applicable security documents related thereto) pursuant to the indenture, credit agreement or other agreement governing such Priority Lien Debt. 

“Priority Lien Security Documents” means all security agreements, pledge agreements, control agreements, collateral
assignments, mortgages, deeds of trust, security deeds, deeds to secure debt, hypothecs, collateral agency agreements, debentures or other instruments, pledges, grants or transfers for security or agreements related thereto executed and delivered by
the Issuer or any Guarantor creating or perfecting (or purporting to create or perfect) a Lien upon Collateral (including, without limitation, financing statements under the Uniform Commercial Code) in favor of the Priority Lien Representative, for
the benefit of any of the holders of Priority Lien Debt, in each case, as amended, modified, restated, supplemented or replaced, in whole or in part, from time to time, in accordance with its terms and the applicable Priority Lien Documents subject
to the terms of the ABL Intercreditor Agreement, as applicable. 
 “Pro Forma Basis” means, with respect to the calculation
of any test, financial ratio, basket or covenant under this Agreement, including the Fixed Charge Coverage Ratio, First Lien Secured Net Leverage Ratio, Secured Net Leverage Ratio and the Total Net Leverage Ratio and the calculation of Consolidated
Total Assets and Consolidated EBITDA, of any Person and its Restricted Subsidiaries, as of any date, that pro forma effect will be given to the Transactions, any acquisition, merger, consolidation, Investment, any issuance, incurrence, assumption or
repayment or redemption of Debt (including Debt issued, incurred or assumed or repaid or redeemed as a result of, or to finance, any relevant transaction and for which any such test, financial ratio, basket or covenant is being calculated) (but
excluding the identifiable proceeds of any Debt being incurred substantially simultaneously therewith or as part of the same transaction or series of related transactions for purposes of netting cash to calculate the applicable ratio), any issuance
or redemption of Preferred Stock or disqualified stock, all sales, transfers and other dispositions or discontinuance of any Subsidiary, line of business, division, segment or operating unit, any operational change (including the entry into any
material contract or arrangement) or any designation of a Restricted Subsidiary to an Unrestricted Subsidiary or of an Unrestricted Subsidiary to a Restricted Subsidiary, in each case that have occurred during the Reference Period most recently
ended, or subsequent to the end of such Reference Period but prior to such date or prior to or simultaneously with the event for which a determination under this definition is made (including any such event occurring at a Person who became a
Restricted Subsidiary of the subject Person or was merged, amalgamated or consolidated with or into the subject Person or any other Restricted Subsidiary of the subject Person after the commencement of such Reference Period), as if each such event
occurred on the first day of such Reference Period. 
 For purposes of making any computation referred to above: 

(1) if any Debt bears a floating rate of interest and is being given pro forma effect, the interest on such Debt shall be calculated as if the
rate in effect on the date for which a determination under this definition is made had been the applicable rate for the entire period (taking into account any Interest Rate, Currency or Commodity Price Agreement applicable to such Debt if such
Interest Rate, Currency or Commodity Price Agreements has a remaining term in excess of such period); 

  
 37 

 (2) interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate
reasonably determined by a responsible financial or accounting officer, in his or her capacity as such and not in his or her personal capacity, of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with
GAAP; 
 (3) interest on Debt that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a
eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate; and 

(4) interest on any Debt under a revolving credit facility computed on a Pro Forma Basis shall be computed based upon the average daily
balance of such Debt during the applicable period. 
 Any pro forma calculation may include, without limitation, adjustments calculated in
accordance with Regulation S-X under the Securities Act. Any pro forma calculation may include, without limitation, adjustments calculated to give effect to any Pro Forma Cost Savings; provided that any such
adjustments, other than Specified Permitted Adjustments, that consist of reductions in costs and other operating improvements or synergies (whether added pursuant to this definition, the definition of “Pro Forma Cost Savings” or otherwise
added to Consolidated Net Income or Consolidated EBITDA) shall be calculated in accordance with, and satisfy the requirements specified in, the definition of “Pro Forma Cost Savings.” 

“Pro Forma Cost Savings” means, without duplication of any amounts referenced in the definition of “Pro Forma
Basis,” an amount equal to the amount of cost savings, operating expense reductions, operating improvements (including the entry into any material contract or arrangement) and acquisition synergies, in each case, projected in good faith to be
realized (calculated on a Pro Forma Basis as though such items had been realized on the first day of such period) as a result of actions taken on or prior to, or to be taken by the Issuer (or any successor thereto) or any Restricted Subsidiary
within 18 months of, the date of such pro forma calculation, net of the amount of actual benefits realized or expected to be realized during such period that are otherwise included in the calculation of Consolidated EBITDA from such action; provided
that (a) such cost savings, operating expense reductions, operating improvements and synergies are factually supportable and reasonably identifiable (as determined in good faith by a responsible financial or accounting officer, in his or her
capacity as such and not in his or her personal capacity, of the Issuer (or any successor thereto)) and are reasonably anticipated to be realized within 18 months after the date of such pro forma calculation and (b) no cost savings, operating
expense reductions, operating improvements and synergies shall be added pursuant to this definition to the extent duplicative of any expenses or charges otherwise added to Consolidated Net Income or Consolidated EBITDA, whether through a pro forma
adjustment or otherwise, for such period; provided further that, except for the Specified Permitted Adjustments, (i) the aggregate amount added in respect of the foregoing proviso (or otherwise added to Consolidated Net Income or Consolidated
EBITDA), solely with respect to acquisitions after the Acquisition Closing Date, shall not exceed with respect to any four quarter period 25.0% of Consolidated EBITDA for such period (calculated after giving effect to any such adjustments, after
giving effect to the Specified Permitted Adjustments, if applicable) and (ii) the aggregate amount added in respect of the foregoing proviso (or otherwise added to Consolidated Net Income or Consolidated EBITDA) shall no longer be permitted to
be added back to the extent the cost savings, operating expense reductions, operating improvements and synergies have not been achieved within 18 months of the action or event giving rise to such cost savings, operating expense reductions, operating
improvements and synergies. 

  
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 “Proceeds” shall have the meaning set forth in the Security Agreement. 

“Promissory Note” shall have the meaning set forth in the Security Agreement. 

“PTO” means the United States Patent and Trademark Office. 

“Rating Agency” means each of S&P, Moody’s or Fitch, or if (and only if) S&P, Moody’s, Fitch or any
combination thereof shall not make a rating on the Notes publicly available, a nationally recognized statistical rating organization or organizations, as the case may be, selected by the Issuer, which shall be substituted for S&P, Moody’s
or Fitch, or any combination thereof, as the case may be. 
 “Rating Event” means a decrease of one or more gradations
(including gradations within rating categories as well as between rating categories and excluding, for the avoidance of doubt, changes in ratings outlook) in the rating of the Notes by two of the Rating Agencies or a withdrawal of the rating of the
Notes by two of the Rating Agencies on, or within 30 days following, the earlier of (x) the occurrence of a Change of Control and (y) the date of public announcement of the occurrence of a Change of Control or of the intention by the
Issuer to effect a Change of Control; provided, however, that a downgrade of the Notes by the applicable Rating Agency shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a downgrade for
purposes of this definition of Rating Event) if such Rating Agency making the downgrade in rating does not publicly announce or confirm or inform the Issuer or the Trustee in writing at the request of the Issuer that the downgrade is a result of the
transactions constituting or occurring simultaneously with the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of such downgrade). 

“Real Property” of any Person means, collectively, the right, title and interest of such Person (including any leasehold,
mineral or other estate) in and to any and all land, improvements and fixtures owned, leased or operated by such Person, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant
fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. 

“Receivables” means receivables, chattel paper, instruments, documents or intangibles evidencing or relating to the right to
payment of money. 
 “Receivables Sale” of any Person means any sale of Receivables of such Person (pursuant to a purchase
facility or otherwise), other than in connection with a disposition of the business operations of such Person relating thereto or a disposition of defaulted Receivables for purposes of collection and not as a financing arrangement. 

  
 39 

 “Redeemable Stock” of any Person means any Capital Stock of such Person
that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or otherwise (including upon the occurrence of an event) matures or is required to be redeemed (other than in exchange for Capital Stock
of the Issuer that is not Redeemable Stock) or is convertible into or exchangeable for Debt or is redeemable at the option of the holder thereof (other than in exchange for Capital Stock of the Issuer that is not Redeemable Stock), in whole or in
part, at any time prior to the final Stated Maturity of the Notes. Notwithstanding the preceding sentence, any Capital Stock that would constitute Redeemable Stock solely because the holders thereof have the right to require the Issuer to repurchase
such Capital Stock upon the occurrence of a change of control or an asset disposition shall not constitute Redeemable Stock if the terms of such Capital Stock provide that the Issuer shall not repurchase or redeem any such Capital Stock pursuant to
such provisions unless such repurchase or redemption complies with Section 4.7. 
 “Reference Period” means the most
recent four consecutive fiscal quarter period of the Issuer immediately preceding the date on which such calculation is made (in each case taken as one accounting period) for which financial statements have been or were required to be delivered
under this Indenture, or are otherwise internally available. 
 “Regulation S Legend” means the legend identified as such
in Exhibit A. 
 “Related Party” means, with respect to Platinum Equity Advisors, LLC, (i) any investment fund
controlled by or under common control with Platinum Equity Advisors, LLC, any officer or director of the foregoing persons, or any entity controlled by any of the foregoing persons and (ii) any spouse or lineal descendant (including by adoption
or stepchildren) of the officers and directors referred to in clause (i). 
 “Replacement Assets” means: 

(1) properties and assets (other than cash, Cash Equivalents, any Capital Stock or other security) that will be used in the
business of the Issuer and its Restricted Subsidiaries as conducted on the Issue Date or any business ancillary thereto or supportive thereof; and 

(2) Capital Stock of any Person that is engaged in the business of the Issuer and its Restricted Subsidiaries as conducted on
the Issue Date or any business ancillary thereto or supportive thereof and that will be merged or consolidated with or into the Issuer or a Restricted Subsidiary or that will become a Restricted Subsidiary. 

“Requirement of Law” or “Requirements of Law” means, with respect to any Person, (i) the charter,
articles or certificate of organization or incorporation and bylaws or other organizational or governing documents of such Person and (ii) any statute, law, treaty, rule, regulation, order, decree, writ, injunction or determination of any
arbitrator or court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 

  
 40 

 “Restricted Notes Legend” means the legend identified as such in Exhibit
A. 
 “Restricted Subsidiary” means any Subsidiary of the Issuer, whether existing on or after the Issue Date, unless
such Subsidiary is an Unrestricted Subsidiary. 
 “S&P” means S&P Global Ratings, and any successor to its rating
agency business. 
 “Screened Affiliate” means any Affiliate of a Holder (i) that makes investment decisions
independently from such Holder and any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any other Affiliate of such Holder that is not a
Screened Affiliate and such screens prohibit the sharing of information with respect to the Issuer or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of such Holder that is acting in
concert with such Holder in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in concert with such
Holders in connection with its investment in the Notes. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Debt” at any date means the aggregate principal amount of Debt that in each case is then secured by Liens on any
property or assets of the Issuer or any Restricted Subsidiary. 
 “Secured Net Leverage Ratio” means, as of any date of
determination, the ratio of (1) (x) Secured Debt of the Issuer and its Restricted Subsidiaries as of such date minus (y) unrestricted cash and Cash Equivalents (but excluding in all cases cash proceeds from Debt incurred on the date of
determination) that would be stated on the balance sheet of the Issuer and its Restricted Subsidiaries for which internal financial statements are available immediately preceding such date and held by the Issuer and its Restricted Subsidiaries as of
such date of determination, and in each case, calculated on a Pro Forma Basis to (2) the Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended. If the Secured Net Leverage
Ratio is being determined for the Reference Period most recently ended, Debt of the Issuer and its Restricted Subsidiaries shall be measured on the last day of such Reference Period, with Consolidated EBITDA being determined for such Reference
Period. 
 “Secured Parties” shall have the meaning set forth in the Security Agreement. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Security Account” has the meaning set forth in Article 8 of the Uniform Commercial Code. 

“Security Agreement” shall mean that certain Security Agreement, dated as of the Issue Date, by and among the parties thereto
from time to time as grantors and the Collateral Agent, as may be amended, amended and restated, modified, supplemented, extended or renewed from time to time in accordance with the terms thereof and this Indenture. 

  
 41 

 “Security Documents” means the Pari Passu Intercreditor Agreement, the ABL
Intercreditor Agreement, any other Intercreditor Agreement, each joinder or amendment to any Intercreditor Agreement, all security agreements, pledge agreements, control agreements, collateral assignments, mortgages, deeds of trust, security deeds,
deeds to secure debt, hypothecs, collateral agency agreements, debentures or other instruments, pledges, grants or transfers for security or agreements related thereto delivered by the Issuer or any Guarantor creating or perfecting (or purporting to
create or perfect) a Lien upon Collateral (including, without limitation, financing statements under the Uniform Commercial Code) in favor of the Collateral Agent on behalf of the Secured Parties to secure the Notes and the Guarantees, in each case,
as amended, modified, restated, supplemented or replaced, in whole or in part, from time to time, in accordance with its terms and this Indenture subject to the terms of the Intercreditor Agreements. 

“Senior Credit Facilities” means collectively the ABL Credit Agreement and the Term Loan Credit Agreement. 

“Short Derivative Instrument” means a Derivative Instrument (i) the value of which generally decreases, and/or the
payment or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease,
with negative changes to the Performance References. 
 “Significant Restricted Subsidiary” means, at any date of
determination, any Restricted Subsidiary that, together with its Restricted Subsidiaries represents 10.0% or more of the Issuer’s total consolidated assets at the end of the most recent fiscal quarter for which financial information is
available or 10.0% or more of the Issuer’s consolidated net revenues or consolidated operating income for the most recent four quarters for which financial information is available. 

“Specified Permitted Adjustments” means all adjustments identified in the calculation of “Adjusted EBITDA” as set
forth in “Summary—Summary Historical and Other Financial Information” of the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to the Reference Period (it being understood that such
adjustments shall be calculated net of the amount of actual benefits realized or expected to be realized during Reference Period that are otherwise included in the calculation of Consolidated EBITDA). 

“Sponsor” means Platinum Equity Advisors, LLC and its Affiliates (excluding any operating portfolio company thereof). 

“Stated Maturity” means, when used with respect to any Debt or any installment of interest on such Debt, the dates specified
in such Debt as the fixed date on which the principal of such Debt or such installment of interest, as the case may be, is due and payable. 

“Subordinated Debt” means Debt of the Issuer or a Guarantor that is expressly subordinated or junior in right of payment to
the Notes or a Guarantee, as applicable, pursuant to a written agreement to that effect. 

  
 42 

 “Subsidiary” of any Person means: 

(1) a corporation more than 50% of the combined voting power of the outstanding Voting Stock of which is owned, directly or
indirectly, by such Person or by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof; or 

(2) any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person or such
Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power to direct the policies, management and affairs thereof. 

“Subsidiary Guarantee” means the Guarantee by any Subsidiary Guarantor of the Issuer’s obligations under this Indenture.

 “Subsidiary Guarantor” means each Restricted Subsidiary of the Issuer on the Issue Date that is a party to this
Indenture for purposes of providing a Subsidiary Guarantee with respect to the Notes, and each other Restricted Subsidiary that is required to, or at the election of the Issuer, does become a Subsidiary Guarantor by the terms of this Indenture after
the Issue Date and their respective successors and assigns, in each case, until such Person is released from its Subsidiary Guarantee in accordance with the terms of this Indenture. 

“Targets” means E&I Engineering Ireland Limited and its affiliate, Powerbar Gulf LLC. 

“Tax Receivable Agreement” means the Tax Receivable Agreement, dated as of February 7, 2020, by and between the Ultimate
Parent and VPE Holdings, LLC, a Delaware limited liability company, as may be amended, amended and restated, modified, supplemented, extended or renewed from time to time. 

“Term Loan Credit Agreement” means (i) that certain credit agreement with respect to the senior secured Term Loan credit
facility entered into on March 2, 2020 by and among, Vertiv Group Corporation, Vertiv Intermediate Holding II Corporation, various financial institutions from time to time party thereto, as lenders, and Citibank, N.A., as administrative agent
and (ii) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any Debt or other financial accommodation that has been incurred to refinance
(subject to the limitations set forth herein (including by reference to the Pari Passu Intercreditor Agreement)) in whole or in part the Debt and other obligations outstanding under (x) the credit agreement referred to in clause (i) or (y)
any subsequent Term Loan Credit Agreement, unless such agreement or instrument expressly provides that it is not intended to be and is not a Term Loan Credit Agreement hereunder as amended, amended and restated, modified, supplemented, extended or
renewed from time to time in accordance with the terms hereof and thereof. Any reference to the Term Loan Credit Agreement hereunder shall be deemed a reference to any Term Loan Credit Agreement then in existence. 

“Term Loan Credit Agreement Collateral Agent” means Citibank, N.A., as administrative agent under the Term Loan Credit
Agreement and any successor thereof in such capacity. 
 “Total Net Leverage Ratio” means, at any time, the ratio of (1)
(x) Debt (to the extent included in clauses (1)-(3) and clause (5) of the definition of such term), including all Contingent Obligations in respect thereof, of the Issuer and its Restricted Subsidiaries as of such date minus

  
 43 

 
(y) unrestricted cash and Cash Equivalents (but excluding in all cases cash proceeds from Debt incurred on the date of determination) that would be stated on the balance sheet of the Issuer and
its Restricted Subsidiaries for which internal financial statements are available immediately preceding such date and held by the Issuer and its Restricted Subsidiaries as of such date of determination, and in each case, calculated on a Pro Forma
Basis to (2) the Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended. If the Total Net Leverage Ratio is being determined for the Reference Period most recently ended, Debt
of the Issuer and its Restricted Subsidiaries shall be measured on the last day of such Reference Period, with Consolidated EBITDA being determined for such Reference Period. 

“Transactions” means the offering of Notes pursuant to the Offering Memorandum and the Acquisition. 

“Transfer Restricted Notes” means Notes that bear or are required to bear the Restricted Notes Legend. 

“Treasury Rate” means, with respect to any redemption date, the yield to maturity at the time of computation of United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least two Business Days prior to such redemption date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to November 15, 2024; provided, however, that, if the period from such redemption
date to November 15, 2024 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. The Issuer will, prior to such redemption date, provide
written notice executed by an officer of the Issuer of the Treasury Rate, including the calculation thereof in reasonable detail. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended. 

“Trustee” has the meaning set forth in the preamble of this Indenture and any successor thereto. 

“U.S. dollar” or “$” means the lawful money of the United States of America. 

“U.S. Government Obligations” means direct non-callable obligations of, or guaranteed
by, the United States for the payment of which guarantee or obligations the full faith and credit of the United States is pledged. 

“Ultimate Parent” refers only to Vertiv Holdings Co, a Delaware corporation (f/k/a GS Acquisition Corp.), the indirect parent
of Holdings, and not to any of its subsidiaries. 
 “Uniform Commercial Code” or “UCC” means the Uniform
Commercial Code as from time to time in effect in the State of New York or any other applicable jurisdiction as provided in the Security Documents. 

“United States” or “U.S.” means the United States of America. 

  
 44 

 “Unrestricted Subsidiary” means any Subsidiary that has been designated as
an unrestricted Subsidiary, in accordance with Section 4.16. 
 “Vehicles” shall have the meaning set forth in the
Security Agreement. 
 “Voting Equity Interests” shall have the meaning set forth in the Security Agreement. 

“Voting Stock” of any Person means Capital Stock of such Person which ordinarily has voting power for the election of
directors (or persons performing similar functions) of such Person, whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency. 

“Wholly Owned Restricted Subsidiary” means, as to any Person, any Wholly Owned Subsidiary of such Person which is a
Restricted Subsidiary of such Person. 
 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person all of
the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more
Wholly Owned Subsidiaries of such Person. 

  
 45 

 SECTION 1.2. Other Definitions. 

 

			
	 Term
	  	Defined in Section
	 “acceleration declaration”
	  	6.2
	 “Acquisition Deadline”
	  	3.8(a)
	 “Act”
	  	12.12
	 “Alternate Offer”
	  	4.13
	 “Authentication Order”
	  	2.2
	 “Change of Control Offer”
	  	4.13
	 “Change of Control Purchase Price”
	  	4.13
	 “Covenant Defeasance”
	  	8.3
	 “Deposit Trustee”
	  	8.5
	 “Directing Holder”
	  	6.1
	 “EDGAR”
	  	4.3(a)
	 “End Date”
	  	3.8(a)
	 “Event of Default”
	  	6.1
	 “Excess Proceeds”
	  	4.10(c)
	 “Institutional Accredited Investor Note”
	  	2.1(b)
	 “LCT Election”
	  	1.4
	 “LCT Test Date”
	  	1.4
	 “Legal Defeasance”
	  	8.2
	 “Note Amount”
	  	4.10(c)(1)
	 “Noteholder Direction”
	  	6.1
	 “Offer Expiration Date”
	  	1.1
	 “Offered Price”
	  	4.10(c)
	 “Pari Passu Debt Amount”
	  	4.10(c)(2)
	 “Pari Passu Offer”
	  	4.10(c)(2)
	 “Parity Lien Debt Amount”
	  	4.10(c)(2)
	 “Parity Lien Offer”
	  	4.10(c)(2)
	 “Permitted Debt”
	  	4.9(b)
	 “Position Representation”
	  	6.1
	 “Purchase Date”
	  	1.1
	 “QIBs”
	  	2.1(b)
	 “Registrar”
	  	2.3
	 “Regulation S”
	  	2.1(b)
	 “Regulation S Global Note”
	  	2.1(b)
	 “Resale Restriction Termination Date”
	  	2.15(a)
	 “Restricted Payment”
	  	4.7(a)(4)
	 “Restricted Period”
	  	2.15(b)
	 “Rule 144A”
	  	2.1(b)
	 “Rule 144A Global Note”
	  	2.1(b)
	 “Special Mandatory Redemption”
	  	3.8(a)
	 “Special Mandatory Redemption Date”
	  	3.8(a)
	 “Special Mandatory Redemption Price”
	  	3.8(a)
	 “Successor Company”
	  	5.1(a)(1)
	 “Successor Guarantor”
	  	5.1(b)(1)(A)
	 “Unrestricted Subsidiary”
	  	4.16(a)
	 “Verification Covenant”
	  	6.1

  
 46 

 SECTION 1.3. Rules of Construction. Unless the context otherwise
requires: 
 (1) a term has the meaning assigned to it herein; 

(2) an accounting term not otherwise defined herein has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

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

(5) unless otherwise specified, any reference to Section, Article or Exhibit refers to such Section, Article or Exhibit, as the
case may be, of this Indenture; 
 (6) provisions apply to successive events and transactions; 

(7) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not any particular Article, Section, clause or other subdivision; and 
 (8) references to sections
of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time. 

SECTION 1.4. Limited Condition Transactions. When calculating the availability under any basket or ratio under this
Indenture or compliance with any provision of this Indenture in connection with any Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the Incurrence or issuance of Debt and the use of
the proceeds thereof, the Incurrence of Liens, repayments, Restricted Payments and Asset Dispositions), in each case, at the option of the Issuer (the Issuer’s election to exercise such option, an “LCT Election”), the date of
determination for availability under any such basket or ratio and whether any such action or transaction is permitted (or any requirement or condition therefor is complied with or satisfied (including as to the absence of any Default or Event of
Default)) under this Indenture shall be deemed to be the date (the “LCT Test Date”) the definitive agreements for such Limited Condition Transaction are entered into (or, if applicable, the date of delivery of an irrevocable notice,
declaration of a dividend or similar event) and if, after giving pro forma effect to the Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the Incurrence or issuance of Debt and the
use of proceeds thereof, the Incurrence of Liens, repayments, Restricted Payments and Asset Dispositions) and any related pro forma adjustments, the Issuer or any of its Restricted Subsidiaries would have been permitted to take such actions or
consummate such transactions on the relevant LCT Test Date in compliance with such ratio, test or basket (and any related requirements and conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to have
been complied with 

  
 47 

 
(or satisfied) for all purposes; provided that (a) compliance with such ratios, tests or baskets (and any related requirements and conditions) shall not be determined or tested at any
time after the applicable LCT Test Date for such Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the Incurrence or issuance of Debt and the use of proceeds thereof, the Incurrence
of Liens, repayments, Restricted Payments and Asset Dispositions) and (b) Consolidated EBITDA for purposes of the Fixed Charge Coverage Ratio, First Lien Secured Net Leverage Ratio, Secured Net Leverage Ratio and the Total Net Leverage Ratio
will be calculated using an assumed interest rate based on the indicative interest margin contained in any financing commitment documentation with respect to such Debt or, if no such indicative interest margin exists, as reasonably determined by the
Issuer in good faith. 
 For the avoidance of doubt, if the Issuer has made an LCT Election, (1) if any of the ratios, tests or baskets
for which compliance was determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a result of fluctuations in any such ratio, test or basket,
including due to fluctuations in Consolidated EBITDA of the Issuer, such baskets, tests or ratios will not be deemed to have been exceeded or failed to have been complied with as a result of such fluctuations (and no Default or Event of Default
shall be deemed to have occurred due to such failure to comply), and (2) in calculating the availability under any ratio, test or basket in connection with any action or transaction unrelated to such Limited Condition Transaction following the
relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated and the date that the definitive agreement or date for redemption, purchase or repayment specified in an irrevocable notice for
such Limited Condition Transaction is terminated, expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested giving pro forma effect to such Limited
Condition Transaction. 
 The Trustee shall not be responsible, or have any liability, for the calculation of any basket or ratio under this
Indenture or compliance with any provision under this Indenture in connection with Section 1.4. 
 ARTICLE II 

THE NOTES 
 SECTION 2.1.
Form and Dating. The Notes shall be substantially in the form of Exhibit A attached hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall
be dated the date of its authentication. The Notes will be issued in registered form, without coupons, and in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The registered Holder will be treated as the owner of such Note
for all purposes. 
 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this
Indenture, and the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

  
 48 

 (a) The Notes shall be issued initially in the form of one or more Global
Notes, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Note Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Issuer and authenticated by the
Trustee as hereinafter provided. 
 Each Global Note shall represent such of the outstanding Notes as shall be specified
therein, and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges, redemptions and transfers of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the
Trustee or the Note Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.6. 

(b) The Initial Notes are being issued by the Issuer only (i) to “qualified institutional buyers” (as defined in
Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) and (ii) in reliance on Regulation S under the Securities Act (“Regulation S”). After such initial issuance, Initial Notes that are
Transfer Restricted Notes may be transferred to QIBs in reliance on Rule 144A, outside the United States pursuant to Regulation S, to IAIs or to the Issuer, in accordance with certain transfer restrictions. Initial Notes that are offered in reliance
on Rule 144A shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A and bear the Restricted Notes Legend (collectively, the “Rule 144A Global Note”), deposited with
the Note Custodian, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. Initial Notes that are offered in offshore transactions in reliance on Regulation S shall be issued in the form of one or more permanent Global
Notes substantially in the form set forth in Exhibit A and bear the Regulation S Legend (collectively, the “Regulation S Global Note”), deposited with the Note Custodian, duly executed by the Issuer and authenticated by the
Trustee as hereinafter provided. Initial Notes resold to IAIs in the United States shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A and bear the Restricted Notes Legend
(collectively, the “Institutional Accredited Investor Note”), deposited with the Note Custodian, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of each Global
Note may from time to time be increased or decreased by adjustments made on the records of the Note Custodian, at the direction of the Trustee. Transfers of Notes among QIBs, to or by purchasers pursuant to Regulation S and to or by IAIs shall be
represented by appropriate increases and decreases to the respective amounts of the appropriate Global Notes, as more fully provided in Section 2.15. 

(c) Section 2.1(b) shall apply only to Global Notes deposited with or on behalf of the Depositary. 

  
 49 

 The Issuer shall execute and the Trustee shall, in accordance with this
Section 2.1 and Section 2.2, authenticate and deliver the Global Notes that (i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered by the Trustee to the Depositary or
pursuant to the Depositary’s instructions or held by the Note Custodian for the Depositary. 
 SECTION 2.2. Execution and
Authentication. An Officer shall sign the Notes for the Issuer by manual, facsimile or PDF transmission signature. 
 If an
Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 

A Note shall not be valid until authenticated by the manual signature of a Responsible Officer of the Trustee. The signature of a Responsible
Officer of the Trustee shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee shall, upon
receipt of a written order of the Issuer signed by an Officer of the Issuer (an “Authentication Order”) directing the Trustee to authenticate the Notes and, with respect to any Additional Notes, an Officers’ Certificate and
Opinion of Counsel stating that all conditions precedent to the issuance of the Notes contained herein have been complied with, authenticate Notes for original issue in the aggregate principal amount stated in such written order. 

The Trustee may appoint an authenticating agent reasonably acceptable to the Issuer to authenticate Notes. Unless limited by the terms of such
appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent or agents. An authenticating agent has the same
rights as an Agent to deal with Holders or the Issuer. 
 SECTION 2.3. Registrar; Paying Agent. The Issuer shall maintain
(i) an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and (ii) an office or agency where Notes may be presented for payment to a Paying Agent. The Registrar shall
keep a register of the Notes and of their transfer and exchange. The Issuer may appoint one or more co-registrars and one or more additional Paying Agents. The term “Registrar” includes any co-registrar, and the term “Paying Agent” includes any additional Paying Agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer and/or any Restricted Subsidiary
may act as Paying Agent or Registrar. 
 The Issuer shall notify the Trustee in writing, and the Trustee shall notify the Holders, of the
name and address of any Agent not a party to this Indenture. The Issuer shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain a Registrar or Paying Agent, or fails
to give the foregoing notice, the Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with Section 7.6. 

The Issuer initially appoints the Trustee to act as the Registrar and Paying Agent at the Corporate Trust Office of the Trustee. 

The Issuer initially appoints DTC to act as the Depositary with respect to the Global Notes. 

  
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 SECTION 2.4. Paying Agent to Hold Money in Trust. The Issuer shall
require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or interest on the
Notes, and shall notify the Trustee of any Default by the Issuer in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay to the Trustee all money held by it in trust for the benefit of the Holders
or the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it in trust for the benefit of the Holders or the Trustee to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or any
of its Subsidiaries) shall have no further liability for such money. If the Issuer or any of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying
Agent. Upon the occurrence of any of the events specified in Section 6.1, the Trustee shall serve as Paying Agent for the Notes. 

SECTION 2.5. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders, including the aggregate principal amount of the Notes held by each Holder thereof. 

SECTION 2.6. Book-Entry Provisions for Global Notes. 

(a) Each Global Note shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such
Depositary, (ii) be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Note Custodian for the Depositary and (iii) bear the Global Note legends as required by Section 2.6(e).

 Members of, or Participants in, the Depositary shall have no rights under this Indenture with respect to any Global Note
held on their behalf by the Depositary, or the Note Custodian, or under such Global Note, and the Depositary may be treated by the Issuer, and the Trustee or any Agent and any of their respective agents, as the absolute owner of such Global Note for
all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any Agent or their respective agents from giving effect to any written certification, proxy or other authorization furnished by the
Depositary or impair, as between the Depositary and its Participants, the operation of customary practices governing the exercise of the rights of an owner of a beneficial interest in any Global Note. 

Neither the Trustee nor any Agent shall have any responsibility or obligation to any Holder that is a member of (or a
Participant in) the Depositary or any other Person with respect to the accuracy of the records of the Depositary (or its nominee) or of any member or Participant thereof, with respect to any ownership interest in the Notes or with respect to the
delivery of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to the Notes. The Trustee and any Agent may rely (and shall be fully protected in
relying) upon information furnished by the Depositary with respect to its members, Participants and any beneficial owners in the Notes. 

  
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 Neither the Trustee nor any Agent shall have any responsibility for any
actions taken or not taken by the Depositary. 
 (b) Transfers of a Global Note shall be limited to transfers of such Global
Note in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Note may be transferred in accordance with Section 2.15 and the rules and procedures of the Depositary.
In addition, certificated Notes shall be transferred to beneficial owners in exchange for their beneficial interests only if (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for the Global Notes
and a successor depositary is not appointed by the Issuer within 90 days of such notice, (ii) the Depositary ceases to be a “clearing agency” registered under the Exchange Act and a successor depositary is not appointed by the Issuer
within 90 days of such notice, (iii) an Event of Default of which a Responsible Officer of the Trustee has written notice has occurred and is continuing and the Registrar has received a request from any Holder of a Global Note to issue such
certificated Notes or (iv) the Issuer, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of certificated Notes. 

(c) In connection with the transfer of an entire Global Note to beneficial owners pursuant to Section 2.6(b), such Global
Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee shall authenticate and deliver to each beneficial owner identified by the Depositary in exchange for its beneficial interest in
such Global Note an equal aggregate principal amount of certificated Notes of authorized denominations. 
 (d) The registered
Holder of a Global Note may grant proxies and otherwise authorize any Person, including Participants and Persons that may hold interests through Participants, to take any action that a Holder is entitled to take under this Indenture or the Notes.

 (e) Each Global Note shall bear the Global Note Legend on the face thereof. 

(f) At such time as all beneficial interests in Global Notes have been exchanged for certificated Notes, redeemed, repurchased
or cancelled, all Global Notes shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for certificated
Notes, redeemed, repurchased or cancelled, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note, by the Trustee or the Note Custodian, at the direction of the
Trustee, to reflect such reduction. 
 (g) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global
Notes and certificated Notes upon receipt of an Authentication Order in accordance with Section 2.2 or at the Registrar’s request. 

  
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 (2) No service charge shall be made to a Holder for any registration of
transfer or exchange, but Holders will be required to pay all taxes due on such transfer or exchange (other than any such stamp or transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Section 2.7,
Section 2.10, Section 3.6, Section 4.10, Section 4.13 or Section 9.4). 
 (3) All Global Notes and
certificated Notes issued upon any registration of transfer or exchange of Global Notes or certificated Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes (or interests therein) or certificated Notes surrendered upon such registration of transfer or exchange. 
 (4)
The Registrar is not required (A) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes under Section 3.2 hereof and ending at the
close of business on the day of such selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register
the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
 (5) Prior to
due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of
principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent, or the Issuer shall be affected by notice to the contrary. 

(6) The Trustee shall authenticate Global Notes and certificated Notes in accordance with the provisions of Section 2.2.
Except as provided in Section 2.6(b), neither the Trustee nor the Registrar shall authenticate or deliver any certificated Note in exchange for a Global Note. 

(7) Each Holder agrees to indemnify the Issuer and the Trustee against any liability that may result from the transfer,
exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law. 

(8) Neither the Trustee nor any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with
any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or beneficial owners of interests in any Global Note)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. 

  
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 (9) The transferor of any Note held in certificated form shall provide or
cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Internal
Revenue Code of 1986, as amended. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

SECTION 2.7. Replacement Notes. If any mutilated Note is surrendered to the Trustee, the Registrar or the Issuer and the
Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuer shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s
requirements are met. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating
agent from any loss that any of them may suffer if a Note is replaced. The Issuer, the Trustee and the Agents may charge for their expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 SECTION 2.8. Outstanding Notes. The Notes outstanding at
any time are all the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and
those described in this Section 2.8 as not outstanding. Except as set forth in Section 2.9, a Note does not cease to be outstanding because Holdings, the Issuer, the Subsidiary Guarantors or any of their respective Affiliates holds the
Note. 
 If a Note is replaced pursuant to Section 2.7, it ceases to be outstanding unless the Trustee receives proof satisfactory to
it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under Section 4.1
hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Issuer, a Subsidiary or an
Affiliate of any thereof) holds, on the maturity date or date of redemption, money sufficient to pay all amounts under the Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease
to accrue interest and will not be deemed to be outstanding. 
 SECTION 2.9. Treasury Notes. In determining whether the
Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by Holdings, the Issuer, the Subsidiary Guarantors or by any of their respective Affiliates shall be considered as though not
outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes of which a Responsible Officer of the Trustee has written notice as being so owned shall
be so disregarded. Notwithstanding the foregoing, Notes that are to be acquired by the Issuer or an Affiliate of the Issuer pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be owned by such entity until legal
title to such Notes passes to such entity. 

  
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 SECTION 2.10. Temporary Notes. Until certificated Notes are ready for
delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Issuer considers
appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee shall upon receipt of a written order of the Issuer signed by one Officer, authenticate certificated Notes in certificate form in exchange for
temporary Notes. 
 Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 

SECTION 2.11. Cancellation. The Issuer at any time may deliver to the Trustee for cancellation any Notes previously
authenticated and delivered hereunder or which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee. All Notes surrendered for registration of transfer, exchange or payment, if
surrendered to any Person other than the Trustee, shall be delivered to the Trustee. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. Subject to Sections 2.7
and 2.16, the Issuer may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with its customary
practice. 
 SECTION 2.12. Defaulted Interest. If the Issuer defaults in a payment of interest on the Notes, it shall pay
the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, which date shall be the earliest practicable date but in all
events at least five Business Days prior to the payment date, in each case at the rate provided in the Notes and in Section 4.1; provided that no special record date shall be required with respect to any defaulted interest that is paid
within the applicable grace period. The Issuer shall fix or cause to be fixed each such special record date and payment date and shall promptly thereafter notify the Trustee of any such date. At least 15 days before the special record date, the
Issuer (or the Trustee, in the name and at the expense of the Issuer) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. The Trustee will
have no duty whatsoever to determine whether any defaulted interest is payable or the amount thereof. 
 SECTION 2.13. Computation
of Interest. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

SECTION 2.14. CUSIP and ISIN Numbers. The Issuer in issuing the Notes may use “CUSIP” and “ISIN”
numbers, and, if it does so, the Trustee shall use the CUSIP and/or ISIN number in notices of redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or
accuracy of such numbers printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or exchange shall not be affected by any defect in or omission of
such numbers. The Issuer shall promptly notify the Trustee in writing of any change in the CUSIP number and ISIN number. 

  
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 SECTION 2.15. Transfer and Exchange. 

(a) The following provisions shall apply with respect to any proposed transfer of a Rule 144A Note or an Institutional
Accredited Investor Note prior to the date which is six months after the later of the date of its original issue, the original issue date of any Additional Notes and the last date on which the Issuer or any Affiliate of the Issuer was the owner of
such securities (or any predecessor thereto) (the “Resale Restriction Termination Date”): 
 (1) a transfer
of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee, in the form of assignment as set forth on the reverse of the Note, that it is
purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by Rule 144A; 
 (2) a transfer of a Rule 144A
Note or an Institutional Accredited Investor Note or a beneficial interest therein to an IAI shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit D from the proposed
transferee and, if requested by the Issuer or the Trustee, the receipt by the Trustee or its agent of an Opinion of Counsel, certification and/or other information satisfactory to each of them; and 

(3) a transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to a non-U.S. person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit C from the proposed transferor and, if requested by the Issuer or the
Trustee, the delivery of an Opinion of Counsel, certification and/or other information satisfactory to each of them. 
 After the Resale
Restriction Termination Date, interests in a Rule 144A Note or an Institutional Accredited Investor Note may be transferred in accordance with applicable law without requiring the certifications set forth under Exhibit C or Exhibit D
or any additional certification. 

  
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 (b) The following provisions shall apply with respect to any proposed
transfer of a Regulation S Note prior to the date which is 40 days after the later of the Issue Date, the closing date of the issuance of any Additional Notes and when the Notes or any predecessor of the Notes are first offered to Persons other than
distributors (as defined in Rule 902 of Regulation S) in reliance on Regulation S (the “Restricted Period”): 

(1) a transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon the representation of the
transferee, in the form of assignment as set forth on the reverse of the Note, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB,
and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; 

(2) a transfer of a Regulation S Note or a beneficial interest therein to an IAI shall be made upon receipt by the Trustee
or its agent of a certificate substantially in the form set forth under Exhibit D from the proposed transferee and, if requested by the Issuer or the Trustee, the delivery of an Opinion of Counsel, certification and/or other information
satisfactory to each of them; and 
 (3) a transfer of a Regulation S Note or a beneficial interest therein to a non-U.S. person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit C hereof from the proposed transferor and, if requested by the Issuer
or the Trustee, receipt by the Trustee or its agent of an Opinion of Counsel, certification and/or other information satisfactory to each of them. 

After the expiration of the Restricted Period, interests in the Regulation S Note may be transferred in accordance with applicable law without
requiring the certifications set forth under Exhibit C or Exhibit D or any additional certification 
 (c) In
the event that a Global Note is exchanged for Notes in certificated, registered form pursuant to Section 2.6, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of clauses
(a) and (b) of this Section 2.15 above (including the certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation S, as the case may be) and such other procedures as may from time to time be
adopted by the Issuer and notified to the Trustee in writing. 
 (d) Restricted Notes Legend. Upon the transfer,
exchange or replacement of Notes not bearing the Restricted Notes Legend, the Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing the Restricted Notes Legend, the
Registrar shall deliver only Notes that bear the Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer to the effect that neither such legend nor the related restrictions on
transfer are required in order to maintain compliance with the provisions of the Securities Act. 

  
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 (e) Regulation S Legend. Upon the transfer, exchange or replacement
of Notes not bearing the Regulation S Legend, the Registrar shall deliver Notes that do not bear the Regulation S Legend. Upon the transfer, exchange or replacement of Notes bearing the Regulation S Legend, the Registrar shall deliver only Notes
that bear the Regulation S Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer to the effect that neither such legend nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities Act. 
 (f) General. By its acceptance of any Note bearing
the Restricted Notes Legend or the Regulation S Legend, as applicable, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend or the Regulation S Legend, as
applicable, and agrees that it shall transfer such Note only as provided in this Indenture. A transfer of a beneficial interest in a Global Note that does not involve an exchange of such interest for a certificated Note or a beneficial interest in
another Global Note shall be subject to compliance with applicable law and the applicable procedures of the Depositary but is not subject to any procedure required by this Indenture. 

In connection with any proposed transfer pursuant to Regulation S or pursuant to any other available exemption from the registration
requirements of the Securities Act (other than pursuant to Rule 144A), the Issuer may require the delivery of an Opinion of Counsel, other certifications or other information satisfactory to the Issuer. 

The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.15. 

SECTION 2.16. Issuance of Additional Notes. The Issuer shall be entitled to issue Additional Notes, without the consent of
Holders, in an unlimited aggregate principal amount under this Indenture that shall have identical terms as the Initial Notes, other than with respect to the date of issuance, issue price, first interest payment date applicable thereto, first date
from which interest will accrue, transfer restrictions, any registration rights agreement and additional interest with respect thereto; provided that such issuance is not prohibited by the terms of this Indenture, including Section 4.9
and provided, further, that if any Additional Notes are not fungible with the existing Notes for U.S. federal income tax purposes, as determined by the Issuer, such Additional Notes will have a separate CUSIP and ISIN numbers. The
Initial Notes and any Additional Notes shall be treated as a single class for all purposes under this Indenture. 
 With respect to any
Additional Notes, the Issuer shall set forth in an Officers’ Certificate, a copy of which shall be delivered to the Trustee, the following information: 

(1) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 

(2) the issue price, the issue date, the CUSIP and/or ISIN number of such Additional Notes, the first interest payment date and the amount of
interest payable on such first interest payment date applicable thereto and the date from which interest shall accrue; 

  
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 (3) whether such Additional Notes shall be Transfer Restricted Notes; and 

(4) that such issuance is not prohibited by this Indenture. 

The Trustee shall, upon receipt of such Officers’ Certificate and Authentication Order (which may be included in the Officers’
Certificate), authenticate the Additional Notes in accordance with the provisions of Section 2.2 of this Indenture. 
 ARTICLE III 

REDEMPTION AND PREPAYMENT 

SECTION 3.1. Notices to Trustee. If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.7, it shall furnish to the Trustee, at least five Business Days (or such shorter period as is acceptable to the Trustee) before sending a notice of such redemption, an Officers’ Certificate setting forth the (i) the
paragraph of the Notes and/or section of this Indenture pursuant to which the redemption shall occur, (ii) redemption date (which, in the case of a redemption subject to conditions, may be subject to extension until such conditions are
satisfied), (iii) principal amount of Notes to be redeemed and (iv) the redemption price or the method for determining the redemption price. 

SECTION 3.2. Selection of Notes to Be Redeemed. In the event that less than all of the Notes are to be redeemed at any
time, the Trustee shall select the Notes (or portions of Notes) to be redeemed among the Holders in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not then
listed on a national security exchange, on a pro rata basis (except that any Notes represented by a Global Note will be redeemed by such method the Depositary may require); provided, however, that no Notes of $2,000 in original
principal amount or less shall be redeemed in part. Notwithstanding anything to the contrary stated herein, to the extent any such Notes are held in the form of Global Notes, the Notes to be redeemed shall be selected in accordance with the
applicable procedures and requirements of DTC. 
 SECTION 3.3. Notice of Redemption. The Issuer shall mail or cause to be
mailed (in each case sent by first class mail) in accordance with Section 12.1 and, in the case of Global Notes given in accordance with DTC procedures, a notice of redemption (other than a Special Mandatory Redemption) pursuant to
Section 3.7 to each Holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee), at least ten days but not more than 60 days before the expected redemption date (except that notices may be delivered more than 60
days before a redemption date if the notice is issued in accordance with Article VIII) (which, in the case of a redemption subject to conditions, may be subject to extension of not more than three months until such conditions are satisfied). 

The notice shall identify the Notes to be redeemed (including the name of the Notes, the series, “CUSIP” numbers and corresponding
“ISINs,” if applicable, interest rate, maturity date and, if known, certificate numbers) and shall state: 
 (1)
the redemption date (which, in the case of a redemption subject to conditions, may be subject to extension until such conditions are satisfied); 

  
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 (2) the redemption price (or the method by which it is to be determined);

 (3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after
the redemption date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a
Global Note will be made, as appropriate); 
 (4) the name and address of the Paying Agent; 

(5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(6) that, unless the Issuer defaults in making such redemption payment, interest, if any, on Notes called for redemption ceases
to accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to
which the Notes called for redemption are being redeemed; 
 (8) that no representation is made as to the correctness or
accuracy of the CUSIP number and ISIN number, if any, listed in such notice or printed on the Notes; and 
 (9) any
conditions precedent to such redemption. 
 At the Issuer’s written request, the Trustee shall give the notice of redemption in the
Issuer’s name and at the Issuer’s expense; provided, however, that the Issuer shall have delivered to the Trustee, at least five Business Days prior to the date of the giving of the notice of redemption (or such shorter
period as is acceptable to the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in the notice as provided in the preceding paragraph. The notice sent in the manner
herein provided shall be deemed to have been duly given whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note shall not affect the validity of the proceeding
for the redemption of any other Note. 
 SECTION 3.4. Effect of Notice of Redemption. Subject to the next paragraph, once
notice of redemption is delivered in accordance with Section 3.3, Notes called for redemption become due and payable on the redemption date at the applicable redemption price. 

Any redemption notice may, at the Issuer’s discretion, be subject to the satisfaction or waiver of one or more conditions precedent,
including completion of an Equity Offering, financing transaction, change of control or other corporate transaction. In addition, if such redemption is subject to satisfaction or waiver of one or more conditions precedent, such notice shall state
that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied or waived (but not more than three months until such conditions are satisfied or waived), or such redemption
may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the redemption date, or by the redemption date so delayed. The Issuer shall provide written notice of the
satisfaction or waiver of such conditions, the delay of such redemption date or the rescission of such notice of redemption to the Trustee no later than the redemption date, and upon receipt the Trustee shall provide such notice to each holder of
the Notes in the same manner in which the notice of redemption was given. 

  
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 SECTION 3.5. Deposit of Redemption Price. On or before 11:00 a.m. (New
York City time) on the redemption date, the Issuer shall deposit with the Trustee or with the Paying Agent (other than the Issuer or an Affiliate of the Issuer) money sufficient to pay the redemption price, together with accrued and unpaid interest,
if any, to the applicable redemption date on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts
necessary to pay the redemption price and accrued and unpaid interest, if any, to the applicable redemption date on all Notes to be redeemed. 

If the Issuer has deposited with the Trustee or Paying Agent money sufficient to pay the redemption price of, and unpaid and accrued interest,
if any, on, all Notes to be redeemed, on and after the redemption, interest shall cease to accrue on the Notes or the portions of Notes called for redemption (regardless of whether certificates for such securities are actually surrendered). If a
Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such
record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption until
such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case, at the rate provided in the Notes and in Section 4.1. 

SECTION 3.6. Notes Redeemed in Part. Upon surrender and cancellation of a Note that is redeemed in part, the Issuer shall
issue and, upon the written request of an Officer of the Issuer, the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed portion of the Note surrendered and canceled;
provided that each such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 

SECTION 3.7. Optional Redemption. 

(a) The Notes may be redeemed, in whole or in part, at any time or from time to time prior to November 15, 2024 at the
option of the Issuer, at a redemption price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date (subject
to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 

(b) On or after November 15, 2024, the Issuer may, on any one or more occasions, redeem all or a part of the Notes at the
following redemption prices (expressed as percentages of the principal amount of the Notes to be redeemed) plus accrued and unpaid interest, if any, on the Notes redeemed to, but excluding, the applicable redemption date, if redeemed during the 12-month period beginning on November 15 of the years indicated below (subject to the rights of Holders of Notes on the relevant regular record date to receive interest due on the relevant interest payment date
that is on or prior to the applicable redemption date): 

  
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	 Year
	  	Redemption Price	 
	 2024
	  	 	102.063	% 
	 2025
	  	 	101.031	% 
	 2026 and thereafter
	  	 	100.000	% 

 (c) In the event that before November 15, 2024, the Issuer receives net cash proceeds from
one or more Equity Offerings, the Issuer may use an amount not greater than the amount of such net cash proceeds to redeem up to 40.0% of the original aggregate principal amount of all Notes issued (calculated after giving effect to any issuance of
Additional Notes) at a redemption price of 104.125% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date (subject to the rights of Holders of Notes on the relevant regular
record date to receive interest due on the relevant interest payment date that is on or prior to the applicable redemption date); provided that: 

(1) at least 50.0% of the aggregate principal amount of all Notes issued on the Issue Date remains outstanding after each such
redemption; and 
 (2) the redemption date is within 120 days of the consummation of any such Equity Offering. 

(d) If Holders of not less than 90.0% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw
such Notes in connection with any tender offer or other offer to purchase the Notes (including pursuant to a Change of Control Offer, Alternate Offer or an offer to purchase with the proceeds from any Asset Disposition) and the Issuer, or any other
Person making such offer in lieu of the Issuer, purchases all of the Notes validly tendered and not validly withdrawn by such Holders, the Issuer will have the right, upon not less than ten nor more than 60 days’ prior notice, to redeem all
Notes that remain outstanding following such purchase (and the Holders of such remaining Notes shall be deemed to have consented to surrender their Notes) at a redemption price in cash equal to the applicable price paid to holders in such purchase,
plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the date of
redemption). 
 (e) Nothing in this Indenture shall limit the ability of the Issuer or its Affiliates to purchase or acquire
Notes in open-market purchases, tender or exchange offers or other negotiated transactions or otherwise. 

  
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 SECTION 3.8. Special Mandatory Redemption. 

(a) If (i) the consummation of the Acquisition does not occur on or before December 31, 2021 (or such later date if
the end date is extended pursuant to the terms of the Acquisition Agreement) (the “End Date”) or (ii) the Issuer delivers a notice to the Trustee stating it has determined that the consummation of the Acquisition will not occur
on or before the End Date (the earlier of the date of delivery of such notice and the End Date, the “Acquisition Deadline”), the Issuer will be required to redeem all of the Notes issued on the Issue Date (the “Special
Mandatory Redemption”). The Special Mandatory Redemption will be required to occur by a date no later than ten days after the Acquisition Deadline, upon three days’ notice (the “Special Mandatory Redemption Date”) and
at a redemption price equal to 100% of aggregate principal amount of the Notes, plus accrued and unpaid interest on the Notes being redeemed, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special Mandatory Redemption
Price”). The Issuer will promptly, and in any event not more than three days after the Acquisition Deadline, deliver notice of the Special Mandatory Redemption to the Trustee, who will then promptly deliver such notice to each Holder of
Notes at its registered address or, with respect to Global Notes, in accordance with DTC procedures. If funds sufficient to pay the Special Mandatory Redemption Price of the Notes to be redeemed on the Special Mandatory Redemption Date are deposited
with the Trustee or the Paying Agent on or before such Special Mandatory Redemption Date, then on and after such Special Mandatory Redemption Date, the aggregate principal amount of Notes being redeemed will cease to bear interest. 

(b) Subject to Section 3.8(a) hereof, upon the occurrence of the closing of the Acquisition, the foregoing provisions
regarding the Special Mandatory Redemption will cease to apply. 
 ARTICLE IV 

COVENANTS 
 SECTION 4.1.
Payment of Notes. 
 (a) The Issuer shall pay or cause to be paid the principal of, premium, if any, and
interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid for all purposes hereunder on the date the Trustee or the Paying Agent (if other than the Issuer or a
Subsidiary thereof) holds, as of 11:00 a.m. (New York City time) on the relevant payment date, U.S. dollars deposited by the Issuer in immediately available funds and designated for and sufficient to pay all such principal, premium, if any, and
interest then due. 
 (b) The Issuer shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Code) on overdue principal at the rate equal to the then-applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Code) on overdue
installments of interest (without regard to any applicable grace period), at the same rate to the extent lawful. 
 SECTION 4.2.
Maintenance of Office or Agency. The Issuer shall maintain an office or agency in the United States where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon Holdings, the
Issuer and the Subsidiary Guarantors in respect of the Notes and this Indenture may be served. The Issuer shall give prompt 

  
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written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency in the United States for such
purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with
Section 2.3. 
 SECTION 4.3. Provision of Financial Information. 

(a) Whether or not the Issuer is subject to Section 13(a) or 15(d) of the Exchange Act, or any successor
provision thereto, the Issuer shall provide to the Trustee and Holders the annual reports, quarterly reports and other reports which the Issuer would have been required to file with the SEC pursuant to such Section 13(a) or 15(d), or any
successor provision thereto if the Issuer were so required, such documents to be provided to the Trustee and Holders on or prior to the respective dates by which the Issuer would have been required to file such documents with the SEC if the Issuer
were so required (including any applicable extensions thereof); provided that any such reports and documents filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”) (or any
successor system) or made publicly available on the Issuer’s website shall be deemed to have been delivered to the Trustee and the Holders of Notes for purposes of the foregoing requirements. 

(b) So long as any of the Notes remain outstanding, if at any time the Issuer is not subject to Section 13(a) or 15(d)
under the Exchange Act, the Issuer will make available to any prospective purchaser of Notes or beneficial owner of Notes, upon their request, the information required by Rule 144A(d)(4) under the Securities Act, until such time as the Holders of
the Notes, other than Holders that are Affiliates of the Issuer, are able to sell all such Notes immediately without restriction pursuant to the provisions of Rule 144 under the Securities Act, or any successor provision thereto. 

(c) The Issuer may satisfy its obligations under this Section 4.3 with respect to financial information relating to the
Issuer by furnishing financial information relating to any Parent Company; provided that, if and so long as such Parent Company has Independent Assets or Operations, the same is accompanied by consolidating information (which need not be
audited) that explains in reasonable detail the differences between the information relating to such Parent Company, on the one hand, and the information relating to the Issuer and its Restricted Subsidiaries on a stand-alone basis, on the other
hand. The Issuer will be deemed to have furnished the reports referred to in this Section 4.3 if the Issuer or any Parent Company has filed the corresponding reports containing such information relating to the Issuer or such Parent Company with
the SEC via the EDGAR filing system (or any successor system). 

  
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 (d) So long as any Notes are outstanding (unless restricted by law,
including in connection with any proposed securities offering), the Issuer will also: 
 (1) not later than fifteen Business
Days after filing or furnishing a copy of each of the reports referred to in Section 4.3(a) with the SEC or the Trustee, hold a conference call to discuss the results of operations for the relevant reporting period, with the opportunity to ask
questions of management (the Issuer may satisfy the requirements of this clause (1) by holding the required conference call within the time period required by this clause (1) as part of any earnings call of the Issuer or any Parent
Company); and 
 (2) issue a press release or otherwise announce to the Holders prior to the date of the conference call
required to be held in accordance with this paragraph, announcing the time and date of such conference call and either including all information necessary to access the call or directing Holders, prospective investors, broker-dealers and securities
analysts to contact the appropriate person at the Issuer or Parent Company to obtain such information. 
 (e) Any and all
Defaults or Events of Default arising from a failure to furnish in a timely manner any information required by this Section 4.3 shall be deemed cured (and the Issuer shall be deemed to be in compliance with this Section 4.3) upon
furnishing such information as contemplated by this Section 4.3 (but without regard to the date on which such financial statement or report is so furnished). 

(f) Delivery of reports and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute actual or constructive knowledge or notice of any information contained therein or determinable from information contained therein, including the Issuer’s or any Subsidiary Guarantor’s, as the case may be, compliance
with any of its covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates of the Issuer). The Trustee shall have no obligation or responsibility to determine whether the Issuer is required
to file any reports or other information with the SEC, whether the Issuer’s information is available on EDGAR (or any successor system) or the Issuer’s website or whether the Issuer has otherwise delivered any notice or report in
accordance with the requirements specified in this Section 4.3. The Trustee shall have no obligation to review or analyze reports, information and documents delivered to it, or participate on any conference calls. 

SECTION 4.4. Compliance Certificate. The Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal
year beginning with the fiscal year ending December 31, 2021, an Officers’ Certificate stating that, as to each such Officer signing such certificate, to his or her knowledge, the Issuer is not in default in the performance or observance
of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuer is taking
or proposes to take with respect thereto). 

  
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 The Issuer shall, so long as any of the Notes are outstanding, deliver to the Trustee,
within 30 days after any Officer becomes aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuer is taking or proposes to take with respect thereto. 

SECTION 4.5. Taxes. The Issuer shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency all
material taxes, assessments and governmental levies, except such as are contested in good faith and by appropriate proceedings and with respect to which appropriate reserves have been taken in accordance with GAAP or where the failure to effect such
payment is not adverse in any material respect to the Holders of the Notes. 
 SECTION 4.6. Stay, Extension and Usury
Laws. Holdings, the Issuer and each of the Subsidiary Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture, and Holdings, the Issuer and each of the Subsidiary Guarantors (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and
permit the execution of every such power as though no such law has been enacted. 
 SECTION 4.7. Limitation on Restricted
Payments. 
 (a) The Issuer shall not, and shall not permit any Restricted Subsidiary to: 

(1) directly or indirectly, declare or pay any dividend on, or make any distribution (including any payment in connection with
any merger or consolidation derived from assets of the Issuer or any Restricted Subsidiary) in respect of its Capital Stock or to the holders thereof in their capacity as holders of Capital Stock, other than: 

(i) any dividends or distributions by the Issuer payable solely in shares of its Capital Stock (other than Redeemable Stock)
or in options, warrants or other rights to acquire its Capital Stock (other than Redeemable Stock); and 
 (ii) in the case
of a Restricted Subsidiary, dividends or distributions payable to the Issuer or a Restricted Subsidiary or, in the case of dividends or distributions made by a Restricted Subsidiary that is not wholly owned, dividends or distributions are made on a
pro rata basis (or on a basis more favorable to the Issuer); 
 (2) purchase, redeem or otherwise acquire or retire for value
any Capital Stock of the Issuer or any parent thereof, other than in exchange for Capital Stock (other than Redeemable Stock) of the Issuer or any parent thereof; 

(3) make any Investment in any Person, other than a Permitted Investment; and 

  
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 (4) redeem, repurchase, defease, prepay or otherwise acquire or retire for
value, prior to any scheduled maturity, repayment or sinking fund payment, any Subordinated Debt (other than Debt owed by the Issuer or any Restricted Subsidiary of the Issuer to another Restricted Subsidiary of the Issuer or the Issuer, or any such
payment on Debt due within one year of the date of redemption, repurchase, defeasance, prepayment, decrease or other acquisition or retirement); 

(each of clauses (1) through (4) above being a “Restricted Payment”) unless: 

(i) no Default or Event of Default, or an event that with the passing of time or the giving of notice, or both, would
constitute an Event of Default, has occurred and is continuing or would result from such Restricted Payment; 
 (ii) after
giving pro forma effect to such Restricted Payment as if such Restricted Payment had been made at the beginning of the applicable four-fiscal-quarter period, the Issuer could Incur at least $1.00 of additional Debt pursuant to Section 4.9(a);
and 
 (iii) upon giving effect to such Restricted Payment, the aggregate amount of all Restricted Payments declared or made
subsequent to the Issue Date (other than pursuant to clauses (2) through (10) of Section 4.7(b)) does not exceed the sum of: 

(1) an amount (which may not be less than zero) equal to 50% of cumulative Consolidated Net Income (or, in the case
Consolidated Net Income shall be negative, less 100% of such deficit) of the Issuer since January 1, 2020 through the last day of the last full fiscal quarter ending immediately preceding the date of such Restricted Payment for which quarterly
or annual financial statements are publicly available (taken as a single accounting period); plus 
 (2) (i) 100% of the
aggregate net cash proceeds, and the Fair Market Value of property other than cash, in each case received by the Issuer or a Restricted Subsidiary after the Issue Date from contributions of capital or the issuance and sale (other than to a
Subsidiary of the Issuer and Excluded Contributions) of Capital Stock (other than Redeemable Stock) of the Issuer or any options, warrants or other rights to acquire Capital Stock (other than Redeemable Stock) of the Issuer, or any net payment
received by the Issuer in connection with the termination or settlement of options relating to its Capital Stock; provided that any such net proceeds received by the Issuer from an employee stock ownership plan financed by loans from the
Issuer or a Subsidiary of the Issuer shall be included only to the extent such loans have been repaid with cash on or prior to the date of determination, (ii) 100% of the aggregate net cash proceeds received by the Issuer after the Issue Date from
the issuance and sale of convertible or exchangeable Debt of the Issuer that has been converted into or exchanged for Capital Stock (other than Redeemable Stock and other than by or from 

  
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a Subsidiary of the Issuer and Excluded Contributions) of the Issuer; provided that any such net proceeds received by the Issuer from an employee stock ownership plan financed by loans
from the Issuer or a Subsidiary of the Issuer shall be included only to the extent such loans have been repaid with cash on or prior to the date of determination, and (iii) without duplication, any reduction of Debt on the balance sheet of the
Issuer to the extent such Debt is converted into or exchanged for Capital Stock of the Issuer (other than Redeemable Stock) after the Issue Date; plus 

(3) in the case of a Disposition, liquidation or repayment (including by way of dividends) of Investments by the Issuer and
its Restricted Subsidiaries, subsequent to the Issue Date, in any Person subject to clause (3) of Section 4.7(a) above, an amount (to the extent not included in Consolidated Net Income) equal to the lesser of the return on capital with
respect to such Investment and the initial amount of such Investment, in either case, less the cost of the Disposition of such Investment and net of taxes; plus 

(4) in the case of a designation of an Unrestricted Subsidiary as a Restricted Subsidiary, the Fair Market Value of the
Issuer’s interest in such Subsidiary; plus 
 (5) $125.0 million. 

(b) Notwithstanding the foregoing, Section 4.7(a) will not prohibit: 

(1) payment of any dividend on Capital Stock of any class within 60 days after the declaration thereof, or redemption of any
Subordinated Debt within 30 days after giving notice of redemption thereof, if, on the date when the dividend was declared or such notice of redemption given, the Issuer or such Restricted Subsidiary could have paid such dividend or redeemed such
Subordinated Debt in accordance with this Section 4.7; 
 (2) repayment or refinancing of any Subordinated Debt with
Permitted Refinancing Debt, or any Restricted Payment made in exchange for, by conversion into or out of the net proceeds of the substantially concurrent sale (other than from or to a Subsidiary of the Issuer or from or to an employee stock
ownership plan financed by loans from the Issuer or a Subsidiary of the Issuer) of shares of Capital Stock (other than Redeemable Stock) of the Issuer; 

(3) the acquisition of shares of Capital Stock in connection with (x) the exercise of employee or director stock options
or stock appreciation rights by way of cashless exercise and the withholding of a portion of such Capital Stock to pay taxes associated therewith, and (y) the purchase of fractional shares of Capital Stock of the Issuer or any Restricted
Subsidiary arising out of stock dividends, splits or combinations or business combinations, or in connection with the exercise of warrants, options or other securities convertible or exchangeable for Capital Stock of the Issuer or any Restricted
Subsidiary; 

  
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 (4) the acquisition of shares of the Issuer’s or any Parent
Company’s Capital Stock pursuant to equity repurchases from future, present or former directors, officers or employees (other than any employee, director or consultant that is a former, current or future employee, manager, member, equity
holder, partner, officer, director or agent of the Sponsor) in an amount of up to $7.5 million per any calendar year (and any portion of such $7.5 million not used in any calendar year may be carried forward to the next succeeding calendar
year); 
 (5) dividends on Redeemable Stock of the Issuer or a Restricted Subsidiary, or dividends on Preferred Stock of a
Restricted Subsidiary, in each case incurred in compliance with Section 4.9; 
 (6) the payment of cash in lieu of the
issuance of Capital Stock in connection with the conversion, retirement, repurchase or redemption of any series of convertible debt securities of the Issuer or its Restricted Subsidiaries; 

(7) upon the occurrence of a Change of Control, an Alternate Offer or an Asset Disposition and after the completion of the
Offer to Purchase under Section 4.10 or 4.13 (including the purchase of all Notes tendered and required to be purchased), any purchase, repurchase, redemption, defeasance, acquisition or other retirement for value of Subordinated Debt,
Redeemable Stock or Preferred Stock required under the terms thereof as a result of such Change of Control, Alternate Offer or Asset Disposition at a purchase or redemption price not to exceed 101% (in the case of a Change of Control or, in the case
of an Alternate Offer, at the applicable price thereof) or 100% (in the case of an Asset Disposition) of the outstanding principal amount thereof, plus accrued and unpaid interest thereon; provided that, in the case of an Asset Disposition,
such purchase, repurchase, redemption, defeasance, acquisition or other retirement for value of Subordinated Debt, Redeemable Stock or Preferred Stock does not exceed the Net Available Proceeds from such Asset Disposition; 

(8) the payment of the deferred purchase price or earn-outs, including holdbacks (and the receipt of any corresponding
consideration therefor), or payments with respect to fractional shares, in each case in connection with an acquisition to the extent such payment would have been permitted by this Indenture at the time of such acquisition; 

(9) Permitted Payments to Parent; 

(10) any payment that is intended to prevent any Debt from being treated as an “applicable high yield discount
obligation” within the meaning of Section 163(i)(1) of the Internal Revenue Code of 1986, as amended; 

  
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 (11) so long as the Ultimate Parent is listed on an internationally
recognized stock exchange, the declaration and payment of dividends on the Issuer’s Capital Stock (or the payment of dividends to any direct or indirect parent of the Issuer to fund the payment by any direct or indirect parent of the Issuer of
dividends on such entity’s Capital Stock) of up to 6.00% per annum of the Ultimate Parent’s Market Capitalization; 

(12) Restricted Payments that are made with Excluded Contributions; 

(13) Restricted Payments in an aggregate amount such that, after giving pro forma effect thereto, the Total Net Leverage Ratio
determined for the Reference Period most recently ended would not exceed 3.25 to 1.00; and 
 (14) other Restricted Payments
in an aggregate amount not to exceed the greater of (x) $125.0 million and (y) 25.0% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended in any fiscal year; 

provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (4), (5), (7),
(10), (13) and (14), no Default shall have occurred and be continuing or would otherwise occur as a consequence thereof. 

(c) For purposes of determining compliance with this Section 4.7, if a Restricted Payment meets the criteria of more than
one of the types of Restricted Payments described in clauses (1) through (14) of Section 4.7(b) or pursuant to Section 4.7(a), the Issuer, in its sole discretion, may order and classify, and subsequently reorder and reclassify, such
Restricted Payment in any manner in compliance with this Section 4.7. 
 SECTION 4.8. Limitation on Dividend and Other Payment
Restrictions Affecting Restricted Subsidiaries. 
 (a) The Issuer shall not, and shall not
permit any Restricted Subsidiary to, directly or indirectly, create or permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary: 

(1) to pay dividends (in cash or otherwise) or make any other distributions in respect of its Capital Stock owned by the Issuer
or any other Restricted Subsidiary or pay any Debt or other obligation owed to the Issuer or any other Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividends, distributions or liquidating
distributions prior to dividends, distributions or liquidating distributions being paid on Capital Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock); 

(2) to make loans or advances to the Issuer or any other Restricted Subsidiary; or 

(3) otherwise to transfer any of its property or assets to the Issuer or any other Restricted Subsidiary. 

  
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 (b) Notwithstanding the restrictions in Section 4.8(a), the Issuer may,
and may permit any Restricted Subsidiary to, suffer to exist any such encumbrance or restriction: 
 (1) pursuant to any
agreement in effect on the Issue Date (including the Senior Credit Facilities and other documents relating to the Senior Credit Facilities); 

(2) pursuant to this Indenture, the Notes, the Security Documents and the Subsidiary Guarantees; 

(3) pursuant to an agreement relating to any Debt Incurred by or Capital Stock of a Person (other than a Restricted Subsidiary
existing on the Issue Date or any Restricted Subsidiary carrying on any of the businesses of any such Restricted Subsidiary) prior to the date on which such Person became a Restricted Subsidiary and outstanding on such date and not Incurred in
connection with, or anticipation of, becoming a Restricted Subsidiary; provided that the Incurrence of such Debt was permitted under Section 4.9; 

(4) pursuant to an agreement effecting a renewal, refunding, replacement, refinancing or extension of Debt Incurred pursuant to
an agreement referred to in clause (1) or (3) of this Section 4.8(b); provided, however, that the provisions contained in such renewal, refunding, replacement, refinancing or extension agreement relating to such encumbrance
or restriction are not materially more restrictive, taken as a whole, than the provisions contained in the agreement being renewed, refunded, replaced, refinanced or extended (as conclusively determined by the Issuer in good faith); 

(5) in the case of a restriction described in clause (3) of Section 4.8(a), contained in any security agreement
securing Debt of a Restricted Subsidiary otherwise permitted under this Indenture, but only to the extent such restrictions restrict the transfer of the assets or property subject to such security agreement; provided that any such encumbrance
or restriction is released to the extent the underlying Lien is released or the related Debt repaid; 
 (6) customary
restrictions in leases (including capital leases), subleases, licenses, sublicenses, security agreements or mortgages or other purchase money obligations for property acquired in the ordinary course of business that impose restrictions on the
property purchased or leased of the nature described in clause (3) of Section 4.8(a); 
 (7) Liens permitted to be
incurred pursuant to Section 4.12 that limit the right of the debtor to Dispose of the assets subject to such Liens; 

(8) with respect to a Restricted Subsidiary, imposed pursuant to an agreement which has been entered into for the sale or
Disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary, provided that such restriction terminates if such transaction is closed or abandoned; 

  
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 (9) in bona fide contracts for the sale of any property or assets; 

(10) any encumbrance or restriction contained in the terms of any Debt or Capital Stock otherwise permitted to be Incurred
under this Indenture if the Issuer determines that any such encumbrance or restriction either (i) will not materially affect the Issuer’s ability to make principal or interest payments on the Notes and such restrictions are not materially
less favorable to Holders of Notes than is customary in comparable financings or (ii) are not materially more restrictive, taken as a whole, with respect to any Restricted Subsidiary than those in effect on the Issue Date with respect to that
Restricted Subsidiary pursuant to agreements in effect on the Issue Date or those contained in this Indenture or the Senior Credit Facilities, in each case as determined in good faith by the Board of Directors or an Officer of the Issuer; 

(11) restrictions applicable to Foreign Subsidiaries in agreements or instruments governing Debt of Foreign Subsidiaries; 

(12) if such encumbrance or restriction is the result of applicable laws or regulations; 

(13) customary provisions in joint venture agreements and other similar agreements entered into in the ordinary course of
business; 
 (14) restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary
course of business; or 
 (15) customary provisions restricting assignment of any agreement entered into in the ordinary
course of business. 
 SECTION 4.9. Limitation on Debt. 

(a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, Incur any Debt except that the Issuer and any
Restricted Subsidiary may Incur Debt if after giving pro forma effect to the Incurrence of such Debt and the receipt and application of the proceeds thereof the Fixed Charge Coverage Ratio of the Issuer would have been 2.00 to 1.00 or greater
(“Ratio Debt”); provided that, the aggregate principal amount of Debt incurred by Restricted Subsidiaries that are not Subsidiary Guarantors pursuant to this Section 4.9(a) shall not exceed $100.0 million. 

(b) Notwithstanding Section 4.9(a), the following Debt may be Incurred (collectively, the “Permitted
Debt”): 
 (1) Debt of the Issuer or any Restricted Subsidiary under one or more Debt Facilities in an aggregate
principal amount Incurred under this clause (1) at any one time outstanding not to exceed the sum of (i) $2,200.0 million, plus (ii) the greater of (x) $600.0 million and (y) the Borrowing Base, plus (iii) the greater
of (x) $325.0 million and (y) 60.0% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended, 

  
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plus (iv) an amount such that, after giving pro forma effect thereto, the First Lien Secured Net Leverage Ratio (treating all Debt Incurred under this clause (1) as secured by Liens on
the assets of the Issuer, including all undrawn amounts under the Issuer’s revolving portion of any Debt Facility) of the Issuer and its Restricted Subsidiaries would not exceed the greater of (A) 3.75 to 1.00 and (B) the First Lien
Secured Net Leverage Ratio of the Issuer immediately prior to giving effect to such transaction, plus, in the case of any refinancing of any Debt permitted under this clause (1) or any portion thereof, any increase in the amount of such Debt in
connection with any refinancing expenses, accrued and unpaid interest, premiums and other costs and expenses incurred in connection therewith; provided, that, solely for the purpose of calculating the First Lien Secured Net Leverage Ratio under this
clause (1), any outstanding Debt Incurred under this clause (1) that is unsecured or secured on a junior basis (in whole or in part) shall nevertheless be included in clause (1)(x) of the definition of “First Lien Secured Net Leverage
Ratio”; 
 (2) Debt of the Issuer or any Restricted Subsidiary outstanding on the Issue Date and not otherwise referred
to in clause (1) of this Section 4.9(b); 
 (3) Debt owed by the Issuer to any Restricted Subsidiary or Debt owed
by a Restricted Subsidiary to the Issuer or a Restricted Subsidiary; provided, however, that: 
 (A) any such
Debt owing by the Issuer or a Subsidiary Guarantor to a Restricted Subsidiary that is not a Subsidiary Guarantor shall be expressly subordinated to the prior payment in full in cash of all obligations with respect to the Notes, and 

(B) upon either the transfer or other Disposition by such Restricted Subsidiary or the Issuer of any Debt so permitted to a
Person other than the Issuer or another Restricted Subsidiary or the issuance (other than directors’ qualifying shares), sale, lease, transfer or other Disposition of shares of Capital Stock (including by consolidation or merger) of such
Restricted Subsidiary to a Person other than the Issuer or another Restricted Subsidiary such that it ceases to be a Restricted Subsidiary, the provisions of this clause (3) shall no longer be applicable to such Debt and such Debt shall be
deemed to have been Incurred at the time of such transfer or other Disposition; 
 (4) Debt consisting of the Notes (other
than any Additional Notes); 
 (5) the Subsidiary Guarantees and Guarantees by the Issuer or any Restricted Subsidiary of any
Debt of the Issuer or a Restricted Subsidiary permitted to be Incurred under this Indenture; 

  
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 (6) Debt of the Issuer or any of its Restricted Subsidiaries represented by
Capitalized Lease Obligations or purchase money obligations Incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in the business of the Issuer or such
Restricted Subsidiary, in an aggregate principal amount, including all Debt Incurred to refund or refinance any Debt Incurred pursuant to this clause (6), not to exceed, at any one time outstanding, the greater of (x) $200.0 million and (y)
35.0% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended determined at the time of Incurrence (it being understood that any Debt Incurred pursuant to this clause
(6) shall cease to be deemed Incurred or outstanding for purposes of this clause (6) but shall be deemed Incurred as Ratio Debt from and after the first date on which the Issuer or such Restricted Subsidiary could have Incurred such Debt
as Ratio Debt without reliance on this clause (6)); 
 (7) Debt of the Issuer or any Restricted Subsidiary consisting of or
pursuant to (i) Permitted Interest Rate, Currency or Commodity Price Agreements and (ii) Cash Management Agreements entered into in the ordinary course of business; 

(8) Permitted Acquisition Debt; 

(9) Debt of Foreign Subsidiaries, including all Debt Incurred to refund or refinance any Debt Incurred pursuant to this clause
(9), in an aggregate amount Incurred pursuant to this clause (9) at any one time outstanding not to exceed the greater of (x) $150.0 million and (y) 25.0% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for
the Reference Period most recently ended (it being understood that any Debt Incurred pursuant to this clause (9) shall cease to be deemed Incurred or outstanding for purposes of this clause (9) but shall be deemed Incurred as Ratio Debt
from and after the first date on which such Foreign Subsidiary could have Incurred such Debt as Ratio Debt without reliance on this clause (9)); 

(10) Permitted Refinancing Debt which is exchanged for or the proceeds of which are used to refinance or refund, or any
extension or renewal of Debt Incurred pursuant to Section 4.9(a) or pursuant to clause (2), (4), (5), (6), (8), (9), (16), (17), (21) of this Section 4.9(b) or this clause (10); 

(11) Obligations arising from agreements by the Issuer or a Restricted Subsidiary to provide for indemnification, purchase
price closing adjustments, deferred compensation, earn-outs or other similar obligations, in each case, Incurred in connection with any Investment or the acquisition or disposition of any business, assets or Subsidiaries; 

(12) Debt Incurred by the Issuer or its Restricted Subsidiaries under performance, bid, surety, release, appeal and similar
bonds and statutory obligations, Debt in respect of workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance, self-insurance obligations, and completion Guarantees (not for borrowed
money) provided in the ordinary course of business, pursuant to reimbursement or indemnification obligations, in each case incurred in the ordinary course of business, and reimbursement obligations in respect of any of the foregoing; 

  
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 (13) Debt Incurred in the ordinary course of business in connection with the
financing of insurance premiums; 
 (14) Debt of the Issuer or any of its Restricted Subsidiaries arising from the honoring
by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of business; 

(15) Debt Incurred and applied to repay the Notes; 

(16) Debt in respect of Promissory Notes issued to current or former officers, directors and employees (or their respective
family members, estates or trusts or other entities for the benefit of any of the foregoing) of the Ultimate Parent, the Issuer or their Subsidiaries to purchase or redeem Capital Stock or options of the Ultimate Parent or the Issuer in an aggregate
principal amount not to exceed $5.0 million at any time outstanding (it being understood that any Debt Incurred pursuant to this clause (16) shall cease to be deemed Incurred or outstanding for purposes of this clause (16) but shall
be deemed Incurred as Ratio Debt from and after the first date on which the Issuer or such Restricted Subsidiary could have Incurred such Debt as Ratio Debt without reliance on this clause (16)); 

(17) Debt Incurred on behalf of, or representing guarantees of Debt Incurred by, joint ventures; provided that the aggregate
principal amount of Debt Incurred or guaranteed pursuant to this clause (17) does not exceed the greater of (x) $210.0 million and (y) 40.0% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference
Period most recently ended (it being understood that any Debt Incurred pursuant to this clause (17) shall cease to be deemed Incurred or outstanding for purposes of this clause (17) but shall be deemed Incurred as Ratio Debt from and after
the first date on which the Issuer or such Restricted Subsidiary could have Incurred such Debt as Ratio Debt without reliance on this clause (17)); 

(18) Debt of a joint venture to the Issuer or a Restricted Subsidiary and to the other holders of Capital Stock of, or
participants in, such joint venture, so long as the percentage of the aggregate amount of such Debt of such joint venture owed to such holders of its Capital Stock or participants of such joint venture does not exceed the percentage of the aggregate
outstanding amount of the Capital Stock of such joint venture held by such holders or such participant’s participation in such joint venture; 

(19) Debt in respect of letters of credit, bank Guarantees or similar instruments issued to support performance obligations and
trade letters of credit (other than obligations in respect of other Debt) in the ordinary course of business and consistent with past practice or industry practices; 

  
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 (20) Debt of the Issuer or any Restricted Subsidiary in an amount such that,
after giving pro forma effect thereto, the Total Net Leverage Ratio of the Issuer and its Restricted Subsidiaries would not exceed the greater of (A) 5.25 to 1.00 and (B) the Total Net Leverage Ratio of the Issuer immediately prior to giving
effect to such transaction; and 
 (21) in addition to the items referred to in clauses (1) through (20) above, Debt of
the Issuer or any Restricted Subsidiary which, together with any other outstanding Debt Incurred pursuant to this clause (21), and including any renewals, extensions, substitutions, refinancings or replacements of such Debt, has an aggregate
principal amount at any one time outstanding, not to exceed the greater of (x) $300.0 million and (y) 45.0% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries determined for the Reference Period most recently ended determined
at the time of Incurrence (it being understood that any Debt Incurred pursuant to this clause (21) shall be deemed Incurred or outstanding for purposes of this clause (21) but shall be deemed Incurred as Ratio Debt from and after the first
date on which the Issuer or such Restricted Subsidiary could have Incurred such Debt as Ratio Debt without reliance on this clause (21)). 

(c) For purposes of determining compliance with, and the outstanding principal amount of any particular Debt Incurred pursuant
to, and in compliance with, this Section 4.9: 
 (1) in the event that Debt meets the criteria of more than one of the
types of Debt described in Section 4.9(a) and Section 4.9(b), the Issuer, in its sole discretion, may classify such item of Debt on the date of Incurrence (or later classify or reclassify such Debt, in its sole discretion) in any manner
permitted by Section 4.9 and shall only be required to include the amount and type of such Debt in one of such clauses; provided that all Debt outstanding on or prior to the Acquisition Closing Date (a) under the Term Loan Credit Agreement
shall be deemed Incurred under subclause (i) of Section 4.9(b)(1) and may not later be reclassified and (b) under the ABL Credit Agreement shall be deemed Incurred under subclause (ii) of Section 4.9(b)(1) and may not be
later reclassified; 
 (2) Guarantees of, or obligations in respect of letters of credit relating to, Debt which is otherwise
included in the determination of a particular amount of Debt shall not be included; 
 (3) the principal amount of any
Redeemable Stock or Preferred Stock of the Issuer or a Restricted Subsidiary will be equal to the greater of the maximum redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation
preference thereof; 

  
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 (4) Debt permitted by this Section 4.9 need not be permitted solely by
reference to one provision permitting such Debt but may be permitted in part by one such provision and in part by one or more other provisions of this Section 4.9 permitting such Debt; 

(5) any Receivables Sale shall be the amount for which there is recourse to the seller; 

(6) the amount of Debt issued at a price that is less than the principal amount thereof will be equal to the amount of the
liability in respect thereof determined in accordance with GAAP; and 
 (7) Debt, the proceeds of which are funded into an
escrow account or trust or similar arrangement pending the satisfaction of one or more conditions, unless and until such proceeds are released to the Issuer or any Restricted Subsidiary will not constitute Debt. 

(d) Accrual of interest, accrual of dividends, the accretion of accreted value, the payment of interest in the form of
additional Debt and the payment of dividends in the form of additional shares of Preferred Stock or Redeemable Stock will not be deemed to be an Incurrence of Debt for purposes of this Section 4.9. 

(e) For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Debt, the U.S.
dollar-equivalent principal amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was Incurred, in the case of term Debt, or first committed, in the case of
revolving credit Debt; provided that if such Debt is Incurred to refinance other Debt denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-dominated restriction to be exceeded if calculated at the
relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-dominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Debt does not exceed the principal amount
of such Debt being refinanced (plus unpaid accrued interest and the aggregate amount of premiums (including reasonable tender premiums) and underwriting discounts, defeasance costs and fees, discounts and expenses in connection therewith).
Notwithstanding any other provision of this Section 4.9, the maximum amount of Debt that the Issuer may Incur pursuant to this Section 4.9 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of
currencies. 
 SECTION 4.10. Limitation on Asset Dispositions. 

(a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, make any Asset Disposition unless: 

(1) the Issuer or such Restricted Subsidiary, as the case may be, receives consideration for such Asset Disposition at least
equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Disposition) for the assets or Capital Stock sold or disposed of; 

  
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 (2) at least 75% of the consideration for such Asset Disposition and all
other Asset Dispositions since the Issue Date on a cumulative basis consists of: 
 (i) cash or Cash Equivalents; 

(ii) the assumption, forgiveness or cancellation of Debt of the Issuer or such Restricted Subsidiary (other than Debt that is
subordinated to the Notes or such Restricted Subsidiary’s Subsidiary Guarantee) relating to such assets and release from all liability on the Debt assumed, forgiven or cancelled; 

(iii) Replacement Assets, which, if the assets or property Disposed of was Collateral, must constitute Collateral; 

(iv) Designated Non-cash Consideration; or 

(v) any combination of the foregoing; and 

(3) to the extent that any consideration received by the Issuer (or such Restricted Subsidiary, as the case may be) in such
Asset Disposition constitutes property or other assets that are of a type or class that constitutes Collateral, such property or other assets are added to the Collateral securing the Notes in the manner and to the extent required by this Indenture
or any of the Security Documents with the Lien on such Collateral securing the Notes being of the same priority with respect to the Notes as the Lien on the property or assets disposed of in the Asset Disposition; 

provided that the amount of any consideration received by the Issuer or such Restricted Subsidiary that is converted
into cash or Cash Equivalents within 180 days of the closing of such Asset Disposition shall be deemed to be cash or Cash Equivalents for purposes of this Section 4.10(a) (to the extent of the cash received). The foregoing clauses (1) or
(2) of this Section 4.10(a) shall not apply with respect to any condemnation, event of loss or other involuntary Asset Disposition. 

(b) Within 365 days after the receipt of any Net Available Proceeds from an Asset Disposition, the Issuer (or the applicable
Restricted Subsidiary, as the case may be) may apply an amount equal to the amount of such Net Available Proceeds at its option, in any combination of the following: 

(1) to reduce obligations under Priority Lien Debt and, in the case of revolving loans, to correspondingly reduce commitments
with respect thereto; 
 (2) to reduce obligations under (i) Parity Lien Debt of the Issuer or any Subsidiary Guarantor,
including the Notes and, if the assets or property Disposed of in the Asset Disposition were not Collateral, Pari Passu Debt, and, in the case of revolving loans, to correspondingly reduce commitments with respect thereto (provided that, if the
Issuer or any Subsidiary Guarantor shall so reduce such obligations other than the Notes, the Issuer will (A) equally and ratably reduce obligations under the Notes as provided under Section 3.7 or through open-market

  
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purchases (to the extent such purchases are at or above 100.0% of the principal amount thereof) or (B) make an Offer to Purchase (in accordance with the procedures set forth in this
Indenture) to all Holders to purchase at a purchase price equal to 100.0% of the principal amount thereof, plus accrued and unpaid interest on, the principal amount of Notes that would otherwise be redeemed under subclause (A) above) or
(ii) if the assets or property Disposed of in the Asset Disposition were not Collateral, any Debt of any Restricted Subsidiary of the Issuer that is not a Subsidiary Guarantor, in each case, other than Debt owed to the Issuer or a Restricted
Subsidiary of the Issuer (and, in the case of revolving loans, to correspondingly reduce commitments with respect thereto); 

(3) to acquire Replacement Assets, which, if the assets or property Disposed of were Collateral, must constitute Collateral, or
make capital expenditures; provided that the Issuer or such Restricted Subsidiary will be deemed to have complied with its obligations under this Section 4.10(b) if it enters into a binding commitment to acquire Replacement Assets prior
to 365 days after the receipt of the applicable Net Available Proceeds and such acquisition of Replacement Assets is consummated prior to 545 days after the date of receipt of the applicable Net Available Proceeds; provided, further,
that upon any abandonment or termination of such commitment, the Net Available Proceeds not so applied shall constitute Excess Proceeds and be applied as set in Section 4.10(c) below; or 

(4) any combination of the foregoing. 

(c) Any Net Available Proceeds amounts that are not applied or invested as provided in Section 4.10(b) will constitute
“Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, or earlier, at the Issuer’s election, the Issuer will apply the Excess Proceeds to the repayment of the Notes and, if required by the
terms of any Parity Lien Debt, and if the assets or property Disposed of in the Asset Disposition was not Collateral, if required by the terms of any Pari Passu Debt, as follows: 

(1) the Issuer will make an Offer to Purchase from all Holders of the Notes in accordance with the procedures set forth in this
Indenture in the maximum principal amount (expressed in amounts of $2,000 or integral multiples of $1,000 in excess thereof) of Notes that may be purchased out of an amount (the “Note Amount”) equal to the product of such Excess
Proceeds multiplied by a fraction, the numerator of which is the outstanding principal amount of the Notes, and the denominator of which is the sum of the outstanding principal amount of the Notes and such Parity Lien Debt or Pari Passu Debt, as
applicable (subject to proration in the event such amount is less than the aggregate Offered Price for all Notes tendered); and 

(2) to the extent required by such Parity Lien Debt or Pari Passu Debt, the Issuer will make an offer to purchase or otherwise
repurchase or redeem Parity Lien Debt (a “Parity Lien Offer”) or Pari Passu Debt (a “Pari Passu Offer”), as applicable, in an amount (the “Parity Lien Debt Amount” or “Pari Passu Debt 

  
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Amount,” as the case may be) equal to the excess of the Excess Proceeds over the Note Amount. However, in no event will the Issuer be required to make a Parity Lien Offer or Pari
Passu Offer in a Parity Lien Debt Amount or Pari Passu Debt Amount, as applicable, exceeding the principal amount of such Parity Lien Debt or Pari Passu Debt plus the amount of any premium required to be paid to repurchase such Parity Lien Debt or
Pari Passu Debt, as applicable. 
 The offer price for the Notes will be payable in cash in an amount equal to 100% of the
principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding, the date such Offer to Purchase is consummated (the “Offered Price”), in accordance with the procedures set forth in this Indenture. To the
extent that the aggregate Offered Price of the Notes tendered pursuant to the Offer to Purchase is less than the Note Amount relating to the tendered Notes or the aggregate amount of Parity Lien Debt or Pari Passu Debt that is purchased in a Parity
Lien Offer or Pari Passu Offer, as applicable, is less than the Parity Lien Debt Amount or Pari Passu Debt Amount, as applicable, the Issuer may use any remaining Excess Proceeds for any purpose and the amount of Excess Proceeds under this Indenture
will be deemed zero. If the aggregate principal amount of Notes and Parity Lien Debt or Pari Passu Debt, as applicable, surrendered by holders thereof exceeds the amount of Excess Proceeds, the selection of the Notes and Parity Lien Debt or Pari
Passu Debt, as applicable, to be purchased shall be designated in writing by the Issuer to the Trustee on a pro rata basis to the extent practicable, by lot or by such other method as the Trustee shall deem fair and appropriate; provided,
that, in the case of Global Notes, beneficial interests in such Notes shall be repurchased on a pro rata basis based on amounts tendered only if such proration is consistent with the procedures of the applicable Depositary; otherwise, such
beneficial interests shall be selected for repurchase in accordance with such procedures. Upon the completion of the purchase of all the Notes tendered pursuant to an Offer to Purchase and the completion of a Parity Lien Offer or Pari Passu Offer,
as applicable, the amount of Excess Proceeds, if any, shall be reset at zero. 
 (d) If the Purchase Date is on or after an
interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of business on such
record date and will not be paid as part of the Offered Price. If the Issuer becomes obligated to make an Offer to Purchase pursuant to this Section 4.10, the Notes (in amounts of $2,000 and integral multiples of $1,000 in excess thereof), and
the Parity Lien Debt or Pari Passu Debt, as applicable, shall be purchased by the Issuer, at the option of the Holders thereof, in whole or in part, on a date that is not earlier than 30 days and not later than 60 days from the date the notice of
the Offer to Purchase is given to such Holders, or such later date as may be necessary for the Issuer to comply with the requirements under the Exchange Act. 

(e) Notwithstanding anything to the contrary set forth herein, to the extent that repatriation to the United States of any or
all of the Net Available Proceeds of any Asset Disposition by a Foreign Subsidiary (x) is prohibited or delayed by applicable local law or (y) would result in material adverse tax consequences (taking into account any foreign tax credit or
other net benefit actually realized in connection with such repatriation that would not otherwise be realized), as determined by the Issuer in its sole discretion, the portion of 

  
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such Net Available Proceeds so affected will not be required to be applied in compliance with this Section 4.10, and such amounts may be retained by the applicable Foreign Subsidiary;
provided that clause (x) of this Section 4.10(e) shall apply to such amounts for so long, but only for so long, as the applicable local law will not permit repatriation to the United States (the Issuer hereby agreeing to use
commercially reasonable efforts to cause the applicable Foreign Subsidiary to take all actions reasonably required by the applicable local law, applicable organizational impediments or other impediment to permit such repatriation), and if such
repatriation of any of such affected Net Available Proceeds is permitted under the applicable local law and is not subject to clause (y) of this Section 4.10(e), then such repatriation will be promptly effected and such repatriated Net
Available Proceeds will be applied (net of additional taxes payable or reserved against as a result thereof) in compliance with this Section 4.10. The time periods set forth in this Section 4.10 shall not start until such time as the Net
Available Proceeds may be repatriated (whether or not such repatriation actually occurs). 
 (f) The Issuer shall comply with
all applicable securities laws and regulations in the United States, including, without limitation, the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws and
regulations in connection with the purchase of Notes pursuant to an Offer to Purchase. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 4.10, the Issuer shall comply with the
applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.10 by virtue of such compliance. 

(g) The Issuer and the Guarantors will not enter into any agreement that requires the proceeds received from any sale of
Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Debt of any other Person, other than as permitted by this Indenture, the Notes and the Security Documents. 

SECTION 4.11. Limitation on Transactions with Affiliates. 

(a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, enter into any transaction or series of
related transactions having a value in excess of $5.0 million with or for the benefit of an Affiliate of the Issuer or a Restricted Subsidiary, including any Investment, either directly or indirectly, unless such transaction is on terms no less
favorable to the Issuer or such Restricted Subsidiary than those that could be obtained in a comparable arm’s-length transaction with an entity that is not an Affiliate or is otherwise fair to the Issuer
from a financial point of view. For any transaction or series of related transactions involving aggregate value in excess of $50.0 million, such transaction or series of related transactions is approved by either (x) a majority of the
Disinterested Directors of the Board of Directors of the Issuer or any Parent Company, if any, or in the event there is only one Disinterested Director, by such Disinterested Director, or (y) the audit committee of the Board of Directors of the
Issuer or any Parent Company (with any Director on such committee that is not a Disinterested Director recusing himself or herself). 

  
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 (b) The preceding requirements shall not apply to: 

(1) any transaction pursuant to agreements in effect on the Issue Date, as these agreements may be amended, modified,
supplemented, extended or renewed from time to time, so long as any such amendment, modification, supplement, extension or renewal is not more disadvantageous to the Holders in any material respect in the good faith judgment of the Board of
Directors or senior management of the Issuer, when taken as a whole, than the terms of the agreements in effect on the Issue Date; 

(2) any employment agreement, employee benefit arrangements or severance arrangements with any officer, director or employee,
including under any stock option or stock incentive plans, entered into by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business of the Issuer or such Restricted Subsidiary or approved by a majority of the disinterested
members of the Board of Directors; 
 (3) transactions between or among Holdings, the Issuer and/or its Restricted
Subsidiaries and any Guarantees issued by any Parent Company, the Issuer, Ultimate Parent or a Restricted Subsidiary for the benefit of the Issuer or a Restricted Subsidiary, as the case may be, in accordance with Section 4.9; 

(4) any transaction with any Person (x) that is not an Affiliate of the Issuer immediately before the consummation of such
transaction that becomes an Affiliate of the Issuer as a result of such transaction or (y) that is an Affiliate of the Issuer solely because the Issuer, directly or indirectly, owns Capital Stock in, or controls, such Person; 

(5) transactions with joint ventures entered into in the ordinary course of business; provided that no other Affiliate
of the Issuer (other than a Subsidiary thereof) directly or indirectly holds any Capital Stock of such joint venture; 
 (6)
payment of reasonable directors fees to Persons who are not otherwise employees of the Issuer; 
 (7) indemnities of
officers, directors and employees of Holdings, the Issuer or a Restricted Subsidiary (and, to the extent directly attributable to the operations of the Issuer and the other Restricted Subsidiaries, to any other Parent Company) pursuant to bylaws, or
statutory provisions or indemnification agreements or the purchase of indemnification insurance for any director or officer; 

(8) any Restricted Payment or Permitted Investment that is permitted to be made pursuant to Section 4.7; 

(9) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary
course of the business of Holdings, the Issuer and its Restricted Subsidiaries and otherwise in compliance with the terms of this Indenture; provided that, in the reasonable determination of the Issuer, such transactions are on terms that are
no less favorable to the Issuer or the relevant Restricted Subsidiary than those that could have been obtained at the time of such transactions in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person; 

  
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 (10) the grant, issuance or sale of Capital Stock (other than Redeemable
Stock) to Affiliates of the Issuer and the granting of registration rights and other customary rights in connection therewith; 

(11) any transaction as to which the Issuer delivers to the Trustee a written opinion of an investment banking firm of national
standing or other recognized independent expert with experience in appraising the terms and conditions of the type of transaction or series of related transactions for which an opinion is required stating that the transaction or series of related
transactions is fair to the Issuer or such Restricted Subsidiary from a financial point of view or stating that the terms are no less favorable to the Issuer or such Restricted Subsidiary than those that could be obtained in a comparable arm’s-length transaction with an entity that is not an Affiliate; 
 (12) any written
agreement entered into or assumed in connection with mergers or acquisitions of other businesses with Persons who were not Affiliates prior to such transactions; provided that such agreement was not entered into in contemplation of such
merger or acquisition, and any amendment thereto, so long as any such amendment is not disadvantageous to the Holders in the good faith judgment of the Board of Directors or senior management of the Issuer, when taken as a whole, as compared to the
applicable agreement as in effect on the date of such acquisition or merger; 
 (13) the entering into of any tax sharing
agreement or arrangement or any tax receivable agreement with Ultimate Parent or any Parent Company, or any transactions pursuant to any such agreement including the Tax Receivable Agreement; and 

(14) transactions relating to the reimbursement of the Sponsor or Affiliates of the Sponsor for reasonable out-of-pocket expenses and indemnification pursuant to the terms of the Advisory Agreement. 

SECTION 4.12. Limitation on Liens.  

(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur or assume any Lien (other than a Permitted Lien) on any property or assets (real or personal, tangible or intangible) of the Issuer or such Restricted Subsidiary. 

(b) If the Issuer or any Restricted Subsidiary (including any Subsidiary Guarantor) creates any Lien upon any property or
assets to secure any Parity Lien Debt or Priority Lien Debt, it must concurrently grant a first-priority Lien (subject to Permitted Liens) upon such property or assets that would constitute Fixed Asset Collateral or a second-priority Lien (subject
to Permitted Liens) upon such property or assets that would constitute Current Asset Collateral (other than Foreign Collateral) as security for the Notes or the applicable Subsidiary Guarantee such that the property or assets (other than Foreign
Collateral) subject to such Lien will constitute Collateral under this Indenture and the Security Documents. 

  
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 (c) Any Lien that is granted to secure the Notes or the applicable
Subsidiary Guarantee pursuant to the preceding paragraph shall be automatically and unconditionally released and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Notes or the Subsidiary Guarantee
under the preceding paragraph (other than a release as a result of the enforcement of remedies in respect of such Lien or the obligations secured by such Lien). 

(d) With respect to any Lien securing Debt that was permitted to secure such Debt at the time of the Incurrence of such Debt,
such Lien shall also be permitted to secure any Increased Amount of such Debt. The “Increased Amount” of any Debt means any increase in the amount of such Debt in connection with any accrual of interest, the accretion of accreted value,
the amortization of original issue discount, the payment of interest in the form of additional Debt with the same terms, accretion of original issue discount or liquidation preference, any fees, underwriting discounts, accrued and unpaid interest,
premiums and other costs and expenses incurred in connection therewith and increases in the amount of Debt outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Debt. 

SECTION 4.13. Offer to Purchase upon Change of Control. No later than 30 days after the occurrence of a Change of Control,
the Issuer will be required to make an Offer to Purchase (a “Change of Control Offer”), with a copy to the Trustee, all outstanding Notes at a purchase price equal to 101% of their principal amount plus accrued and unpaid interest,
if any, to, but excluding, the purchase date (the “Change of Control Purchase Price”) (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or
prior to the date of purchase). 
 On or before the Purchase Date, the Issuer will, to the extent lawful, deposit with the Paying Agent an
amount equal to the Change of Control Purchase Price in respect of the Notes or portions of Notes properly tendered. 
 On the Purchase
Date, the Issuer will, to the extent lawful: 
 (1) accept for payment all Notes or portions of Notes (of $2,000 or integral
multiples of $1,000 in excess thereof) properly tendered pursuant to the Change of Control Offer; and 
 (2) deliver or cause
to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. 

  
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 The Paying Agent will promptly deliver to each Holder who has so tendered Notes the Change
of Control Purchase Price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes so tendered, if any;
provided that each such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 
 If the
Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered at
the close of business on such record date and will not be paid as part of the Change of Control Purchase Price. 
 The Issuer will not be
required to make a Change of Control Offer upon a Change of Control if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a
Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not validly withdrawn under such Change of Control Offer, (ii) a notice of redemption for all outstanding Notes has been given, unless and until there is a
default in payment of the applicable redemption price, or (iii) in connection with or in contemplation of any publicly announced Change of Control, the Issuer has made an offer to purchase (an “Alternate Offer”) any and all
Notes validly tendered at a cash price equal to or higher than the Change of Control Purchase Price and has purchased all Notes validly tendered and not validly withdrawn in accordance with the terms of the Alternate Offer. 

Notwithstanding anything to the contrary contained herein, a Change of Control Offer or Alternate Offer may be made in advance of a Change of
Control, and conditioned upon the occurrence of a Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer or Alternate Offer. 

The Issuer shall comply, to the extent applicable, with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to an Offer to Purchase the Notes. To the extent that the provisions of any securities laws or regulations conflict with this
Section 4.13, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.13 by virtue of the conflict. 

Certain provisions under this Indenture relative to the Issuer’s obligation to make a Change of Control Offer may be waived or modified
with the written consent of the Holders of a majority in principal amount of the Notes then outstanding. 
 SECTION 4.14. Corporate
Existence. Subject to Article V, the Issuer shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership, limited liability company or other
existence of each of the Subsidiary Guarantors in accordance with the respective organizational documents (as the same may be amended from time to time) of the Issuer or any such Subsidiary Guarantor and the rights (charter and statutory), licenses
and franchises of the Issuer and the Subsidiary Guarantors; provided that the Issuer shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of the Subsidiary Guarantors,
if the Issuer shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders.

  
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 SECTION 4.15. Future Guarantees. 

(a) If any Domestic Subsidiary that is not already a Subsidiary Guarantor guarantees any Debt of the Issuer or a Subsidiary Guarantor under,
or borrows Debt under, the Senior Credit Facilities on or after the Issue Date, then such Domestic Subsidiary shall execute, within 30 days of the date on which it became a guarantor or borrower with respect to such other Debt, a supplemental
indenture in substantially the form attached hereto as Exhibit B, pursuant to which such Domestic Subsidiary shall become a Subsidiary Guarantor with respect to the Notes, upon the terms and subject to the release provisions and other
limitations set forth in this Indenture. 
 (b) Each Person that becomes a Subsidiary Guarantor after the Issue Date shall also become a
party to the applicable Security Documents and shall as promptly as practicable execute and deliver such security instruments, financing statements, mortgages, deeds of trust (in substantially the same form as those executed and delivered with
respect to the Collateral on the Issue Date or on the date first delivered in the case of Collateral which this Indenture provides may be delivered after the Issue Date (but no greater scope)) as may be necessary to vest in the Collateral Agent a
perfected first-priority security interest (subject to Permitted Liens) in properties and assets that constitute Fixed Asset Collateral and a perfected second-priority security interest (subject to Permitted Liens) in properties and assets that
constitute Current Asset Collateral, in either case, as security for such Subsidiary Guarantor’s Subsidiary Guarantee and as may be necessary to have such property or asset added to the Collateral as required under the Security Documents and
this Indenture, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such properties and assets to the same extent and with the same force and effect. 

SECTION 4.16. Designation of Restricted and Unrestricted Subsidiaries. 

(a) The Issuer, by delivery of an Officers’ Certificate to the Trustee, may designate any Restricted Subsidiary to be an
“Unrestricted Subsidiary,” in which event such Subsidiary and each other Person that is then or thereafter becomes a Subsidiary of such Subsidiary will be deemed to be an Unrestricted Subsidiary, if: (1) neither the Issuer nor any of
its other Subsidiaries (other than another Unrestricted Subsidiary) provides credit support for, or a Guarantee of, any Debt of such Subsidiary or any Subsidiary of such Subsidiary (including any undertaking, agreement or instrument evidencing such
Debt) or is directly or indirectly liable for any Debt of such Subsidiary or any Subsidiary of such Subsidiary, and no default with respect to any Debt of such Subsidiary or any Subsidiary of such Subsidiary (including any right which the holders
thereof may have to take enforcement action against such Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Debt of the Issuer and its Subsidiaries (other than another Unrestricted Subsidiary) to declare a default
on such other Debt or cause the payment thereof to be accelerated or payable prior to its final scheduled maturity, except, in either case, to the extent that the amount of any such Debt constitutes a Restricted Payment or Permitted Investment that
is made in compliance with Section 4.7; (2) such Subsidiary does not own any Capital Stock of, or does not own or hold any Lien on any property of, any other Restricted Subsidiary which is not a Subsidiary of the Subsidiary to be so designated
or otherwise an Unrestricted Subsidiary; (3) at the time of designation, the Issuer could make a Restricted Payment or Permitted Investment in an amount equal to the greater of the Fair Market Value and book value of its interest in such
Subsidiary pursuant to Section 4.7; (4) such Subsidiary is a Person with 

  
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respect to which neither the Issuer nor any of its Restricted Subsidiaries has any direct or indirect obligation to (a) subscribe for additional Capital Stock of such Subsidiary or
(b) maintain or preserve such Subsidiary’s financial condition or to cause such Subsidiary to achieve any specified levels of operating results, except in either case to the extent that the amount of any such obligation constitutes a
Restricted Payment or Permitted Investment that is made in compliance with Section 4.7; and (5) no Default shall have occurred and be continuing at the time of, or immediately after giving effect to, such designation. The designation of
any Restricted Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Issuer in such Subsidiary on the date of designation in an amount equal to the Fair Market Value of the Issuer’s Investment therein. 

(b) The Issuer, by delivery of an Officers’ Certificate to the Trustee, may at any time designate any Unrestricted Subsidiary to be a
Restricted Subsidiary of the Issuer if: (1)(x) the Issuer would be able to Incur at least $1.00 of additional Debt pursuant to Section 4.9(a), or (y) the Fixed Charge Coverage Ratio of the Issuer would not be less than the Fixed Charge
Coverage Ratio of the Issuer immediately prior to such designation, in each case on a Pro Forma Basis taking into account such designation; (2) all Liens of such Unrestricted Subsidiary outstanding immediately following such designation would,
if Incurred at such time, have been permitted to be Incurred for all purposes of this Indenture; and (3) no Default or Event of Default would occur and be continuing following such designation. The designation of any Unrestricted Subsidiary as
a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Investment, Debt or Liens of such Subsidiary existing at such time. 

SECTION 4.17. Covenant Suspension. 

(a) If on any date following the Issue Date (i) the Notes have an Investment Grade Rating from two Rating Agencies and (ii) no
Default or Event of Default has occurred and is then continuing, then, upon delivery by the Issuer to the Trustee of an Officers’ Certificate to the foregoing effect, the Issuer and the Restricted Subsidiaries will no longer be subject to the
following covenants: 
 (1) Section 4.7; 

(2) Section 4.8 

(3) Section 4.9; 

(4) Section 4.10, but only to the extent related to properties or assets of the Issuer or its Restricted Subsidiaries that
do not constitute Collateral; 
 (5) Section 4.11 

(6) Section 4.15, but only with respect to any Person that is required to become a Subsidiary Guarantor after the date of
the occurrence of the covenant suspension; and 
 (7) Section 5.1(a)(3). 

  
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 During any period that the foregoing covenants have been suspended, the Issuer shall not
designate any of the Issuer’s Subsidiaries as Unrestricted Subsidiaries pursuant to Section 4.16 unless such designation would have complied with Section 4.7 as if such covenant were in effect during such period. 

Upon the occurrence of a covenant suspension, the amount of Excess Proceeds from Net Available Proceeds shall be reset at zero. During any
period that the foregoing covenants have been suspended, any reference in the definition of “Unrestricted Subsidiary” or “Permitted Liens” to Section 4.9 or any provision thereof shall be construed as if such covenant had
remained in effect since the Issue Date and during such period. 
 (b) Notwithstanding the foregoing, if the Notes cease to have an
Investment Grade Rating from two Rating Agencies, the foregoing covenants will be reinstated as of and from the date of such rating decline, subject to further suspension in the future upon the satisfaction of the conditions described in
Section 4.17(a) above. Any Debt Incurred during a period when the covenants are suspended (a “suspension period”) will be classified as having been Incurred pursuant to Section 4.9(a). To the extent such Debt would not be
so permitted to be Incurred, such Debt will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under clause (2) of Section 4.9(b). Calculations under the reinstated Section 4.7 will be made as
if Section 4.7 had been in effect prior to, but not during, a suspension period. In addition: (i) for purposes of Section 4.8, all contracts entered into during a suspension period that contain any of the restrictions contemplated by
such covenant will be deemed to have been entered into pursuant to clause (1) of Section 4.8(b); and (ii) for purposes of Section 4.11, all agreements and arrangements entered into by the Issuer or any Restricted Subsidiary with
an Affiliate of the Issuer during a suspension period will be deemed to have been entered into pursuant to clause (1) of Section 4.11(b). No Default or Event of Default will be deemed to have occurred with respect to the suspended
covenants as a result of any actions taken by the Issuer or its Restricted Subsidiaries during a suspension period, and the Issuer and any Subsidiary of the Issuer will be permitted, without causing a Default or Event of Default or breach of any of
the suspended covenants (notwithstanding the reinstatement thereof) under this Indenture, to honor, comply with or otherwise perform any contractual commitments or obligations entered into during a suspension period following a downgrade and to
consummate the Transactions. 
 (c) Promptly following the occurrence of any suspension or reinstatement of the covenants as described
above, the Issuer shall provide an Officers’ Certificate to the Trustee regarding such occurrence. The Trustee shall have no obligation to monitor the ratings of the Notes or to independently determine or verify if a suspension or reinstatement
has occurred or notify the Holders of any suspension or reinstatement. The Trustee may provide a copy of such Officers’ Certificate to any Holder of the Notes upon written request. 

SECTION 4.18. Use of Proceeds Prior to the Consummation of the Acquisition. Prior to the earlier of (i) the date of the
consummation of the Acquisition and (ii) the date on which the Notes are redeemed by the Issuer pursuant to Section 3.8, the Issuer will not, and will not permit any of its Subsidiaries to, use the net proceeds from the issuance of the
Notes for any other purpose other than making investments in Cash Equivalents or consummating the Acquisition. Upon the consummation of the Acquisition, this Section 4.18 will automatically cease to be of any force or effect. 

  
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 SECTION 4.19. Limited Activities. Holdings will not engage in any business other
than its ownership of the capital stock of, and the management of, the Issuer and, indirectly, its Subsidiaries and activities incidental thereto; provided that Holdings may engage in those activities that are incidental to: 

(a) the maintenance of its existence in compliance with applicable law; 

(b) legal, tax and accounting matters in connection with any of the foregoing or following activities; 

(c) the entering into, and performing its obligations under, this Indenture, the other Security Documents to which it is a
party, the Advisory Agreement, the Term Loan Credit Agreement, the ABL Credit Agreement and the other definitive documentation entered into in connection therewith; 

(d) the issuance, sale or repurchase of its Equity Interests and the receipt of capital contributions; 

(e) the making of dividends or distributions on its Equity Interests; 

(f) the filing of registration statements, and compliance with applicable reporting and other obligations, under federal, state
or other securities laws; 
 (g) the listing of its equity securities and compliance with applicable reporting and other
obligations in connection therewith; 
 (h) the retention of (and the entry into, and exercise of rights and performance of
obligations in respect of, contracts and agreements with) transfer agents, private placement agents, underwriters, counsel, accountants and other advisors and consultants; 

(i) the performance of obligations under and compliance with its certificate of incorporation and by-laws, or any applicable law, ordinance, regulation, rule, order, judgment, decree or permit, including, without limitation, as a result of or in connection with the activities of its Subsidiaries; 

(j) the incurrence and payment of its operating and business expenses and any taxes for which it may be liable (including
reimbursement to Affiliates for such expenses paid on its behalf); 
 (k) the consummation of the Transactions; 

(l) the making of loans to or other Investments in, or incurrence of Debt from, the Issuer (or in the case of incurrence of
Debt, from any Wholly Owned Restricted Subsidiary which is a Subsidiary Guarantor) as and to the extent not prohibited by this Indenture; and 

(m) any other activity expressly contemplated by this Indenture to be engaged in by Holdings, including, without limitation,
repurchases of Debt of the Issuer under this Indenture and entry into and performance of guarantees of Permitted Debt and, subject to any applicable limitations set forth herein, other Permitted Debt of the Issuer and its Restricted Subsidiaries.

  
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 ARTICLE V 

SUCCESSORS 
 SECTION 5.1.
Consolidation, Merger, Conveyance, Transfer or Lease. 
 (a) The Issuer shall not consolidate with or merge
with or into, or convey, transfer or lease all or substantially all its assets in a single transaction or series of related transactions to, another Person, unless: 

(1) the resulting, surviving or transferee Person, if not the Issuer (the “Successor Company”), shall be a
corporation, partnership, trust or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company (if not the Issuer) shall expressly assume
all the obligations of the Issuer under this Indenture, the Security Documents and the Notes, pursuant to supplemental indentures or other documents or indentures executed and delivered to the Trustee and the Collateral Agent; 

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

 (3) except in the case of any such consolidation or merger of the Issuer with or into a Restricted Subsidiary, immediately
after giving pro forma effect to such transaction and treating any Debt which becomes an obligation of the Issuer or a Restricted Subsidiary as a result of such transaction as having been Incurred by the Issuer or such Restricted Subsidiary at the
time of the transaction, either (i) the Issuer (including any Successor Company) could Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to Section 4.9(a), or (ii) the Fixed Charge Coverage Ratio of the
Issuer or such Successor Company immediately after such transaction is not less than it was immediately before such transaction; 

(4) at the time of such transaction, each Guarantor, unless it is the other party to the transactions described above, will
have by supplemental indenture confirmed that its Subsidiary Guarantee shall apply to such Person’s obligations under this Indenture and the Notes and the Security Documents shall continue to be in effect and each Guarantor shall cause such
amendments, supplements or other instruments to be executed, filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by such Guarantor; 

  
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 (5) to the extent any property or assets of the Successor Company, or the
Person that is merged, amalgamated or consolidated with or into the Successor Company, are property or assets of the type that would constitute Collateral under the Security Documents, the Successor Company will take such action as may be reasonably
necessary or required to cause such property and assets to be made subject to a Lien securing the Notes pursuant to this Indenture and the Security Documents in the manner and to the extent required by this Indenture or any of the Security Documents
and shall take all reasonably necessary action so that such Lien is perfected, preserved and protected to the extent required by this Indenture and the Security Documents; 

(6) the Collateral owned by or sold, assigned, conveyed, leased, transferred or otherwise Disposed of to the Successor Company
shall (a) continue to constitute Collateral under this Indenture and the Security Documents, (b) be subject to the Lien in favor of the Collateral Agent for the benefit of the Trustee and the Holders of the Notes and (c) not be
subject to any Lien other than Permitted Liens or other Liens as permitted under Section 4.12; 
 (7) the Successor
Company shall become a party to the ABL Intercreditor Agreement and the Pari Passu Intercreditor Agreement by joinder or supplement; and 

(8) the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, stating that such
consolidation, merger, conveyance, transfer or lease and such supplemental indenture, if any, do not violate this Indenture. 

Notwithstanding the foregoing, (i) any Restricted Subsidiary may merge into the Issuer or another Restricted Subsidiary,
(ii) the provisions of clauses (2) or (3) above shall not apply to a merger of the Issuer with or into a Restricted Subsidiary and (iii) the above provisions shall not apply to any transfer of assets between or among the Issuer and
any Restricted Subsidiary. 
 For purposes of this Section 5.1(a), the sale, lease, conveyance, assignment, transfer, or
other Disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Issuer, which properties and assets, if held by the Issuer instead of such Subsidiaries, would constitute all or substantially all of the
properties and assets of the Issuer on a consolidated basis, shall be deemed to be the sale, lease, conveyance, assignment, transfer or other Disposition of all or substantially all of the properties and assets of the Issuer. 

The Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this
Indenture, and, except in the case of a lease of all or substantially all its assets, the Issuer will be released from the obligation to pay the principal of, and interest on, the Notes and all other obligations under this Indenture. 

  
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 (b) Except in circumstances under which this Indenture provides for the
release of Subsidiary Guarantees as described under Section 10.5, each Guarantor will not, and the Issuer will not permit a Guarantor to, consolidate with or merge with or into, or convey or transfer or lease all or substantially all its assets
to, another Person (other than the Issuer or another Guarantor), unless at the time and after giving effect thereto: 
 (1)

 (A) the resulting, surviving or transferee Person, if not the Guarantor (the “Successor Guarantor”),
shall be a corporation, partnership, trust or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Guarantor (if not the Guarantor) shall
expressly assume all the obligations of the Guarantor under this Indenture, its Guarantee and the Security Documents, pursuant to supplemental indentures or other documents or indentures, by supplemental indenture, executed and delivered to the
Trustee and the Collateral Agent; 
 (B) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing; 
 (C) to the extent any property or assets of the Successor Guarantor, or the Person
that is merged, amalgamated or consolidated with or into the Successor Guarantor, are property or assets of the type that would constitute Collateral under the Security Documents, the Successor Guarantor will take such action as may be reasonably
necessary or required to cause such property and assets to be made subject to a Lien securing the Notes pursuant to this Indenture and the Security Documents in the manner and to the extent required by this Indenture or any of the Security Documents
and shall take all reasonably necessary action so that such Lien is perfected, preserved and protected to the extent required by this Indenture and the Security Documents; 

(D) the Collateral owned by or sold, assigned, conveyed, leased, transferred or otherwise Disposed of to the Successor
Guarantor shall (a) continue to constitute Collateral under this Indenture and the Security Documents, (b) be subject to the Lien in favor of the Collateral Agent for the benefit of the Trustee and the Holders of the Notes and (c) not
be subject to any Lien other than Permitted Liens or other Liens as permitted under Section 4.12; 
 (E) the Successor
Guarantor shall become a party to the ABL Intercreditor Agreement and the Pari Passu Intercreditor Agreement by joinder or supplement; and 

(F) the Guarantor shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, stating that
such consolidation, merger, conveyance, transfer or lease and such supplemental indenture, if any, do not violate this Indenture; or 

  
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 (2) in the case of a Subsidiary Guarantor only, such transaction is
undertaken in compliance with Section 4.10. 
 For purposes of this Section 5.1(b), the sale, lease, conveyance,
assignment, transfer, or other Disposition of all or substantially all of the properties and assets of one or more Subsidiaries of a Guarantor, which properties and assets, if held by such Guarantor instead of such Subsidiaries, would constitute all
or substantially all of the properties and assets of such Guarantor on a consolidated basis, shall be deemed to be the sale, lease, conveyance, assignment, transfer or other Disposition of all or substantially all of the properties and assets of
such Guarantor. 
 The Successor Guarantor will succeed to, and be substituted for, and may exercise every right and power
of, the Guarantor under this Indenture and the Security Documents, but, in the case of a lease of all or substantially all its assets, the Guarantor will not be released from its obligations under its Guarantee. 

ARTICLE VI 
 DEFAULTS AND REMEDIES

 SECTION 6.1. Events of Default. Each of the following is an “Event of Default”: 

(1) failure to pay principal of (or premium, if any, on) any Note when due and payable, at maturity, upon redemption or
otherwise; 
 (2) failure to pay any interest on any Note when due and payable and such default continues for 30 days; 

(3) default in the payment of principal, premium and interest on Notes required to be purchased pursuant to an Offer to
Purchase as described under Section 4.13 when due and payable; 
 (4) failure to perform any other covenant or agreement
of the Issuer under this Indenture, the Notes or the Security Documents and such default continues for 60 days (or 120 days with respect to Section 4.3) after written notice to the Issuer by the Trustee or Holders of at least 25% in aggregate
principal amount of outstanding Notes; 
 (5) default under the terms of any instrument evidencing or securing any Debt of
Holdings, the Issuer or any Restricted Subsidiary having an outstanding principal amount of $100.0 million, individually or in the aggregate, which default results in the acceleration of the payment of all or any portion of such Debt or
constitutes the failure to pay all or any portion of the principal amount of such Debt when due at final maturity (after giving effect to any applicable grace period provided in such Debt) and if, within 30 days of such payment default or
acceleration, such Debt has not been discharged or such payment default has not been cured or such acceleration has not been rescinded or annulled; provided that in connection with any series of convertible or exchangeable securities
(a) any conversion or exchange of such securities by a holder thereof into shares of Capital Stock, cash or a combination of cash and shares of Capital Stock, (b) the rights of holders of such securities to convert or exchange into shares
of Capital Stock, cash or a combination of cash and shares of Capital Stock and (c) the rights of holders of such securities to require any repurchase by the Issuer of such securities in cash shall not, in itself, constitute an Event of Default
under this clause (5); 

  
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 (6) the rendering of one or more final judgments, orders or decrees (not
subject to appeal) of any court or regulatory or administrative agency against Holdings, the Issuer or any Restricted Subsidiary or any of their respective properties in an amount in excess of $100.0 million, individually or in the aggregate
(exclusive of any portion of any such payment covered by insurance) which remains undischarged or unstayed for a period of 60 days after the date on which the right to appeal has expired; 

(7) Holdings, the Issuer, any Significant Restricted Subsidiary or any group of Restricted Subsidiaries of the Issuer that,
taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Restricted Subsidiary, pursuant to or within the meaning of any Bankruptcy Code: 

(A) commences a voluntary case; 

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

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

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

(E) admits in writing to the Trustee that it generally is not paying its debts as they become due; 

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

(i) is for relief against Holdings, the Issuer or any Significant Restricted Subsidiary of the Issuer or group of Restricted
Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial statements for Holdings, the Issuer and its Restricted Subsidiaries), would constitute a Significant Restricted Subsidiary, in an involuntary case; 

(ii) appoints a custodian of Holdings, the Issuer or any Significant Restricted Subsidiary of the Issuer or group of
Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute a Significant Restricted Subsidiary or for all or substantially
all of the property of Holdings, the Issuer or any Significant Restricted Subsidiary of Holdings, the Issuer or group of Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial statements for
Holdings, the Issuer and its Restricted Subsidiaries), would constitute a Significant Restricted Subsidiary; or 

  
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 (iii) orders the liquidation of Holdings, the Issuer or any Significant
Restricted Subsidiary of the Issuer or group of Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial statements for Holdings, the Issuer and its Restricted Subsidiaries), would constitute a
Significant Restricted Subsidiary; 
 and, in each case, the order or decree remains unstayed and in effect for 60 consecutive days; 

(9) the Guarantee of any Guarantor is held by a final non-appealable order or judgment
of a court of competent jurisdiction to be unenforceable or invalid or ceases for any reason to be in full force and effect (other than in accordance with the terms of this Indenture) or any Guarantor or any Person acting on behalf of any Guarantor
denies or disaffirms such Guarantor’s obligations under its Guarantee (other than by reason of a release of such Guarantor from its Guarantee in accordance with the terms of this Indenture); 

(10) (x) any material provision of any Security Document, at any time, (a) ceases to be in full force and effect for any
reason other than in accordance with the terms of this Indenture and the Security Documents, or (b) is declared invalid or unenforceable by a court of competent jurisdiction, (y) the Issuer or any Guarantor contests in writing the validity
or enforceability of any provision of any Security Document or (z) the Issuer or any Guarantor denies in writing that it has any further liability under this Indenture, any Security Document or gives written notice to revoke or rescind any
Security Document or the perfected first-priority or second-priority, as applicable, Liens created thereby other than in accordance with the terms of this Indenture and the Security Documents; and 

(11) any Security Document covering a material portion of the Collateral for any reason (other than pursuant to the terms
thereof) ceases to create a valid and perfected first-priority or second-priority, as applicable, Lien on and security interest in any material Collateral covered thereby, subject to Permitted Liens, except (a) to the extent that any such
perfection or priority is not required pursuant to this Indenture and the Security Documents or results from the failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under
the Security Documents or (b) as to Collateral consisting of Real Property, to the extent that such losses are covered by a title insurance policy in favor of the Collateral Agent for its benefit and the benefit of the other Secured Parties and
such insurers have not denied or failed to acknowledge coverage. 
 Any notice of Default, notice of acceleration or instruction to the
Trustee to provide a notice of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each a “Directing Holder”) must be accompanied by a written
representation from each such Holder delivered to the Issuer and the Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that such Holder is being instructed solely 

  
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by beneficial owners that are not) Net Short (a “Position Representation”), which representation, in the case of a Noteholder Direction relating to the delivery of a notice of
Default shall be deemed a continuing representation until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder is deemed, at the time of providing a Noteholder
Direction, to covenant to provide the Issuer with such other information as the Issuer may reasonably request from time to time in order to verify the accuracy of such Holder’s Position Representation within five Business Days of request
therefor (a “Verification Covenant”). The Trustee shall have no duty whatsoever to obtain for, or provide such other information to, the Issuer. In any case in which the Holder is DTC or its nominee, any Position Representation or
Verification Covenant required hereunder shall be provided by the beneficial owner of the Notes in lieu of DTC or its nominee and DTC shall be entitled to conclusively rely on such Position Representation and Verification Covenant in delivering its
notice or instruction to the Trustee. 
 If, following the delivery of an Officers’ Certificate, but prior to acceleration of the
Notes, the Issuer determines in good faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee an Officers’ Certificate stating that the
Issuer has initiated litigation in a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Default, Event of Default or
acceleration (or notice thereof) that resulted from the applicable Noteholder Direction, the cure period with respect to such Default or Event of Default shall be automatically stayed and the cure period with respect to such Default or Event of
Default shall be automatically reinstituted and any remedy stayed pending a final and non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of an
Officers’ Certificate, but prior to acceleration of the Notes, the Issuer provides to the Trustee an Officers’ Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to such
Default or Event of Default shall be automatically stayed and the cure period with respect to any such Default or Event of Default that resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy stayed
pending satisfaction of such Verification Covenant. Any breach of the Position Representation shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without the participation of such Holder, the
percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Default
or Event of Default shall be deemed never to have occurred, acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Default or Event of Default; provided, however, such voiding of such
Noteholder Direction shall not void or invalidate any indemnity or security provided by the Directing Holders to the Trustee, which such indemnification or security obligations shall continue to survive. 

Notwithstanding anything in the preceding two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the
pendency of an Event of Default as the result of a bankruptcy or similar proceeding shall not require compliance with the foregoing paragraphs. 

  
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 For the avoidance of doubt, the Trustee shall be entitled to conclusively rely on any
Noteholder Direction delivered to it in accordance with this Indenture, and shall have no duty to inquire as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification Covenant, verify any statements in
any Officers’ Certificate delivered to it, or otherwise make calculations, investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. The Trustee
shall have no liability to the Issuer, any Holder or any other Person in acting in good faith on a Noteholder Direction, or on any Officers’ Certificate with respect to a Noteholder Direction or Verification Covenant, and the Issuer, any Holder
or any such other Person waives any and all claims, in law and/or in equity, against the Trustee and agrees not to commence any legal proceeding against the Trustee in respect of, and agrees that the Trustee will not be liable for any action that
the Trustee takes with respect to, a Noteholder Direction or Verification Covenant or any Officers’ Certificate with respect to a Noteholder Direction or Verification Covenant or in accordance with the foregoing paragraphs. The Issuer hereby
confirms that any and all actions that the Trustee takes or omits to take under this Section 6.1 and all fees, costs and expenses of the Trustee and its agents and counsel arising hereunder and in connection herewith shall be covered by the
Issuer’s indemnification under Section 7.6 hereof. 
 SECTION 6.2. Acceleration. If an Event of Default (other than an
Event of Default specified in clause (7) or (8) of Section 6.1) shall have occurred and be continuing under this Indenture, the Trustee, by written notice to the Issuer, or the Holders of at least 25.0% in aggregate principal amount of the
Notes then outstanding by written notice to the Issuer and the Trustee, may declare (an “acceleration declaration”) the principal of, and accrued and unpaid interest, if any, on all outstanding amounts owing under the Notes to be due and
payable. Upon such acceleration declaration, the aggregate principal of and accrued and unpaid interest, if any, on the outstanding Notes shall become due and payable immediately. 

At any time after such acceleration pursuant to this Section 6.2, but before a judgment or decree based on acceleration, the Holders of a
majority in aggregate principal amount of the Notes then outstanding may rescind and annul such acceleration if all Events of Default, other than an Event of Default specified in clause (1) of Section 6.1, have been cured or waived, and:

 (1) the rescission would not conflict with any judgment or decree; and 

(2) the Issuer has paid the Trustee its reasonable compensation and reimbursed the Trustee for its reasonable expenses,
disbursements and advances. 
 No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

If an Event of Default specified in clause (7) or (8) of Section 6.1 occurs, then all unpaid principal of, and accrued and unpaid
interest, if any, on all of the outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other action or notice on the part of the Trustee or any Holder of the Notes to the extent permitted by
applicable law. 
 SECTION 6.3. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any
available remedy to collect the payment of principal, premium, if any, and interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

  
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 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does
not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. All remedies are cumulative to the extent permitted by law. 
 SECTION 6.4. Waiver of Past Defaults. Subject
to Section 9.2, the Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may, on behalf of the Holders of all of the Notes, waive any existing Default or Event of Default and its
consequences under this Indenture except a continuing Default or Event of Default in the payment of interest or premium on, or the principal of, the Notes (other than any such payment that has become due because of an acceleration that has been
rescinded). 
 SECTION 6.5. Control by Majority. The Holders of a majority in aggregate principal amount of the then-outstanding
Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust power conferred on it. However, (i) the Trustee may require indemnity satisfactory to it be
furnished prior to taking such actions, (ii) the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining in
the giving of such direction (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such direction is unduly prejudicial to the rights of such other Holders) or that would involve any personal
liability for the Trustee and (iii) the Trustee may take any other action it deems proper that is not inconsistent with any such direction received from the Holders. 

SECTION 6.6. Limitation on Suits. Subject to Section 6.7, no Holder of a Note will have any right to institute any proceeding
with respect to this Indenture, or for the appointment of a receiver or a trustee, or for any other remedy thereunder (subject to the Intercreditor Agreements) unless (a) such Holder has previously given to the Trustee written notice of a
continuing Event of Default with respect to the Notes, (b) the Holders of at least 25% in aggregate principal amount of the outstanding Notes have made written request, and such Holder or Holders have offered to the Trustee indemnity
satisfactory to the Trustee to institute such proceeding as trustee, (c) the Trustee has failed to institute such proceeding, and (d) the Trustee has not received from the Holders of a majority in aggregate principal amount of the
outstanding Notes a direction inconsistent with such request, within 60 days after such notice, request and offer. However, such limitations do not apply to a suit instituted by a Holder of a Note for the enforcement of payment of the principal of
or any premium or interest on such Note on or after the applicable due date specified in such Note. 
 A Holder may not use this Indenture
to prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such use by a Holder prejudices the rights of
any other Holders or obtains priority or preference over such other Holders). 
 SECTION 6.7. Rights of Holders of Notes to Receive
Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of, premium or interest on, such Note or to bring suit for the enforcement of any such payment, on or after the due date
expressed in the Notes, shall not be modified or amended in a manner adverse to such Holder without the consent of the Holder. 

  
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 SECTION 6.8. Collection Suit by Trustee. If an Event of Default specified in
clauses (1) or (2) of Section 6.1 occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of, premium, if any, and
interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 6.9. Trustee May File Proofs of Claim. The Trustee
is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes including Holdings and the Subsidiary Guarantors), its creditors or its property and shall be entitled
and empowered to collect, receive and distribute any money or other securities or property payable or deliverable upon the conversion or exchange of the Notes or on any such claims, and any custodian in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.6. To the extent that the payment of any such compensation, expenses, disbursements and advances to the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.6 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding, whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing in this Section 6.9
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 6.10. Priorities. If the Trustee
collects or otherwise holds any money or property pursuant to this Article VI, it shall, subject to the terms of the Intercreditor Agreements, pay out the money and property in the following order: 

First: to the Trustee and the Collateral Agent, and their respective agents and attorneys, for amounts due under
Section 7.6, including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by it and the costs and expenses of collection; 

Second: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; 

  
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 Third: without duplication, to the Holders for any other obligations
owing to the Holders under this Indenture and the Notes; and 
 Fourth: to the Issuer or to such party as a court of
competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. 
 SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as the Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in
its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by Holders of more than 10.0% in principal amount of the then-outstanding Notes. 

SECTION 6.12. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right
or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings,
the Issuer, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been
instituted. 
 SECTION 6.13. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes in Section 2.7 hereof, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 6.14.
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event
of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case
may be. 

  
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 ARTICLE VII 

TRUSTEE AND COLLATERAL AGENT 

SECTION 7.1. Duties of Trustee and Collateral Agent. 

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

(b) (i) Except during the continuance of an Event of Default for the Trustee; and (ii) at all times for the
Collateral Agent: 
 (1) the duties of the Trustee and the Collateral Agent shall be determined solely by the express
provisions of this Indenture and the Security Documents and no implied covenants or obligations shall be read into this Indenture or the Security Documents against the Trustee and the Collateral Agent; and 

(2) the Trustee and the Collateral Agent may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and the Collateral Agent, as applicable, and conforming to the requirements of this Indenture and the Security Documents (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein); however, the Trustee shall examine the certificates and opinions furnished to it to determine whether or not they conform on their face to the requirements of this Indenture. 

(c) Neither the Trustee nor the Collateral Agent may be relieved from any liability for its own grossly negligent action, its
own grossly negligent failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does not limit the
effect of paragraph (b) of this Section 7.1; 
 (2) neither the Trustee nor the Collateral Agent shall be liable
for any error of judgment made in good faith by a Responsible Officer of the Trustee or the Collateral Agent, unless it is proved that the Trustee or the Collateral Agent was grossly negligent in ascertaining the pertinent facts; 

(3) neither the Trustee nor the Collateral Agent shall be liable with respect to any action it takes or omits to take in good
faith in accordance with a direction received by it pursuant to Section 6.5; and 
 (4) no provision of this Indenture
shall require the Trustee or the Collateral Agent to expend or risk its own funds or incur any liability. 
 (d) Neither the
Trustee nor the Collateral Agent shall be liable for interest on or the investment of any money received by it except as the Trustee or the Collateral Agent may agree in writing with the Issuer. Money held in trust by the Trustee or the Collateral
Agent need not be segregated from other funds except to the extent required by law. 

  
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 (e) Whether or not therein expressly so provided, every provision of this
Indenture that in any way relates to the Trustee and/or the Collateral Agent is subject to this Section 7.1. 
 SECTION 7.2.
Rights of Trustee and Collateral Agent.(a) The Trustee and the Collateral Agent may conclusively rely and shall be fully protected in acting or refraining from acting on any resolution, certificate, statement, instrument, opinion,
notice, report, request, direction, consent, order, bond, debenture or other document (whether in original or facsimile form or PDF transmission) believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee and
the Collateral Agent need not investigate any fact or matter stated therein. 
 (b) Before the Trustee or the Collateral
Agent acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both; provided that (x) no Officers’ Certificate or Opinion of Counsel shall be required to be delivered in connection with
the issuance of the Notes that are issued on the Issue Date and (y) no Opinion of Counsel shall be required to be delivered in connection with the execution of any amendment or supplement entered into in connection with adding or releasing a
Guarantor pursuant to the terms of this Indenture. Neither the Trustee nor the Collateral Agent shall be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. Prior to
taking, suffering or admitting any action, the Trustee and the Collateral Agent may consult with counsel of the Trustee’s or the Collateral Agent’s own choosing, and the Trustee and the Collateral Agent shall be fully protected from
liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in conclusive reliance on the advice or opinion of such counsel. 

(c) Each of the Trustee and the Collateral Agent may act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any attorney or agent appointed with due care. 
 (d) Neither the Trustee nor the Collateral
Agent shall be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from Holdings, the
Issuer or a Subsidiary Guarantor shall be sufficient if signed by an Officer of Holdings, the Issuer or such Subsidiary Guarantor. 

(f) Neither the Trustee nor the Collateral Agent shall be under any obligation to exercise any of the rights or powers vested
in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee or the Collateral Agent security or indemnity satisfactory to the Trustee or the Collateral Agent, as the case may be,
against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 

  
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 (g) Neither the Trustee nor the Collateral Agent shall be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or documents, but
each of the Trustee and the Collateral Agent, in its own discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee or the Collateral Agent shall determine to make such further
inquiry or investigation, the Trustee or the Collateral Agent, as applicable, shall be entitled to examine during normal business hours the books, records and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer,
and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (h) The
rights, privileges, protections, immunities and benefits given to the Trustee and the Collateral Agent, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee and the Collateral Agent in
each of their capacities hereunder, to the Agents and to each other agent, custodian and Person employed to act hereunder. 

(i) The Trustee and the Collateral Agent may request that Holdings, the Issuer and each of the Subsidiary Guarantors shall
deliver to the Trustee and the Collateral Agent an Officers’ Certificate setting forth the names of individuals and/or titles of Officers of Holdings, the Issuer and each Subsidiary Guarantor, as applicable, authorized at such time to take
specified actions pursuant to this Indenture and/or the Security Documents of Holdings, the Issuer, the Notes and the Subsidiary Guarantees, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’
Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 

(j) Neither the Trustee nor the Collateral Agent shall be deemed to have notice or be charged with knowledge of any Default or
Event of Default unless a Responsible Officer of the Trustee or the Collateral Agent, as applicable, shall have received from Holdings, the Issuer or Subsidiary Guarantor or from any Holder written notice thereof at its address set forth in
Section 12.1 and such notice references the Notes and this Indenture. In the absence of such notice, the Trustee and the Collateral Agent may conclusively assume that no such Default or Event of Default exists. 

(k) Neither the shall the Trustee nor the Collateral Agent shall be responsible or liable for special, indirect, punitive, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee and the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
 (l) Neither the Trustee nor the Collateral Agent shall be required to give any bond or surety in respect of the
performance of its powers and duties hereunder. 
 (m) No provision of this Indenture shall require the Trustee and the
Collateral Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties thereunder, or in the exercise of any of its rights or powers. 

  
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 SECTION 7.3. Individual Rights of the Trustee. The Trustee in its individual or
any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. The
Trustee is also subject to Section 7.9. 
 SECTION 7.4. Disclaimer. Neither the Trustee nor the Collateral Agent shall be
responsible for and none of them makes any representation as to the validity or adequacy of this Indenture, the Notes, any Guarantee or the Security Documents. Neither the Trustee nor the Collateral Agent shall be accountable for the use of the
proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture. Neither the Trustee nor the Collateral Agent shall be responsible for the use or application of any money received by
any Paying Agent other than the Trustee, and neither shall be responsible for any statement or recital herein or any statement in the Notes, any Officers’ Certificate delivered to the Trustee or the Collateral Agent hereunder, or any other
document in connection with the sale of the Notes or pursuant to this Indenture other than the Trustee’s certificate of authentication hereunder. 

SECTION 7.5. Notice of Defaults. If a Default or Event of Default occurs and is continuing and the Trustee has notice or knowledge
thereof as provided in clause (j) of Section 7.2, the Trustee shall deliver to Holders a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal
of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determines
that the withholding of such notice is in the interest of the Holders. 
 SECTION 7.6. Compensation and Indemnity. The Issuer
shall pay to the Trustee and the Collateral Agent from time to time compensation for its acceptance of this Indenture and for all services rendered by it hereunder as agreed upon in writing. The Trustee’s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee and the Collateral Agent, as applicable, promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in
addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of each of the Trustee’s and the Collateral Agent’s agents and counsel. 

Each of Holdings, the Issuer and the Subsidiary Guarantors, jointly and severally, shall indemnify, defend, protect and hold the Trustee and
the Collateral Agent (which for purposes of this Section 7.6 shall include its officers, directors, employees and agents) harmless against any and all claims, damages, losses, liabilities, costs or expenses suffered or incurred by it
(including, without limitation, the fees and expenses of its agents and counsel) arising out of or in connection with the acceptance or administration of its duties under this Indenture and the Security Documents, the performance of its obligations
and/or exercise of its rights hereunder, including the costs and expenses of enforcing this Indenture and the Security Documents against Holdings, the Issuer or any Subsidiary Guarantor (including this Section 7.6) and defending itself against
any claim (whether asserted by the Issuer or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, claim, damage, liability or
expense shall have been found by a court of competent 

  
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jurisdiction in a non-appealable final decision to have been caused by its own gross negligence or willful misconduct. The Trustee and the Collateral Agent
shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee and the Collateral Agent to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Trustee and the Collateral Agent
may each have one separate counsel, and the Issuer shall pay the reasonable fees and expenses of such counsel for the Trustee and the Collateral Agent. The Issuer need not pay for any settlement made without its consent, which consent shall not be
unreasonably withheld. 
 The obligations of Holdings, the Issuer and the Subsidiary Guarantors under this Section 7.6 shall survive
the satisfaction and discharge of this Indenture, the payment of the Notes or the resignation or removal of the Trustee and/or the Collateral Agent. 

To secure the Issuer’s payment obligations in this Section 7.6, the Trustee and the Collateral Agent shall have a Lien prior to the
Notes on all money or property held or collected by the Trustee and the Collateral Agent, except that held in trust to pay principal or interest, if any, on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture,
the payment of the Notes and the resignation or removal of the Trustee and the Collateral Agent. 
 When the Trustee and the Collateral
Agent incurs expenses or renders services after an Event of Default specified in clause (7) of Section 6.1 occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended
to constitute expenses of administration under any Bankruptcy Code. 
 SECTION 7.7. Replacement of Trustee or Collateral
Agent. A resignation or removal of the Trustee or the Collateral Agent and appointment of a successor Trustee or Collateral Agent shall become effective only upon the successor trustee’s or successor collateral agent’s, as
applicable, acceptance of appointment as provided in this Section 7.7. 
 The Trustee or Collateral Agent may resign in writing at any
time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in principal amount of the then-outstanding Notes may remove the Trustee or the Collateral Agent upon 30 days’ written notice to the
Trustee or the Collateral Agent, as applicable, and the Issuer. The Issuer may remove the Trustee or the Collateral if no Event of Default exists and: 

(a) the Trustee or the Collateral Agent, as applicable, is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Code; 
 (b) a custodian or public officer takes charge of the
Trustee or the Collateral Agent, as applicable, or its property; or 
 (c) the Trustee or the Collateral Agent becomes
incapable of acting. 
 If the Trustee or the Collateral Agent resigns or is removed or if a vacancy exists in the office of the Trustee or
the Collateral Agent for any reason, the Issuer shall promptly appoint a successor trustee or collateral agent, as applicable. Within one year after the successor trustee or successor collateral agent, as applicable, takes office, the Holders of a
majority in principal amount of the then-outstanding Notes may appoint a successor trustee or successor collateral agent, as applicable, to replace the successor trustee or successor collateral agent, as applicable, appointed by the Issuer. 

  
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 If a successor trustee or successor collateral agent, as applicable, does not take office
within 30 days after the retiring Trustee or retiring Collateral Agent, as applicable, resigns or is removed, such retiring Trustee or retiring Collateral Agent, as applicable (at the expense of the Issuer), the Issuer or the Holders of at least
10.0% in principal amount of the then-outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor trustee or successor collateral agent, as applicable. 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.9, such
Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. 
 A
successor trustee or successor collateral agent, as the case may be, shall deliver a written acceptance of its appointment to the retiring Trustee or retiring Collateral Agent, as applicable, and to the Issuer. Thereupon, the resignation or removal
of the retiring Trustee or successor collateral agent, as the case may be, shall become effective, and the successor trustee or successor collateral agent, as the case may be, shall have all the rights, powers and the duties of the Trustee or
Collateral Agent, as applicable, under this Indenture. The successor trustee or successor collateral agent, as the case may be, shall mail a notice of its succession to the Holders. The retiring Trustee or retiring Collateral Agent, as applicable,
shall promptly transfer all property held by it as Trustee or Collateral Agent to the successor Trustee or successor collateral agent, as the case may be,; provided that all sums owing to such Trustee or Collateral Agent hereunder have been
paid and subject to the Lien provided for in Section 7.6. Notwithstanding replacement of the Trustee or the Collateral Agent pursuant to this Section 7.7, Holdings’, the Issuer’s and the Subsidiary Guarantors’ obligations
under Section 7.6 shall continue for the benefit of the retiring Trustee or retiring Collateral Agent, as applicable. 

SECTION 7.8. Successor by Merger, Etc. If the Trustee, the Collateral Agent or any Agent consolidates, merges or converts into, or
transfers all or substantially all of its corporate trust business (including this transaction) to, another corporation, the successor corporation without any further act shall be the successor Trustee, successor Collateral Agent or successor Agent,
as applicable. 
 SECTION 7.9. Eligibility; Disqualification. There shall at all times be a Trustee hereunder that is a
corporation organized and doing business under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power and that is subject to supervision or examination by federal or state
authorities. Such Trustee together with its affiliates shall at all times have a combined capital surplus of at least $50.0 million as set forth in its most recent annual report of condition. 

ARTICLE VIII 
 DEFEASANCE;
DISCHARGE OF THIS INDENTURE 
 SECTION 8.1. Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, by
delivery of an Officers’ Certificate, at any time, elect to have either Section 8.2 or Section 8.3 applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 

  
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 SECTION 8.2. Legal Defeasance. Upon the Issuer’s exercise under
Section 8.1 of the option applicable to this Section 8.2, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.4, be deemed to have been discharged from their obligations with
respect to all outstanding Notes and Guarantees and this Indenture having cured all then-existing Defaults and Events of Default on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this
purpose, Legal Defeasance means that the Issuer and the Guarantors shall be deemed to have paid and discharged all of the obligations with respect to this Indenture, the Notes and the Guarantees, which shall thereafter be deemed to be outstanding
only for the purposes of Section 8.5 and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all of their other obligations under such Notes, Guarantees and this Indenture (and the Trustee and the
Collateral Agent, on written demand of and at the expense of the Issuer, shall execute instruments acknowledging the same), and this Indenture shall cease to be of further effect as to all such Notes and Guarantees, except for the following
provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, and interest and premium on, such Notes when such payments are
due from the trust funds referred to in Section 8.4(1); (b) the Issuer’s obligations with respect to such Notes under Section 2.2, Section 2.3, Section 2.4, Section 2.6, Section 2.7, Section 2.10, and
Section 4.2; (c) the rights, powers, trusts, duties and immunities of the Trustee and the Collateral Agent, including without limitation thereunder, under Section 7.6, Section 8.5 and Section 8.7 and the obligations of the Issuer
and the Guarantors in connection therewith; and (d) the provisions of this Article VIII. Subject to compliance with this Article VIII, the Issuer may exercise its option under this Section 8.2 notwithstanding the prior exercise of its
option under Section 8.3. 
 SECTION 8.3. Covenant Defeasance. Upon the Issuer’s exercise under Section 8.1 above
of the option applicable to this Section 8.3, the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.4 below, be released from its obligations under Sections 4.3, 4.5, 4.7 through Section 4.16 and
Sections 5.1(a)(3), 5.1(a)(4) and 5.1(b) on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not outstanding for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed outstanding for all other purposes hereunder (it being understood that such Notes
shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, Holdings, the Issuer or any of its Subsidiaries may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision
herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1, and the Events of Default in clauses (3) through (6), (7) (with respect to Significant Restricted
Subsidiaries only), (8) (with respect to Significant Restricted Subsidiaries only) and (9) of Section 6.1 shall no longer apply but, except as specified above, the remainder of this Indenture and such Notes and any Guarantees shall be
unaffected thereby. 

  
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 SECTION 8.4. Conditions to Legal or Covenant Defeasance. The following shall be
the conditions to the application of either Section 8.2 or Section 8.3 to the outstanding Notes: 
 (1) the Issuer
must irrevocably deposit with the Trustee, as trust funds, in trust solely for the benefit of the Holders, U.S. dollars, non-callable U.S. Government Obligations or a combination thereof, in such amounts as
will be sufficient without consideration of any reinvestment of interest (if U.S. Government Obligations are deposited, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants selected by
the Issuer and delivered to the Trustee, solely in the case of amounts including non-callable U.S. government obligations), to pay the principal of, premium, if any, and interest, if any, on the outstanding
Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and any other amounts owing under this Indenture (in the case of an optional redemption date prior to electing to exercise either Legal Defeasance
or Covenant Defeasance, the Issuer has delivered to the Trustee an irrevocable notice to redeem all of the outstanding Notes on such redemption date); 

(2) in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States
confirming that, subject to customary assumptions and exclusions: 
 (A) the Issuer has received from, or there has been
published by, the U.S. Internal Revenue Service a ruling; or 
 (B) since the Issue Date, there has been a change in the
applicable U.S. federal income tax law; 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that,
subject to customary assumptions and exclusions, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United
States confirming that, subject to customary assumptions and exclusions, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be
subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or
Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Debt) (and the Incurrence of Liens associated with any such borrowings)); 

  
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 (5) such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under any material agreement or instrument (other than this Indenture and the agreements governing any other Debt being defeased, discharged or replaced) to which the Issuer or any of its Restricted
Subsidiaries is a party or by which the Issuer or any of its Restricted Subsidiaries is bound; 
 (6) the Issuer shall have
delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuer with the intent of preferring the Holders over any other creditors of the Issuer or with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Issuer or others; and 
 (7) the Issuer shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent provided for in clauses (1) through (6) of this Section 8.4
have been complied with. 
 SECTION 8.5. Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions. Subject to Section 8.6, all U.S. dollar and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.5, the
“Deposit Trustee”) pursuant to Section 8.4 or Section 8.8 in respect of the outstanding Notes shall be held in trust, shall not be invested, and shall be applied by the Deposit Trustee in accordance with the provisions of
such Notes and this Indenture to the payment, either directly or through any Paying Agent (including the Issuer or any Subsidiary acting as Paying Agent) as the Deposit Trustee may determine, to the Holders of such Notes of all sums due and to
become due thereon in respect of principal, premium, if any, and interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

The Issuer shall pay and indemnify the Deposit Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to Section 8.4 or Section 8.8 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law
is for the account of the Holders of the outstanding Notes. 
 Anything in this Article VIII to the contrary notwithstanding, the Deposit
Trustee shall deliver or pay to the Issuer from time to time upon the written request of the Issuer and be relieved of all liability with respect to any U.S. dollars or non-callable U.S. Government Obligations
held by it as provided in Section 8.4 or Section 8.8 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Deposit Trustee (which may be the
opinion delivered under clause (1) of Section 8.4), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance or satisfaction and discharge, as the case
may be. 
 SECTION 8.6. Repayment to Company. Subject to applicable escheat laws, any money deposited with the Trustee or any
Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal and premium, if any, or interest has become due and payable
shall be paid to 

  
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the Issuer on its written request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to
the Issuer for payment thereof; and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease. 

SECTION 8.7. Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. dollars or U.S. Government Obligations in
accordance with Section 8.2, Section 8.3 or Section 8.8, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations of Holdings, the Issuer and the Subsidiary Guarantors under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2, Section 8.3 or Section 8.8 until such time
as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.2, Section 8.3 or Section 8.8, as the case may be; provided, however, that, if the Issuer makes any payment of principal
of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

SECTION 8.8. Discharge. This Indenture and the Security Documents will be discharged and will cease to be of further effect and
any Collateral then securing the Notes shall be automatically released (except as to surviving rights or registration of transfer or exchange of Notes which shall survive until all Notes have been canceled and the rights, protections and immunities
of the Trustee and the Collateral Agent) as to all outstanding Notes and all Guarantees when either: 
 (1) (a) all the Notes
that have been authenticated and delivered (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to
the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation; or (b) all Notes not delivered to the Trustee for cancellation otherwise (i) have become due and payable, (ii) will become due and payable,
or may be called for redemption, within one year or (iii) have been called for redemption within one year under irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name and at the
expense of the Issuer, and, in any case, the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars in such amounts as will be
sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Debt (including all principal and accrued interest, if any) on the Notes not theretofore delivered to the Trustee for cancellation; 

(2) the Issuer or any Guarantor has paid or caused to be paid all other sums payable by the Issuer under this Indenture; and

 (3) the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of the Notes at maturity or on the date of redemption, as the case may be. 

  
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 In addition, the Issuer must deliver an Officers’ Certificate and an Opinion of Counsel
to the Trustee and the Collateral Agent stating that all conditions precedent to satisfaction and discharge have been complied with. 

After the Notes are no longer outstanding, the Issuer’s and the Guarantors’ obligations in Section 7.6, Section 8.5 and
Section 8.7 shall survive any discharge pursuant to this Section 8.8. 
 After such delivery or irrevocable deposit and receipt of
the Officers’ Certificate and Opinion of Counsel, the Trustee, upon written request, shall acknowledge in writing the discharge of the Issuer’s obligations under the Notes and this Indenture except for those surviving obligations specified
above. 
 ARTICLE IX 
 AMENDMENT,
SUPPLEMENT AND WAIVER 
 SECTION 9.1. Without Consent of Holders of the Notes. (a) Notwithstanding Section 9.2,
without the consent of any Holders, the Issuer, any Guarantor, the Trustee and the Collateral Agent, may modify or amend this Indenture, the Guarantees, the Notes issued hereunder and the Security Documents (including in each case, if applicable,
the form of agreements attached thereto as exhibits) for any of the following purposes: 
 (1) to evidence the succession of
another Person to the Issuer or a Guarantor under this Indenture, the Notes or the applicable Guarantee or the Security Documents, and the assumption by any such successor of the covenants of the Issuer or such Guarantor under this Indenture, the
Notes and such Guarantee and the Security Documents in accordance with Section 5.1; 
 (2) to add to the covenants of
the Issuer or any Guarantor for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Issuer or any Guarantor, as applicable, in this Indenture, in the Notes or in any Guarantee or the Security Documents; 

(3) to cure any ambiguity, or to correct or supplement any provision in this Indenture or in any supplemental indenture, the
Notes or any Guarantee or the Security Documents which may be defective or inconsistent with any other provision in this Indenture, the Notes or any Guarantee or the Security Documents (as determined in good faith by the Issuer); 

(4) to make any change that would provide any additional rights or benefits to the Holders of the Notes (as determined in good
faith by the Issuer); 
 (5) to make any other provisions with respect to matters or questions arising under this Indenture,
the Notes or any Guarantee or the Security Documents; provided that, in each case, such provisions shall not adversely affect the interest of the Holders of the Notes in any material respect (as determined in good faith by the Issuer); 

(6) to comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the
TIA; 

  
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 (7) to add a Guarantor under this Indenture or otherwise provide a Guarantee
of the Notes or to confirm and evidence the release of a Guarantor from its Guarantee pursuant to the terms of the Notes and any Security Document; 

(8) to evidence and provide the acceptance of the appointment of a successor Trustee or the Collateral Agent under this
Indenture; 
 (9) to mortgage, pledge, hypothecate or grant a security interest in favor of the Trustee or the Collateral
Agent for the benefit of the Holders of the Notes as additional security for the payment and performance of the Issuer’s and any Guarantor’s obligations under this Indenture, in any property, or assets, including any of which are required
to be mortgaged, pledged or hypothecated, or in which a security interest is required to be granted to the Trustee or the Collateral Agent pursuant to this Indenture or otherwise; 

(10) to provide for the issuance of Additional Notes under this Indenture in accordance with the terms and subject to the
limitations set forth in this Indenture; 
 (11) to comply with the rules of any applicable Depositary; 

(12) to make, complete or confirm any grant of Collateral permitted or required by this Indenture, any of the Security
Documents or any release of Collateral pursuant to the terms of this Indenture or any of the Security Documents; 
 (13) to
conform the text of this Indenture, the Notes, the Guarantees or the Security Documents to any provision of the “Description of Notes” section of the Offering Memorandum to the extent such provision was intended to be a recitation of a
provision of this Indenture or the Security Documents, as confirmed in an Officers’ Certificate delivered to the Trustee; or 

(14) to secure additional extensions of credit and add additional secured creditors holding other Parity Lien Debt so long as
such Parity Lien Debt is not prohibited by the provisions of this Indenture or any other then-existing Parity Lien Debt. 
 The consent of
the Holders is not necessary under this Indenture to approve the particular form of any proposed amendment or waiver. It is sufficient if such consent approves the substance of the proposed amendment or waiver. After an amendment under this
Indenture becomes effective, the Issuer shall deliver to Holders of the Notes a notice briefly describing such amendment. However, the failure to give such notice to all Holders, or any defect therein, will not impair or affect the validity of the
amendment. 
 (b) Holders will be deemed to have consented for purposes of the Security Documents to any of the following amendments and other modifications
to the Security Documents: 
 (i) (a) to add other parties (or any authorized agent thereof or trustee therefor) holding
Parity Lien Debt that is incurred in compliance with the ABL Credit Agreement, the Term Loan Credit Agreement, this Indenture and the Security Documents and (b) to establish that the Liens on any Collateral securing such Parity Lien Debt shall
be pari passu under the Pari Passu Intercreditor Agreement with the Liens on such Collateral securing the obligations under this Indenture, the Notes and the Guarantees, all on the terms provided for in the Pari Passu Intercreditor Agreement in
effect immediately prior to such amendment or other modification; 

  
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 (ii) to establish that the Liens on any Collateral securing any Debt
replacing the Term Loan Credit Agreement permitted to be incurred under clause (1)(i) of Section 4.9(b) shall be pari passu to the Liens on such Collateral securing any obligations under this Indenture, the Notes and the Guarantees, all on the
terms provided for in the Pari Passu Intercreditor Agreement in effect immediately prior to such amendment or other modification; 

(iii) to establish that the Liens on any Current Asset Collateral securing any Debt replacing the ABL Credit Agreement
permitted to be incurred under clause (1)(ii) of Section 4.9(b) shall be senior to the Liens on such Current Asset Collateral securing any obligations under this Indenture, the Notes and the Guarantees, and that the Liens on any Fixed Asset
Collateral securing any such Debt shall be junior to the Liens on such Fixed Asset Collateral securing any obligations under this Indenture, the Notes and the Guarantees, all on the terms provided for in the ABL Intercreditor Agreement in effect
immediately prior to such amendment and other modification; and 
 (iv) upon any cancellation or termination of the ABL
Credit Agreement without a replacement thereof, to establish that the Current Asset Collateral (in addition to the Fixed Asset Collateral) shall secure the obligations under this Indenture, the Notes and the Guarantees on a first priority basis,
subject to the terms of the Pari Passu Intercreditor Agreement in effect immediately prior to such amendment or other modification. 

SECTION 9.2. With Consent of Holders of Notes. (a) With the consent of the Holders of not less than a majority in aggregate
principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), Holdings, the Issuer, the Subsidiary Guarantors and the Trustee may
amend or supplement this Indenture, the Notes, any Guarantees or the Security Documents (including in each case, if applicable, the form of agreements attached thereto as exhibits) or waive any existing Default or Event of Default or compliance with
any provision of this Indenture, the Notes or the Security Documents; provided, however, that no such modification or amendment or waiver shall, without the consent of the Holder of each outstanding Note affected thereby (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes): 

(1) change the Stated Maturity of the principal of, or any installment of interest on, any Note; 

(2) reduce the principal amount of (or premium) or interest on, any Note; 

(3) change the place or currency of payment of principal of (or premium), or interest on, any Note; 

  
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 (4) (i) modify, in any manner adverse to the Holders of the Notes, the right
to institute suit for the enforcement of any payment of principal of (or premium), or interest on, or with respect to, any Note when due, or (ii) waive any payment in respect thereof except a default in payment arising solely from an
acceleration of the Notes that has been rescinded; 
 (5) modify any provisions of this Indenture relating to the
modification and amendment of this Indenture or the waiver of past defaults or covenants which require each Holder’s consent; 

(6) amend any provisions relating to the redemption of the Notes (other than notice provisions), it being understood that for
the avoidance of doubt, the provisions described under Section 4.10 and Section 4.13 shall not be covered by this clause; 

(7) modify the Guarantees in any manner adverse to the Holders, except in accordance with this Indenture; or 

(8) modify any of the provisions of this Indenture or the related definitions affecting the ranking of the Notes. 

(b) In addition, without the consent of the Holders of at least 662⁄3% in aggregate principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such series of the Notes),
no amendment, supplement or waiver may (1) have the effect of releasing all or substantially all of the Collateral from the Liens of the Security Documents (except as permitted by the terms of this Indenture or the Security Documents) or
changing or altering the priority of the security interests of the Holders of the Notes in the Collateral under the ABL Intercreditor Agreement or the Pari Passu Intercreditor Agreement, (2) make any change in the Security Documents or the
provisions in this Indenture dealing with the application of proceeds of the Collateral that would adversely affect the Holders of the Notes or (3) modify the Security Documents or the provisions of this Indenture dealing with Collateral in any
manner adverse to the Holders of the Notes in any material respect other than in accordance with the terms of this Indenture or the Security Documents. 

It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed amendment
or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 SECTION 9.3. Revocation and Effect of
Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the
consenting Holder’s Note, even if notation of the consent is not made on the Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the
waiver, supplement or amendment becomes effective. When an amendment, supplement or waiver becomes effective in accordance with its terms, it thereafter binds every Holder. 

  
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 The Issuer may, but shall not be obligated to, fix a record date for determining which
Holders consent to such amendment, supplement or waiver. 
 SECTION 9.4. Notation on or Exchange of Notes. The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 SECTION 9.5. Trustee and Collateral Agent to Sign Amendments, Etc. The Trustee and the Collateral Agent, as applicable, shall
sign any amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee or the Collateral Agent, as applicable. In
signing or refusing to sign any amendment or supplemental indenture, the Trustee or the Collateral Agent, as applicable, shall be provided with and (subject to Section 7.1) shall be fully protected in relying upon an Officers’ Certificate
and an Opinion of Counsel stating that the execution of such amendment or supplemental indenture is authorized or permitted by this Indenture or the Security Documents, as applicable, and that all conditions precedent thereto have been met or
waived; provided that no such Opinion of Counsel shall be required to be delivered in connection with the execution of any amendment or supplement entered into in connection with adding or releasing a Guarantor pursuant to the terms of this
Indenture and the Security Documents. 
 ARTICLE X 

GUARANTEES 
 SECTION 10.1.
Guarantees. 
 (a) Each Guarantor hereby jointly and severally, fully and unconditionally guarantees, on a senior
secured basis, the Notes and obligations of the Issuer hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee, that: (i) the principal of and premium, if any, and interest
on the Notes shall be paid in full when due, whether at Stated Maturity, by acceleration, call for redemption or otherwise, together with interest on the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all
other obligations of the Issuer to the Holders or the Trustee under this Indenture or the Notes shall be paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or
renewal of any Notes or of any such other obligations, the same shall be paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Each of the Guarantees
shall be a guarantee of payment and not of collection. 
 (b) Each Guarantor hereby agrees that its obligations hereunder
shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof,
the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 

  
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 (c) Each Guarantor hereby waives the benefits of diligence, presentment,
demand for payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer or any other Person, protest, notice and all demands whatsoever and covenants that
the Guarantee of such Guarantor shall not be discharged as to any Note or this Indenture except by complete performance of the obligations contained in such Note and this Indenture and such Guarantee. Each of the Guarantors hereby agrees that, in
the event of a Default in payment of principal or premium, if any, or interest on any Note, whether at its Stated Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of,
or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against each of the Guarantors to enforce each such Guarantor’s Guarantee without first proceeding against the Issuer or any other
Guarantor. Each Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of
the Notes, to collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Guarantor shall pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise
have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders and any other amounts due and owing to the Trustee under this Indenture. 

(d) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer or any Guarantor, or any
custodian, trustee, liquidator or other similar official acting in relation to the Issuer or any Guarantor, any amount paid by any of them to the Trustee or such Holder, the Guarantee of each of the Guarantors, to the extent theretofore discharged,
shall be reinstated in full force and effect. This paragraph (d) shall remain effective notwithstanding any contrary action which may be taken by the Trustee or any Holder in reliance upon such amount required to be returned. This paragraph
(d) shall survive the termination of this Indenture. 
 (e) Each Guarantor further agrees that, as between each
Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of the Guarantee of such Guarantor,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article VI, such obligations
(whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of the Guarantee of such Guarantor. 

(f) Each Guarantor that makes a payment for distribution under its Guarantee is entitled upon payment in full of all guaranteed
obligations under this Indenture to seek contribution from each other Guarantor in a pro rata amount of such payment based on the respective net assets of all the Guarantors at the time of such payment in accordance with GAAP. 

  
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 SECTION 10.2. Execution and Delivery of Guarantee. To evidence its Guarantee set
forth in Section 10.1, each Guarantor agrees that this Indenture or a supplemental indenture in substantially the form attached hereto as Exhibit B shall be executed on behalf of such Guarantor by an Officer of such Guarantor (or, if an
officer is not available, by a board member or director or other duly authorized signatory) on behalf of such Guarantor. Each Guarantor hereby agrees that its Guarantee set forth in Section 10.1 hereof shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. In case the Officer, board member or director of such Guarantor whose signature is on this Indenture or supplemental indenture, as applicable, no longer
holds office at the time the Trustee authenticates any Note, the Guarantee shall be valid nevertheless. 
 The delivery of any Note by the
Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors. 

SECTION 10.3. Severability. In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 10.4.
Limitation of Guarantors’ Liability. Each Guarantor and by its acceptance hereof each Holder confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or
conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To
effectuate the foregoing intention, the Trustee, the Holders and Guarantors hereby irrevocably agree that the obligations of such Guarantor under its Guarantee shall be limited to the maximum amount that will not, after giving effect to all other
contingent and fixed liabilities of such Guarantor and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor
under its Guarantee, result in the obligations of such Guarantor under its Guarantee constituting a fraudulent conveyance, fraudulent preference or fraudulent transfer or otherwise reviewable under applicable law. 

SECTION 10.5. Releases. A Subsidiary Guarantee of a Subsidiary Guarantor shall be automatically and unconditionally released and
discharged upon: 
 (a) any sale, transfer or other disposition of all or substantially all of the assets of such Subsidiary
Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Issuer or a Restricted Subsidiary of the Issuer, if the sale or other disposition does not violate
Section 4.10 of this Indenture; 
 (b) any sale, transfer or other disposition of Capital Stock of such Subsidiary
Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Issuer or a Restricted Subsidiary of the Issuer, if after such sale, transfer or disposition, such
Subsidiary Guarantor would cease to be a Restricted Subsidiary and all pledges and security interests granted in connection with any Debt and the sale or other disposition does not violate Section 4.10 of this Indenture; 

  
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 (c) the exercise by the Issuer of its Legal Defeasance option or its
Covenant Defeasance option or the satisfaction and discharge of this Indenture, in each case as provided under Article VIII; 

(d) the proper designation of such Subsidiary Guarantor by the Issuer as an Unrestricted Subsidiary in accordance with the
terms of this Indenture; or 
 (e) the Subsidiary Guarantor ceasing to guarantee any Debt of the Issuer or a Subsidiary
Guarantor under, or be a borrower under, the Term Loan Credit Agreement and no Event of Default has occurred and is continuing. 
 The
Guarantee of Holdings will be released upon the exercise by the Issuer of its Legal Defeasance option or its Covenant Defeasance option or the satisfaction and discharge of this Indenture, in each case as provided under Article VIII. 

Upon delivery to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that all conditions precedent to the
release of a Subsidiary Guarantor’s Subsidiary Guarantee set forth in this Indenture have been satisfied, the Trustee shall execute, without representation or warranty, any documents reasonably requested by the Issuer in writing in order to
evidence the release of any Subsidiary Guarantor from its obligations under its Subsidiary Guarantee. 
 Any Subsidiary Guarantor not
released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Subsidiary Guarantor under this Indenture as provided in this Article
X. 
 SECTION 10.6. Benefits Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by this Indenture and that its guarantee and waivers pursuant to its Guarantee are knowingly made in contemplation of such benefits. 

ARTICLE XI 
 COLLATERAL AND
SECURITY 
 SECTION 11.1. Collateral. 

(a) The due and punctual payment of the principal of, premium, if any, and interest on the Notes and the Guarantees when and as the same shall
be due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise, interest on the overdue principal of and interest (to the extent permitted by law), if any, on the Notes and the Guarantees
and performance of all other obligations under this Indenture, including, without limitation, the obligations of the Issuer set forth in Section 7.6, and the Notes, the Guarantees and the Security Documents, shall be secured by a Lien on the
Fixed Asset Collateral on a first-priority basis and secured by a Lien on the Current Asset Collateral on a second-priority basis, in each case subject to Permitted Liens, as provided in this Indenture and the Security Documents to which the Issuer
and the Guarantors, as the case may be, shall be or shall have become parties to simultaneously with the execution of this Indenture and will be secured by all of the Collateral pledged pursuant to the Security Documents hereafter delivered as
required or permitted by this Indenture and the Security Documents. The Issuer, for the benefit of the Holders, 

  
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hereby appoints UMB Bank, N.A., as the initial Collateral Agent and the Collateral Agent is hereby authorized and directed to execute and deliver the Security Documents. Each Holder by its
acceptance of any Notes and the Guarantees thereof, irrevocably consents and agrees to such appointment. Notwithstanding any provision to the contrary contained elsewhere in this Indenture or the other Note Documents, the duties of the Collateral
Agent shall be ministerial and administrative in nature, and the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the other Note Documents to which the Collateral Agent is a party, nor
shall the Collateral Agent have or be deemed to have any trust or other fiduciary relationship with the Trustee, any Holder, the Issuer or any Guarantor, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall
be read into this Indenture or the other Note Documents, or otherwise exist, against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Indenture with reference to the
Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or
reflect only an administrative relationship between independent contracting parties. 
 (b) Each Holder, by its acceptance of any Notes and
the Guarantees, consents and agrees to the terms of the Security Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral and the automatic amendments, supplements, consents, waivers and other
modifications thereto without the consent of the Holders) as the same may be in effect or may be amended from time to time in accordance with their terms and this Indenture and authorizes and directs the Collateral Agent to execute and deliver the
Security Documents, perform its obligations and exercise its rights under the Security Documents in accordance therewith. 
 (c) The Trustee
and each Holder, by accepting the Notes and the Guarantees, acknowledge that, as more fully set forth in the Security Documents, the Collateral as now or hereafter constituted shall be held for the benefit of all the Secured Parties, and that the
Lien of this Indenture and the Security Documents in respect of the Secured Parties is subject to and qualified and limited in all respects by the Security Documents and actions that may be taken thereunder. 

SECTION 11.2. Maintenance of Collateral. The Issuer and the Guarantors shall maintain the Collateral in good, safe and insurable
operating order, condition and repair (ordinary wear and tear excepted) and shall do all other acts as may be reasonably necessary or appropriate to maintain and preserve the Collateral, provided that the Issuer and the Guarantors shall pay all real
estate and other taxes (except such as are being contested in good faith and by appropriate negotiations or proceedings), and maintain in full force and effect all material permits and certain insurance coverages. 

  
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 SECTION 11.3. Impairment of Security Interest. Neither the Issuer
nor any of its Restricted Subsidiaries will (i) take or knowingly or negligently omit to take any action which would materially adversely affect or impair the Liens in favor of the Collateral Agent and the Holders with respect to the Collateral
unless such action or failure to take action is otherwise permitted by this Indenture or the Security Documents or (ii) grant any Person, or permit any Person to retain (other than the Collateral Agent), any Liens on the Collateral, other than
Permitted Liens. The Issuer and each Guarantor will, at its sole cost and expense, execute, deliver and file all such agreements and instruments as necessary, or as the Trustee or the Collateral Agent reasonably requests, to more fully or accurately
describe the assets and property intended to be Collateral or the obligations intended to be secured by the Security Documents. 

SECTION 11.4. Further Assurances. To the extent required under this Indenture or any of the Security Documents, and subject to the
Intercreditor Agreements, the Issuer and the Guarantors shall, at their sole expense, execute any and all further documents, financing statements, agreements and instruments, and take all further actions that may be required under applicable law, or
that the Collateral Agent or the Trustee may reasonably request, in order to grant, preserve, protect and perfect the validity and priority of the security interests and Liens created or intended to be created by the Security Documents in the
Collateral. In addition, to the extent required under this Indenture or any of the Security Documents, from time to time, the Issuer and the Guarantors will, at their sole expense, reasonably promptly secure the obligations under this Indenture and
Security Documents by pledging or creating, or causing to be pledged or created, perfected security interests and Liens with respect to the Collateral to the extent required by this Indenture and/or the Security Documents. 

SECTION 11.5. After-Acquired Property. (a) Upon the acquisition by any of the Issuer or the Guarantors after the Issue Date of any
assets (including in connection with the consummation of the Acquisition) (other than Excluded Collateral and property subject to certain Permitted Liens), the Issuer or such Guarantor shall, at their sole expense, execute and deliver, subject to
the Intercreditor Agreements, such amendments to the Security Documents or such other documents, agreements, security instruments and financing statements necessary to grant to the Collateral Agent a perfected security interest, with the priority
required by the Intercreditor Agreements, subject only to Permitted Liens, in such after-acquired property and to have such after-acquired property added to the Collateral, and thereupon all provisions of this Indenture and the Security Documents
relating to the Collateral shall be deemed to relate to such after-acquired property to the same extent and with the same force and effect.  

(b) Upon the creation or acquisition of any Domestic Subsidiary after the Issue Date (other than any Excluded Subsidiary) that is required to
become a Guarantor under this Indenture, such Domestic Subsidiary, at its sole expense, shall execute and deliver such amendments to the Security Documents or such other documents necessary to cause such new Subsidiary to become a party to any
applicable Security Documents and grant to the Collateral Agent a perfected security interest, with the priority required by the Intercreditor Agreements, subject only to Permitted Liens, in such new Subsidiary, and thereupon all provisions of this
Indenture and the Security Documents relating to the Collateral shall be deemed to relate to the Collateral of such new Subsidiary to the same extent and with the same force and effect. 

  
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 (c) Upon the creation, designation or acquisition of any Foreign Subsidiary (other than any
Excluded Subsidiary) by the Issuer or any Subsidiary Guarantor after the Acquisition Closing Date, the Issuer or such relevant Subsidiary Guarantor shall, at their sole expense, execute and deliver such amendments to the Security Documents or such
other documents necessary to grant to the Collateral Agent a perfected security interest, with the priority required by the Intercreditor Agreements, subject only to Permitted Liens, in the Capital Stock of such Foreign Subsidiary that is owned by
the Issuer or such Subsidiary Guarantor, but only to the extent such Capital Stock does not constitute Excluded Collateral (including pursuant to clause (3) of the definition of Excluded Collateral), and thereupon all provisions of this
Indenture and the Security Documents relating to the Collateral shall be deemed to relate to such Capital Stock to the same extent and with the same force and effect. 

SECTION 11.6. Negative Pledge. The Issuer and each Guarantor shall not further pledge the Collateral as security or otherwise,
subject to Permitted Liens; provided, however, that the Issuer, subject to compliance with Section 4.9 and Section 4.12, shall be permitted to issue an unlimited aggregate principal amount of Additional Notes, all of which may be secured
by the Collateral. 
 SECTION 11.7. Release of Liens on the Collateral. 

(a) The Liens on the Collateral will be released with respect to the Notes and the Guarantees, as applicable: 

 

	 	(1)	 in whole, upon payment in full of the principal of, accrued and unpaid interest, including premium, if any, on
the Notes; 

  

	 	(2)	 in whole, upon satisfaction and discharge of this Indenture in accordance with Article VIII;

  

	 	(3)	 in whole, upon a Legal Defeasance or Covenant Defeasance as set forth under Article VIII;

  

	 	(4)	 in whole or in part, as to any asset constituting Collateral, in accordance with, and as expressly provided for
under, the Security Documents and this Indenture; 

  

	 	(5)	 with the consent of Holders of at least 662⁄3% in aggregate principal amount of the Notes, including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, Notes as provided under Section 9.2;

  

	 	(6)	 with respect to assets of a Subsidiary Guarantor, upon release of such Subsidiary Guarantor from its Guarantee
with respect to the Term Loan Credit Agreement and any other Parity Lien Debt other than by reason of payment under or the termination or repayment of the Term Loan Credit Agreement or such other Parity Lien Debt; 

 

	 	(7)	 upon such Collateral becoming Excluded Collateral; and 

  
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	 	(8)	 in part, to enable the disposition of property or other assets that constitute Collateral to the extent not
prohibited by Section 4.10. 

 (b) The Issuer and each Guarantor will furnish to the Trustee and the Collateral
Agent, prior to each proposed release of Collateral pursuant to Section 11.7(a)(1) through (8) or pursuant to the Security Documents: 
  

	 	(1)	 an Officers’ Certificate requesting such release; 

 

	 	(2)	 an Officers’ Certificate to the effect that all conditions precedent provided for in this Indenture and
the Security Documents to such release have been complied with; 

  

	 	(3)	 solely in the case of a release described in Section 11.7(a)(1) through (5), an Opinion of Counsel in
accordance with Section 12.2(b); and 

  

	 	(4)	 a form of such release (which release shall provide that the requested release is without recourse or warranty
to the Trustee or the Collateral Agent). 

 (c) Upon compliance by the Issuer or the Guarantors, as the case may be, with
the conditions precedent set forth above, and upon delivery by the Issuer or such Guarantor to the Trustee an Opinion of Counsel to the effect that such conditions precedent have been complied with, the Trustee shall direct the Collateral Agent to
promptly cause to be released and reconveyed to the Issuer or the relevant Guarantor, as the case may be, the released Collateral, and take all other actions reasonably requested by the Issuer in connection therewith, at the Issuer’s expense.

 SECTION 11.8. Authorization of Actions to be Taken by the Trustee or the Collateral Agent Under the Security Documents.

 (a) Subject to the provisions of Article VII of this Indenture and the provisions of the Security Documents, each of the Trustee or the
Collateral Agent may (but shall in no event be required to), in its sole discretion and without the consent of the Holders, on behalf of the Holders, take all actions it deems necessary or appropriate in order to (i) enforce any of its rights
or any of the rights of the Holders under the Security Documents and (ii) collect and receive any and all amounts payable in respect of the Collateral in respect of the obligations of the Issuer and the Guarantors hereunder and thereunder.
Subject to the provisions of the Security Documents, the Trustee or the Collateral Agent shall have the power, but not the obligation, to institute and to maintain such suits and proceedings as it may deem expedient to prevent any impairment of the
Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits and proceedings as the Trustee or the Collateral Agent may deem expedient to preserve or protect its interest and the interests
of the Holders in the Collateral (including the power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or
otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or the Trustee). 

  
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 (b) The Trustee or the Collateral Agent shall not be responsible for the existence,
genuineness or value (or diminution of value) of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action on its part
hereunder, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Issuer to the Collateral, for insuring the Collateral or for the payment of taxes, charges,
assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Trustee or the Collateral Agent shall have no responsibility for recording, filing, re-recording or refiling
any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times or to otherwise take any action to perfect or maintain the perfection of any security interest granted to it under the
Security Documents or otherwise. Beyond the exercise of reasonable care in the custody thereof, the Trustee and the Collateral Agent shall have no duty as to any Collateral in their possession or control or in the possession or control of any agent
or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto. The Trustee and the Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in
their possession if the Collateral is accorded treatment substantially equal to that which they accord their own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral by reason of the act or
omission of any carrier, forwarding agency or other agent or bailee selected by the Trustee or the Collateral Agent, as the case may be, in good faith. The Trustee and the Collateral Agent shall have no duty to ascertain or inquire as to the
performance or observance of any of the terms of this Indenture or the Security Documents by the Issuer or the Guarantors. 
 (c) Where any
provision of this Indenture requires that additional property or assets be added to the Collateral, the Issuer and each Guarantor, as applicable, shall deliver to the Trustee or the Collateral Agent the following: 

 

	 	(1)	 a request from the Issuer that such Collateral be added; 

 

	 	(2)	 the form of instrument adding such Collateral, which, based on the type and location of the property subject
thereto, shall be in substantially the form of the applicable Security Documents entered into on the date of this Indenture, with such changes thereto as the Issuer shall consider appropriate, or in such other form as the Issuer shall deem proper;
provided that any such changes or such form are administratively satisfactory to the Trustee or the Collateral Agent; 

  

	 	(3)	 an Officers’ Certificate to the effect that the Collateral being added is in the form, consists of the
assets and is in the amount or otherwise has the Fair Market Value required by this Indenture; 

  

	 	(4)	 an Officers’ Certificate and Opinion of Counsel to the effect that all conditions precedent provided for
in this Indenture to the addition of such Collateral have been complied with, which Opinion of Counsel shall also opine as to the creation and perfection of the Collateral Agent’s Lien on such Collateral and as to the due authorization,
execution, delivery, validity and enforceability of the Security Document being entered into; and 

  
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	 	(5)	 such financing statements, if any, as necessary to perfect the Collateral Agent’s security interest in
such Collateral. 

 (d) The Trustee or the Collateral Agent, in giving any consent or approval under the Security
Documents, shall be entitled to receive, as a condition to such consent or approval, an Officers’ Certificate and an Opinion of Counsel to the effect that the action or omission for which consent or approval is to be given is authorized and
permitted according to the terms of this Indenture and the Security Documents, and the Trustee or the Collateral Agent shall be fully protected in giving such consent or approval on the basis of such Officers’ Certificate and Opinion of
Counsel. 
 SECTION 11.9. Information Regarding Collateral. 

(a) The Issuer will furnish to the Collateral Agent within ten Business Days, with respect to the Issuer or any Guarantor, written notice of
any change in such Person’s (1) legal name, (2) jurisdiction of organization or formation, (3) identity or corporate structure or (4) Organizational Identification Number. Promptly upon the occurrence of any of the
foregoing, the Issuer and the Guarantors will make all filings under the Uniform Commercial Code and any other applicable laws that are required by this Indenture and/or the Security Documents in order for the Collateral to be made subject to the
Lien of the Collateral Agent under this Indenture and/or the Security Documents in the manner and to the extent required by this Indenture or any of the Security Documents and shall take all necessary action so that such Lien is perfected with the
same priority as immediately prior to such change to the extent required by this Indenture and/or the Security Documents. The Issuer will deliver to the Collateral Agent evidence of filing of all additional financing statements and other executed
documents reasonably necessary to maintain the validity, perfection and priority of the security interests provided for in this Indenture and/or the Security Documents. The Issuer shall promptly notify the Collateral Agent in writing if any material
portion of the Collateral is damaged, destroyed or condemned. 
 (b) The Issuer shall deliver to the Trustee and the Collateral Agent an
Officers’ Certificate attaching supplemental schedules required under the Security Documents to the extent required under and at the same time as similar supplemental schedules are delivered to the Term Loan Credit Agreement Collateral Agent.

 SECTION 11.10. Security Documents. The provisions in this Indenture relating to Collateral are subject to the
provisions of the Security Documents. The Issuer, the Guarantors, the Trustee and the Collateral Agent acknowledge and agree to be bound by the provisions of the Security Documents. 

  
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 ARTICLE XII 

MISCELLANEOUS 
 SECTION 12.1.
Notices. Any notice, request, direction, instruction or communication by Holdings, the Issuer, any Subsidiary Guarantor, the Trustee or the Collateral Agent to the others is duly given if in writing and delivered in person or mailed by first
class mail (registered or certified, return receipt requested), PDF via e-mail (if receipt of such transmission is confirmed by reply e-mail or telephonically),
telecopier or overnight air courier guaranteeing next day delivery, to the addresses set forth below: 
 If to the Issuer or any Guarantor:

 Vertiv Group Corporation 

1050 Dearborn Dr. 
 Columbus, Ohio
43085 
 Email: Stephanie.Gill@vertiv.com 

Attention: Stephanie Gill 
 With
a copy (which shall not constitute notice) to: 
 Latham & Watkins LLP 

301 Congress Avenue, Suite 900 

Austin, Texas 78701 
 Email:
David.Miller@lw.com 
 Attention: David J. Miller 

If to the Trustee: 
 UMB Bank,
N.A. 
 5555 San Felipe Street, Suite 870 

Houston, TX 77056 
 Attention:
Mauri J. Cowen 
 E-mail: mauri.cowen@umb.com 

with copies to (which shall not constitute notice): 

Winston & Strawn LLP 

200 Park Avenue 
 New York, NY
10166 
 Attention: Bart Pisella 

Telephone: 212-294-6858 

E-mail: bpisella@winston.com 

The parties hereto, by written notice to the others, may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication to a Holder, the Trustee or the Collateral Agent shall be mailed by first class mail or by overnight air
courier promising next Business Day delivery to its address shown on the register kept by the Registrar. Notwithstanding the foregoing, as long as the Notes are Global Notes, notices to be given to the Holders shall be given to the Depositary in
accordance with its applicable policies as in effect from time to time. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

  
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 In respect of this Indenture, the Trustee and the Collateral Agent shall not have any duty
or obligation to verify or confirm that the Person sending instructions, directors, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directors, reports
notices or other communications or information on behalf of the party purporting to send such electronic transmission; and the Trustee and the Collateral Agent shall not have any liability for any losses, liability, costs or expenses incurred or
sustained by any party as a result of such reliance upon or compliance with such instructions directors, reports, notices or other communications or information. Each other party, agrees to assume all risks arising out of the use of electronic
methods to submit instructions, directions, reports, notices or other communications or indemnifications to the Trustee and the Collateral Agent, including without limitation the risk of the Trustee and the Collateral Agent acting on unauthorized
instructions, notices, reports or other communications or information, and the risks of interception and misuse by third parties. 
 If a
notice or communication is delivered in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except in the case of notices or communications given to the Trustee and the Collateral Agent,
which shall be effective only upon actual receipt. 
 If the Issuer delivers a notice or communication to Holders, it shall mail a copy to
the Trustee, the Collateral Agent and each Agent at the same time. 
 All notices, approvals, consents, requests and any communications
hereunder must be in writing (provided that any communication sent to the Trustee and the Collateral Agent hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other
digital signature provider as specified in writing to the Trustee and the Collateral Agent by the authorized representative)), in English. The party using digital signatures and electronic methods agrees to assume all risks arising out of the use of
using digital signatures and electronic methods to submit communications to the Trustee and the Collateral Agent, including without limitation the risk of the Trustee and the Collateral Agent acting on unauthorized instructions, and the risk of
interception and misuse by third parties. 
 SECTION 12.2. Certificate and Opinion as to Conditions Precedent. Upon any request
or application by the Issuer to the Trustee or the Collateral Agent to take any action under this Indenture or the Security Documents, the Issuer shall furnish to the Trustee or the Collateral Agent upon request: 

(a) an Officers’ Certificate (which shall include the statements set forth in Section 12.3) stating that, in the
opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; provided that no such Officers’ Certificate shall be required to be delivered in
connection with the issuance of the Notes that are issued on the Issue Date; and 
 (b) an Opinion of Counsel (which shall
include the statements set forth in Section 12.3) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied; provided that no such Opinion of Counsel shall be required to be delivered
in connection with (x) the issuance of the Notes that are issued on the Issue Date or (y) the execution of any amendment or supplement entered into in connection with adding or releasing a Guarantor pursuant to the terms of this Indenture.

  
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 SECTION 12.3. Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.4) shall include substantially: 

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

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

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

In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officers’ Certificate or on certificates of public
officials. 
 SECTION 12.4. Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of
Holders. Each of the Agents may make reasonable rules and set reasonable requirements for its functions. 
 SECTION 12.5. No
Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer, employee, incorporator, stockholder, partner or member of the Issuer or any Guarantor, as such, will have any liability for any
indebtedness, obligations or liabilities of the Issuer or of any Guarantor (other than the Issuer in respect of the Notes and each Guarantor in respect of its Guarantee) under the Notes, the Guarantees, this Indenture or the Security Documents or
for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and
the Guarantees. 
 SECTION 12.6. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. THE LAW OF THE STATE OF
NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES. Each of the parties to this Indenture each hereby irrevocably submits to the non-exclusive jurisdiction of
any New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes, the Guarantees or this Indenture, and all such parties hereby irrevocably agree that
all claims in respect of such action or proceeding may be heard and determined in such New York State or federal court and hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the
maintenance of such action or proceeding. EACH OF THE ISSUER, THE GUARANTORS, THE TRUSTEE AND THE COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE BONDS OR THE TRANSACTION CONTEMPLATED HEREBY. 

  
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 SECTION 12.7. No Adverse Interpretation of Other Agreements. This Indenture may
not be used to interpret any other indenture, loan or debt agreement of Holdings, the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

SECTION 12.8. Successors. All agreements of the Issuer and the Guarantors in this Indenture and the Notes and the Guarantees, as
applicable, shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its respective successors and assigns. All agreements of the Collateral Agent in this Indenture shall bind its respective
successors and assigns. 
 SECTION 12.9. Severability. In case any provision in this Indenture or in the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 12.10. Execution in Counterparts. This Indenture may be executed in two or more counterparts, which when so executed shall
constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in
lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. Except with respect to authentication of the Notes by the Trustee or
an authenticating agent, the words “execution,” “signed,” “signature,” “delivery” and words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture shall
be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use
of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

SECTION 12.11. Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table and Headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

SECTION 12.12. Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing (or, with respect to Global Notes, otherwise in accordance
with the rules and procedures of the Depositary); and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly 

  
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required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner
provided in this Section 12.12. 
 (b) The fact and date of the execution by any Person of any such instrument or
writing may be proved (1) by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or
writing acknowledged to such officer the execution thereof or (2) in any other manner reasonably deemed sufficient by the Trustee. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such
certificate or affidavit shall also constitute sufficient proof of such signer’s authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other
manner which the Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the register maintained by the
Registrar hereunder. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder
of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 (e) If the
Issuer shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Issuer may, at its option, by or pursuant to an Officers’ Certificate, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Issuer shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders
of the requisite proportion of outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such
record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after
the record date. 
 (f) The Trustee may, but shall not be obligated to, set any day as a record date for the purpose of
determining the Holders entitled to join in the giving or making of (1) any notice of default under Section 6.1, (2) any declaration of acceleration referred to in Section 6.2, (3) any direction referred to in Section 6.5 or
(4) any request to pursue a 

  
 129 

 
remedy as permitted in Section 6.6. If any record date is set pursuant to this paragraph, the Holders on such record date, and no other Holders, shall be entitled to join in such notice,
declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by
Holders of the requisite principal amount of Notes or each affected Holder, as applicable, on such record date. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Issuer’s expense, shall cause notice of such
record date, the proposed action by Holders and the applicable Expiration Date to be given to the Issuer and to each Holder in the manner set forth in Section 12.1. 

(g) Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so
with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action
taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part. 

(h) Without limiting the generality of the foregoing, a Holder, including a Depositary that is the Holder of a Global Note, may
make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is
the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s standing instructions and customary practices. 

(i) The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any
Global Note held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action
provided in this Indenture to be made, given or taken by Holders; provided that if such a record date is fixed, only the beneficial owners of interests in such Global Note on such record date or their duly appointed proxy or proxies shall be
entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial owners remain beneficial owners of interests in such Global Note after such record date. No such
request, demand, authorization, direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date. 

(j) With respect to any record date set pursuant to this Section 12.12, the party hereto that sets such record date may
designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is
given to the other party hereto in writing, and to each Holder in the manner set forth in Section 12.1, on or prior to both the existing and the new Expiration Date. If an Expiration Date is not designated with respect to any record date set
pursuant to this Section 12.12, the party hereto which set such record date shall be deemed to have initially designated the 90th day after such record date as the Expiration Date with respect thereto, subject to its right to change the
Expiration Date as provided in this clause (j). 

  
 130 

 SECTION 12.13. Force Majeure. In no event shall the Trustee or any Agent be
responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, fire, riots, strikes, or work stoppages for
any reason, embargoes, governmental actions, accidents, acts of war or terrorism, epidemics and pandemics, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services, it being understood that the Trustee and each Agent shall use reasonable efforts which are consistent with accepted practices in the U.S. banking industry to resume performance as soon as
practicable under the circumstances. 
 SECTION 12.14. Legal Holidays. If any payment date with respect to the Notes falls on a
day that is not a Business Day, the payment to be made on such payment date will be made on the next succeeding Business Day with the same force and effect as if made on such payment date, and no additional interest will accrue solely as a result of
such delayed payment. 
 SECTION 12.15. USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326
of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that
establishes a relationship or opens an account. The Issuer agrees that it will provide the Trustee with information about the Issuer as the Trustee may reasonably request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 [Signature Pages Follow] 

  
 131 

 
			
	VERTIV GROUP CORPORATION
		
	By:	 	 /s/ David Fallon

	Name:	 	David Fallon
	Title:	 	Vice President, Chief Financial Officer, and
		 	Treasurer

 [Signature Page to Indenture] 

			
	GUARANTORS:
	
	CHARLOTTE PROPERTIES LLC, a California limited
	liability company
	DESARROLLADORA LINA, LLC, a California limited
	liability company
	ELECTRICAL RELIABILITY SERVICES, INC., a
	California corporation
	ENERGY LABS, INC., a California corporation
	HIGH VOLTAGE MAINTENANCE CORPORATION,
	a Ohio corporation
	LIEBERT FIELD SERVICES, INC., a Delaware
	corporation
	VERTIV CORPORATION, a Ohio corporation
	VERTIV INTERMEDIATE HOLDING II
	CORPORATION, a Delaware corporation
	VERTIV IT SYSTEMS, INC., a Delaware corporation
	VERTIV INTERNATIONAL HOLDING
	CORPORATION, a Ohio corporation
		
	By:	 	 /s/ David Fallon

	Name:	 	David Fallon
	Title:	 	Vice President and Treasurer

 [Signature Page to Indenture] 

			
	UMB BANK, N.A.
	as Trustee and Collateral Agent
		
	By:	 	 /s/ Mauri J. Cowen

	Name:	 	Mauri J. Cowen
	Title:	 	Sr. Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 (Face of 4.125%
Senior Secured Note) 
 4.125% Senior Secured Notes due 2028 

[Global Note Legend] 
 UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR TO SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE
DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF. 
 [Rule 144A Legend] 
 THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE
HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS SIX
MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A 

  
 A-1 

 
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT
THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT,
(E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S
AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL
BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
 BY ITS ACQUISITION OF THIS SECURITY OR ANY INTEREST HEREIN, THE
HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF ANY (A) “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING
OF SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (B) PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE
U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER U.S. OR NON-U.S. FEDERAL, STATE, LOCAL OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF
ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR (C) ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE THE ASSETS OF ANY OF THE FOREGOING DESCRIBED IN CLAUSES (A) AND (B), PURSUANT TO ERISA OR OTHERWISE, OR
(2) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A
SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 
 [Regulation S Legend] 

  
 A-2 

 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY
ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S, ONLY (A) TO THE ISSUER OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 
 BY ITS ACQUISITION OF THIS SECURITY OR ANY INTEREST HEREIN,
THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF ANY (A) “EMPLOYEE BENEFIT PLAN” WITHIN THE
MEANING OF SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (B) PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR

  
 A-3 

 
OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER U.S. OR
NON-U.S. FEDERAL, STATE, LOCAL OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR (C) ENTITY WHOSE UNDERLYING ASSETS ARE
CONSIDERED TO INCLUDE THE ASSETS OF ANY OF THE FOREGOING DESCRIBED IN CLAUSES (A) AND (B), PURSUANT TO ERISA OR OTHERWISE, OR (2) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 

  
 A-4 

 No. 

CUSIP NO.1 

ISIN 
 Vertiv Group Corporation
(including any successor thereto) promises to pay to [Cede & Co.]2 or registered assigns, the principal sum of ________ [(as may be increased or decreased as set forth on the Schedule of
Increases and Decreases attached hereto)]3 on November 15, 2028. 
 Interest
Payment Dates: May 15 and November 15, beginning May 15, 2022 
 Record Dates: May 1 and November 1 (whether or not
a Business Day) 
 Reference is made to further provisions of this Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

 

	1	 Rule 144A Note CUSIP: 92535UAB0 

Rule 144A Note ISIN: US92535UAB08 

Regulation S Note CUSIP: U9222UAB9 

Regulation S Note ISIN: USU9222UAB99 

IAI Note CUSIP: 92535UAC8 
 IAI
Note ISIN: US92535UAC80 

	2 	 For Global Notes only. 

	3 	 For Global Notes only. 

  
 A-5 

			
	VERTIV GROUP CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	This is one of the Notes referred to in the
	within-mentioned Indenture:
	
	Dated:
	
	UMB BANK, N.A., as Trustee
		
	By:	 	  

		 	    Authorized Signatory

  
 A-6 

 (Back of 4.125% Senior Secured Note) 

4.125% Senior Secured Notes due 2028 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) Interest. Vertiv Group Corporation, a Delaware corporation, and any successor thereto (the “Company”) promises to
pay interest on the unpaid principal amount of this 4.125% Senior Secured Note due 2028 (a “Note”) at a fixed rate of 4.125% per annum. The Issuer will pay interest in U.S. dollars semiannually in arrears on May 15 and
November 15, commencing on May 15, 2022 (each an “Interest Payment Date”) or if any such day is not a Business Day, on the next succeeding Business Day with the same force and effect as if made on such Interest Payment
Date, and no additional interest shall accrue solely as a result of such delayed payment. Interest on the Notes shall accrue from the most recent date to which interest has been paid, or, if no interest has been paid, from and including the date of
issuance. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Code) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Code) on overdue installments of interest (without regard to any applicable grace period), at the same rate to the extent lawful. Interest shall be computed on the
basis of a 360-day year comprised of twelve 30-day months. 

(2) Method of Payment. The Issuer will pay interest on the Notes (except defaulted interest) on the applicable Interest Payment Date to
the Persons who are registered Holders at the close of business on the May 1 and November 1 preceding the Interest Payment Date (whether or not a Business Day), even if such Notes are cancelled after such record date and on or before such
Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. If a Holder having an aggregate principal amount of more than $5,000,000 has given written wire transfer instructions to that
holder’s U.S. dollar account within the United States to the Trustee at least ten Business Days prior to the applicable Interest Payment Date, the Issuer will make all payments of principal, premium and interest, on such Holder’s Notes by
wire transfer of immediately available funds to the account specified in those instructions. Otherwise, payments on the Notes will be made at the office or agency of the Trustee or Paying Agent unless the Issuer elects to make interest payments by
wire or check mailed to the Holders at their addresses set forth in the register of Holders. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. 
 Any payments of principal of this Note prior to Stated Maturity shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. The final principal amount due and payable at the maturity of this Note shall be payable only upon presentation and surrender
of this Note at an office of the Trustee or the Trustee’s agent appointed for such purposes. Payments in respect of Global Notes will be made by wire transfer of immediately available funds to the Depositary. 

  
 A-7 

 (3) Paying Agent and Registrar. Initially, UMB Bank, N.A. shall act as Paying Agent
and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder, and the Issuer and/or any Restricted Subsidiaries may act as Paying Agent or Registrar. 

(4) Indenture. The Issuer issued the Notes under an Indenture, dated as of October 22, 2021 (the “Indenture”),
among Holdings, the Issuer, the Subsidiary Guarantors thereto, the Trustee and the Collateral Agent. The terms of the Notes include those stated in the Indenture. To the extent the provisions of this Note are inconsistent with the provisions of the
Indenture, the Indenture shall govern. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. The Initial Notes issued on the Issue Date were initially issued in an aggregate principal
amount of $850,000,000. The Indenture permits the issuance of Additional Notes subject to compliance with certain conditions. 
 The payment
of principal, interest on the Notes and all other amounts under the Indenture is unconditionally guaranteed, jointly and severally, on a senior secured basis by the Guarantors. 

(5) Optional Redemption. 

(a) The Notes may be redeemed, in whole or in part, at any time or from time to time prior to November 15, 2024 at the
option of the Issuer, at a redemption price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date (subject
to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). 

(b) On or after November 15, 2024, the Issuer may, on any one or more occasions, redeem all or a part of the Notes at the
following redemption prices (expressed as percentages of the principal amount of the Notes to be redeemed) plus accrued and unpaid interest, if any, on the Notes redeemed to, but excluding, the applicable redemption date, if redeemed during the 12-month period beginning on November 15 of the years indicated below (subject to the rights of Holders on the relevant regular record date to receive interest due on the relevant Interest Payment Date that is
on or prior to the applicable redemption date): 
  

					
	 Year
	  	Redemption Price	 
	 2024
	  	 	102.063	% 
	 2025
	  	 	101.031	% 
	 2026 and thereafter
	  	 	100.000	% 

 (c) In the event that before November 15, 2024, the Issuer receives net cash proceeds from
one or more Equity Offerings, the Issuer may use an amount not greater than the amount of such net cash proceeds to redeem up to 40.0% of the original aggregate principal amount of all Notes issued (calculated after giving effect to any issuance of
Additional Notes) at a redemption price of 104.125% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date (subject to the rights of Holders on the relevant regular record date to
receive interest due on the relevant interest payment date that is on or prior to the applicable redemption date); provided that: 

(1) at least 50.0% of the aggregate principal amount of all Notes issued on the Issue Date remains outstanding after each such
redemption; and 

  
 A-8 

 (2) the redemption date is within 120 days of the consummation of any such
Equity Offering. 
 (d) If Holders of not less than 90.0% in aggregate principal amount of the outstanding Notes validly
tender and do not withdraw such Notes in connection with any tender offer or other offer to purchase the Notes (including pursuant to a Change of Control Offer, Alternate Offer or an offer to purchase with the proceeds from any Asset Disposition)
and the Issuer, or any other Person making such offer in lieu of the Issuer, purchases all of the Notes validly tendered and not validly withdrawn by such Holders, the Issuer will have the right, upon not less than ten nor more than 60 days’
prior notice, to redeem all Notes that remain outstanding following such purchase (and the Holders of such remaining Notes shall be deemed to have consented to surrender their Notes) at a redemption price in cash equal to the applicable price paid
to holders in such purchase, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or
prior to the date of redemption). 
 (6) Special Mandatory Redemption. 

(a) If (i) the consummation of the Acquisition does not occur on or before December 31, 2021 (or such later date if
the end date is extended pursuant to the terms of the Acquisition Agreement) (the “End Date”) or (ii) the Issuer delivers a notice to the Trustee stating it has determined that the consummation of the Acquisition will not occur
on or before the End Date (the earlier of the date of delivery of such notice and the End Date, the “Acquisition Deadline”), the Issuer will be required to redeem all of the Notes issued on the Issue Date (the “Special
Mandatory Redemption”). The Special Mandatory Redemption will be required to occur by a date no later than ten days after the Acquisition Deadline, upon three days’ notice (the “Special Mandatory Redemption Date”) and
at a redemption price equal to 100% of aggregate principal amount of the Notes, plus accrued and unpaid interest on the Notes being redeemed, if any, to, but excluding, the Special Mandatory Redemption Date. 

(b) Subject to Section 6(a) hereof, upon the occurrence of the closing of the Acquisition, the foregoing provisions
regarding the Special Mandatory Redemption will cease to apply. 
 (7) Offer to Purchase upon Change of Control. 

(a) Upon the occurrence of a Change of Control, the Issuer may be required to offer to repurchase all or any part of each
Holder’s Notes pursuant to a Change of Control Offer on terms set forth in the Indenture. 

  
 A-9 

 (b) Upon the occurrence of certain Asset Dispositions, the Issuer may be
required to offer to purchase Notes as provided in the Indenture. 
 (c) Holders of the Notes that are the subject of an
offer to purchase will receive notice of an Offer to Purchase pursuant to Section 4.10 or the Change of Control Offer, as applicable, from the Issuer prior to any related purchase date and may elect to have such Notes purchased by completing
the form titled “Option of Holder to Elect Purchase” attached hereto. 
 (8) Notice of Redemption. Notice of redemption
(other than a Special Mandatory Redemption) shall be delivered at least ten days but not more than 60 days before the redemption date (except that notices may be delivered more than 60 days before an expected redemption date if the notice is issued
in accordance with Article VIII of the Indenture) to each Holder whose Notes are to be redeemed in accordance with Section 12.1 of the Indenture. Notices of redemption may be subject to conditions precedent as set forth in the Indenture.
Notes in denominations larger than $2,000 may be redeemed in part so long as no partial redemption results in a Note having a principal amount of less than $2,000. 

(9) Denominations, Transfer, Exchange. The Notes are in registered form without coupons in initial denominations of $2,000 and integral
multiples of $1,000 in excess thereof. The transfer of the Notes may be registered and the Notes may be exchanged as provided in the Indenture. The Registrar, the Trustee and the Issuer may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents, and the Holders will be required to pay all taxes due on transfer. The Registrar is not required (A) to issue, to register the transfer of or to exchange Notes during a period beginning at the
opening of 15 days before the day of any selection of Notes for redemption and ending at the close of business on the day of such selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding Interest Payment Date. 

(10) Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

(11) Amendment, Supplement and Waiver. The Indenture, the Notes and the Guarantees may be amended or supplemented as provided in the
Indenture. 
 (12) Defaults and Remedies. The Events of Default relating to the Notes are defined in Section 6.01 of the
Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Issuer, the Guarantors, the Trustee, the Collateral Agent and the Holders shall be as set forth in the applicable provisions of the Indenture. 

(13) No Recourse Against Others. No director, officer, employee, incorporator, stockholder, partner or member of Holdings, the Issuer
or any Subsidiary Guarantor, as such, will have any liability for any indebtedness, obligations or liabilities of the Issuer or of any Guarantor (other than the Issuer in respect of the Notes and each Guarantor in respect of its Guarantee) under the
Notes, the Guarantees, the Indenture or the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes and the Guarantees, to the extent permitted by applicable law. 

  
 A-10 

 (14) Authentication. This Note shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. 
 (15) Abbreviations. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gifts to Minors Act).

 (16) CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to the Holders. No representation is made as to the accuracy of such
numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

The Issuer shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Vertiv Group Corporation 
 1050
Dearborn Dr. 
 Columbus, Ohio 43085 

Email: Stephanie.Gill@vertiv.com 

Attention: Stephanie Gill 
 (17)
Security. The Notes shall be secured by first-priority Liens in the Fixed Asset Collateral and second-priority Liens in the Current Asset Collateral, in each case subject to Permitted Liens, on the terms and conditions set forth in the
Indenture and the Security Documents. The Collateral Agent holds a Lien in the Collateral for the benefit of the Secured Parties, in each case pursuant to the Security Documents. 

  
 A-11 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint 
  

 
 to transfer this Note on the books of the Issuer. The
agent may substitute another to act for him. 
 Date:
                     
  

			
	Your Signature :	 	  

		 	(Sign exactly as your name
		 	appears on the face of this Note)

 Signature guarantee: 

  
 A-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 or Section 4.13 of the Indenture, check the
box below: 
 [    ] Section 4.10            
[    ] Section 4.13 
 If you want to elect to have only part of the Note purchased by the Issuer pursuant to
Section 4.10 or Section 4.13 of the Indenture, state the amount you elect to have purchased: $______________ 
 Date: 

 

			
	Your Signature :	 	  

		 	(Sign exactly as your name
		 	appears on the face of this Note)

 Tax Identification No.: 

Signature guarantee: 

  
 A-13 

 [INCLUDE IN TRANSFER RESTRICTED NOTES] 

CERTIFICATE TO BE DELIVERED UPON 

EXCHANGE OF TRANSFER RESTRICTED NOTES 
 Vertiv
Group Corporation 
 1050 Dearborn Dr. 
 Columbus, Ohio 43085

 Email: Stephanie.Gill@vertiv.com 
 Attention: Stephanie Gill

 UMB Bank, N.A. 
 5555 San Felipe Street, Suite 870 

Houston, Texas 77056 
 Attention: Corporate Trust – Vertiv

 Re: 4.125% Senior Secured Notes due 2028 CUSIP NO. ________ 

Reference is hereby made to that certain Indenture dated October 22, 2021 (the “Indenture”) among Vertiv Group
Corporation (the “Company”), the guarantors named therein, and UMB Bank, N.A., as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Collateral Agent”).
Capitalized terms used but not defined herein shall have the meanings set forth in the Indenture. 
 This certificate relates to $______
principal amount of Notes held in (check applicable space) ___________ book-entry or ____________ definitive form by the undersigned. 
 In
connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the Resale Restriction Termination Date, the undersigned confirms that such Notes are being transferred as follows: 

CHECK ONE BOX BELOW: 
  

	(1) ☐	 to the Issuer or any of its subsidiaries; or 

 

	(2) ☐	 inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the
Securities Act of 1933, as amended) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A under the Securities Act of 1933, as
amended, in each case pursuant to and in compliance with Rule 144A thereunder; or 

  

	(3) ☐	 transferred pursuant to an effective registration statement under the Securities Act of 1933, as amended (the
“Securities Act”); or 

  

	(4) ☐	 outside the United States in an offshore transaction within the meaning of Regulation S under the Securities
Act, in compliance with Rule 904 thereunder; or 

  
 A-14 

	(5) ☐	 transferred to an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3)
or (7) under the Securities Act), that has furnished to the Trustee a signed letter containing certain representations and agreements (the form of which letter appears as Exhibit D of the Indenture); or 

 

	(6) ☐	 transferred pursuant to another available exemption from the registration requirements under the Securities
Act. 

 Unless one of the boxes is checked, the Registrar will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Trustee or the Issuer may require, prior to registering any such transfer of the Notes,
the delivery of an opinion of counsel, certification and/or other information satisfactory to each of them to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the Securities Act, such as the exemption provided by Rule 144 under such Act. 
  

	
	  

	Signature

  

			
	Signature Guarantee:        	  	  

		  	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that each of it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
		  	 [Name of Transferee]
  

		  	NOTICE: To be executed by an executive officer, if an entity

 Dated:
                     

  
 A-15 

 SCHEDULE OF INCREASES AND DECREASES OF 4.125% SENIOR SECURED NOTES DUE 20284 
 The following transfers, exchanges and redemption of this Global Note have been
made: 
  

									
	 Date of Transfer,

Exchange or
 Redemption
	  	 Amount of

Decrease in
 Principal Amount of

this Global Note
	  	 Amount of Increase

in Principal Amount
 of this Global
Note
	  	 Principal Amount of

this Global Note
 Following Such

Decrease (or
 Increase)
	  	 Signature of Trustee

or Note Custodian

 

	4 	 For Global Notes only. 

  
 A-16 

 EXHIBIT B 

[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED 

BY SUBSEQUENT SUBSIDIARY GUARANTORS] 

This Supplemental Indenture and Subsidiary Guarantee, dated as of _____________, 20 (this “Supplemental Indenture” or
“Subsidiary Guarantee”), among ____________ (the “New Guarantor”), Vertiv Group Corporation (together with its successors and assigns, the “Company”) and UMB Bank, N.A., as Trustee and
Collateral Agent, paying agent and registrar under such Indenture. 
 W I T N E S S E T H: 

WHEREAS, the Issuer, Holdings, the Subsidiary Guarantors, the Trustee and the Collateral Agent have heretofore executed and delivered an
Indenture, dated as of October 22, 2021 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 4.125% Senior Secured Notes due 2028 of
the Issuer (the “Notes”); 
 WHEREAS, Section 4.15 of the Indenture provides that in certain circumstances the Issuer
may be required to cause certain Restricted Subsidiaries of the Issuer to execute and deliver a Guarantee with respect to the Notes on the same terms and conditions as those set forth in the Indenture. 

WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee and the Issuer are authorized to execute and deliver this Supplemental
Indenture to amend the Indenture, without the consent of any Holder to add an additional Subsidiary Guarantor. 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Issuer and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as
follows: 
 ARTICLE I 

Definitions 
 SECTION 1.1
Defined Terms. As used in this Supplemental Indenture, capitalized terms defined in the Indenture or in the preamble or recitals thereto are used herein as therein defined. The words “herein,” “hereof” and
“hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

ARTICLE II 
 Agreement to be
Bound; Guarantee 
 SECTION 2.1 Agreement to be Bound. The New Guarantor hereby becomes a party to the Indenture as a Subsidiary
Guarantor and as such shall have all of the rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. The New Guarantor agrees to be bound by all of the provisions of the Indenture applicable to a
Subsidiary Guarantor and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture, subject to the release provisions and other limitations set forth in the Indenture. 

  
 B-1 

 ARTICLE III 

Miscellaneous 
 SECTION 3.1
Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION 3.2 Severability Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability. 

SECTION 3.3 Ratification of Indenture; Supplemental Indentures Part of Indenture; No Liability of Trustee. Except as expressly amended
hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every
Holder of a Note heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or the New Guarantor’s Subsidiary
Guarantee. Additionally, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Issuer, the New Guarantor
and the Subsidiary Guarantors, and the Trustee makes no representation with respect to any such matters. 
 SECTION 3.4 Counterparts.
This Supplemental Indenture may be executed in two or more counterparts, which when so executed shall constitute one and the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
PDF shall be deemed to be their original signatures for all purposes. 
 SECTION 3.5 Headings. The headings of the Articles and the
sections in this Subsidiary Guarantee are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 

[Signatures on Following Page] 

  
 B-2 

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

			
	VERTIV GROUP CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	[NEW GUARANTOR],
	as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	UMB BANK, N.A.,
	as Trustee and Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3 

 EXHIBIT C 

[FORM OF CERTIFICATE TO BE DELIVERED 

IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S] 

Vertiv Group Corporation 
 1050 Dearborn Dr. 

Columbus, Ohio 43085 
 Email: Stephanie.Gill@vertiv.com 

Attention: Stephanie Gill 
 UMB Bank, N.A. 

5555 San Felipe Street, Suite 870 
 Houston, Texas 77056 

Attention: Corporate Trust – Vertiv 
 Re:
Vertiv Group Corporation (the “Company”) 4.125% Senior Secured Notes due 2028 (the “Notes”) 
 Ladies and Gentlemen: 

In connection with our proposed sale of $______________ aggregate principal amount of the Notes (CUSIP No._______________), we confirm that
such sale has been effected pursuant to and in accordance with Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 

(1) the offer of the Notes was not made to a person in the United States; 

(2) either (a) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our
behalf reasonably believed that the transferee was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we
nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(3) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, as applicable; and 
 (4) the transaction is not part of a plan or scheme to evade the registration requirements of the
Securities Act. 
 In addition, if the sale is made during a restricted period and the provisions of Rule 903(b) or Rule 904(b) of
Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), as the case may be. 

  
 C-1 

 The Issuer and you are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

 

			
	 Very truly yours,
  

	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

  
 C-2 

 EXHIBIT D 

[FORM OF CERTIFICATE TO BE DELIVERED 

IN CONNECTION WITH TRANSFERS TO IAIs] 
 Vertiv
Group Corporation 
 1050 Dearborn Dr. 
 Columbus, Ohio 43085

 Email: Stephanie.Gill@vertiv.com 
 Attention: Stephanie Gill

 UMB Bank, N.A. 
 5555 San Felipe Street, Suite 870 

Houston, Texas 77056 
 Attention: Corporate Trust – Vertiv

 Re: Vertiv Group Corporation (the “Company”) 4.125% Senior Secured Notes due 2028 (the “Notes”) 

Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $_____________ principal amount of the Notes. 
 Upon transfer, the Notes would be registered in the name
of the new beneficial owner as follows: 

Name:                      
                                         
  

Address:                      
                                        

Taxpayer ID Number:
                                        
 
 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of
1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes not
with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our
investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

  
 D-1 

 2. We understand that the Notes have not been registered under the Securities Act (or the
securities laws of any state or other jurisdiction) and, unless so registered, may not be reoffered, sold, assigned, transferred, pledged, encumbered or otherwise disposed of except as permitted in the following sentence. We agree on our own behalf
and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of original issue, the original issue date of any additional Notes
and the last date on which the Issuer or any affiliate of the Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Issuer or any of its subsidiaries,
(b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) for so long as the Notes are eligible for resale pursuant to Rule 144A under the Securities Act, in a transaction complying with
the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A under the Securities Act (a “QIB”) that is purchasing for its own
account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur outside the United States to
non-U.S. persons, in compliance with Regulation S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
(7) under the Securities Act that is not a QIB and is purchasing for its own account or for the account of another institutional “accredited investor,” in each case in a minimum principal amount of Notes of $250,000, for investment
purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in
each of the foregoing cases to any requirement of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws.
The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction
Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuer and UMB Bank, N.A., as trustee (the “Trustee”), which shall provide, among other things, that the
transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and that it is acquiring such Notes for investment purposes and not for distribution in
violation of the Securities Act. Each purchaser acknowledges that the Issuer and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause (d), (e)
or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Issuer and the Trustee. 

3. We [are] [are not] an affiliate of the Issuer. 

  
 D-2 

 The Trustee and the Issuer are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	 Very truly yours,
  

	[Name of Transferee]
		
	By:	 	  

		 	Authorized Signature

  
 D-3

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