Document:

Exhibit 10.1

    

    

    SEVENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

    

    

    SEVENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of July 9, 2021, among ALLIANCE DATA SYSTEMS CORPORATION, a Delaware corporation (the “Borrower”), the Guarantors
      (as defined in the Credit Agreement referred to below) party hereto, the Banks party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (the “Administrative

          Agent”). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided such terms in the Credit Agreement referred to below.

    

    

    W I T N E S S E T H:

    

    

    WHEREAS, the Borrower, the Guarantors party thereto, the lenders party thereto from time to time (the “Banks”) and the Administrative Agent have entered into that certain Amended and Restated Credit Agreement, dated as of June 14, 2017 (as amended, supplemented or otherwise modified prior
      to the date hereof, the “Existing Credit Agreement”; the Existing Credit Agreement, as amended by this Amendment, the “Credit Agreement”);

    

    

    WHEREAS, the Borrower has requested, and subject to the terms and conditions set forth herein, the Administrative Agent and each of the
      Banks party hereto as a “Consenting Bank” (collectively, the “Consenting Banks”) have agreed, to extend the Maturity Date with respect to such Consenting
      Bank’s Revolving Credit Commitments and outstanding Term Loans (excluding, at the election of the Borrower up to $200,000,000 of outstanding Term Loans (the “Non-Extended
          Term Loan Amount”));

    

    

    WHEREAS, in connection with this Amendment, each Bank party hereto as an “Exiting Bank” (collectively, the “Exiting Banks”) have elected not to extend the Maturity Date with respect to their Revolving Credit Commitments and outstanding Term Loans and, as such, have agreed (a) to have
      their Revolving Credit Commitments, outstanding Revolving Loans and outstanding Term Loans reallocated to other Banks and (b) that such Exiting Bank will cease to be a Bank under the Credit Documents;

    

    

    WHEREAS, in connection with this Amendment, each Bank party hereto as a “Joining Bank” (collectively, the “Joining Banks”) has agreed to become a Bank under the Credit Agreement and, in connection therewith, each Joining Bank has agreed to purchase from the Exiting Banks a portion of the
      Revolving Credit Commitment, together with the related Revolving Loans and Revolving Credit Exposure, and Term Loans outstanding thereunder, pursuant to the terms of this Amendment;

    

    

    WHEREAS, the Borrower has requested, and subject to the terms and conditions set forth herein, the Administrative Agent and the
      Consenting Banks have agreed to, certain other amendments to the Existing Credit Agreement as more specifically set forth herein;

    

    

    NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which
      are hereby acknowledged, it is agreed as follows:

    

    

    SECTION 1. Amendments to Existing Credit Agreement. 
        Effective as of the Seventh Amendment Effective Date (as defined below) and subject to the terms and conditions set forth herein and in reliance upon the representations and warranties set forth herein, the Existing Credit Agreement is hereby
        amended as follows:

    

    

    (a) the body of the Existing Credit Agreement is hereby amended (a) to delete red or green stricken text (indicated textually in the same manner as the following examples: stricken text and stricken text)
        and (b) to add the blue or green double-underlined text (indicated textually in the same manner as the following examples: double-underlined text and double-underlined text), in each case, as set forth in
        the conformed copy of the Credit Agreement attached hereto as Annex A hereto;

    
      
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    (b) Annex I (Pricing Schedule) to the Existing Credit Agreement is hereby amended and
        restated in the form attached hereto as Annex B; and

    

    

    (c) Schedule I (Commitments) to the Existing Credit Agreement is hereby amended and
        restated in the form attached hereto as Annex C.

    

    

    SECTION 2. Extension of Maturity Date.  Effective as of the
        Seventh Amendment Effective Date:

    

    

    (a) Pursuant to Section 2.18 of the Existing Credit Agreement, each Consenting Bank
        hereby agrees to extend the Maturity Date with respect to (i) the Revolving Credit Commitment of such Consenting Bank (each, an “Extended Revolving Credit Commitment”)

        and (ii) the outstanding Term Loans of such Consenting Bank (excluding such Consenting Bank’s pro rata share of the Non-Extended Term Loan Amount) (each, an “Extended Term Loan”), in each case to July 1, 2024, which
        date shall constitute an “Extended Maturity Date” under the Existing Credit Agreement.  The Maturity Date of the Non-Extended Term Loan Amount shall remain unchanged by this Amendment (December 31, 2022).

    

    

    (b) The Term Loans shall be required to be repaid as provided in Section 2.5(b) of the
        Credit Agreement; provided that to the extent not previously paid, the aggregate unpaid principal balances of the Term Loans shall be due and payable on the
        Maturity Date.

    

    

    (c) Except as to final maturity date, the Extended Term Loans shall have the same terms as the other Term Loans, subject to the terms of the Credit Agreement, and shall be treated
        as being a part of the Term Loans for all purposes of the Credit Agreement.

    

    

    (d) For the avoidance of doubt, the Non-Extended Term Loan Amount shall be allocated among the Consenting Banks on a pro rata basis.

    

    

    SECTION 3. Reallocation of Revolving Credit Commitments and Loans;
            Exiting Banks; Joining Banks.

    

    

    (a) Reallocation of Revolving Credit Commitments and Loans.  Notwithstanding anything to
        the contrary in the Existing Credit Agreement, on the Seventh Amendment Effective Date, the Revolving Credit Commitment and outstanding Term Loans of each Bank (including each Exiting Bank) shall be reallocated to one or more other Banks (including
        each Joining Bank) (each, an “Assuming Bank”), such that after giving effect to such reallocation, the Revolving Credit Commitment and outstanding Term Loans
        of each Bank (including each Joining Bank) shall be as set forth on amended Schedule 1 attached hereto on Annex C hereto.  In connection therewith, each party hereto agrees (i) that solely with respect to any assignments required or desired to effectuate the purposes set forth in this Amendment, such
        assignments shall be deemed to be made in requisite amounts among the Banks and from each Bank to each other Bank, with the same force and effect as if such assignments were evidenced by any applicable Assignment and Assumption Agreements under the
        Credit Agreement and (ii) to any adjustments to be made to the Register to effectuate such reallocations and assignments.  Any reallocation of Revolving Credit Commitments and outstanding Revolving Loans and Term Loans among the applicable Banks
        resulting from such adjustments shall, in each case, occur on the Seventh Amendment Effective Date in connection with this Amendment, and the Administrative Agent may make such adjustments between and among the Banks as are reasonably necessary to
        effectuate such adjustments, so that the Revolving Credit Commitments and outstanding Term Loans are as set forth on the revised Schedule 1 attached hereto
        as Annex C.  Notwithstanding anything to the contrary in Section 10.6
        of the Credit Agreement or this Amendment, (x) no other documents or instruments, including any Assignment and Assumption Agreement, shall be executed in connection with these assignments (all of which requirements are hereby waived), (y) no fees
        shall be required to be paid to the Administrative Agent in connection with such assignments, and (z) such assignments shall be deemed to be made with all applicable representations, warranties and covenants as if evidenced by an Assignment and
        Assumption Agreement.

    
      
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    (b) Exiting Banks.  Effective on the Seventh Amendment Effective Date, after giving effect
        to the reallocations described in Section 3(a) of this Amendment, (i) the Revolving Credit Commitment of each Exiting Bank shall be permanently reduced to
        $0, (ii) the Borrower will repay all outstanding Revolving Loans, Term Loans and other amounts owing to the Exiting Bank (other than accrued fees and interest) and (iii) each Exiting Bank shall cease to be a Bank under the Credit Agreement and the
        other Credit Documents and shall have no further rights or obligations as a Bank under the Credit Agreement and the other Credit Documents, except to the extent of rights and obligations that survive a Bank’s assignment of its commitments pursuant
        to Section 10.6 of the Credit Agreement and its rights to payment of interest and fees that have accrued but not been paid on the Seventh Amendment
        Effective Date.  Each Credit Party agrees to take such other actions as are reasonably requested by the Exiting Bank in connection with the foregoing.  This Amendment shall be deemed to constitute an Assignment and Assumption Agreement for purposes
        of Section 10.6(c) of the Credit Agreement.  From and after the Seventh Amendment Effective Date, the Administrative Agent shall (to the extent received
        from the Borrower) make payment to (x) each Exiting Bank in respect of any accrued fees and interest that have accrued to but excluding the Seventh Amendment Effective Date on the Revolving Loans and Term Loans of such Exiting Bank, which were
        repaid on the Seventh Amendment Effective Date and (y) each Assuming Bank for any such amounts that have accrued on or after the Seventh Amendment Effective Date.  Each Exiting Bank is a party to this Amendment solely for the purpose of evidencing
        its agreement to this Section 3.

    

    

    (c) Joining Banks.  By its execution of this Amendment, each Joining Bank hereby
        acknowledges, agrees and confirms that, on and after the Seventh Amendment Effective Date (i) it will be deemed to be a party to the Credit Agreement as a “Bank” for all purposes of the Credit Agreement and the other Credit Documents, and shall
        have all of the obligations of, and shall be entitled to the benefits of, a Bank under the Credit Agreement as if it had executed the Credit Agreement as such; (ii) it will be bound by all of the terms, provisions and conditions contained in the
        Credit Agreement and the other Credit Documents; (iii) it, independently and without reliance upon the Administrative Agent, any other Bank or any of their respective Affiliates, has made its own credit analysis and decision to enter into this
        Amendment and to become a Bank under the Credit Agreement; (iv) it will perform, in accordance with the terms thereof, all of the obligations which by the terms of the Credit Agreement and the other Credit Documents are required to be performed by
        it as a Bank; and (v) it will provide any additional documentation (including, without limitation, if requested, any Assignment and Assumption Agreement to be executed in connection with this Amendment) to evidence its status as a Bank under the
        Credit Agreement as of the Seventh Amendment Effective Date or as required to be delivered by it pursuant to the terms of the Credit Agreement and the other Credit Documents.

    

    

    (d) Waivers.  The Banks party hereto (including each Exiting Bank) agree to waive (i) any
        notice of prepayment required under the Existing Credit Agreement in connection with the reallocation of outstanding Loans on the Seventh Amendment Effective Date and (ii) any costs required to be paid pursuant to Section 2.13 of the Existing Credit Agreement in connection with such reallocation of Revolving Credit Commitments, outstanding Revolving Loans and/or Term Loans.

    

    

    SECTION 4. Guarantor Supplement.  Each of Lon Inc., a
        Delaware corporation, and Lon Operations LLC, a Delaware limited liability company (each, an “Additional Guarantor”), hereby acknowledges that by its
        signature hereto it shall become a “Guarantor” for all purposes of the Credit

    
      
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    Agreement, effective from the Seventh Amendment Effective Date.  Each Additional Guarantor confirms that the representations and warranties set forth in Article 4 of the Credit Agreement are true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) as to such
      Additional Guarantor as of the date hereof ( other than any representation or warranty that relates to a specified date, which shall be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects)
      as of such date).  Without limiting the generality of the foregoing, effective from the Seventh Amendment Effective Date, each Additional Guarantor hereby agrees to perform all the obligations of a Guarantor under, and to be bound in all respects by
      the terms of, the Credit Agreement, including without limitation Article 9 thereof, to the same extent and with the same force and effect as if the
      undersigned were a direct signatory thereto.

    

    

    SECTION 5. Seventh Amendment Effective Date Conditions.  This
        Amendment shall become effective on the date when the following conditions shall have been satisfied or waived (such date, the “Seventh Amendment Effective Date”):

    

    

    (a) The Administrative Agent’s receipt of this Amendment, duly executed by an authorized officer of each signing Credit Party, the Consenting Banks, the Exiting Banks, the Joining
        Banks and the Administrative Agent.

    

    

    (b) The fact that immediately prior to and after giving effect to this Amendment, no Default has occurred and is continuing.

    

    

    (c) The fact that the representations and warranties of the Credit Parties contained in the Credit Agreement are true and correct in all material respects (where not already
        qualified by materiality, otherwise in all respects) immediately prior to and after giving effect to this Amendment (other than representations and warranties that relate to a specific date, which shall be true and correct in all material respects
        (where not already qualified by materiality, otherwise in all respects) as of such specific date).

    

    

    (d) The Administrative Agent shall have received, in form and substance reasonably satisfactory thereto, all documents the Administrative Agent may reasonably request relating to
        the corporate authority and incumbency of each Credit Party.

    

    

    (e) Payment by the Borrower to the Administrative Agent for the account of each Consenting Bank and each Joining Bank of fees previously agreed to between the Borrower and Wells
        Fargo Securities, LLC.

    

    

    (f) Payment of all fees to Wells Fargo Securities, LLC required to be paid in connection with this Amendment.

    

    

    SECTION 6. Acknowledgement and Confirmation.  Each of the
        Credit Parties party hereto hereby agrees that with respect to each Credit Document to which it is a party, after giving effect to this Amendment and the transactions contemplated hereunder, all of its obligations, liabilities and indebtedness
        under such Credit Document, including guarantee obligations, shall, except as set forth herein or in the Credit Agreement, remain in full force and effect on a continuous basis.

    

    

    SECTION 7. Limited Effect.  Except as provided herein, the
        Existing Credit Agreement and the other Credit Documents shall remain unmodified and in full force and effect.  This Amendment shall not be deemed (a) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition
        of the Existing Credit Agreement or any other Credit Document other than as set forth herein, (b) to prejudice any right or rights that the Administrative Agent or the Banks may now have or may have in the future under or in connection with the
        Existing Credit Agreement or the other Credit Documents or any

    
      
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    of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented or modified from time to time, other than as set
      forth herein, or (c) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrower, any of its Subsidiaries or any other Person with respect to any other waiver, amendment,
      modification or any other change to the Existing Credit Agreement or the other Credit Documents or any rights or remedies arising in favor of the Banks or the Administrative Agent, or any of them, under or with respect to any such documents.

    

    

    SECTION 8. Costs and Expenses.  The Borrower hereby
        reconfirms its obligations pursuant to Section 10.3(a) of the Credit Agreement to pay and reimburse the Administrative Agent in accordance with the terms
        thereof.

    

    

    SECTION 9. Representations and Warranties. To induce the
        Administrative Agent and the Consenting Banks to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and the Consenting Banks that:  (a) the representations and warranties contained in the Credit Agreement
        are true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) on and as of the date hereof immediately after giving effect to this Amendment with the same effect as though made on the date
        hereof (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects (where not already qualified by materiality, otherwise in
        all respects) only as of such specified date); (b) immediately after giving effect to this Amendment, no Default or Event of Default exists; (c) this Amendment has been duly authorized by all necessary corporate proceedings and duly executed and
        delivered by the Borrower and each other Credit Party, and the Credit Agreement, as amended by this Amendment, is the legal, valid and binding obligation of the Borrower and each other Credit Party, enforceable against the Borrower and each other
        Credit Party in accordance with its terms; and (d) no consent, approval, authorization, order, registration or qualification with any Governmental Authority is required for, the absence of which would materially adversely affect, the legal and
        valid execution and delivery or performance by the Borrower or any other Credit Party of this Amendment or the performance by the Borrower or any other Credit Party of the Credit Agreement, as amended by this Amendment.  Each Guarantor hereby
        ratifies and reaffirms:  (i) the validity, legality and enforceability of its obligations under Article 9 of the Credit Agreement; (ii) that its
        reaffirmation of such obligations is a material inducement to the Administrative Agent and the Consenting Banks to enter into this Amendment; and (iii) that its obligations under Article 9 of the Credit Agreement shall remain in full force and effect in accordance with its terms until all the Guaranteed Obligations have been paid in full.

    

    

    SECTION 10. Reference to and Effect on the Credit Agreement and the
            Credit Documents.

    

    

    (a) On and after the Seventh Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “herein,” “hereto”, “hereof” and “hereunder” or words of like
        import referring to the Credit Agreement, and each reference in the Notes and each of the other Credit Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a
        reference to the Credit Agreement, after giving effect to this Amendment.

    

    

    (b) Except as specifically provided above, the Credit Documents shall remain in full force and effect and are hereby ratified and confirmed in all respects.  Except as provided
        herein, the execution, delivery, and effectiveness of this Amendment shall not operate as a waiver of any right, power, or remedy of the Administrative Agent or any Bank under the Credit Agreement or any other Credit Document, nor constitute a
        waiver or modification of any provision of the Credit Agreement or any other Credit Document. This Amendment is a Credit Document and is subject to the terms and conditions of the Credit Agreement.

    
      
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    SECTION 11. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY
        AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

    

    

    SECTION 12. Counterparts. This Amendment may be signed in any
        number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart to this Amendment by facsimile transmission or by electronic
        mail in pdf format shall be as effective as delivery of a manually executed counterpart hereto.

    

    

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    IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Amendment as of the date
      first above written.

    

    

    

    

    CREDIT PARTIES:

    

    

    ALLIANCE DATA SYSTEMS CORPORATION, as

    Borrower

    

    

    By: /s/ J. Jeffrey Chesnut

    Name: J. Jeffrey Chesnut

    Title: Senior Vice President and Treasurer

    

    

    

    

    

    

    ADS ALLIANCE DATA SYSTEMS, INC., as

    Guarantor

    

    

    By: /s/ J. Jeffrey Chesnut

    Name: J. Jeffrey Chesnut

    Title: Senior Vice President and Treasurer

    

    

    

    

    

    

    ALLIANCE DATA FOREIGN HOLDINGS, INC., as

    Guarantor

    

    

    By: /s/ J. Jeffrey Chesnut

    Name: J. Jeffrey Chesnut

    Title: Treasurer

    

    

    

    

    

    

    ADS FOREIGN HOLDINGS, INC., as Guarantor

    

    

    By: /s/ J. Jeffrey Chesnut

    Name: J. Jeffrey Chesnut

    Title: Treasurer

    

    

    

    

    

    

    COMENITY LLC, as Guarantor

    

    

    By: /s/ Jeffrey L. Fair

    Name: Jeffrey L. Fair

    Title: Senior Vice President, Tax

     

    

     

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      

    

    

    

    COMENITY SERVICING LLC, as Guarantor

    

    

    By: /s/ Jeffrey L. Fair

    Name: Jeffrey L. Fair

    Title: Senior Vice President, Tax

    

    

    

    

    

    

    LON INC., as Guarantor

    

    

    By: /s/ J. Jeffrey Chesnut

    Name: J. Jeffrey Chesnut

    Title: Vice President, Treasurer

    

    

    

    

    

    

    LON OPERATIONS LLC, as Guarantor

    

    

    By: /s/ J. Jeffrey Chesnut

    Name: J. Jeffrey Chesnut

    Title: Vice President, Treasurer

    

    

    

    

    

    

    ALLIANCE DATA INTERNATIONAL LLC, as

    Guarantor

    

    

    By: ALLIANCE DATA FOREIGN HOLDINGS,

    INC., its sole member

    

    

    By: /s/ J. Jeffrey Chesnut

    Name: J. Jeffrey Chesnut

    Title: Treasurer

     

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

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    ADMINISTRATIVE AGENT AND CONSENTING 

    BANKS:

    

    

    WELLS FARGO BANK, NATIONAL ASSOCIATION, 

    as Administrative Agent and a Consenting Bank

    

    

    By: /s/ Clifford Glenn Milner

    Name: Clifford Glenn Milner

    Title: Director

      

      

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    BANK OF AMERICA, N.A., as a Consenting Bank

    

    

    

    

    By: /s/ Molly Daniello

    Name: Molly Daniello

    Title: Director

     

    

     

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    MUFG BANK, LTD., as a Consenting Bank

    

    

    

    

    By: /s/ Joseph Siri

    Name: Joseph Siri

    Title: Vice President

     

    

     

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

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    JPMORGAN CHASE BANK, N.A., as a Consenting

    Bank

    

    

    

    

    By: /s/ Christine Lathrop

    Name: Christine Lathrop

    Title: Executive Director

    

    

    

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    MIZUHO BANK, LTD., as a Consenting Bank

    

    

    

    

    By: /s/ Donna DeMagistris

    Name: Donna DeMagistris

    Title: Authorized Signatory

     

    

     

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    TRUIST BANK, AS SUCCESSOR BY MERGER TO

    SUNTRUST BANK, as a Consenting Bank

    

    

    

    

    By: /s/ Jim Wright

    Name: Jim Wright

    Title: Vice President

    

    

    

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    FIFTH THIRD BANK, NATIONAL ASSOCIATION,

    as a Consenting Bank

    

    

    

    

    By: /s/ Kelly Shield

    Name: Kelly Shield

    Title: Managing Director

     

    

     

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    THE BANK OF NOVA SCOTIA, as a Consenting Bank

    

    

    

    

    By: /s/ Shanshan (Sunny) Yang

    Name: Shanshan (Sunny) Yang

    Title: Director

     

    

     

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    BNP PARIBAS, as a Consenting Bank

    

    

    

    

    By: /s/ Laurent Vanderzyppe

    Name: Laurent Vanderzyppe

    Title: Managing Director

    

    

    

    

    By: /s/ Marguerite L. Lebon

    Name: Marguerite L. Lebon

    Title: Vice President

     

    

     

    

    

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

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    ROYAL BANK OF CANADA, as a Consenting Bank

    

    

    

    

    By: /s/ Scott Umbs

    Name: Scott Umbs

    Title: Authorized Signatory

     

    

     

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    CITIZENS BANK, N.A., as a Consenting Bank

    

    

    

    

    By: /s/ Tyler Stephens

    Name: Tyler Stephens

    Title: Vice President

    

    

    

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    CANADIAN IMPERIAL BANK OF COMMERCE,

    NEW YORK AGENCY, as a Consenting Bank

    

    

    

    

    By: /s/ Edwawrd Turowski

    Name: Edward Turowski

    Title: Executive Director

     

    

     

    

    

    

    
      
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    KEYBANK NATIONAL ASSOCIATION, as a

    Consenting Bank

    

    

    

    

    By: /s/ Suzannah Valdivia

    Name: Suzannah Valdivia

    Title: Senior Vice President

    

    

    

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    REGIONS BANK, as a Consenting Bank

    

    

    

    

    By: /s/ Michael Wetherell

    Name: Michael Wetherell

    Title: Associate

    

    

    

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    U.S. BANK NATIONAL ASSOCIATION, as a

    Consenting Bank

    

    

    

    

    By: /s/ Callen M. Strunk

    Name: Callen M. Strunk

    Title: Vice President

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    RAYMOND JAMES BANK, as a Consenting Bank

    

    

    

    

    By: /s/ Cory Castillo

    Name: Cory Castillo

    Title: Vice President

     

    

     

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    SYNOVUS BANK, as a Consenting Bank

    

    

    

    

    By: /s/ Robert Haley

    Name: Robert Haley

    Title: Credit Officer

     

    

     

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    THE NORTHERN TRUST COMPANY, as a

    Consenting Bank

    

    

    

    

    By: /s/ Will Hicks

    Name: Will Hicks

    Title: Vice President

     

    

     

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    MORGAN STANLEY SENIOR FUNDING, INC., as a

    Consenting Bank

    

    

    

    

    By: /s/ Michael King

    Name: Michael King

    Title: Vice President

     

    

     

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    ASSOCIATED BANK, N.A., as a Consenting Bank

    

    

    

    

    By: /s/ Nicole Deimling

    Name: Nicole Deimling

    Title: Vice President

    

    

    

    

    

    

    
      
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    THE HUNTINGTON NATIONAL BANK, as a

    Consenting Bank

    

    

    

    

    By: /s/ Scott Pritchett

    Name: Scott Pritchett

    Title: Assistant Vice President

     

    

     

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

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    CADENCE BANK, N.A., as a Consenting Bank

    

    

    

    

    By: /s/ Richard M. Prewitt, Jr.

    Name: Richard M. Prewitt, Jr.

    Title: Senior Vice President

    

    

    

    

    

    

    
      
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        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      

    

    

    

    TAIWAN BUSINESS BANK, LTD.,

    NEW YORK BRANCH, as a Consenting Bank

    

    

    

    

    By: /s/ Ralph Wu

    Name: Ralph Wu

    Title: General Manager

     

    

     

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      

    

    FIRST HAWAIIAN BANK, as a Consenting Bank

    

    

    

    

    By: /s/ Charles C. Barbata

    Name: Charles C. Barbata

    Title: Vice President

    

    

    

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      

    

    

    

    FIRST NATIONAL BANK OF OMAHA, as a

    Consenting Bank

    

    

    

    

    By: /s/ Dale Ervin

    Name: Dale Ervin

    Title: Director

    

    

    

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      

    

    CHANG HWA COMMERCIAL BANK, LTD., LOS

    ANGELES BRANCH, as a Consenting Bank

    

    

    

    

    By: /s/ Wan-Chin Chang

    Name: Wan-Chin Chang

    Title: V.P. & General Manager

     

    

     

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      

    

    HUA NAN COMMERCIAL BANK LTD. LOS

    ANGELES, as a Consenting Bank

    

    

    

    

    By: /s/ Tau-Yuh Hsu

    Name: Tau-Yuh Hsu

    Title: General Manager

    

    

    

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      
        

        

      

    

    JOINING BANKS:

    

    

    

    

    TEXAS CAPITAL BANK, N.A., as a Joining Bank

    

    

    

    

    By: /s/ Caleb Allen

    Name: Caleb Allen

    Title: Authorized Signatory

     

    

     

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      
        

        

      

    

    

    

    

    

    

    

    EXITING BANKS:

    

    

    The undersigned hereby acknowledges and agrees (a) to the updated Revolving Credit Commitments and outstanding Term Loans after giving effect to this
      Amendment set forth on Schedule 1 attached as Annex C to this
      Amendment and (b) the provisions of Section 3 of this Amendment.  Upon the occurrence of the Seventh Amendment Effective Date, the undersigned shall cease to
      be a Bank under the Credit Agreement and agrees that its Revolving Credit Commitment, Revolving Loans and Term Loans under the Existing Credit Agreement shall be deemed to be assigned to the other Banks in accordance with Schedule 1 attached as Annex C to this Amendment, with such assignment being deemed to
      occur simultaneously with the Seventh Amendment Effective Date and prior to the amendments set forth herein.

    

    

    

    

    BANCO DE SABADELL, S.A. – MIAMI BRANCH, 

    as an Exiting Bank

    

    

    

    

    By: /s/ Ignacio Alcaraz

    Name: Ignacio Alcaraz

    Title: Head of Structured Finance Americas

     

    

     

    

    

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      
        

        

      

    

    The undersigned hereby acknowledges and agrees (a) to the updated Revolving Credit Commitments and outstanding Term Loans after giving effect to this
      Amendment set forth on Schedule 1 attached as Annex C to this
      Amendment and (b) the provisions of Section 3 of this Amendment.  Upon the occurrence of the Seventh Amendment Effective Date, the undersigned shall cease to
      be a Bank under the Credit Agreement and agrees that its Revolving Credit Commitment, Revolving Loans and Term Loans under the Existing Credit Agreement shall be deemed to be assigned to the other Banks in accordance with Schedule 1 attached as Annex C to this Amendment, with such assignment being deemed to
      occur simultaneously with the Seventh Amendment Effective Date and prior to the amendments set forth herein.

    

    

    

    

    BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

    NEW YORK BRANCH, as an Exiting Bank

    

    

    

    

    By: /s/ Andrew Pargament

    Name: Andrew Pargament

    Title: Executive Director

     

    

     

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      
        

        

      

    

    The undersigned hereby acknowledges and agrees (a) to the updated Revolving Credit Commitments and outstanding Term Loans after giving effect to this
      Amendment set forth on Schedule 1 attached as Annex C to this
      Amendment and (b) the provisions of Section 3 of this Amendment.  Upon the occurrence of the Seventh Amendment Effective Date, the undersigned shall cease to
      be a Bank under the Credit Agreement and agrees that its Revolving Credit Commitment, Revolving Loans and Term Loans under the Existing Credit Agreement shall be deemed to be assigned to the other Banks in accordance with Schedule 1 attached as Annex C to this Amendment, with such assignment being deemed to
      occur simultaneously with the Seventh Amendment Effective Date and prior to the amendments set forth herein.

    

    

    

    

    CITIBANK, N.A., as an Exiting Bank

    

    

    

    

    By: /s/ Marina Donskay

    Name: Marina Donskay

    Title: VP

    

    

    

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      
        

        

      

    

    The undersigned hereby acknowledges and agrees (a) to the updated Revolving Credit Commitments and outstanding Term Loans after giving effect to this
      Amendment set forth on Schedule 1 attached as Annex C to this
      Amendment and (b) the provisions of Section 3 of this Amendment.  Upon the occurrence of the Seventh Amendment Effective Date, the undersigned shall cease to
      be a Bank under the Credit Agreement and agrees that its Revolving Credit Commitment, Revolving Loans and Term Loans under the Existing Credit Agreement shall be deemed to be assigned to the other Banks in accordance with Schedule 1 attached as Annex C to this Amendment, with such assignment being deemed to
      occur simultaneously with the Seventh Amendment Effective Date and prior to the amendments set forth herein.

    

    

    

    

    DEUTSCHE BANK AG NEW YORK BRANCH,

    as an Exiting Bank

    

    

    

    

    By: /s/ Ming K. Chu

    Name: Ming K. Chu

    Title: Director

    

    

    

    

    By: /s/ Marko Lukin

    Name: Marko Lukin

    Title: Vice President

     

    

     

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      
        

        

      

    

    The undersigned hereby acknowledges and agrees (a) to the updated Revolving Credit Commitments and outstanding Term Loans after giving effect to this
      Amendment set forth on Schedule 1 attached as Annex C to this
      Amendment and (b) the provisions of Section 3 of this Amendment.  Upon the occurrence of the Seventh Amendment Effective Date, the undersigned shall cease to
      be a Bank under the Credit Agreement and agrees that its Revolving Credit Commitment, Revolving Loans and Term Loans under the Existing Credit Agreement shall be deemed to be assigned to the other Banks in accordance with Schedule 1 attached as Annex C to this Amendment, with such assignment being deemed to
      occur simultaneously with the Seventh Amendment Effective Date and prior to the amendments set forth herein.

    

    

    

    

    MIDFIRST BANK, as an Exiting Bank

    

    

    

    

    By: /s/ Tim Daniels

    Name: Tim Daniels

    Title: Managing Director

     

    

     

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      
        

        

      

    

    The undersigned hereby acknowledges and agrees (a) to the updated Revolving Credit Commitments and outstanding Term Loans after giving effect to this
      Amendment set forth on Schedule 1 attached as Annex C to this
      Amendment and (b) the provisions of Section 3 of this Amendment.  Upon the occurrence of the Seventh Amendment Effective Date, the undersigned shall cease to
      be a Bank under the Credit Agreement and agrees that its Revolving Credit Commitment, Revolving Loans and Term Loans under the Existing Credit Agreement shall be deemed to be assigned to the other Banks in accordance with Schedule 1 attached as Annex C to this Amendment, with such assignment being deemed to
      occur simultaneously with the Seventh Amendment Effective Date and prior to the amendments set forth herein.

    

    

    

    

    SEIX INVESTMENT ADVISORS LLC, as an Exiting

    Bank

    

    

    

    

    By: /s/ George Goudelias

    Name: George Goudelias

    Title: Managing Director

     

    

     

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      
        

        

      

    

    

    

    The undersigned hereby acknowledges and agrees (a) to the updated Revolving Credit Commitments and outstanding Term Loans after giving effect to this
      Amendment set forth on Schedule 1 attached as Annex C to this
      Amendment and (b) the provisions of Section 3 of this Amendment.  Upon the occurrence of the Seventh Amendment Effective Date, the undersigned shall cease to
      be a Bank under the Credit Agreement and agrees that its Revolving Credit Commitment, Revolving Loans and Term Loans under the Existing Credit Agreement shall be deemed to be assigned to the other Banks in accordance with Schedule 1 attached as Annex C to this Amendment, with such assignment being deemed to
      occur simultaneously with the Seventh Amendment Effective Date and prior to the amendments set forth herein.

    

    

    

    

    TAIWAN COOPERATIVE BANK LTD., ACTING

    THROUGH ITS NEW YORK BRANCH, as an Exiting

    Bank

    

    

    

    

    By: /s/ Cheng-Pin Chou

    Name: Cheng-Pin Chou

    Title: Vice President and General Manager

     

    

     

    

    

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      
        

        

      

    

    The undersigned hereby acknowledges and agrees (a) to the updated Revolving Credit Commitments and outstanding Term Loans after giving effect to this
      Amendment set forth on Schedule 1 attached as Annex C to this
      Amendment and (b) the provisions of Section 3 of this Amendment.  Upon the occurrence of the Seventh Amendment Effective Date, the undersigned shall cease to
      be a Bank under the Credit Agreement and agrees that its Revolving Credit Commitment, Revolving Loans and Term Loans under the Existing Credit Agreement shall be deemed to be assigned to the other Banks in accordance with Schedule 1 attached as Annex C to this Amendment, with such assignment being deemed to
      occur simultaneously with the Seventh Amendment Effective Date and prior to the amendments set forth herein.

    

    

    

    

    LAND BANK OF TAIWAN, as an Exiting Bank

    

    

    

    

    By: /s/ Chien-Ching Li

    Name: Chien-Ching Li

    Title: V.P. and General Manager

     

    

     

    

    

    

    
      
        Alliance Data Systems Corporation

        Seventh Amendment to Amended and Restated Credit Agreement

        Signature Page

      

      
        

      
        

        

      

    

    

    

    The undersigned hereby acknowledges and agrees (a) to the updated Revolving Credit Commitments and outstanding Term Loans after giving effect to this
      Amendment set forth on Schedule 1 attached as Annex C to this
      Amendment and (b) the provisions of Section 3 of this Amendment.  Upon the occurrence of the Seventh Amendment Effective Date, the undersigned shall cease to
      be a Bank under the Credit Agreement and agrees that its Revolving Credit Commitment, Revolving Loans and Term Loans under the Existing Credit Agreement shall be deemed to be assigned to the other Banks in accordance with Schedule 1 attached as Annex C to this Amendment, with such assignment being deemed to
      occur simultaneously with the Seventh Amendment Effective Date and prior to the amendments set forth herein.

    

    

    

    

    SUMITOMO MITSUI BANKING CORPORATION, as

    an Exiting Bank

    

    

    

    

    By: /s/ Gail Motonaga

    Name: Gail Motonaga

    Title: Executive Director

     

    

     

    

    

      
        
          Alliance Data Systems Corporation

          Seventh Amendment to Amended and Restated Credit Agreement

          Signature Page

           

          

        

        
          

        
          

          

        

      

    

  

  

  CONFORMED VERSION

  ANNEX A

  to Seventh Amendment to Amended and Restated Credit Agreement

  

  

  Published CUSIP Number: 01858HAC7

  Revolving Credit CUSIP Number: 01858HAD5

  Term Loan CUSIP Number: 01858HAE3

  

  

  

  

   AMENDED AND RESTATED CREDIT AGREEMENT

  

  

  (as

      amended by (i) the First Amendment to Amended and Restated Credit Agreement and Incremental Amendment dated as of June 16, 2017, (ii) the Second Amendment to Amended and Restated Credit Agreement dated as of July 5, 2018, (iii) the Third Amendment to
      Amended and Restated Credit Agreement dated as of April 30, 2019, (iv) the Fourth Amendment to Amended and Restated Credit Agreement dated as of December 20, 2019, (v) the Fifth Amendment to Amended and Restated Credit Agreement dated as of February
      13, 2020 and, (vi) the Sixth Amendment to Amended and Restated Credit Agreement dated as of September 22, 2020 and (vii) the Seventh Amendment to Amended and Restated Credit Agreement dated as of July 9, 2021)

  

  

  dated as of June 14, 2017

  

  

  among

  

  

  ALLIANCE DATA SYSTEMS CORPORATION,

  as Borrower,

  

  

  THE GUARANTORS PARTY HERETO,

  

  

  THE BANKS PARTY HERETO,

  

  

  and

  

  

  WELLS FARGO BANK, NATIONAL ASSOCIATION,

  as Administrative Agent

  

  

  WELLS FARGO SECURITIES, LLC,

  MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

  MUFG

        BANK, LTD., BOFA SECURITIES, INC., CANADIAN IMPERIAL BANK OF COMMERCE, CITIZENS BANK, N.A., JPMORGAN CHASE BANK, N.A., KEYBANC CAPITAL MARKETS, INC., MUFG BANK, LTD., THE BANK OF NOVA SCOTIA, TRUIST SECURITIES, INC., FIFTH THIRD BANK, RBC CAPITAL MARKETS, MIZUHO BANK, LTD.,

  SUNTRUST
        ROBINSON HUMPHREY, INC., BNP PARIBAS
      SECURITIES CORP., FIFTH THIRD BANK,

  RBC REGIONS CAPITAL MARKETS,

  SUMITOMO
        MITSUI BANKING CORPORATION A DIVISION OF REGIONS BANK, and THE U.S. BANK OF

        NOVA SCOTIANATIONAL ASSOCIATION,

  as Joint Lead Arrangers and Joint Bookrunners

  

  

  BANK OF AMERICA, N.A. and MUFG BANK, LTD, CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK AGENCY, CITIZENS BANK, N.A.,

  as

        Co-Syndication Agents JPMORGAN CHASE
      BANK, N.A., MIZUHOKEYBANK, NATIONAL ASSOCIATION, MUFG BANK, LTD., SUNTRUST BANK, BNP PARIBAS, THE BANK OF NOVA SCOTIA and TRUIST BANK,

  as Co-Syndication Agents

  

  

  
    
      	
              120175877_7145870580_7

            

      

      

    

    
      

    

  

  FIFTH

      THIRD BANK, NATIONAL ASSOCIATION, THE ROYAL BANK OF CANADA, SUMITOMO MITSUI BANKING CORPORATION, THE BANK OF NOVA SCOTIA, CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH and CITIBANK, N.A.MIZUHO BANK, LTD., BNP PARIBAS, REGIONS BANK and U.S. BANK NATIONAL ASSOCIATION,

  as Co-Documentation Agents

  

  

  

  

  
    
      	
              120175877_7145870580_3

            

      

      

    

    
      

    

  

  TABLE OF CONTENTS

  Page

  

  

  	
          ARTICLE 1

        	
          DEFINITIONS

        	
          1

        
	 	 	 
	
          Section 1.1

        	
          Definitions

        	
          1

        
	
          Section 1.2

        	
          Accounting Terms and Determinations

        	
          2330

        
	
          Section 1.3

        	
          Types of Borrowings

        	
          2330

        
	
          Section 1.4

        	
          Divisions

        	
          2331

        
	
          Section 1.5

        	
          Rates

        	
          2331

        
	 	 	 
	
          ARTICLE 2

        	
          THE CREDITS

        	
          2332

        
	 	 	 
	
          Section 2.1

        	
          Commitments to Lend

        	
          2332

        
	
          Section 2.2

        	
          Notice of Borrowing

        	
          2735

        
	
          Section 2.3

        	
          Notice to Banks Funding of Loans

        	
          2736

        
	
          Section 2.4

        	
          Evidence of Indebtedness

        	
          2836

        
	
          Section 2.5

        	
          Maturity of Loans

        	
          2937

        
	
          Section 2.6

        	
          Interest Rates

        	
          2937

        
	
          Section 2.7

        	
          Fees

        	
          3038

        
	
          Section 2.8

        	
          Termination or Reduction of Revolving Credit Commitments

        	
          3139

        
	
          Section 2.9

        	
          Method of Electing Interest Rates for Loans

        	
          3140

        
	
          Section 2.10

        	
          Optional Prepayments

        	
          3240

        
	
          Section 2.11

        	
          Mandatory Prepayments

        	
          3341

        
	
          Section 2.12

        	
          General Provisions as to Payments

        	
          3442

        
	
          Section 2.13

        	
          Funding Losses

        	
          3543

        
	
          Section 2.14

        	
          Computation of Interest and Fees

        	
          3543

        
	
          Section 2.15

        	
          Regulation D Compensation

        	
          3543

        
	
          Section 2.16

        	
          Increase in Commitment

        	
          3543

        
	
          Section 2.17

        	
          Defaulting Banks

        	
          3745

        
	
          Section 2.18

        	
          Extensions

        	
          3946

        
	 	 	 
	
          ARTICLE 2A

        	
          LETTERS OF CREDIT

        	
          4047

        
	 	 	 
	
          Section 2A.1

        	
          Letters of Credit

        	
          4047

        
	
          Section 2A.2

        	
          Minimum Stated Amount

        	
          4148

        
	
          Section 2A.3

        	
          Letter of Credit Requests; Notices of Issuance; Reports

        	
          4148

        
	
          Section 2A.4

        	
          Agreement to Repay Letter of Credit Drawings

        	
          4149

        
	
          Section 2A.5

        	
          Letter of Credit Participations

        	
          4249

        
	
          Section 2A.6

        	
          Increased Costs

        	
          4451

        
	 	 	 
	
          ARTICLE 3

        	
          CONDITIONS

        	
          4452

        
	 	 	 
	
          Section 3.1

        	
          Initial Borrowing

        	
          4452

        
	
          Section 3.2

        	
          Each Borrowing

        	
          4553

        
	 	 	 
	
          ARTICLE 4

        	
          REPRESENTATIONS AND WARRANTIES

        	
          4653

        
	 	 	 
	
          Section 4.1

        	
          Existence and Power

        	
          4654

        
	
          Section 4.2

        	
          Corporate and Governmental Authorization; No Contravention

        	
          4654

        
	
          Section 4.3

        	
          Binding Effect

        	
          4654

        
	
          Section 4.4

        	
          Financial Information

        	
          4654

        
	
          Section 4.5

        	
          Litigation

        	
          4755

        
	
          Section 4.6

        	
          Compliance with ERISA

        	
          4755

        
	
          Section 4.7

        	
          Environmental Matters

        	
          4755

        
	
          Section 4.8

        	
          Taxes

        	
          4856

        
	
          Section 4.9

        	
          Subsidiaries

        	
          4856

        

  

  

  

  

  i

  

  

  

  

  
    
      	
              120175877_7

              145870580_7

            

      

      

    

    
      

    

  

  TABLE OF CONTENTS

  (continued)

  Page

  

  

  	
          Section 4.10

        	
          Investment Company

        	
          4956

        
	
          Section 4.11

        	
          Full Disclosure

        	
          4956

        
	
          Section 4.12

        	
          AML Laws; Anti-Corruption Laws and Sanctions

        	
          4956

        
	
          Section 4.13

        	
          Ownership of Insured Subsidiaries

        	
          57

        
	 	 	 
	
          ARTICLE 5

        	
          COVENANTS

        	
          4957

        
	 	 	 
	
          Section 5.1

        	
          Information

        	
          4957

        
	
          Section 5.2

        	
          Payment of Obligations

        	
          5259

        
	
          Section 5.3

        	
          Maintenance of Property; Insurance

        	
          5259

        
	
          Section 5.4

        	
          Conduct of Business and Maintenance of Existence

        	
          5259

        
	
          Section 5.5

        	
          Compliance with Laws

        	
          5260

        
	
          Section 5.6

        	
          Inspection of Property, Books and Records

        	
          5260

        
	
          Section 5.7

        	
          Mergers and Sales of Assets

        	
          5260

        
	
          Section 5.8

        	
          Use of Proceeds

        	
          5361

        
	
          Section 5.9

        	
          Negative Pledge

        	
          5361

        
	
          Section 5.10

        	
          End of Fiscal Years and Fiscal Quarters

        	
          5563

        
	
          Section 5.11

        	
          Total Leverage Ratio

        	
          5563

        
	
          Section 5.12

        	
          Interest Coverage Ratio

        	
          5563

        
	
          Section 5.13

        	
          Delinquency Ratio

        	
          5563

        
	
          Section 5.13A

        	
          Minimum Consolidated Tangible Net Worth

        	
          5563

        
	
          Section 5.13B

        	
          CET1 Ratio

        	
          64

        
	
          Section 5.14

        	
          Debt Limitation

        	
          5564

        
	
          Section 5.15

        	
          Capitalization and Ownership of Insured Subsidiaries

        	
          5765

        
	
          Section 5.16

        	
          Restricted Payments; Required Dividends

        	
          5766

        
	
          Section 5.17

        	
          Change of Business

        	
          5766

        
	
          Section 5.18

        	
          Permitted Acquisitions

          Investments

        	
          57

          66

        
	
          Section 5.19

        	
          No Restrictions

        	
          5768

        
	
          Section 5.20

        	
          Guarantors

        	
          5969

        
	
          Section 5.21

        	
          Government Regulation

        	
          5970

        
	
          Section 5.22

        	
          Limitation on Negative Pledge Clauses

        	
          5970

        
	 	 	 
	
          ARTICLE 6

        	
          DEFAULTS

        	
          6071

        
	 	 	 
	
          Section 6.1

        	
          Events of Default

        	
          6071

        
	 	 	 
	
          ARTICLE 7

        	
          THE AGENT

        	
          6273

        
	 	 	 
	
          Section 7.1

        	
          Appointment and Authorization

        	
          6273

        
	
          Section 7.2

        	
          Administrative Agent and Affiliates

        	
          6373

        
	
          Section 7.3

        	
          Action by Administrative Agent

        	
          6373

        
	
          Section 7.4

        	
          Consultation with Experts

        	
          6373

        
	
          Section 7.5

        	
          Liability of Administrative Agent

        	
          6373

        
	
          Section 7.6

        	
          Indemnification

        	
          6474

        
	
          Section 7.7

        	
          Credit Decision

        	
          6475

        
	
          Section 7.8

        	
          Successor Administrative Agent

        	
          6475

        
	
          Section 7.9

        	
          Reliance by the Administrative Agent

        	
          6575

        
	
          Section 7.10

        	
          Letter of Credit Issuer and Swing Lender

        	
          6575

        
	
          Section 7.11

        	
          Other Agents

        	
          6575

        
	
          Section 7.12

        	
          Delegation of Duties

        	
          6576

        
	
          Section 7.13

        	
          Erroneous Payments

        	
          76

        

  

  

  -ii-

  

  

  
    
      	
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  TABLE OF CONTENTS

  (continued)

  Page

  

  

  

  

  	
          ARTICLE 8

        	
          CHANGE IN CIRCUMSTANCES

        	
          6578

        
	 	 	 
	
          Section 8.1

        	
          Basis for Determining Interest Rate Inaccurate or Unfair

        	
          6578

        
	
          Section 8.2

        	
          Illegality

        	
          6678

        
	
          Section 8.3

        	
          Increased Cost and Reduced Return

        	
          6678

        
	
          Section 8.4

        	
          Taxes

        	
          6779

        
	
          Section 8.5

        	
          Base Rate Loans Substituted for Affected Fixed Rate Loans

        	
          6880

        
	
          Section 8.6

        	
          Limitations on Reimbursement

        	
          6981

        
	
          Section 8.7

        	
          Replacement of Banks

        	
          6981

        
	
          Section 8.8

        	
          Effect of Benchmark Transition Event

        	
          7082

        
	 	 	 
	
          ARTICLE 9

        	
          PERFORMANCE AND PAYMENT GUARANTY

        	
          7084

        
	 	 	 
	
          Section 9.1

        	
          Unconditional and Irrevocable Guaranty

        	
          7084

        
	
          Section 9.2

        	
          Enforcement

        	
          7185

        
	
          Section 9.3

        	
          Obligations Absolute

        	
          7185

        
	
          Section 9.4

        	
          Waiver

        	
          7286

        
	
          Section 9.5

        	
          Subrogation

        	
          7286

        
	
          Section 9.6

        	
          Survival

        	
          7286

        
	
          Section 9.7

        	
          Guarantors’ Consent to Assigns

        	
          7286

        
	
          Section 9.8

        	
          Continuing Agreement

        	
          7286

        
	
          Section 9.9

        	
          Entire Agreement

        	
          7286

        
	
          Section 9.10

        	
          Application

        	
          7386

        
	
          Section 9.11

        	
          Benefit to Guarantors

        	
          7387

        
	
          Section 9.12

        	
          Keepwell

        	
          7387

        
	 	 	 
	
          ARTICLE 10

        	
          MISCELLANEOUS

        	
          7387

        
	 	 	 
	
          Section 10.1

        	
          Notices

        	
          7387

        
	
          Section 10.2

        	
          No Waivers

        	
          7488

        
	
          Section 10.3

        	
          Expenses; Indemnification

        	
          7488

        
	
          Section 10.4

        	
          Sharing of Set-Offs

        	
          7589

        
	
          Section 10.5

        	
          Amendment or Waiver, etc

        	
          7690

        
	
          Section 10.6

        	
          Successors and Assigns

        	
          7791

        
	
          Section 10.7

        	
          Collateral

        	
          8195

        
	
          Section 10.8

        	
          Governing Law; Submission to Jurisdiction

        	
          8195

        
	
          Section 10.9

        	
          Counterparts; Integration; Effectiveness; Survival; Electronic Execution

        	
          8195

        
	
          Section 10.10

        	
          Waiver of Jury Trial

        	
          8296

        
	
          Section 10.11

        	
          Limitation on Interest

        	
          8296

        
	
          Section 10.12

        	
          Currency Equivalent Generally

        	
          8397

        
	
          Section 10.13

        	
          No Advisory or Fiduciary Responsibility

        	
          8397

        
	
          Section 10.14

        	
          Patriot Act

        	
          8398

        
	
          Section 10.15

        	
          Confidentiality

        	
          8398

        
	
          Section 10.16

        	
          Amendment and Restatement; No Novation

        	
          8498

        
	
          Section 10.17

        	
          Acknowledgement and Consent to Bail-In of EEAAffected Financial
              Institutions

        	
          8499

        
	
          Section 10.18

        	
          Certain ERISA Matters

        	
          8499

        
	
          Section 10.19

        	
          Acknowledgment Regarding Any Supported QFCs

        	
          84100

        

  

  

  -iii-

  

  
    
      	
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  TABLE OF CONTENTS

  (continued)

  Page

  

  

  

  

  	
          SCHEDULE I

        	
          -

        	
          Commitments

        
	
          SCHEDULE 2A.1

        	
          -

        	
          Existing Letters of Credit

        
	
          SCHEDULE 5.9

        	
          -

        	
          Existing Liens

        
	 	 	 
	
          APPENDIX I

        	
          -

        	
          Pricing Schedule

        
	 	 	 
	
          EXHIBIT A

        	
          -

        	
          Form of Assignment and Assumption Agreement

        
	
          EXHIBIT B-1

        	
          -

        	
          Form of Revolving Note

        
	
          EXHIBIT B-2

        	
          -

        	
          Form of Swing Note

        
	
          EXHIBIT B-3

        	
          -

        	
          Form of Term Note

        
	
          EXHIBIT C

        	
          -

        	
          Form of Guarantor Supplement

        

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  -iv-

  

  

  
    
      	
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  This AMENDED AND RESTATED CREDIT AGREEMENT, dated as of June 14, 2017, is entered into by and among ALLIANCE DATA SYSTEMS
    CORPORATION, a Delaware corporation (the “Borrower”), the GUARANTORS from time to time party hereto, the BANKS from time to time party hereto, and WELLS FARGO
    BANK, NATIONAL ASSOCIATION, as Administrative Agent.

  

  

  WHEREAS, the Borrower has requested that the Banks provide a credit facility to
    the Borrower on the terms and conditions set forth in this Agreement;

  

  

  NOW, THEREFORE, the parties hereto agree as follows:

  

  

  ARTICLE 1

  DEFINITIONS

  

  

  SECTION 1.1 Definitions. The following terms, as used herein, have the following meanings:

  

  

  “Acquisition” means any acquisition, whether in a single
      transaction or series of related transactions, by the Borrower or any one or more of its Subsidiaries, or any combination thereof, of (a) all or a substantial part of the assets, or all or any substantial part of a going business or division, of any
      Person, whether through purchase of assets or securities, by merger or otherwise, (b) control of securities of an existing corporation or other Person having ordinary voting power (apart from rights accruing under special circumstances) to elect a
      majority of the board of directors (or other persons performing similar functions) of such corporation or other Person or (c) control of a greater than 50% ownership interest in any existing partnership, joint venture or other Person, but in each
      case excluding (i) acquisitions of, or from, Subsidiaries and (ii) acquisitions of Securitization Assets, directly or indirectly through the
      Acquisition of a Person owning Securitization Assets.

  

  

  “Administrative

        Agent” means Wells Fargo Bank, in its capacity as agent for the Banks hereunder, and its successors in such capacity.

  

  

  “Administrative

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

  

  

  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

   
  

  

  “Affected Loans” has the meaning
    set forth in Section 2.11(c).

  

  

  “Affiliate”
    means (a) any Person that directly, or indirectly through one or more intermediaries, controls the Borrower (a “Controlling Person”) or (b) any Person (other
    than the Borrower or a Subsidiary thereof) which is controlled by or is under common control with a Controlling Person. As used herein, the term “control” means possession, directly or indirectly, of the power to vote 10% or more of any class of voting
    securities of a Person or to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise. The Affiliates of a Person shall include any officer or director of such
    Person.

  

  

  “Agreement”
    means this Amended and Restated Credit Agreement, as modified, supplemented, amended, restated (including any amendment and restatement hereof), extended, renewed or refinanced from time to time.

  
    
      	 

      	
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  “AML

        Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Bank, the Borrower or any of the Borrower’s Subsidiaries from time to time concerning or relating to anti-money laundering, including, but not limited to,
    the Patriot Act.

  

  

  “Announcements” has the meaning assigned thereto in Section 1.5.

  

  

  “Anti-Corruption

        Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of the Borrower’s Subsidiaries from time to time concerning or relating to bribery or corruption, including, but not limited to, the
    Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et.seq.

  

  

  “Applicable

        Commitment Fee Percentage” means a rate per annum equal to the applicable rate specified in the pricing schedule attached hereto as Appendix I.

  

  

  “Applicable

        Lending Office” means, with respect to any Bank, (a) in the case of its U.S. Dollar Loans, its Domestic Lending Office, (b) in the case of its Canadian Dollar Loans, its Domestic Lending Office or a Canadian branch or an affiliate
    thereof, and (c) in the case of its Euro-Dollar Loans, its Euro-Dollar Lending Office.

  

  

  “Arranger” means, collectively, Wells Fargo Securities,
      LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (MUFG)BofA Securities, Inc., Canadian Imperial Bank of Commerce, Citizens Bank, N.A., JPMorgan Chase
      Bank, N.A., KeyBanc Capital Markets, Inc., MUFG Bank, Ltd., The Bank of Nova Scotia, Truist Securities, Inc., Fifth Third Bank, RBC Capital
          Markets, Mizuho Bank, Ltd.,
    SunTrust Robinson Humphrey, Inc., BNP Paribas Securities Corp., Fifth Third Bank, RBCRegions Capital Markets1, Sumitomo Mitsui Banking Corporation, a division of Regions Bank, and
    TheU.S. Bank of Nova ScotiaNational Association, in their capacities as joint lead arrangers and joint bookrunners.

  

  

  “Assignment

        and Assumption Agreement” means an appropriately completed Assignment and Assumption Agreement in substantially the form of Exhibit A hereto.

  

  

  “Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if the
        then-current Benchmark is a term rate, any tenor for such Benchmark or (b) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period 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 “Interest Period” pursuant to Section 8.8(d).

  

  

  “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 EEAAffected Financial Institution.

  

  

  “Bail-In Legislation” means, (a) 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, regulation,

        rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of
          the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing

  

  

  

  

  

  

  

  

  1 RBC Capital Markets is a
        brand name for the capital markets businesses of Royal Bank of Canada and its affiliates.

  
    
      	 

      	
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  banks,
        investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency
        proceedings).

   
  

  

  “Bank”
    means each bank or other lender listed on the signature pages hereof, each assignee which becomes a Bank pursuant to Section 10.6(c), and their respective
    successors.

  

  

  “Bank

        Insolvency Event” shall mean that (a) a Bank or its Parent is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment
    for the benefit of its creditors, (b) a Bank or its Parent is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, custodian or similar Person charged with reorganization or
    liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other Governmental Authority acting in such capacity, has been appointed for such Bank or its Parent, or such Bank or its Parent has taken any action in
    furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment, or (c) a Bank or its Parent has been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its
    assets to be, insolvent; provided that, for the avoidance of doubt, a Bank Insolvency Event shall not be deemed to have occurred solely by virtue of (i) the
    ownership or acquisition of any equity interest in or control of a Bank or a Parent thereof by a Governmental Authority or an instrumentality thereof or (ii) the appointment of an administrator, trustee, custodian, or other similar official by a
    Governmental Authority or an instrumentality thereof under or based on the law in the country where such Bank or such Parent is subject to home jurisdiction, if such Bank or such Parent is solvent and applicable law requires that such appointment not
    be disclosed, in each case so long as such ownership or acquisition or appointment, as applicable, does not result in or provide such Bank with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or
    writs of attachment on its assets or permit such Bank (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Bank.

  

  

  “Bank Regulatory Authority” means the FRB, the Office of the Comptroller of the Currency within the United States Department of
        the Treasury, the Federal Deposit Insurance Corporation and any other relevant bank regulatory, including, without limitation, relevant state bank regulatory
        authorities, authority having jurisdiction over the Borrower or any Insured Subsidiary, as applicable.

   
  

     

   
  “Bank Regulatory Requirements” means all applicable laws, statutes, ordinances, rules, regulations, orders, requirements,
        guidelines, interpretations, directives and requests (whether or not having the force of law) from and of, and plans, memoranda and agreements with, any Bank
      Regulatory Authority.

  

  

  “Bankruptcy Code” has the meaning
    set forth in Section 9.3.

  

  

  “Base Rate” means, for any day, a rate per annum equal to
      the highest of (a) the Prime Rate for such day, (b) the sum of 1/2 of 1% plus the Federal Funds Rate for such day and (c) the London Interbank Offered RateLIBOR for an Interest Period of one month plus 1.00%.

  

  

  “Base
        Rate Loan” means a Loan in U.S. Dollars which bears interest at the Base Rate pursuant to the provisions of Articles 2 or 8 hereof.

  

  

  “Base
        Rate Margin” means a percentage per annum equal to the applicable percentage specified in the pricing schedule attached hereto as Appendix I.

  
    
      	 

      	
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  “Benchmark” means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, or an Early Opt-in Election, as applicable, and its related Benchmark Replacement
        Date have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to
        Section 8.8(a).

  

  

  “Benchmark Replacement” means, for any Available Tenor:

  

  

  (a) with respect to any Benchmark Transition Event or Early Opt-in Election, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

  

  

  (1) the sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment; provided, that, if the Borrower has provided a notification to the Administrative Agent in writing on or prior to such Benchmark Replacement Date that the Borrower has a hedge agreement in place with respect to any of the Loans
        as of the date of such notice (which such notification the Administrative Agent shall be entitled to rely upon and shall have no duty or obligation to ascertain the correctness or completeness of), then the Administrative Agent, in its sole discretion, may decide not to determine the Benchmark Replacement pursuant to this
        clause (a)(1) for such Benchmark Transition Event or Early Opt-in Election, as applicable;

  

  

  (2) the sum of: (A) Daily Simple SOFR and (B) the related Benchmark Replacement” means  Adjustment;

  

  

  (3) the sum of: (aA) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Borrower 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 of interest as a replacement tofor the London Interbank Offered Ratethen-current Benchmark for U.S. dollarDollar-denominated syndicated credit
        facilities at such time and (bB) the related Benchmark Replacement Adjustment; or

  

  

  (b) with respect to any Term SOFR Transition Event, the sum of (i) Term SOFR and (ii) the related Benchmark Replacement Adjustment;

  

  

  provided that, (i) in the case of
        clause (a)(1), if the Administrative Agent decides that Term SOFR is not administratively feasible for the Administrative Agent, then Term SOFR will be deemed unable to be determined for purposes of this definition and (ii) in the case of clause (a)(1) or clause (b) of this definition, the applicable Unadjusted Benchmark Replacement as so determinedis 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. If the Benchmark Replacement as determined pursuant to clause (a)(1), (a)(2) or (a)(3) or clause (b) of this definition would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement and the other Credit Documents.

   
  

  

  “Benchmark Replacement Adjustment” means, with respect to
      any replacement of the London Interbank Offered Ratethen-current Benchmark with an Unadjusted Benchmark Replacement for any

  
    
      	 

      	
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  applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

  

  

  (1) for purposes of clauses (a)(1) and (b) of the definition of “Benchmark Replacement,” an amount equal to (A) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, (B) 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration and (C) 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration;

  

  

  (2) for purposes of clause (a)(2) of the definition of “Benchmark Replacement for each applicable Interest Period,” an amount equal
          to 0.11448% (11.448 basis points); and

  

  

  (3) for purposes of clause (a)(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 Borrower giving due consideration to (ai) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment,
        for the replacement of the London
          Interbank Offered Ratesuch Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on
            the applicable Benchmark Replacement Date or (bii) 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 the London Interbank
          Offered Ratesuch Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollarDollar-denominated syndicated credit facilities at such time.

  

  

  “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 “Interest
      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 (in consultation with the Borrower)reasonably 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 thesuch Benchmark Replacement exists, in such other manner of administration as the Administrative Agent reasonably decides is reasonably necessary in connection with the
      administration of this Agreement and the other Credit Documents).

  

  

  “Benchmark Replacement Date” means the earlierearliest to occur of the following events with respect to the London Interbank Offered Ratethen-current Benchmark:

  

  

  (a) in the case of clause (a)
        or (b) of the definition of “Benchmark Transition Event,” the later of (ia) the date of the public statement or publication of information referenced therein and (iib) the date on which the administrator of such Benchmark (or the London Interbank Offered Ratepublished component used in the calculation thereof) permanently or indefinitely ceases to provide the London Interbank Offered Rate; and all Available Tenors of such Benchmark (or such component thereof);

  

  

  (b) in the case of clause (c)
        of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein;

  (a)

  
    
      	 

      	
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  (c) in the case of a Term SOFR Transition Event, the date that is thirty (30) days after

            the Administrative Agent has provided the Term SOFR Notice to the
          Banks and the Borrower pursuant to Section 8.8(a)(2); or

  

  

  (d) in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, 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 is provided to the Lenders, written notice of objection to such Early
            Opt-in Election from Lenders comprising the Required Banks.

  

  

  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 (a) or (b) 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 the occurrence of one
      or more of the following events with respect to the London Interbank Offered Ratethen-current Benchmark:

  

  

  (a) a public statement or
        publication of information by or on behalf of the administrator of the London Interbank Offered Ratesuch Benchmark (or
            the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to
        provide the London Interbank Offered Rateall 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 the London Interbank Offered Rateany Available Tenor of such Benchmark (or such component thereof);

  

  

  (b) a public statement or
        publication of information by the regulatory supervisor for the administrator of the London Interbank Offered Ratesuch Benchmark (or the
          published component used in the calculation thereof), the FRB, the U.S. Federal Reserve SystemBank of New York,
        an insolvency official with jurisdiction over the administrator for the London Interbank Offered Ratesuch Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the London Interbank Offered Ratesuch Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the London Interbank Offered Ratesuch Benchmark (or such
            component), which states that the administrator of the London Interbank Offered Ratesuch Benchmark (or such component) has ceased or will cease to provide the London Interbank Offered Rateall 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 the London Interbank Offered Rateany Available Tenor of such Benchmark (or such component thereof); or

  

  

  (c) a public statement or
        publication of information by the regulatory supervisor for the administrator of the London Interbank Offered Rate announcing that the London Interbank Offered Rate issuch 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 representative.

  

  

  
    
      	 

      	
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  For the avoidance of doubt, a “Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicableEvent” will be deemed to have occurred with respect to any Benchmark Replacement Date and (ii) if such Benchmark Transition Event isif a
      public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of informationset forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or if the expected date of such prospective event is fewer

          than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Banks, as applicable, by notice to the
          Borrower, the Administrative Agent (in the case of such notice by the Required Banks) and the Bankspublished component used in the calculation thereof).

  

  

  “Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the London Interbank Offered Rate and solely to the extent that the London Interbank Offered Rate has not been replaced
          with a Benchmark Replacement, the period (aif any) (x) beginning at the time that sucha Benchmark Replacement Date pursuant to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the London

        Interbank Offered Ratethen-current Benchmark for all purposes hereunder and under any Credit Document in accordance with Section 8.8 and (by) ending at the time that a Benchmark Replacement has replaced
      the London Interbank Offered Ratethen-current Benchmark for all purposes hereunder pursuant toand under any Credit Document in accordance with Section 8.8.

  

  

  “Beneficial

        Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

  

  

  “Beneficial
        Ownership Regulation” means 31 CFR § 1010.230.

  

  

  “Beneficiaries”
    has the meaning set forth in Section 9.1.

  

  

  “Benefit

        Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group.

  

  

  “Benefit

        Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA
    Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

  

  

  “Borrower”
    has the meaning provided in the first paragraph of this Agreement.

  “Borrowing”
    has the meaning set forth in Section 1.3.

  

  

  “Brand Loyalty”
    means Brand Loyalty Group B.V. and its successors that are Foreign Subsidiaries and any other Foreign Subsidiary of the Borrower that conducts the majority of its operations in Europe.

  

  

  “Business Day” means (a) for all purposes other than as set forth in clause (b) below, any day except(other than a Saturday, Sunday or other daylegal holiday) on which commercial banks in Charlotte, North Carolina and New York, New York, New York are authorized by law to close and, if the applicable Business Day relates to an advance or
          continuation of, or conversion into, or payment of, aopen for the conduct of their commercial banking business and (b) with respect to all notices and determinations in connection with any payments of principal and interest on, (ai) any Euro--Dollar Loan

  
    
      	 

      	
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  or aany Base Rate Loan foras to which the Base Rateinterest rate is determined by reference to LIBOR, any day that is a Business Day described in clause (ca) of the definition thereof, on which commercial banks are open for international business (including dealing in U.S. Dollar deposits) inand that is also a London, England or Banking Day and (bii) any Canadian Dollar Loan, any Business Day described in clause (a) and on which
      commercial banks are open for international business in Toronto, Canada.

  

  

  “CAD Fronted Loans” has the
    meaning set forth in Section 2.1(h).

  

  

  “CAD

        Fronting Bank” means Wells Fargo Bank and any Bank that agrees in its sole discretion, with the consent of the Administrative Agent and the Borrower, to replace Wells Fargo Bank as the CAD Fronting Bank hereunder.

  

  

  “CAD

        Non-Funding Bank” means each Bank which has notified the Borrower and Administrative Agent in writing no later than one (1) Business Day prior to the Effective Date that it is unable to fund Loans in Canadian Dollars as confirmed by the
    CAD Fronting Bank in writing; provided that each such Bank shall be a CAD Non-Funding Bank solely to the extent of its Revolving Credit Commitment as in effect
    on the Effective Date.

  

  

  “Canadian

        Base Rate” means, for any day, the greater of: (a) the floating annual rate of interest established by the Administrative Agent from time to time as the reference rate it will use to determine rates of interest on Canadian Dollar loans
    to customers in the United States and designated as its prime rate, as in effect on such day (it being acknowledged and agreed that such rate may not be the Administrative Agents’ best or lowest rate); and (b) the CDOR Rate applicable on such day plus 1.0%.

  

  

  “Canadian

        Base Rate Loan” means a Loan in Canadian Dollars which bears interest at the Canadian Base Rate pursuant to the provisions of Articles 2 or 8 hereof.

  

  

  “Canadian

        Base Rate Margin” means a percentage per annum equal to the applicable percentage specified in the pricing schedule attached hereto as Appendix I.

  

  

  “Canadian Dollar
        Loans” means and includes each Loan denominated in Canadian Dollars.

  

  

  “Canadian Dollars”
    and “Cdn$” each mean the lawful currency of Canada.

  

  

  “Capital

        Lease” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP; provided that, notwithstanding the foregoing, any obligations of a Person under a lease (whether existing now or entered into in the future) that is not (or would not be) a Capital Lease under GAAP as
    in effect on the Effective Date shall not be treated as a Capital Lease solely as a result of changes in GAAP, including, without limitation, those described in the Accounting Standards Update to Leases (Topic 842) issued in February 2016 by the
    Financial Accounting Standards Board.

  

  

  “Capital

        Stock” means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in
    the case of a partnership, partnership interests (whether general or limited), (d) in the case of a limited liability company, membership interests, (e) any other interest (including Preferred Interests) or participation in a Person that confers on the
    holder thereof the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person and (f) any and all warrants, rights or options to purchase any of the foregoing (other than Debt securities convertible into an
    equity interest).

  
    
      	 

      	
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  “Carry Forward Amount” has the meaning set forth in Section 5.16(a).

  

  

  “Cash

        Collateralize” means, in respect of any obligations, to provide and pledge (as a first priority perfected security interest) cash collateral for such obligations in Dollars with the Administrative Agent pursuant to documentation (which
    shall permit certain investments in cash equivalents reasonably satisfactory to the Administrative Agent, until the proceeds are applied to such obligations) in form and substance reasonably satisfactory to the Administrative Agent (and “Cash Collateral,” “Cash Collateralized” and “Cash Collateralization” have the corresponding meanings).

  

  

  “Cash

        Management Arrangement” means any agreement or other arrangement governing the provision of treasury or cash management services, including deposit accounts, overdraft, funds transfer, automated clearinghouse, zero balance accounts, cash
    pooling (including notional cash pooling), returned check, concentration, controlled disbursement, lockbox, account reconciliation and reporting, trade finance services, commercial credit cards, merchant card services, purchase or debit cards
    (including non-card e-payables services), and any other deposit or operating account relationships or other treasury, cash management or similar services, and in each case including any associated lines or extensions of credit and related customary
    collateral and security arrangements.

  

  

  “CDOR

        Rate” means on any day the annual rate of interest which is the rate determined as being the arithmetic average of the quotations of all institutions listed in respect of the “BA 1 Month” Rate for Canadian Dollar denominated bankers’
    acceptances displayed and identified as such on the “Reuters Screen CDOR Page” (as defined in the International Swap Dealer Association, Inc. definitions, as modified and amended from time to time) as of 10:00 a.m. Toronto, Ontario local time on such
    day and, if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Administrative Agent after 10:00 a.m. Toronto, Ontario local time to reflect any error in a posted rate of interest or in the posted average
    annual rate of interest); and if such rates are not available on the Reuters Screen CDOR Page on any particular day, then the CDOR Rate on that day shall be calculated as the 30 day rate applicable to Canadian Dollar denominated bankers’ acceptances
    quoted by the Administrative Agent as of 10:00 a.m. Toronto, Ontario local time on such day; or if such day is not a Business Day, then as quoted by the Administrative Agent on the immediately preceding Business Day. Notwithstanding the foregoing, in
    no event shall the CDOR Rate be less than 0%.

  

  

  “CET1 Ratio” means the “common equity tier 1 capital ratio” (expressed as a percentage rounded to two decimal places), as
      defined by, and calculated in accordance with, the then-current U.S. federal Bank Regulatory Authority capital requirements applicable to each Insured Subsidiary.

  

  

  “Change

        in Law” means (a) the adoption of any applicable law, rule or regulation after the Effective Date, (b) any change in any applicable law, rule or regulation, or any change in the interpretation, implementation or application thereof, by
    any Governmental Authority after the Effective Date, or (c) compliance by any Bank (or its Applicable Lending Office) or any Letter of Credit Issuer (or, for purposes of Section

        8.3(b), by the Parent of such Bank or any Letter of Credit Issuer, if applicable) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Effective Date; provided that for purposes of this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives in
    connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
    regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or
    issued.

  

  

  “Change

        of Control” means the acquisition by any “person” or “group”
    (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) at any time of

  

  

  
    
      	 

      	
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  beneficial ownership of 30% or more of the outstanding Voting Stock of the Borrower on a
    fully-diluted basis; provided, that common stock owned by employees (either individually or through employee stock ownership or other stock-based benefit plans)
    of the Borrower and its Subsidiaries shall not be included in the calculation of ownership interests for purposes of this definition or any “change of control.”

  

  

  “Class” means, when used in reference to any Loan, whether such Loan is a Revolving Loan, Swing Loan or Term Loan and, when used
        in reference to any Commitment, whether such Commitment is a Revolving Credit Commitment or a Term Loan Commitment.

  

  

  “Code”
    means the U.S. Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder.   Section references to the Code are to the Code, as in effect on the Effective Date and any subsequent
    provisions of the Code, amendatory thereof, supplemental thereto or substituted therefor.

  

  

  “Comenity Bank” means, collectively, Comenity Bank, a Delaware state-chartered bank indirectly wholly-owned by the Borrower, including its successors and assigns.

  

  

  “Comenity Capital Bank” means Comenity Capital Bank, a Utah industrial bank indirectly wholly-owned by the Borrower, in
        each case, including theirits successors and assigns.

  

  

  “Commitment Amount
        Increase” has the meaning set forth in Section 2.16(a).

  

  

  “Commitments”
    means the Revolving Credit Commitments and the Term Loan Commitments.

  

  

  “Commodity

        Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

  

  

  “Consolidated Debt” of any Person means, at any date, the
      Debt of such Person and its Consolidated Subsidiaries, determined on a consolidated basis as of such date; provided that Consolidated Debt of such Person shall exclude Debt of
      the Borrower and its Subsidiaries in the form of earn-out obligations, purchase price adjustments, deferred compensation and similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business,
      assets or Capital Stock of a Subsidiary otherwise permitted under this Agreement.

  

  

  “Consolidated

        EBIT” means, for any period, the sum of Consolidated Net Income for such period, plus, to the extent deducted in determining such Consolidated
    Net Income, (a) Consolidated Interest Expense and (b) federal, state, local and foreign income, value added and similar taxes.   If, during the period for which Consolidated EBIT is being calculated, the Borrower or any Subsidiary has (a) acquired
    sufficient Capital Stock of a Person to cause such Person to become a Subsidiary, (b) acquired all or substantially all of the assets or operations, division or line of business of a Person, (c) disposed of sufficient Capital Stock of a Subsidiary to
    cause such Subsidiary to cease to be a Subsidiary, or (d) disposed of or discontinued all or substantially all of the assets or operations of a Subsidiary or business unit, Consolidated EBIT shall be calculated after giving pro forma effect thereto as if such acquisition, disposition or discontinuation had occurred
    on the first day of such period.

  

  

  “Consolidated Interest Expense” means, for any period,
      the total interest expense paid on Debt of the Borrower and its Subsidiaries (including the interest component of Capital Leases) for such period, determined on a consolidated basis in accordance with GAAP; provided that Debt of Borrower and its Subsidiaries shall exclude Debt in the form of earn-out obligations, purchase price
      adjustments, deferred compensation and similar obligations, in each case, incurred or assumed in connection with the

  
    
      	 

      	
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  acquisition or disposition of any business, assets or Capital Stock of a Subsidiary otherwise permitted under this Agreement.

  

  

  “Consolidated

        Net Income” of any Person means, for any fiscal period, the net income of such Person and its Consolidated Subsidiaries, determined on a consolidated basis for such period, exclusive of the effect of any extraordinary or other
    nonrecurring gain and loss and excluding all non-cash adjustments; provided that any cash payment made (or received) with respect to any such non-cash charge,
    expense or loss shall be subtracted (added) in computing Consolidated Net Income during the period in which such cash payment is made (or received).

  

  

  “Consolidated Operating EBITDA” means, for any period,
      the sum of Consolidated EBIT for such period, plus, to the extent deducted in determining Consolidated Net Income, (a) depreciation and amortization expense,
      including amortization of intangible assets and (b) interest expense paid on Qualifying Deposits and Qualified Securitization Transactions for such period. If, during the period for which Consolidated Operating EBITDA is being calculated, the
      Borrower or any Subsidiary has (a) acquired sufficient Capital Stock of a Person to cause such Person to become a Subsidiary, (b) acquired all or substantially all of the assets or operations, division or line of business of a Person, (c) disposed of
      sufficient Capital Stock of a Subsidiary to cause such Subsidiary to cease to be a Subsidiary, or (d) disposed of or discontinued all or substantially all of the assets or operations of a Subsidiary or business unit, Consolidated Operating EBITDA
      shall be calculated after giving pro forma
      effect thereto as if such acquisition, disposition or discontinuation had occurred on the first day of such period and the reasonable expenses related to such acquisition, disposition or discontinuation shall be added to Consolidated Operating EBITDA
      for such period; provided that, notwithstanding anything herein to the contrary, if (i) the Epsilon Transaction is consummated on or prior to
        June 30, 2019 and (ii) the Senior Note Redemption

        has not occurred on or prior to June 30, 2019, then the Epsilon Transaction shall be deemed to have occurred on July 1, 2019 for the purpose of calculating Consolidated Operating EBITDA on a pro forma
          basis.

  

  

  “Consolidated

        Subsidiary” of any Person means, at any date, any Subsidiary or other entity the accounts of which would be consolidated with those of such Person in its consolidated financial statements if such statements were prepared as of such date.

  

  

  “Consolidated

        Tangible Net Worth” means, as of any date of determination, stockholders’ equity of the Borrower minus the sum of intangible assets (net) and
    goodwill, in each case as those items appear on the consolidated balance sheet of the Borrower on such date, all as determined in accordance with GAAP.

  

  

  “Consolidated

        Total Assets” of any Person means total assets of such Person and its Subsidiaries, determined on a consolidated basis in accordance with GAAP less any amount of assets reflected therein to the extent that they have been sold or pledged
    pursuant to a Qualified Securitization Transaction that are or may be reflected as debt on a balance sheet of such Person.

  

  

  “Convertible

        Debt” means Debt issued by the Borrower which by its terms may be converted into or exchanged for equity securities of the Borrower at the option of the Borrower or the holder of such Debt, including without limitation, Debt with respect
    to which the performance due by the Borrower may be measured in whole or in part by reference to the value of an equity security of the Borrower but may be satisfied in whole or in part in cash.

  
    
      	 

      	
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  “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 adjustment) as such Available Tenor.

  

  

  “Credit” means either the
    Revolving Credit or the Term Credit.

  

  

  “Credit

        Document” means this Agreement, the Notes and each other document (including any additional guarantees) executed or delivered in connection herewith or therewith.

  

  

  “Credit Party” means the Borrower
    and each Guarantor.

  

  

  “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will 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 syndicated 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.

  

  

  “Debt” of any Person means at any date, without
      duplication (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of
      property, except trade accounts payable arising in the ordinary course of business, (d) all obligations of such Person as lessee in respect of Capital Leases, (e) all non-contingent obligations (and, for purposes of Section 5.9, Section 5.14 and the definition of “Material Financial Obligations,” all contingent obligations) of such Person to reimburse any bank or other
      Person in respect of amounts paid under a letter of credit or similar instrument, (f) all Debt secured by a Lien on any asset of such Person, whether or not such Debt is otherwise an obligation of such Person (and if such Debt is not otherwise an
      obligation of such Person, valued at the lesser of the amount of such Debt and the fair market value of the assets subject to such Lien), (g) all Debt of others Guaranteed by such Person (and if such Guaranty is limited, valued at the lesser of the
      amount of such Debt and the maximum amount of such Guaranty) and (h) Redeemable Stock of the Borrower or any of its Subsidiaries, valued at the amount of all obligations with respect to the redemption or repurchase thereof or the applicable
      liquidation preference. Notwithstanding the foregoing, there shall be excluded from Debt of any Person (i) any obligations of such Person under a Qualified Securitization Transaction that might otherwise constitute Debt of such Person, (ii) any
      obligations of such Person in respect of Qualifying Deposits, (iii) obligations arising out of the endorsement of negotiable instruments for
      collection in the ordinary course of business, (iv) customary indemnification obligations, (v) post-closing payments in connection with acquisitions and dispositions of assets in the form of purchase price adjustments, deferred compensation and
      similar obligations; provided that, at the
      time of closing of such acquisition or disposition, the amount of any such obligation is not determinable and, to the extent such obligation thereafter becomes fixed and finally determined, the amount is paid within 60 days thereafter, (vi) any
      earn-out obligation until such obligation appears in the liabilities section of the balance sheet of such Person, and (vii) obligations under or in connection with Cash Management Arrangements entered into in the ordinary course of business that
      might otherwise constitute Debt of such Person; provided, that any obligation described in clause (v) or (vi) above shall be excluded from Debt to the extent (A) such Person is indemnified for the payment thereof by a solvent Person or (B) amounts to be applied to the payment therefor are in escrow.

  

  

  “Default”
    means any condition or event which constitutes an Event of Default or which with the giving of notice or lapse of time or both would, unless cured or waived, become an Event of Default.

  
    
      	 

      	
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  “Defaulting

        Bank” means, at any time, subject to Section 2.17(b), (a) any Bank that has failed for two (2) or more Business Days to comply with its
    obligations under this Agreement (i) to make a Loan unless such Bank has notified the Administrative Agent and the Borrower in writing that such failure is the result of such Bank’s good faith determination that one or more conditions precedent to
    funding has not been satisfied (which conditions precedent, together with any applicable Default, will be specifically identified in such writing), (ii) to make a payment to the Letter of Credit Issuer in respect of a Letter of Credit or to the Swing
    Lender in respect of a Swing Loan or (iii) to make any other payment due hereunder, unless the subject of a good faith dispute (each a “funding obligation”), (b)
    any Bank that has notified the Administrative Agent in writing, or has stated publicly, that it does not intend to comply with any such funding obligation hereunder, unless such writing or public statement states that such position is based on such
    Bank’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with any applicable Default, will be specifically identified in such writing or public statement), (c) any Bank that has,
    for three (3) or more Business Days after written request of the Administrative Agent or the Borrower, failed to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Bank will cease to be a Defaulting Bank pursuant to this clause (c) upon the Administrative Agent’s and the Borrower’s receipt of such written
    confirmation), (d) any Bank with respect to which a Bank Insolvency Event has occurred and is continuing or (e) any Bank that becomes the subject of a Bail-In Action. Any determination reasonably made by the Administrative Agent that a Bank is a
    Defaulting Bank will be conclusive and binding, absent manifest error, and such Bank shall be deemed to be a Defaulting Bank (subject to Section 2.17(b)).

  

  

  “Delinquency

        Ratio” means, for any calendar month, the percentage equivalent of a fraction (a) the numerator of which is the aggregate amount of all Managed Receivables the minimum payments on which are more than ninety (90) days contractually
    overdue and (b) the denominator of which is all Managed Receivables, in each case determined as of the last day of such calendar month.

  

  

  “Derivatives

        Obligations” of any Person means all obligations of such Person in respect of any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option,
    bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any
    option with respect to any of the foregoing transactions), any transaction whose value is derived from another asset or security, or any combination of the foregoing transactions; provided, however, that, with respect to any Guarantor, Derivatives Obligations Guaranteed by such Guarantor shall exclude all Excluded Derivative Obligations.

  

  

  “Dollars”,

    “U.S. Dollars” and “$” means freely transferable lawful money of the
    United States of America.

  

  

  “Domestic

        Lending Office” means, as to each Bank, its office identified as such on its Administrative Questionnaire or such other office as such Bank may hereafter designate as its Domestic Lending Office by notice to the Borrower and the
    Administrative Agent, which office shall be located in the United States.

  

  

  “Domestic

        Subsidiary” means any Subsidiary of the Borrower incorporated or organized in the United States or any state or territory thereof.

  

  

  “Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: (a) 

               (i) a determination by the Administrative Agent or (ii) a notification by the Required Banks to the Administrative Agent to (with a copy toor the request by the Borrower)
        that the Required Banks have

  
    
      	 

      	
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  determined that
        U.S. dollar to the Administrative Agent to
          notify) each of the other parties hereto that at least five currently outstanding
          Dollar-denominated syndicated credit facilities being executed at
      such time, or that include language similar to that contained in Section 8.8 are
        being executed or amended, as applicable,
        to incorporate or adopt 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 new benchmark interest rate to replace the London Interbank Offered Rate(and such syndicated
          credit facilities are identified in such notice and are publicly available for
          review), and (b) (i) the  joint election by the Administrative Agent or (ii)and the election by the Required Banks to declare that an Early Opt-in Election has occurredBorrower to trigger a fallback from USD LIBOR and the provision, as applicable, by the Administrative Agent of written notice of such election
      to the Borrower and the Banks or by the Required Banks of written notice
        of such election to the Administrative Agent (with a copy to the Borrower).

  

  

  “EDGAR” has the meaning set forth
    in Section 5.1(a).

  

  

  “EEA

        Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country
    which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is
    subject to consolidated supervision with its parent.

  

  

  “EEA

        Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

  

  

  “EEA

        Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial
    Institution.

  

  

  “Effective Date” means June 14,
    2017.

  

  

  “Electronic Record” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

  

  

  “Electronic Signature” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

  

  

  “Eligible Bank” means a bank or trust company (i) that is
      organized and existing under the laws of the United States of America or Canada, or any state, territory, province or possession thereof or any member state of the European Union, (ii) that, as of the time of the making or acquisition of an
      Investment in such bank or trust company, has combined capital and surplus in excess of $500.0 million and (iii) the senior Debt of which is rated at least "“A-2"” by Moody’s or at least "“A"” by S&P.

  

  

  “Eligible

        Cash Equivalents” means any of the following Investments: (i) securities issued or directly and fully guaranteed or insured by the United States, Canada or a member state of the European Union or any agency or instrumentality thereof (provided that the full faith and credit of the United States, Canada or such member state is pledged in support thereof) maturing not more than one
    year after the date of acquisition; (ii) time deposits in and certificates of deposit of any Eligible Bank (or in any other financial institution to the extent the amount of such deposit is within the limits insured by the Federal Deposit Insurance
    Corporation), provided that such Investments have a maturity date not more than two years after the date of acquisition and that the weighted
    average life of all such Investments is

  
    
      	 

      	
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  one year or less from
      the respective dates of acquisition; (iii) repurchase obligations with a term of not more than 180 days for underlying securities of the types described in clause (i) above or clause (iv) below entered into with any Eligible Bank or securities
      dealers of recognized national standing; (iv) direct obligations issued by any state, province or territory of the United States or Canada or any political subdivision or public instrumentality thereof, provided that such Investments mature, or are subject to tender at
      the option of the holder thereof, within 365 days after the date of acquisition and, at the time of acquisition, have a rating of at least A from S&P'’s or A-2 or P-2 (or long term ratings of at least A3 or A-) from either S&P or Moody'’s, or with respect to municipal bonds, a rating of at least
      MIG 2 or VMIG 2 from Moody'’s (or equivalent ratings by any other nationally recognized rating agency); (v) commercial paper of any Person other than an Affiliate of the Borrower and other
      than structured investment vehicles, provided that such Investments have a rating permissible under clause (iv) above and mature within 270 days after the date of acquisition; (vi) overnight and demand deposits in and bankers'’ acceptances of any Eligible Bank; (vii) demand deposits in any bank or trust company to the extent insured by the Federal Deposit Insurance Corporation; (viii) in the case of a Foreign Subsidiary or any other Subsidiary that conducts
      business outside of the United States, demand deposits and time deposits that (a) are denominated in the currency of a country that is a member of the OECD or the currency of the country in which such Subsidiary is organized or conducts business and
      (b) are consistent with the Borrower'’s investment policy as in effect from time to time, provided that, in the case of time deposits, such Investments have a maturity date not more than two years after the date of acquisition
      and that the weighted average life of all such time deposits is one year or less from the respective dates of acquisition; (ix) money market funds (and shares of investment companies that are registered under the U.S. Investment Company Act of 1940,
      as amended) substantially all of the assets of which comprise Investments of the types described in clauses (i) through (vii); (x) United States dollars, or money in other currencies received in the ordinary course of business; (xi) asset-backed
      securities and corporate securities that are eligible for inclusion in money market funds; (xii) fixed maturity securities that are rated BBB- and above by S&P or Baa3 and above by Moody'’s; provided that the aggregate amount of
      Investments by any Person in fixed maturity securities that are rated BBB+, BBB or BBB- by S&P or Baa1, Baa2 or Baa3 by Moody'’s shall not exceed 20% of the aggregate amount of Investments
      in fixed maturity securities by such Person; and (xiii) instruments generally equivalent or similar to those referred to in clauses (i) through (vii) above or funds generally equivalent or similar to those referred to in clause (ix)above and
      comparable in credit quality and tenor to those referred to in such clauses and commonly used by corporations for cash management purposes in jurisdictions outside the United States to the extent advisable in connection with any business conducted by
      the Borrower or by any Subsidiary, all as determined in good faith by the Borrower.

  

  

  “Eligible

        Transferee” means and includes a commercial bank, insurance company, financial institution, fund or other Person (other than a natural person or a Defaulting Bank) which regularly purchases interests in loans or extensions of credit of
    the types made pursuant to this Agreement, any other Person (other than a natural person) which would constitute a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended and as in effect on the
    Effective Date, or other “accredited investor” (other than a natural person) (as defined in Regulation D of the Securities Act of 1933, as amended and as in effect on the Effective Date).

  

  

  “Environmental

        Laws” means any and all federal, state, provincial, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses,
    agreements and other governmental restrictions relating to the environment, the effect of the environment on human health or to emissions, discharges or releases of pollutants, contaminants, Hazardous Substances or wastes into the environment
    including, without limitation, ambient air, surface water, ground water, or land, or otherwise relating to the manufacture,

  

  

  
    
      	 

      	
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  processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants,
    contaminants, Hazardous Substances or wastes or the cleanup or other remediation thereof.

  

  

  “Epsilon Transaction” hasmeans the meaning set forth in Section 5.7(d)sale
          by the Credit Parties and their Subsidiaries of the
        Epsilon business to Publicis Groupe S.A. on July 1, 2019.

  

  

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

  

  

  “ERISA

        Group” of any Person means such Person, any Subsidiary and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any
    Subsidiary, are treated as a single employer under Section 414 of the Code.

  

  

  “Erroneous Payment” has the meaning assigned thereto in Section 7.13(a).

  

  

  “Erroneous Payment Deficiency Assignment” has the meaning assigned thereto in
      Section 7.13(d).

   
  

       

   
  “Erroneous Payment Impacted Class” has the meaning assigned thereto in Section 7.13(d).

  

  

  “Erroneous Payment Return Deficiency” has the meaning assigned thereto in Section
      7.13(d).

  

  

  “EU

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

  

  

  “Euro-Dollar

        Lending Office” means, as to each Bank, its office, branch or affiliate identified as such on the signature pages hereto or such other office, branch or affiliate of such Bank as it may hereafter designate as its Euro-Dollar Lending
    Office by notice to the Borrower and the Administrative Agent.

  

  

  “Euro-Dollar

        Loan” means (a) a Loan which bears interest at a Euro-Dollar Rate or (b) an overdue amount which was a Euro-Dollar Loan immediately before it became overdue.

  

  

  “Euro-Dollar

        Margin” means a percentage per annum equal to the applicable percentage specified in the pricing schedule attached hereto as Appendix I.

  

  

  “Euro-Dollar Rate” means a rate of interest determined
      pursuant to Section 2.6(b) on the basis of
    the London Interbank Offered RateLIBOR.

  

  

  “Euro-Dollar Reserve Percentage” means, for any day, the percentage which is in effect for such day as prescribed by the FRB for determining the maximum reserve requirement (including any basic, supplemental or emergency
          reserves) in respect of eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York City.

  

  

  “Event of Default” has the meaning
    set forth in Section 6.1.

  

  

  “Excluded

        Derivative Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of such Swap Obligation (or any Guaranty thereof) is or becomes illegal under
    the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason not to constitute an “eligible
    contract

  
    
      	 

      	
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  participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time
    the Guaranty of such Guarantor becomes effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation
    that is attributable to swaps for which such Guaranty is or becomes illegal.

  

  

  “Existing

        Credit Agreement” means that certain Credit Agreement dated as of July 10, 2013, by and among the Borrower, the guarantors from time to time party thereto, the financial institutions from time to time party thereto, and Wells Fargo Bank,
    as the Administrative Agent for such financial institutions, as the same has been amended, modified or supplemented prior to the Effective Date.

  

  

  “Extended Maturity Date” has
    the meaning set forth in Section 2.18.

  

  

  “Extended

        Revolving Credit Commitment” means, with respect to any Extending Revolving Credit Bank at any time, the portion of such Bank’s Revolving Credit Commitment extended pursuant to Section 2.18.

  

  

  “Extended Term Loan” means, with respect to any Extending Term Loan Bank at any time, the portion of such Bank’s outstanding Term
        Loan extended pursuant to Section 2.18.

   
  

  

  “Extending

        Revolving Credit Bank” means any Bank that has agreed to extend all or a portion of its Revolving Credit Commitment until an Extended Maturity Date pursuant to Section

        2.18.

  

  

  “Extended Term Loan” means, with respect to any
          Extending Term Loan Bank at any time, the portion of such Bank’s outstanding Term
          Loan or Incremental
        Term Loan extended pursuant to Section 2.18.

  

  

  “Extending Term Loan Bank” means any Bank that has agreed
      to extend all or a portion of its outstanding Term Loan or Incremental Term Loan until an Extended Maturity Date pursuant to Section 2.18.

  

  

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

  

  

  “FCA” has the meaning assigned thereto in Section 1.5.

  

  

  “Federal

        Funds Rate” means, for any day, the rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve
    System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, that (a) if such day is not a Business Day,
    the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the
    Federal Funds Rate for such day shall be the average rate quoted to the Administrative Agent on such day on such transactions as determined by the Administrative Agent. Notwithstanding the foregoing, if the Federal Funds Rate shall be less than zero,
    such rate shall be deemed to be zero for purposes of this Agreement.

  

  

  “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor
        source.

  
    
      	 

      	
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  “Foreign

        Pension Plan” means any plan, fund (including, without limitation, any superannuation fund) or other similar program established or maintained outside the United States of America by the Borrower or any one or more of its Subsidiaries
    primarily for the benefit of employees of the Borrower or such Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of
    retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code.

  

  

  “Foreign Subsidiary”
    means each Subsidiary of the Borrower other than a Domestic Subsidiary.

  

  

  “Fourth Amendment”
    means the Fourth Amendment to Amended and Restated Credit

  Agreement, dated as of December 20, 2019.

  

  

  “Fourth Amendment Effective Date”
    means December 20, 2019.

  

  

  “FRB” means the Board of Governors of the Federal Reserve System of the United States (or any successor thereto).

  

  

  “Fronting

        Exposure” means, at any time there is a Defaulting Bank, (a) with respect to any Letter of Credit Issuer, such Defaulting Bank’s Revolver Percentage of the Letter of Credit Outstandings with respect to Letters of Credit issued by such
    Letter of Credit Issuer other than Letter of Credit Outstandings as to which such Defaulting Bank’s participation obligation has been reallocated to other Banks or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the
    Swing Lender, such Defaulting Bank’s Revolver Percentage of outstanding Swing Loans made by the Swing Lender other than Swing Loans as to which such Defaulting Bank’s participation obligation has been reallocated to other Banks.

  

  

  “Fronting Fee”
    has the meaning set forth in Section 2.7(c).

  

  

  “GAAP”
    has the meaning set forth in Section 1.2.

  

  

  “Governmental

        Authority” means the government of the United States, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
    exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including any applicable supranational bodies (such as the European Union or the European Central Bank).

  

  

  “Granting Bank”
    has the meaning set forth in Section 10.6(e).

  

  

  “Guaranteed
        Obligations” has the meaning set forth in Section 9.1.

  

  

  “Guarantor”
    means each Subsidiary of the Borrower that is listed as a Guarantor on the signature pages hereof or that becomes a Guarantor from time to time after the Effective Date pursuant to Section 5.20, in each case unless and until released pursuant to Section 5.20.

  

  

  “Guarantor

        Supplement” means an appropriately completed Guarantor Supplement substantially in the form of Exhibit C hereto.

  

  

  “Guaranty”
    by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or
    otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt (whether arising by virtue of

  
    
      	 

      	
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  partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or
    services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (b) entered into for the purpose of assuring in any other manner the holder of such Debt of the payment thereof to protect such holder against loss in respect
    thereof (in whole or in part), provided, that the term Guaranty shall not include endorsements for collection or deposit in the ordinary course of business. The
    term “Guarantee” used as a verb has a corresponding meaning.

  

  

  “Hazardous

        Substances” means any toxic, radioactive, caustic or otherwise hazardous substance, including petroleum, its derivatives, by-products and other hydrocarbons, or any substance having any constituent elements displaying any of the
    foregoing characteristics.

  

  

  “Hostile

        Acquisition” means the acquisition of the Capital Stock of a Person through a tender offer or similar solicitation of the owners of such Capital Stock that has not been approved (prior to such acquisition) by resolutions of the board of
    directors of such Person or by similar action if such Person is not a corporation, and as to which such approval has not been withdrawn.

  

  

  “IBA” has the meaning assigned thereto in Section 1.5.

  

  

  “Incremental Amendment” has the meaning set forth in Section 2.16(d).

  

  

  “Incremental Term Loan” has the meaning set forth in Section 2.16(ac).

  

  

  “Indemnitee” has the meaning set
    forth in Section 10.3(b).

  

  

  “Insured Subsidiary” means a Subsidiary of the Borrower
      that is an “insured depository institution” under and as defined in the U.S. Federal Deposit Insurance Act (12 U.S.C. §1813(c)(2)) or any successor statute or that has an analogous status under the laws of Canada or any other country that is a member
      of the OECD or any political subdivision of any such country. As of the Seventh Amendment Effective Date, Comenity Bank and Comenity Capital Bank are Insured Subsidiaries.

  

  

  “Insured
        Subsidiary Cash” means (a) cash and balances due from depository institutions, including, without limitation, noninterest-bearing balances and currency and coin and interest-bearing balances, and (b) available-for-sale securities
    constituting Eligible Cash Equivalents, in each case owned by, held by, or owing to, an Insured Subsidiary.

  

  

  “Interest

        Coverage Ratio” of any Person means, for any period, the ratio of Consolidated Operating EBITDA of such Person for such period to Consolidated Interest Expense of such Person for such period.

  

  

  “Interest Period” means with respect to each Euro-Dollar
      Loan, the period commencing on the date of borrowing specified in the applicable Notice of Borrowing or on the date specified in the applicable Notice of Interest Period Election and ending one week thereafter or one, two(1), three (3) or six (6) months thereafter, as the Borrower may elect in the applicable notice (or such other period as requested by the Borrower and agreed to by the applicable Banks); provided that:

  

  

  (a) any Interest Period which would otherwise end on a day which is not a Business Day shall be
      extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

  

  

  
    
      	 

      	
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  (b) any Interest Period which begins on the last Business Day of a calendar month (or on a day for which
      there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (c) below, end on the last Business Day of a calendar month; and

  

  

  (c) any Interest Period for (i) any Loan (other than an Extended Term Loan) that would otherwise end
      after the Maturity Date shall end on the Maturity Date (unless such date is not a Business Day, in which case such Interest Period shall end on the latest Business Day to occur prior to the Maturity Date) and (ii) an Extended Term Loan that would
      otherwise end after the applicable Extended Maturity Date shall end on such Extended Maturity Date (unless such date is not a Business Day, in which case such Interest Period shall end on the latest Business Day to occur prior to such Extended
      Maturity Date).

  

  

  “Investment” means any Acquisition or other investment in any Person, whether by means of share purchase,
      capital contribution, loan, Guaranty, time deposit or otherwise (but not including any demand deposit).

  

  

  “Investment

        Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s Investors Service, Inc. or any successor to its rating agency business and BBB- (or the equivalent) by Standard & Poor’s, a division of The
    McGraw Hill Companies, Inc., or any successor to its rating agency business, or an equivalent rating by a “nationally recognized statistical rating organization” as defined in Section 3 of the Securities Exchange Act of 1934, as amended.

  

  

  “L/C Participant” has the
    meaning set forth in Section 2A.5.

  

  

  “L/C

        Supportable Obligations” means and includes obligations of the Borrower or its Subsidiaries incurred in the ordinary course of business as are reasonably acceptable to the Administrative Agent and the respective Letter of Credit Issuer
    and otherwise permitted to exist pursuant to the terms of this Agreement.

  

  

  “Letter of Credit” has the
    meaning set forth in Section 2A.1(a).

  

  

  “Letter

        of Credit Commitment” means U.S. $30,000,000 as the same may be reduced from time to time pursuant to Section 2.8.

  

  

  “Letter of Credit Fee” has the
    meaning set forth in Section 2.7(b).

  

  

  “Letter

        of Credit Issuer” means the Wells Fargo Bank (or any of its affiliates) in its individual capacity and any other Bank which at the request of the Borrower and with the consent of the Administrative Agent (in the Administrative Agent’s
    reasonable discretion) agrees, in such Bank’s sole discretion, to become a Letter of Credit Issuer for the purpose of issuing Letters of Credit.

  

  

  “Letter

        of Credit Outstandings” means, at any time, the sum of, without duplication, (a) the aggregate U.S. Dollar Equivalent of the Stated Amount of all outstanding Letters of Credit and (b) the aggregate U.S. Dollar Equivalent of all Unpaid
    Drawings in respect of all Letters of Credit.

  

  

  “Letter of Credit Request” has
    the meaning set forth in Section 2A.3(a).

  
    
      	 

      	
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  “Lien” means, with respect to any asset, any
          mortgage, lien, pledge, charge, hypothec, security interest or encumbrance of any kind, or any other type of preferential arrangement that has the practical effect
          of creating a security interest, in respect of such asset. For the purposes of this Agreement, the Borrower or any Subsidiary shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or
          lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset.

   
  

       

   
  “Loan” means any Revolving Loan, Swing Loan or
          Term Loan made pursuant to Section 2.1
        or 2.16; provided, that if any such Loan or Loans (or portions thereof) are combined or subdivided pursuant to a Notice of Interest Period Election, the term “Loan” shall refer to the combined principal amount resulting from such combination
          or to each of the separate principal amounts resulting from such subdivision, as the case may be.

   
  

       

   
  “London Banking Day” means any day on which dealings
          in U.S. Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

  

  

  “London Interbank Offered Rate” LIBOR” means, subject to the implementation of a Benchmark Replacement in accordance
        with Section 8.8:

  

  

  (a) for any interest rate
        calculation with respect to a Euro-Dollar Loan, the rate of interest per annum determined on the basis of the rate for deposits in Dollars for a period equal to the applicable Interest Period as published by the ICE Benchmark Administration Limited, a United Kingdom company, or a comparable or successor quoting service approved by the Administrative Agent, at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the
        first day of the applicable Interest Period. If, for any reason, such rate is not so published, then the “London Interbank Offered RateLIBOR” shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London
        interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period,; and

  

  

  (b) for any interest rate
        calculation with respect to a Base Rate Loan, the rate of interest per annum determined on the basis of the rate for deposits in Dollars for an Interest Period equal to one month (commencing on the date of determination of such interest rate) as
        published by the ICE Benchmark Administration Limited, a United Kingdom company, or a comparable or successor quoting service approved by the Administrative Agent, at approximately 11:00 a.m. (London time) on such date of determination, or, if such date is not a Business
        Day, then the immediately preceding Business Day. If, for any reason, such rate is not so published, then the “London Interbank Offered RateLIBOR” for such Base Rate Loan shall be determined by the Administrative Agent to be the arithmetic average
        of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) on such date of determination for a period equal to one
        month commencing on such date of determination.

  

  

  Each calculation by the Administrative Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error.

  

  

  Notwithstanding

      the foregoing, (x) in no event shall the London Interbank Offered RateLIBOR (including any Benchmark Replacement with respect thereto) be less than 0% and (y) unless otherwise specified in any
      amendment to this Agreement entered into in accordance with Section 8.8, in the event that a Benchmark Replacement with respect to the London Interbank Offered RateLIBOR is

  
    
      	 

      	
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  implemented, then all references herein to the London Interbank Offered RateLIBOR shall be deemed references to such Benchmark Replacement.

  

  

  “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, hypothec, security interest or encumbrance of any kind, or any other type of preferential arrangement that has
          the practical effect of creating a security interest, in respect of such asset.
          For the purposes of this Agreement, the Borrower or any Subsidiary shall be deemed
          to own subject to a Lien any asset which it has acquired or holds subject to the
          interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset.

   
  

       

   
  “Loan” means any Revolving Loan, Swing Loan or Term Loan made pursuant to Section 2.1; provided, that if any such Loan or
      Loans (or portions thereof) are combined or subdivided pursuant to a Notice of Interest Period Election, the term “Loan” shall refer to the combined principal amount
        resulting from such combination or to each of the separate principal amounts resulting from such subdivision, as the case may be.

   
  

       

   
  “London Banking Day” means any day on which dealings in U.S. Dollar deposits are conducted by and between banks in the London interbank Eurodollar market.

  

  

  “LoyaltyOne Divestiture” means the disposition, by way of sale, dividend, spinoff, merger, contribution
        or other means, by the Borrower or any of its Subsidiaries of the Spinco Assets or the Capital Stock of Spinco, including, without limitation, (a) pursuant to the
          transactions disclosed by the Borrower in its Form 8-K filed with the SEC on May 12, 2021 and (b) the distribution by dividend, sale or other disposition
        of the Capital Stock of Spinco or any other entity that holds the Spinco Assets. For the avoidance of doubt, a LoyaltyOne Divestiture shall not be deemed to have occurred solely by the incurrence of the Spinco Debt and the grant of liens in connection therewith.

  

  

  “Managed

        Receivables” of any Person means for any date the principal amount of all Securitization Assets originated or acquired by such Person as of such date regardless of whether such Securitization Assets are determined, with respect to such
    Person’s financial statements, to be “on-balance sheet” or “off-balance sheet.”

  

  

  “Material

        Adverse Effect” means (a) a material adverse change in, or material adverse effect upon, the business, financial condition or operations of the Borrower and its Consolidated Subsidiaries taken as a whole, (b) a material impairment of the
    ability of the Borrower and the Guarantors to perform their material obligations under the Credit Documents or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the Credit Parties of the Credit
    Documents or the material rights and remedies of the Administrative Agent and the Banks thereunder.

  

  

  “Material Asset” means an asset or
    assets having a fair market value in excess of $50,000,000.

  

  

  “Material Domestic Subsidiary”
    means each Domestic Subsidiary that is a Material Subsidiary.

  

  

  “Material Financial Obligations”
    of any Person means a principal or face amount of Debt and/or payment or collateralization obligations in respect of Derivatives Obligations of such Person and/or one or more of its Subsidiaries, arising in one or more related or unrelated
    transactions, exceeding in the aggregate U.S. $150,000,000.

  

  

  “Material

        Plan” means, at any time, a Plan or Plans having aggregate Unfunded Liabilities in excess of U.S. $150,000,000.

  
    
      	 

      	
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  “Material Subsidiary” means (a) each Insured Subsidiary and (b) each direct or indirect Subsidiary which, together with its Subsidiaries, (ai) owned as of the end of the most recently completed fiscal quarter (or, in the case of an acquired Subsidiary, on a pro forma basis would have owned) assets that represent in excess of 5% of the Consolidated Total Assets of the Borrower (calculated excludingand its Consolidated Subsidiaries (including the total assets of each Insured Subsidiary and each Qualified Securitization Entity) as of the end of such fiscal quarter or (bii) generated (or, in the case of an acquired Subsidiary, on a pro forma basis would have generated) annual revenues in excess of 5% of the consolidated total revenues for the Borrower and its
      Consolidated Subsidiaries (excludingincluding each Insured Subsidiary and each Qualified Securitization Entity) for the most recently completed fiscal year.

  

  

  “Maturity Date” means July 1, 2024; provided that, with respect to the Seventh Amendment Non-Extended Term Loan Amount, the
          Maturity Date shall be December 31,
      2022.

  

  

  “Moody’s”
    means Moody’s Investors Service, Inc. and any successor to its rating agency business.

  

  

  “Multiemployer

        Plan” means at any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding
    five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such five year period.

  

  

  “Net Cash Proceeds” means,: (a) with
      respect to any sale, lease or other transfer of assets (other than a LoyaltyOne Divestiture),
      the gross proceeds received by the Credit Parties and their Subsidiaries therefrom (including any cash, Eligible Cash Equivalents, deferred payment pursuant to, or by monetization of, a note receivable or otherwise, as and when received) less the sum of (ai) the fees, costs and expenses relating to such sale or other transfer, including legal, accounting and investment banking fees, and brokerage and sales
      commissions, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and consultant and other customary fees, and any relocation expenses incurred as
      a result thereof, (bii) taxes paid or reasonably estimated to be payable as a result thereof (including, in
      respect of any proceeds received in connection with any sale or other transfer of or by any Foreign Subsidiary or of any asset located or deemed located outside of the United States, deductions in respect of withholding taxes and similar taxes, fees,
      charges and penalties payable in connection with repatriation of such funds to the United States), provided that if any such estimated taxes exceed the amount of actual taxes required to be paid in cash in respect of such transaction, the amount of
      such excess shall constitute Net Cash Proceeds, (ciii) distributions and other payments required to be made to holders of minority interests,
      royalty interests, stock appreciation rights or similar rights or interests in Subsidiaries or the assets or properties thereof as a result of such transaction, (div) amounts required to be applied to the payment of principal, premium, if any, and interest on Debt (other than Debt under the Credit Documents) secured by a Lien on such sold or otherwise transferred assets (or a
      portion thereof), which Debt is required to be paid as a result of such transaction, and (ev) deduction of
      appropriate amounts to be provided by the Credit Parties or any of their Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the sold or otherwise transferred asset and retained by the Credit Parties or any of
      their Subsidiaries after such sale or other transfer thereof, including pension and other post-employment benefit liabilities, liabilities related to environmental matters, indemnification obligations associated with such transaction and purchase
      price adjustments, provided that, to the
      extent and at the time any such amounts are released from such reserve, such released amounts
          shall constitute Net Cash Proceeds, and (b) with respect to any LoyaltyOne
          Divestiture, the gross proceeds received by the Credit Parties and their Subsidiaries (other than Spinco) in connection therewith (including any cash, Eligible Cash Equivalents, proceeds of any Spinco Debt (to the extent distributed by Spinco to the Borrower or its Subsidiaries

  
    
      	 

      	
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  (other than Spinco)), deferred payment pursuant to, or by monetization of, a note receivable or otherwise, as and when received), less the sum of (i) the fees, costs and expenses relating to such LoyaltyOne Divestiture, including legal, accounting and investment banking fees, and brokerage and sales commissions, (ii) taxes paid or reasonably
          estimated to be payable as a result thereof (including, in respect of any proceeds received in connection with any sale or other transfer of or by any Foreign Subsidiary
          or of any Spinco Asset located or deemed located outside of the United States, deductions in respect of withholding taxes and similar taxes, fees, charges and
          penalties payable in connection with repatriation of such funds to the United States), provided that if any such estimated taxes exceed the amount of actual
          taxes required to be paid in cash in respect of such LoyaltyOne Divestiture, the amount of such excess shall constitute Net Cash Proceeds, (iii) distributions and other payments required to be made to holders of minority interests, royalty interests, stock appreciation rights or similar rights or interests in Spinco or a Subsidiary of Spinco or any Spinco Assets as a result of such transaction, (iv) amounts required to be applied to the payment of principal, premium, if any, and interest on Debt (other than Debt under the Credit Documents and Spinco Debt) secured by a Lien on Spinco Assets (or a portion thereof), which Debt is required to be paid as a result of such transaction, and (v)
          deduction of appropriate amounts to be provided by the Credit Parties or any of
          their Subsidiaries as a reserve in accordance with GAAP against any liabilities retained by or otherwise allocated to the Credit Parties or any of their
          Subsidiaries in connection with such LoyaltyOne Divestiture, including pension and other post-employment benefit liabilities, liabilities related to environmental matters, indemnification obligations associated with such transaction or prior transactions (including the Epsilon Transaction) and purchase price adjustments, provided that, to the extent and at the time any such amounts are released from such reserve, such released amounts shall constitute Net Cash Proceeds.

  

  

  “Non-Consenting

        Bank” means any Bank that does not approve any consent, waiver or amendment that (a) requires the approval of all Banks or all affected Banks in accordance with the terms of Section 10.5 and (b) has been approved by the Required Banks.

  

  

  “Non-Defaulting Bank” means, at
    any time, a Bank that is not a Defaulting Bank.

  

  

  “Non-Extended Term Loan” means any
    outstanding Term Loan that is not an Extended Term

  Loan.

  

  

  “Non-Extending Term Loan Bank” means any Bank that holds any Non-Extended Term Loan.

  

  

  “Note” has the meaning set forth
    in Section 2.4(d).

  

  

  “Notice of Borrowing” has the
    meaning set forth in Section 2.2.

  

  

  “Notice of Interest Period Election”
    has the meaning set forth in Section 2.9.

  

  

  “Obligations”
    means (a) all amounts owing to the Administrative Agent or any Bank pursuant to the terms of this Agreement or any other Credit Document and (b) so long as there are amounts owing under clause (a), Derivatives Obligations from time to time owed to a
    Person that, at the time of incurrence thereof, was a Bank or an Affiliate of a Bank.

  

  

  “OECD”
    means the Organization for Economic Co-operation and Development.

  

  

  “OFAC”
    means the U.S. Department of the Treasury’s Office of Foreign Asset Control.

  

  

  “Original Currency”
    has the meaning set forth in Section 10.8(b).

  
    
      	 

      	
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  “Other Currency”
    has the meaning set forth in Section 10.8(b).

  

  

  “Other Taxes”
    has the meaning set forth in Section 8.4(a).

  

  

  “Parent”
    means, with respect to any Bank, any Person controlling such Bank.

  

  

  “Participant”
    has the meaning set forth in Section 10.6(b).

  

  

  “Participant Register” has the
    meaning set forth in Section 10.6(b).

  

  

  “Patriot Act” means the USA PATRIOT Act (Title III of
      Pub. L. 107-56 (signed into law October 26, 2001)) as amended and in effect from time to time.

  

  

  “Payment

        Office” means the office of the Administrative Agent located at WLS Charlotte Agency Services, Wells Fargo Bank, National Association, 1525 W. WT Harris Blvd., Charlotte, NC 28262, MAC D1109-019, or such other office as the
    Administrative Agent may hereafter designate in writing as such to the other parties hereto.

  

  

  “Payment Recipient” has the meaning assigned thereto in Section 7.13(a).

  

  

  “PBGC”
    means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

  

  

  “Percentage”
    means for any Bank its Revolver Percentage or Term Loan Percentage, as applicable; and where the term “Percentage” is applied on an aggregate basis, such
    aggregate percentage shall be calculated by aggregating the separate components of the Revolver Percentage and Term Loan Percentage, and expressing such components on a single percentage basis.

  

  

  “Permitted Acquisition” means any Acquisition permitted pursuant to Section 5.18(c).

  

  

  “Person”
    means an individual, a corporation, a limited liability company, a partnership, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

  

  

  “Plan”
    means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code and either (a) is maintained, or contributed to, by any
    member of the ERISA Group for employees of any member of the ERISA Group or (b) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any
    Person which was at such time a member of the ERISA Group.

  

  

  “Preferred

        Interests” as applied to the Capital Stock in any Person, means Capital Stock in such Person of any class or classes (however designated) that rank 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 common Capital Stock in such Person.

  

  

  “Prime

        Rate” means the rate of interest announced or otherwise established by the Administrative Agent from time to time as its prime commercial rate.

  

  

  “PTE”
    means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

  
    
      	 

      	
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  “Qualified

        ECP Guarantor” means, in respect of any Derivative Obligation, each Credit Party that at the time the relevant Guaranty becomes effective with respect to such Derivative Obligation constitutes an “eligible contract participant” under the
    Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

  

  

  “Qualified

        Securitization Entity” means a Person that is a special purpose entity used in connection with a Qualified Securitization Transaction.

  

  

  “Qualified

        Securitization Transaction” means a securitization or other sale or financing of Securitization Assets.

  

  

  “Qualifying Deposits” means deposits that (a) are of a type that are, or in the case of an eligible depositor would be, eligible to be insured by the U.S. Federal Deposit Insurance Corporation (or, in the case
      of an Insured Subsidiary organized under the laws of Canada or any other country that is a member of the OECD or any political subdivision of any such country, the Canada Deposit Insurance Corporation or any similar or corresponding entity or fund)
      or any successor entity or fund and (b) do not exceed the amount equal to (i) the sum of (A) the amount of Securitization Assets net of the allowance for doubtful accounts plus (B) Insured Subsidiary Cash at Insured Subsidiaries minus (ii) the
      aggregate amount of bonds and notes that are based on one or more pools of Securitization Assets, or collateralized by the cash flows from one or more pools of Securitization Assets, in each case as shown on the consolidated balance sheet of the
      Borrower and its Subsidiaries, or, in the case of Insured Subsidiary Cash, as shown on the balance sheet in the Consolidated Reports of Condition and Income for A Bank With Domestic Offices Only - FFIEC 041 for such Insured Subsidiary or other
      similar report prescribed by the Federal Financial Institutions Examination Council or replacement agency.

  

  

  “Quarterly Date” has the
    meaning set forth in Section 2.6(a).

  

  

  “Redeemable

        Stock” means Capital Stock of the Borrower or any of its Subsidiaries that is redeemable at the option of the holder thereof or that constitutes preferred stock.

  

  

  “Reference Time” means, with respect to any setting of the then-current Benchmark, (a) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two (2) London Banking Days preceding the date of such setting, and (b) if such
          Benchmark is not USD LIBOR, the time determined by the Administrative Agent
          in its reasonable discretion.

  

  

  “Refinanced Term
        Loans” has the meaning set forth in Section 10.5.

  

  

  “Refunded Swing Loans” has the meaning set forth in Section 2.1(d).

  

  

  “Refunding Date”
    has the meaning set forth in Section 2.1(e).

  

  

  “Refunding Swing Loan”
    has the meaning set forth in Section 2.1(d).

  

  

  “Regulation U” means Regulation U of the Board of Governors of the U.S. Federal Reserve SystemFRB, as in effect from time to time.

  

  

  “Relevant Governmental Body” means the Federal Reserve BoardFRB and/or the Federal Reserve
      Bank of New York, or a committee officially endorsed or convened by the Federal Reserve BoardFRB and/or the Federal Reserve Bank of New York or any successor thereto.

  
    
      	 

      	
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  “Replacement Term Loans” has the
    meaning set forth in Section 10.5.

  

  

  “Required

        Banks” means, as of the date of determination thereof, Non-Defaulting Banks whose outstanding Revolving Loans and Term Loans and interests in Letters of Credit and Swing Loans, and Unused Revolving Credit Commitments constitute more than
    50% of the sum of the total outstanding Revolving Loans and Term Loans, interests in Letters of Credit and Swing Loans, and Unused Revolving Credit Commitments of the Non-Defaulting Banks.

  

  

  “Reserve Percentage” means for any day that
          percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement for a member bank of the Federal Reserve System in New York City with deposits exceeding five
        billion dollars in respect of “Eurocurrency Liabilities” (or in
          respect of any other category of liabilities which includes deposits by reference to which the interest rate on Euro-Dollar Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States
          office of any Bank to United States residents)Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

  

  

  “Restricted

        Payment” means (a) any dividend or other distribution on any shares of a Person’s (including any Credit Party’s) Capital Stock (except dividends or distributions payable solely in shares of its Capital Stock and except dividends and
    distributions payable to the Borrower or any of its Subsidiaries) or (b) any payment on account of the purchase, redemption, retirement or acquisition of (i) any shares of a Person’s (including any Credit Party’s) Capital Stock or (ii) any option,
    warrant or other right to acquire shares of a Person’s Capital Stock, but in each case not including (A) payments of principal, premium (if any) or interest made pursuant to the terms of Convertible Debt prior to or in connection with conversion, (B)
    payments made to the Borrower or any of its Subsidiaries, (C) payments made solely in shares of (or solely out of the net proceeds of a substantially concurrent issuance of) such Person’s (including any Credit Party’s) Capital Stock or options,
    warrants or other rights to acquire shares of such Persons’ (including any Credit Party’s) Capital Stock and (D) dividends, distributions and other payments occurring or deemed to occur upon (1) the exercise by the holder thereof of stock options,
    warrants or other convertible or exchangeable securities or (2) the withholding of a portion of any stock options, warrants or other convertible or exchangeable securities to pay for taxes payable on account of such grant or award or the exercise
    thereof.

  

  

  “Revolver

        Percentage” means at any time for each Bank with a Revolving Credit Commitment, the percentage obtained by dividing such Bank’s Revolving Credit Commitment by the Total Revolving Credit Commitment, provided that if the Total Revolving Credit Commitment has been terminated, the Revolver Percentage of each Bank shall be determined by dividing the percentage held by such Bank (including
    through participation interests in Letter of Credit Outstandings and Swing Loans) of the aggregate principal amount of all Revolving Loans, Swing Loans and Letter of Credit Outstandings.

  

  

  “Revolving

        Credit” means the credit facility for making Revolving Loans and Swing Loans and issuing Letters of Credit described in Sections 2.1(a), 2.1(c) and 2A.1 hereof.

  

  

  “Revolving

        Credit Commitment” means, (a) with respect to each Bank listed on the signature pages hereof, the amount set forth opposite its name on Schedule I
    hereto under the heading “Revolving Credit Commitment,” (b) with
    respect to each assignee that becomes a Bank pursuant to Section 10.6(c), the amount of the Revolving Credit Commitment thereby assumed by it, and (c) with
    respect to any Bank that becomes a “Bank” pursuant to Section 2.16, the amount of such Bank’s Revolving Credit

  
    
      	 

      	
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  Commitment set forth in the applicable Incremental Amendment, in each case as such amount may be
    increased pursuant to Section 2.16, increased or reduced from time to time pursuant to Section 10.6(c) or reduced from time to time pursuant to Section 2.8 or Section 6.1.

  

  

  “Revolving

        Credit Exposure” means, as to any Bank that has a Revolving Credit Commitment at any time, the aggregate principal amount at such time of its outstanding Revolving Loans and such Bank’s participation in Letter of Credit Outstandings and
    Swing Loans at such time.

  

  

  “Revolving

        Loan” is defined in Section 2.1(a) hereof and, as so defined, includes a Base Rate Loan, a Euro-Dollar Loan, or a Canadian Base Rate Loan, each
    of which is a Type of Revolving Loan hereunder.

  

  

  “Revolving Note” has the meaning
    set forth in Section 2.4(d).

  

  

  “S&P”
    means S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC, and any successor to its rating agency business.

  

  

  “Sanctioned

        Country” means, at any time, a country or territory which is, or whose government is, the subject or target of any Sanctions broadly restricting or prohibiting dealings with such country, territory or government (as of the Effective
    Date, Cuba, Iran, North Korea, Sudan, Syria and the Crimea region of Ukraine).

  

  

  “Sanctioned

        Person” means, at any time, any Person with whom dealings are restricted or prohibited under Sanctions, including (a) any Person listed in any Sanctions-related list of designated Persons maintained by the United States (including by
    OFAC, the U.S. Department of State, or the U.S. Department of Commerce), the United Nations Security Council, the European Union or any of its member states, Her Majesty’s Treasury, Switzerland or any other relevant authority, (b) any Person located,
    organized or resident in, or any government or Governmental Authority of, a Sanctioned Country or (c) any Person 50% or more owned by any Person described in clauses (a) or (b) hereof.

  

  

  “Sanctions”
    means economic or financial sanctions or trade embargoes or restrictive measures enacted, imposed, administered or enforced from time to time by: (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S.
    Department of the Treasury, the

  U.S. Department of State, or the U.S. Department of Commerce; (b) the United Nations Security
    Council; (c) the European Union or any of its member states; (d) Her Majesty’s Treasury; (e) Switzerland; or (f) any other relevant authority.

  

  

  “SEC” means
        the Securities and Exchange Commission.

   
  

  

  “Securitization

        Assets” means credit card receivables, other receivables, royalty and revenue streams, other financial assets, proceeds of the foregoing, and books, records and other related assets incidental to the foregoing.

  

  

  “Senior Note Redemption” has the meaning set forth in Section 5.7(d)Seventh Amendment” means the Seventh Amendment to Amended and Restated Credit Agreement, dated as of the Seventh Amendment Effective Date.

   
  

       

   
  “Seventh
        Amendment Effective Date” means July 9, 2021.

  
    
      	 

      	
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  “Seventh Amendment Non-Extended Term Loan Amount” means the “Non-Extended Term Loan Amount” as defined in the Seventh Amendment.

   
  

  

  “SOFR” means, with respect to any day meansBusiness Day, a rate per annum equal to the secured overnight financing rate for such Business Day published for such day 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, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New
        York’s Website (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 secured overnight financing rate identified as
          such by the SOFR Administrator from time to time.

  

  

  “Solvent” means, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) 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, (c) 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 (d) 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. For purposes
        of this definition, 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.

  

  

  “SPC” has the meaning set forth in
    Section 10.6(e).

  

  

  “Spinco” means a Wholly-Owned Subsidiary of the Borrower created to hold the Spinco Assets in connection with the initial
        LoyaltyOne Divestiture.

  

  

  “Spinco Assets” means the operating assets of the business generally described in the Borrower’s Form 10-K report for the fiscal
        year ended December 31, 2020 as the LoyaltyOne® segment and all other assets designated by the Borrower as necessary or appropriate for the operation of such business as an independent entity, including the Capital Stock of, and obligations issued by, Subsidiaries of Spinco.

   
  

       

   
  “Spinco Debt” means any secured or unsecured Debt incurred by Spinco not more than 60 days prior to, and as part of the
        divestiture plan for, the initial LoyaltyOne Divestiture; provided that the proceeds of such Debt are held in an escrow account with an independent escrow agent or
        subject to such other arrangement reasonably satisfactory to the Administrative Agent and the Borrower.

   
  

       

   
  “Spinco Formation Transfers” means any asset sales, dividends, distributions, intercompany Investments and other transfers
      of assets between and among the Borrower and its Subsidiaries at any time prior to the initial LoyaltyOne Divestiture in order to position all of the Spinco Assets into
        Spinco.

  

  

  “Stated Amount”
    of each Letter of Credit means the maximum amount available to be drawn thereunder (regardless of whether any conditions for drawing could then be met).

  
    
      	 

      	
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  “Subsidiary”
    means, as to any Person, any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly
    or indirectly owned by such Person; unless otherwise specified, “Subsidiary” means a Subsidiary of the Borrower.

  

  

  “Swap

        Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act, including any
    such obligation in the form of a Guaranty.

  

  

  “Swing Borrowing” means a
    Borrowing pursuant to Section 2.1(c).

  

  

  “Swing

        Lender” means Wells Fargo Bank and any Bank that agrees in its sole discretion, with the consent of the Administrative Agent and the Borrower, to replace Wells Fargo Bank as the Swing Lender hereunder.

  

  

  “Swing
        Loan Limit” means U.S. $65,000,000, as the same may be reduced from time to time pursuant to Section 2.8.

  

  

  “Swing Loan Refund
        Amount” has the meaning set forth in Section 2.1(d).

  

  

  “Swing Loans”
    has the meaning set forth in Section 2.1(c).

  

  

  “Swing Note”
    has the meaning set forth in Section 2.4(d).

  

  

  “Taxes”
    is defined in Section 8.4(a).

  

  

  “Term Credit” means the credit
    facility for the Term Loans described in Section 2.1(b) hereof.

  

  

  “Term Loan” is defined in Section 2.1(b) hereof and includes any Incremental Term Loan extended pursuant to Section 2.16 and, in each case, includes Base Rate Loans or Euro -Dollar Loans, each of which is a Type of Term Loan hereunder. The Term Loans include Extended Term Loans and Non-Extended Term Loans, and, for the avoidance of doubt, the Seventh Amendment Non-Extended Term Loan Amount.

  

  

  “Term Loan Commitment” means, (a) with respect to each Bank listed on the signature pages hereof, the obligation of such Bank to make its Term Loan on the Effective Date in the principal amount equal to the amount set
      forth opposite such Bank’s name on Schedule I attached hereto and (b) with respect to any Bank that becomes a “Bank” pursuant to Section 2.16, the amount of such Bank’s Term Loan Commitment set forth in the applicable Incremental Amendment, in each case as such amount may be increased pursuant to Section 2.16.

  

  

  “Term

        Loan Percentage” means, for each Bank, the percentage of the Term Loan Commitments represented by such Bank’s Term Loan Commitment or, if the Term Loan Commitments have been terminated or have expired, the percentage held by such Bank of
    the aggregate principal amount of all Term Loans then outstanding.

  

  

  “Term Note” is defined in Section 2.4(d) hereof.

  

  

  “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.

  
    
      	 

      	
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  “Third Amendment Effective Date” has the meaning set forth in the Third Amendment to Amended and Restated Credit Agreement, dated as of April 30, 2019Term SOFR Notice” means a notification
          by the Administrative Agent to the Banks and the Borrower 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 and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has
        previously occurred resulting in the replacement of the then-current Benchmark for all purposes hereunder and under any other Credit Document in accordance
        with Section 8.8 with a Benchmark Replacement the Unadjusted Benchmark Replacement component of which is not Term SOFR.

   
  

  

  “Total

        Leverage Ratio” means, at any time, the ratio of (a) Consolidated Debt of the Borrower and its Subsidiaries to (b) Consolidated Operating EBITDA of the Borrower and its Subsidiaries for the four full fiscal quarters then most recently
    ended.

  

  

  “Total

        Revolving Credit Commitment” means the aggregate amount of the Revolving Credit Commitments of each of the Banks.

  

  

  “Triggering Event”
          means, on any date of determination following the Fourth Amendment Effective Date, the occurrence of both of the following conditions: (a) the consummation of a
          sale, lease or other transfer by the Borrower and its Subsidiaries of assets in reliance solely on the exception set forth in Section 5.7(d)(i) for total consideration in excess of $200,000,000 during the most recently ended fiscal
          quarter prior to such date, and (b) for the four fiscal quarters most recently ended on or prior to such
          date, consolidated total revenues from the Borrower’s “card services segment” for such period having exceeded 90% of consolidated total
        revenues of the Borrower and its Consolidated Subsidiaries for such period, calculated on a pro forma basis as if all such sales, leases or other transfers of assets set forth in clause (a) above during such
        period had occurred on the first day of such period.

  

  

  “Type”
    means the type of Loan determined according to the interest option applicable thereto and the currency in which such Loan is denominated; i.e.,
    whether a Base Rate Loan, a Canadian Base Rate Loan, or a Euro-Dollar Loan and whether advanced in U.S. Dollars or Canadian Dollars.

  

       

   
  “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to
        time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

   
  

       

   
  “UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the
        resolution of any UK Financial Institution.

  

  

  “Unadjusted Benchmark
        Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

  

  

  “Unfunded Liabilities”
    means, with respect to any Plan at any time, the amount (if any) by which (a) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the

  

  

  
    
      	 

      	
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  assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (b) the fair
    market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess
    represents a potential liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA.

  

  

  “United

        States” means the United States of America, including the States and the District of Columbia, but excluding its territories and possessions.

  

  

  “Unpaid Drawing” has the meaning
    set forth in Section 2A.4(a).

  

  

  “Unused

        Revolving Credit Commitments” means, at any time, the difference between the Total Revolving Credit Commitment then in effect and the aggregate outstanding principal amount of Revolving Loans and Letter of Credit Outstandings.

  

  

  “USD LIBOR” means the London interbank offered rate for U.S. Dollars.

  

  

  “U.S.

        Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in U.S. Dollars, such amount and (b) with respect to any amount denominated in Canadian Dollars or other currency, the amount of U.S. Dollars which would
    be realized by converting Canadian Dollars or such other currency into U.S. Dollars at the exchange rate quoted to the Administrative Agent at approximately 11:00 a.m. (London, England time) two (2) Business Days prior to the date on which a
    computation thereof is required to be made, by major banks in the interbank foreign exchange market for the purchase of U.S. Dollars for Canadian Dollars or such other currency.

  

  

  “U.S. Dollar Loans” means
    and includes each Loan denominated in U.S. Dollars.

  

  

  “U.S.

        Dollars” and “U.S. $” shall mean freely transferable lawful money of the United States of America.

  

  

  “Voting

        Stock” of any Person means the equity interests of such Person that are, under ordinary circumstances, entitled to vote in the election of the board of directors or other persons performing similar functions of such Person.

  

  

  “Wells Fargo Bank”
    means Wells Fargo Bank, National Association, and its successors.

  

  

  “Wholly-Owned Subsidiary”
    means, as to any Person, any corporation or other entity 100% of whose Voting Stock (other than director’s qualifying shares) is at the time owned by such Person and/or one or more Wholly-Owned Subsidiaries of such Person.

  

  

  “Write-Down and Conversion Powers” means, (a) 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 and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce,
          modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or
          part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

  
    
      	 

      	
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  SECTION 1.2 Accounting Terms and
        Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations
      hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with generally accepted accounting principles in the United States as in effect from time to time, applied on a basis consistent
      (except for changes concurred in by the Borrower’s independent public accountants) with the most recent audited consolidated financial statements of the Borrower and its Consolidated Subsidiaries delivered to the Banks (“GAAP”); provided that, (a) all calculations of financial covenants and corresponding
      accounting terms shall include for all periods covered thereby pro forma adjustments
      for the actual historical financial performance of, and identifiable cost savings associated with, such entities or assets acquired as permitted under Section 5.18, (b) if the Borrower notifies the Administrative Agent that the Borrower wishes to amend any covenant in Article 5 or any definition directly or indirectly used
      therein or in Appendix I to eliminate the
      effect of any change in generally accepted accounting principles on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required Banks wish to amend Article 5 or any definition directly or indirectly used therein or in Appendix I for such purpose), then the Borrower’s
      compliance with such covenant and determinations made pursuant to any such definition or Appendix I shall be determined on the basis of generally accepted accounting principles in effect immediately before the relevant change in generally accepted accounting principles became
      effective, until either such notice is withdrawn or such covenant, definition or Appendix I is amended in a manner satisfactory to the Borrower and the Required Banks, and (c) matters relating to Capital Leases, related Debt and other related matters shall be interpreted in accordance with
      the proviso in the definition of the term “Capital Lease”. In
          addition, the CET1 Ratio shall be calculated in accordance with U.S. federal Bank Regulatory Authority capital requirements applicable to each Insured Subsidiary as in effect from time to time (the “Applicable Banking Requirements”); provided that if the Borrower notifies the Administrative Agent that the Borrower wishes to amend Section 5.13B or any definition directly or indirectly used therein to eliminate the effect of any change in Applicable Banking Requirements on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required Banks wish to amend Section 5.13B
          or any definition directly or indirectly used therein for such purpose), then the
          Borrower’s compliance with such covenant and determinations made pursuant to any
          such definition shall be determined on the basis of Applicable Banking
          Requirements in effect immediately before the relevant change in Applicable Banking Requirements became effective, until either such notice is withdrawn or Section
          5.13B or such definition is amended in a manner satisfactory to the Borrower and the Required Banks.

   
  

  

  SECTION 1.3 Types of Borrowings. The term “Borrowing” denotes the aggregation of Loans under a Credit of one or more Banks to be made to the Borrower pursuant to Article 2 on the same date, all of which Loans are of
      the same Type (subject to Article 8) and,
      except in the case of Base Rate Loans or Canadian Base Rate Loans, have the same initial Interest Period.

  

  

  SECTION 1.4 Divisions. For all purposes under the Credit Documents, in connection with any division or plan of division under Delaware law
      (or any comparable event under a different jurisdiction’s laws) (a “Statutory Division”): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original
      Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Capital Stock at such time.   The term “merge” set forth
      in Section 5.7 shall include any Statutory
      Division and Section 5.20 shall include
      any Material Domestic Subsidiary resulting from a Statutory Division.

  
    
      	 

      	
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  SECTION 1.5  Rates. The Administrative Agent does not warrant or accept
        responsibility for, and shall
        not have any liability with respect to, the administration, submission or any other matter related to the rates in the definition of “London Interbank Offered Rate” or with respect to any rate that is an alternative or replacement for or successor to any such rate (including, without limitation, any Benchmark Replacement) or the effect of any of the foregoing, or of any Benchmark Replacement Conforming Changesinterest rate on Euro-Dollar Loans and Base Rate Loans (when determined by reference to clause (c) of the definition of Base Rate) may be determined by reference to LIBOR, which is derived from the London interbank offered rate. The London interbank offered rate 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, ICE Benchmark Administration (“IBA”), the administrator of the London interbank offered rate, and the Financial Conduct Authority (the “FCA”), the regulatory supervisor of IBA, announced in public statements (the “Announcements”) that the final publication or representativeness date for the London interbank offered rate for Dollars for: (a) 1-week and 2-month tenor settings will be December 31, 2021 and (b)
          overnight, 1-month, 3-month, 6-month and 12-month tenor settings will be June 30, 2023. No successor administrator for IBA was identified in such Announcements. As a result, it is possible that commencing immediately after such dates, the
          London interbank offered rate for such tenors may no longer be available or may no longer be deemed a representative reference rate upon which to determine the interest rate on Euro-Dollar Loans or Base Rate Loans (when determined by reference to clause (c) of the definition of Base Rate). There is no assurance
          that the dates set forth in the Announcements will not change or that IBA or the FCA will not take further action that could impact the availability, composition
          or characteristics of any London interbank offered rate. Public and private sector
          industry initiatives have been and continue, as of the date hereof, to be underway
          to implement new or alternative reference rates to be used in place of the London interbank
          offered rate. In the event that the London interbank offered rate or any other then-current Benchmark is no longer available or in certain other circumstances set forth in Section 8.8, such Section 8.8 provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 8.8(c), of any change to the reference rate upon which the interest rate on Euro-Dollar Loans and Base Rate Loans (when determined by reference to clause (c) of the definition of Base Rate) is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (i) the continuation of, administration of, submission of, calculation of or any other
          matter related to the London interbank offered rate or other rates in the
          definition of “LIBOR” or with respect to any alternative, comparable or successor rate thereto (including any then-current Benchmark or any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 8.8, will be similar to, or produce the same value or economic equivalence of, LIBOR or any other Benchmark, or have the
          same volume or liquidity as did the London interbank offered rate or any other Benchmark prior to its discontinuance or unavailability, or (ii) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Administrative Agent and its Affiliates or other related entities may engage in transactions that affect the calculation of a Benchmark, any alternative,
          successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions
          may be adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any Benchmark, any
          component definition 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 Borrower, any Lender or any other person or entity 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.

  
    
      	 

      	
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  ARTICLE 2

  

  

  THE CREDITS

  

  

  SECTION 2.1 Commitments to Lend.  (a) Revolving

        Loans. At any time on
      or after the Effective Date and prior to the Maturity Date (or if applicable, the relevant Extended Maturity Date), each Bank with a Revolving Credit Commitment severally agrees, on the terms and conditions set forth in this Agreement, to make loans
      (each a “Revolving Loan” and, collectively,
      the “Revolving Loans”) to the Borrower
      pursuant to this Section 2.1(a) from time
      to time in U.S. Dollars or Canadian Dollars in amounts such that the U.S. Dollar Equivalent of all Revolving Loans made by such Bank to the Borrower at any one time outstanding, when combined with such Bank’s Revolver Percentage of the U.S. Dollar
      Equivalent of all Swing Loans and Letter of Credit Outstandings at such time, shall not exceed the amount of its Revolving Credit Commitment. The sum of the U.S. Dollar Equivalent of all Revolving Loans denominated in Canadian Dollars plus the U.S. Dollar Equivalent of all Swing Loans and
      Letter of Credit Outstandings denominated in Canadian Dollars shall not exceed U.S. $65,000,000.Each Borrowing under this Section 2.1(a), (i) in U.S. Dollars shall be in an amount equal to U.S. $5,000,000 or any larger multiple of U.S. $1,000,000 and (ii) in Canadian Dollars shall be in an amount
      equal to Cdn $5,000,000 or any larger multiple of Cdn $1,000,000 (except that in each case any such Borrowing may be in the aggregate amount of the then unutilized Revolving Credit Commitments) and shall be made from the several Banks ratably in
      proportion to their respective Revolving Credit Commitments. Revolving Loans denominated in U.S. Dollars shall either be Base Rate Loans or Euro-Dollar Loans and Revolving Loans denominated in Canadian Dollars shall be Canadian Base Rate Loans.
      Within the foregoing limits, the Borrower may borrow under this Section 2.1(a), prepay Revolving Loans to the extent permitted by Section 2.10, and reborrow at any time prior to the Maturity Date (or, if applicable, the relevant Extended Maturity Date).

  

  

  (b) Term Loans. Each Bank with a Term Loan Commitment severally agrees, on the terms and conditions set forth in this Agreement, to make loans (each a “Term Loan” and, collectively, the “Term Loans”) to the Borrower pursuant to this Section 2.1(b) in U.S. Dollars in an amount equal to
        its Term Loan Commitment. The Borrowing under this Section 2.1(b) shall be made in a single Borrowing on the Effective Date from the several Banks ratably in proportion to their respective Term Loan Commitments, at which time the Term Loan Commitments shall expire. Term Loans shall either
        be Base Rate Loans or Euro-Dollar Loans. No amount repaid or prepaid on any Term Loan may be borrowed again.

  

  

  (c) Swing Loans. From time to time on or after the Effective Date and prior to the Maturity Date (or, if applicable, the relevant Extended Maturity Date), the Swing Lender may
        elect in its sole discretion, on the terms and conditions set forth in this Agreement, to make loans (each a “Swing Loan” and, collectively, the “Swing Loans”) to the Borrower pursuant to this Section 2.1(c) from time to time in U.S. Dollars or Canadian Dollars in amounts such that (i) the U.S. Dollar Equivalent of Swing Loans made by the Swing Lender to the
        Borrower does not at any time exceed the Swing Loan Limit and (ii) the sum of the U.S. Dollar Equivalent of all Revolving Loans and U.S. Dollar Equivalent of all Swing Loans at such time, when added to the U.S. Dollar Equivalent of all Letter of
        Credit Outstandings at such time, does not exceed the Total Revolving Credit Commitment. Each Borrowing under this Section 2.1(c) shall be in a U.S. Dollar Equivalent of at least U.S. $2,500,000.   Within the foregoing limits, the Borrower may borrow under this Section 2.1(c), repay or prepay Swing Loans and
        reborrow at any time prior to the Maturity Date (or, if applicable, the relevant Extended Maturity Date).

  

  

  (d) Refunding of Swing
          Loans with Syndicated Loans. Provided that no condition described in Section 3.2 was knowingly waived by the Swing Lender with respect to the making of such Swing Loan, the Swing Lender, at any time and from time to time in its sole and absolute discretion, may on

  

  

  
    
      	 

      	
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  behalf of the Borrower (which hereby irrevocably directs the Swing Lender to act on its behalf),
    on notice given by the Swing Lender no later than 11:30 a.m. (New York time) on the proposed date of Borrowing for the Base Rate Loans, if such Swing Loan is denominated in U.S. Dollars, or Canadian Base Rate Loans, if such Swing Loan is denominated in
    Canadian Dollars, referred to below, request each Bank with a Revolving Credit Commitment to make, and each such Bank hereby agrees to make, a Revolving Loan which shall be a Base Rate Loan or Canadian Base Rate Loan, as applicable (a “Refunding Swing Loan”), under Section 2.1(a) in an amount (with respect
    to each such Bank, its “Swing Loan Refund Amount”) equal to such
    Bank’s Revolver Percentage of the aggregate principal amount of such Swing Loans (the “Refunded Swing Loans”) outstanding on the date of such notice, to repay
    the Swing Lender. Unless any of the events described in Section 6.1(g) or (h)
    with respect to the Borrower shall have occurred and be continuing or the Revolving Credit Commitments shall have been terminated in full (in which case the procedures of Section

        2.1(e) shall apply), each Bank with a Revolving Credit Commitment shall make such Base Rate Loan or Canadian Base Rate Loan available to the Administrative Agent at its Payment Office in immediately available funds, not later than 1:30
    p.m. (New York time), on the date of such notice. The Administrative Agent shall pay the proceeds of such Base Rate Loans or Canadian Base Rate Loans, as applicable, to the Swing Lender, which shall immediately apply such proceeds to repay its Refunded
    Swing Loans. Effective on the day such Base Rate Loans or Canadian Base Rate Loans, as applicable, are made, the portion of the Swing Loans so paid shall no longer be outstanding as Swing Loans, shall no longer be due as Swing Loans under the Swing
    Note held by the Swing Lender, and shall be due as Base Rate Loans or Canadian Base Rate Loans, as applicable, hereunder and under the respective Revolving Notes, if any, issued to the Banks (including the Swing Lender) in accordance with their
    respective ratable share of the Revolving Credit Commitments. The Borrower authorizes the Swing Lender to charge the Borrower’s accounts with the Administrative Agent (up to the amount available in each such account) in order to immediately pay the
    amount of such Refunded Swing Loans to the extent amounts received from the Banks are not sufficient to repay in full such Refunded Swing Loans. The Swing Lender agrees to give notice to the Borrower should it decide to refund Swing Loans with
    Revolving Loans pursuant to this Section 2.1(d); provided, that such
    Swing Lender’s failure to give such notice (or any delay therein) does not affect the validity or the effectiveness of such Notice of Borrowing or the refunding of Swing Loans pursuant thereto.

  

  

  (e) Purchase of
          Participations in Swing Loans. Provided that no condition described in Section 3.2 was knowingly waived by the Swing Lender with respect to the making of such Swing Loan, if prior to the time Revolving Loans would have otherwise been made pursuant to Section 2.1(d), one of the events described in Section 6.1(g) or (h) with respect to the Borrower shall have occurred and be continuing or the Revolving Credit
        Commitments shall have been terminated in full, each Bank with a Revolving Credit Commitment shall, on the date such Base Rate Loans or Canadian Base Rate Loans, as applicable, were to have been made pursuant to the notice referred to in Section 2.1(d) (the “Refunding Date”), purchase an undivided participating interest in the Swing Loans in an amount equal to such
        Bank’s Swing Loan Refund Amount. On and after the Refunding Date, the related Swing Loan will accrue interest as though such Swing Loan were a Base Rate Loan or Canadian Base Rate Loan, as applicable. On the Refunding Date, each Bank with a
        Revolving Credit Commitment shall transfer to the Swing Lender, in immediately available funds, such Bank’s Swing Loan Refund Amount, and upon receipt thereof such Bank shall be deemed to have purchased an undivided participating interest in such
        Swing Loans as of such date of receipt, in the Swing Loan Refund Amount of such Bank.

  

  

  (f) Payments on
          Participated Swing Loans. At any time after a Swing Lender has received from any Bank such Bank’s Swing Loan Refund Amount pursuant to Section 2.1(e) and such Swing Lender receives any payment on account of the Swing Loans in which the Banks have purchased participations pursuant to Section 2.1(e), such Swing Lender will promptly
        distribute to each such Bank its ratable share (determined on the basis of the Swing Loan Refund Amounts of all of the Banks) of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during

  

  

  
    
      	 

      	
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  which such Bank’s participating interest was outstanding and funded); provided, however, that in the event that such payment received by such Swing Lender is required to be returned, such Bank will return to such Swing Lender any portion thereof previously distributed to it by such Swing Lender.

  

  

  (g) Obligations to
          Refund or Purchase Participations in Swing Loans Absolute. Each Bank’s obligation to transfer the amount of a Base Rate Loan or Canadian Base Rate Loan, as applicable, to the Swing Lender as provided in Section 2.1(d) or to purchase a participating interest pursuant to Section 2.1(e) shall be absolute and unconditional and shall not be affected by any circumstance, including,
        without limitation, (i) any set-off, counterclaim, recoupment, defense or other right which such Bank, or any other Person may have against the Swing Lender or any other Person, (ii) the occurrence or continuance of a Default or the reduction of
        the Revolving Credit Commitments, (iii) any adverse change in the condition (financial or otherwise) of any Credit Party or Subsidiary of a Credit Party or any other Person, (iv) any breach of this Agreement by a Credit Party, any other Bank or any
        other Person or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

  

  

  (h) (i)        CAD Fronted Loans.   From time to time on or after the Effective Date and prior to the
        Maturity Date (or, if applicable, the relevant Extended Maturity Date), the CAD Fronting Bank shall, on the terms and conditions set forth in this Agreement, make Canadian Base Rate Loans (each a “CAD Fronted Loan” and, collectively, the “CAD Fronted Loans”) on behalf of each CAD Non-Funding Bank that is not a Defaulting Bank to
        the Borrower pursuant to Section 2.1(a) in the amount of the Canadian Base Rate Loan
        scheduled to be made by each such CAD Non-Funding Bank. The CAD Fronting Bank shall act on behalf of the CAD Non-Funding Banks with respect to the CAD Fronted Loans. The CAD Fronting Bank has all of the benefits and immunities (i) provided to the
        Administrative Agent in Article 7 with
        respect to any acts taken or omissions suffered by the CAD Fronting Bank in connection with CAD Fronted Loans made or to be made hereunder as fully as if the term “Administrative Agent”, as used in Article 7, included the CAD Fronting Bank with respect to such acts or omissions, except that the obligations of the Banks under Section 7.6 with respect to the CAD Fronting Bank
        shall be limited to the CAD Non-Funding Banks and (ii) as additionally provided in this Agreement with respect to the CAD Fronting Bank.

  

  

  (ii) (i) Purchase of Participations in CAD Fronted Loans. Each CAD Non-Funding Bank, immediately upon the advancing of a Canadian Base Rate Loan by the CAD Fronting Bank pursuant to Section 2.1(a) (the “CAD

          Borrowing Date”), shall be deemed irrevocably and unconditionally to have purchased and received from the CAD Fronting Bank, without recourse
        or warranty, an undivided participating interest in the CAD Fronted Loans in an amount equal to the amount of the Canadian Base Rate Loan scheduled to be made by such CAD Non-Funding Bank and the obligations of the Borrower under this Agreement
        with respect thereto (although the interest payable on the CAD Fronted Loans shall be for the account of the CAD Fronting Bank until such time as a CAD Non-Funding Bank shall have funded to the CAD Fronting Bank its portion of such CAD Fronted
        Loan). The CAD Fronting Bank, at any time and from time to time in its sole and absolute discretion, may request a CAD Non-Funding Bank to fund directly to the CAD Fronting Bank its share of the outstanding CAD Fronted Loans plus accrued but unpaid interest thereon. Any such
        amount not paid when due shall bear interest, payable by the CAD Non-FrontingFunding Bank upon demand, at a rate per annum equal to the rate applicable to past due Canadian Base Rate Loans pursuant to Section 2.6(c). Upon receipt of such amount in immediately available funds, such CAD Non-Funding Bank shall be deemed
        to have funded its portion of the outstanding Canadian Base Rate Loans.

  

  

  (iii) (ii) Obligations
          to Purchase Participations in CAD Fronted Loans Absolute. Each CAD Non-Funding Bank’s obligation to purchase a participating interest and fund the

  

  

  
    
      	 

      	
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  amount of a Canadian Base Rate Loan to the CAD Fronting Bank as provided in Section 2.1(h)(ii) shall be absolute, irrevocable and unconditional under
    any and all circumstances whatsoever and shall not be affected by any circumstance, including, without limitation, (i) any set-off, counterclaim, recoupment, defense or other right which such CAD Non-Funding Bank, or any other Person may have against
    the CAD Fronting Bank or any other Person, (ii) the occurrence or continuance of a Default or the reduction of the Revolving Credit Commitments,

  (iii) any adverse change in the condition (financial or otherwise) of any Credit Party or Subsidiary of a Credit Party or any other Person, (iv)
      any breach of this Agreement by a Credit Party, any other Bank or any other Person or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

  

  

  (iv) (iii) Payments on CAD Fronted Loans.   At any time after the CAD Fronting Bank has received from any CAD Non-Funding Bank such Bank’s principal amount of the CAD Fronted Loan pursuant to Section 2.1(h)(ii) and such CAD Fronting Bank receives any payment on account of the CAD Fronted Loans in
        which a CAD Non-Funding Bank has funded its participations pursuant to this Section 2.1(h), the CAD Fronting Bank will promptly distribute to each such CAD Non-Funding Bank its ratable share (determined on the basis of the principal amount of the CAD Fronted Loans owed to all of the CAD
        Non-Funding Banks) of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Bank’s participating interest was outstanding and funded); provided, however, that in the event that such payment received by the CAD Fronting Bank
        is required to be returned, such CAD Non-Funding Bank will return to the CAD Fronting Bank any portion thereof previously distributed to it by the CAD Fronting Bank.

  

  

  SECTION 2.2 Notice of Borrowing. (a) The Borrower shall give the Administrative Agent notice (a “Notice of Borrowing”) in respect of the Borrowing of Loans, other than Swing
      Loans and Refunding Swing Loans, not later than 12:00 Noon (New York time) on (w) the Business Day of the Borrowing if such Borrowing is to be a Base Rate Borrowing, (x) the third Business Day immediately preceding the date of the Borrowing if such
      Borrowing is to be a Canadian Base Rate Borrowing, and (y) the third Business Day immediately preceding the date of the Borrowing if such Borrowing is to be a Euro-Dollar Borrowing, specifying:

  

  

  	

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

        

  

  

  (ii) what Type of Loans are to be borrowed and whether the Loans comprising such Borrowing
      are to (A) be denominated in U.S. Dollars or Canadian Dollars, and (B) bear interest initially at the Base Rate or a Euro-Dollar Rate in the case of a U.S. Dollar Borrowing or the Canadian Base Rate in the case of a Canadian Dollar Borrowing;

  

  

  (iii) (A) in the case of a Euro-Dollar Rate Borrowing, the duration of the initial Interest Period applicable thereto,
      subject to the provisions of the definition of Interest Period and (B) in the case of a Base Rate Borrowing, the date, if any, on which such Revolving Loan will be converted to a Euro-Dollar Loan; and

  

  

  	

        	(iv)	
          the aggregate amount of such Borrowing.

        

  

  

  (b) The Borrower shall give the Swing Lender a Notice of Borrowing in respect of Swing Loans not later
      than (i) 2:00 p.m. (New York time) in the case of Swing Loans denominated in U.S. Dollars and (ii) 10:00 a.m. (New York time) in the case of Swing Loans denominated in Canadian

  

  

  
    
      	 

      	
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  Dollars, in each case on the date of Borrowing of such Swing Loans (which shall be a Business Day), specifying the amount of
    such Borrowing.

  

  

  	

        	(c)	
          Refunding Swing Loans shall be made on the notice provided in Section
                2.1(d).

        

  

  

  SECTION 2.3 Notice to Banks Funding of Loans. (a) Upon receipt of a Notice of Borrowing (other than a Swing Borrowing), the Administrative Agent
      shall promptly notify each Bank of the contents thereof and of such Bank’s share of such Borrowing and such Notice of Borrowing shall not thereafter be revocable by the Borrower.

  

  

  (b) Not later than 2:30 p.m. (New York time) on the date of each Borrowing, each Bank shall make
      available its share of such Borrowing, in funds immediately available to the Administrative Agent at its Payment Office. The Swing Lender shall make the proceeds of its Swing Loan available to the Borrower no later than 3:00 p.m. (New York time) on
      the date requested. Unless the Administrative Agent determines that any applicable condition specified in Article 3 has not been satisfied, the Administrative
      Agent will make the funds so received from the Banks available to the Borrower at the Payment Office.

  

  

  (c) Unless the Administrative Agent shall have received notice from a Bank prior to the date of any
      Borrowing that such Bank will not make available to the Administrative Agent such Bank’s share of such Borrowing, the Administrative Agent may assume that such Bank has made such share available to the Administrative Agent on the date of such
      Borrowing in accordance with Section 2.3(b) and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a
      corresponding amount. If and to the extent that such Bank shall not have so made such share available to the Administrative Agent, such Bank and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding
      amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Borrower, a rate per annum equal to the higher
      of the cost to the Administrative Agent of funding the amount so advanced by the Administrative Agent to fund such Bank’s Loan, as reasonably determined by the Administrative Agent, and the interest rate applicable thereto pursuant to Section 2.6 and (ii) in the case of such Bank, if such Loan is denominated in U.S. dollars from the date the related advance was made by the Administrative Agent
      to the date two (2) Business Days after payment by such Bank is due hereunder, the Federal Funds Rate and thereafter at the Base Rate, or in the case of a Loan denominated in Canadian Dollars, from the date the related advance was made by the
      Administrative Agent to the date two (2) Business Days after payment by such Bank is due hereunder, the cost to the Administrative Agent of funding the amount so advanced by the Administrative Agent to fund such Bank’s Loan, as reasonably determined
      by the Administrative Agent and thereafter at the Canadian Base Rate. If such Bank shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Bank’s Loan included in such Borrowing for purposes of
      this Agreement.

  

  

  SECTION 2.4 Evidence of
        Indebtedness. (a) Each Bank shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the
      Borrower to such Bank resulting from each Loan made by such Bank from time to time, including the amounts of principal and interest payable and paid to such Bank from time to time hereunder.

  

  

  (b) The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each
      Loan made hereunder, the Type thereof and the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower

  

  

  
    
      	 

      	
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  to each Bank hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and
    each Bank’s share thereof.

  

  

  (c) The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall be
      prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent or any Bank to maintain such accounts or any error therein shall not in any manner affect the
      obligation of the Borrower to repay the Obligations in accordance with their terms.

  

  

  (d) Any Bank may request that its Loans be evidenced by a promissory note or notes in the forms of Exhibit B-1 (in the case of its Revolving Loans and referred to herein as a “Revolving

          Note”), B-2 (in the case of its Swing Loans and referred to herein as a “Swing Note”), or B-3 (in the case of Term Loans and referred to herein
      as “Term Note”), as applicable (the Revolving Notes, the Swing Note and Term Notes being hereinafter referred to collectively as the “Notes” and individually as a “Note”). In such event, the Borrower shall prepare, execute
      and deliver to such Bank a Note or Notes, as applicable, payable to the order of such Bank. Thereafter, the Loans evidenced by such Note or Notes and interest thereon shall at all times (including after any assignment pursuant to Section 10.6) be represented by one or more Notes payable to the order of the payee named therein or any assignee pursuant to Section 10.6, except to the extent that any such Bank or assignee subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in
      Sections 2.4(a) and (b) above.

  

  

  SECTION 2.5  Maturity of Loans.  (a) Revolving Loans and  Swing Loans. Subject to the provisions of Section 2.8 and Article 6, the Revolving Credit Commitments shall terminate and the principal amount of all then outstanding Revolving Loans and Swing Loans, together with accrued interest thereon, shall be due and payable in full on
        the Maturity Date (or, if applicable, the relevant Extended Maturity Date).

  

  

  (b) Term Loans. The Borrower unconditionally promises
        to pay to the Administrative Agent for the account of each Bank the then unpaid principal amount of the Term Loan (excluding any Incremental Term Loan, which Incremental Term Loans
          shall be governed by the applicable Incremental Amendment) of such
        Bank in consecutive quarterly installments payable on the last Business Day of each of March, June, September and December (commencing March 31, 2020), with each such installment being an aggregate principal amount for all Banks equal to the
        aggregate outstanding principal amount of the Term Loans on the Fourth Amendment Effective Date (after giving effect to the prepayment made on such date pursuant to the Fourth Amendment) times 1.25% per quarter, as the amounts of individual installments may be adjusted pursuant to Section 2.10 (and, if applicable, as may be required
        pursuant to Article 6 or Section 2.18); provided that to the extent not previously paid (A) the aggregate unpaid
        principal balance of the Seventh Amendment Non-Extended Term Loan Amount
      shall be due and payable on December 31, 2022, (B) the aggregate unpaid principal balance of the Non-Extended Term Loans shall be due and payable on the Maturity Date, and (BC) the aggregate unpaid principal balance of the Extended Term Loans shall be due and payable as provided in Section 2.5(c) and (C) the aggregate unpaid principal balance of any Incremental Term Loans shall be due and payable as set forth in the applicable Incremental Amendment. Notwithstanding the foregoing, at any time the Seventh Amendment Non-Extended Term Loan Amount remains outstanding, each quarterly installment made pursuant to this Section 2.5(b) shall be applied first, to the Seventh Amendment Non-Extended Term Loan Amount, and second, to the other Term Loans.

  

  

  (c) In addition to the principal payments listed in Section 2.5(b), the Borrower unconditionally promises to pay to the Administrative Agent for the account of each Extending Term Loan Bank the then unpaid principal amount of the Extended Term Loan of such
      Bank in installments

  

  

  
    
      	 

      	
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  payable on the dates as agreed to pursuant to Section 2.18, provided that to the extent not previously paid the aggregate unpaid principal balances of the Extended
    Term Loans shall be due and payable on the applicable Extended Maturity Dates.

  

  

  SECTION 2.6 Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date
      such Loan is made (or converted pursuant to Article 8) until it becomes due, at a
      rate per annum equal to the Base Rate plus
      the Base Rate Margin for such day. Such interest shall be payable quarterly in arrears on the last day of each March, June, September, and December in each year (each, a “Quarterly Date”) and, with respect to the principal amount of any Base Rate Loan converted to a Euro-Dollar Loan, on
      each date a Base Rate Loan is so converted. Any overdue principal of or interest on any Base Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day.

  

  

  (b) Each Euro-Dollar Loan
        shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Margin for such day plus the London Interbank Offered RateLIBOR applicable to such Interest Period. Such interest shall be
        payable for each Interest Period on the last day thereof and, in the case of an Interest Period of six months, the date occurring three months after the first day of such Interest Period. Any overdue principal of, or interest on, any Euro-Dollar
        Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Euro-Dollar Margin for such day plus the average rate per annum (rounded upward, if necessary, to the next higher 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount
        due remains unpaid more than three (3) Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in U.S. Dollars in an amount approximately equal to such overdue payment due to
        the Administrative Agent is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above (or, if the circumstances described in clause (a) or (b) of Section 8.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such
        day) and (ii) the sum of 2% plus the
        Euro-Dollar Margin for such day plus the
        London Interbank Offered Rate applicable to such Loan at the date such payment was due.

  

  

  (c) Each Canadian Base Rate Loan shall bear interest on the outstanding principal amount thereof, for
      each day from the date such Loan is made until it becomes due, at a rate per annum equal to the Canadian Base Rate plus the Canadian Base Rate Margin for such
      day. Such interest shall be payable quarterly in arrears on each Quarterly Date. Any overdue principal of or interest on any Canadian Base Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum
      of 2% plus the rate otherwise applicable to Canadian Base Rate Loans for such day.

  

  

  (d) Each Swing Loan shall bear interest on the outstanding principal amount thereof, for each day from
      the date such Swing Loan is made until it becomes due, at a rate per annum equal to, if denominated in U.S. Dollars, the Base Rate for such day plus the Base
      Rate Margin and, if denominated in Canadian Dollars, the Canadian Base Rate for such day plus the Base Rate Margin. Such interest shall be payable on each
      Quarterly Date or, if earlier, on the date such Swing Loan becomes due or its Refunding Date. Any overdue principal of or interest on any Swing Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum
      of 2% plus the rate applicable to Swing Loans for such day.

  

  

  (e) The Administrative Agent shall determine each interest rate applicable to the Loans hereunder. The
      Administrative Agent shall give prompt notice to the Borrower and the participating

  

  

  
    
      	 

      	
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  Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest
    error.

  

  

  (f) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the
      Administrative Agent is unable to provide a quotation, the provisions of Section 8.1 shall apply.

  

  

  SECTION 2.7  Fees.  (a) During the period from and including the Effective Date to and including the date upon which the Total Revolving Credit Commitment is terminated, subject to
      Section 2.17(e), the Borrower shall pay to the Administrative Agent for the
        account of the Banks with Revolving Credit Commitments, ratably in proportion to their respective Revolving Credit Commitments, a commitment fee at the rate per annum equal to the Applicable Commitment Fee Percentage on the daily average Unused
        Revolving Credit Commitments. Accrued commitment fees shall be payable quarterly in arrears on each Quarterly Date and on the date of termination of the Revolving Credit Commitments in their entirety.

  

  

  (b) Subject to Section
          2.17(e), the Borrower agrees to pay to the Administrative Agent for distribution to each Bank with a Revolving Credit Commitment (based on each Bank’s Revolver Percentage) a fee in respect of each Letter of Credit issued hereunder (the
      “Letter of Credit Fee”), for the period from and including the date of issuance of such Letter of Credit to and including the date of termination or expiration
      of such Letter of Credit, computed at a rate per annum equal to the Euro-Dollar Margin for Revolving Loans on the daily U.S. Dollar Equivalent of the Stated Amount of such Letter of Credit. Accrued Letter of Credit Fees shall be due and payable
      quarterly in arrears on each Quarterly Date and on the first day after the termination of the Total Revolving Credit Commitment upon which no Letters of Credit remain outstanding. While any Event of Default exists or after acceleration, the Letter of
      Credit Fee shall be increased by 2.0%; provided, however, that in the absence of acceleration, such adjustment shall be made at the election of the Administrative Agent, acting at the request or with the consent
      of the Required Banks, with written notice to the Borrower.

  

  

  (c) The Borrower agrees to pay to each Letter of Credit Issuer, for its own account, a fronting fee in
      respect of each Letter of Credit issued by such Letter of Credit Issuer (the “Fronting Fee”), for the period from and including the date of issuance of such Letter of Credit to and including the date of the termination of such Letter of Credit, computed at a rate equal to 1/8th of 1% per annum of the daily U.S.
      Dollar Equivalent of the Stated Amount of such Letter of Credit. Accrued Fronting Fees shall be due and payable quarterly in arrears on each Quarterly Date and upon the first day after the termination of the Total Revolving Credit Commitment upon
      which no Letters of Credit remain outstanding.

  

  

  (d) The Borrower agrees to pay, upon each drawing under, issuance of, or amendment to, any Letter of
      Credit, such amount as shall at the time of such event be the customary scheduled administrative charge which the applicable Letter of Credit Issuer is generally imposing in connection with such occurrence with respect to letters of credit.

  

  

  (e) The Borrower shall pay to the Administrative Agent and the Arrangers such amounts as are agreed to from time to time.

  

  

  SECTION 2.8  Termination or Reduction of Revolving Credit Commitments. (a) Optional Reduction of Revolving Credit Commitments. The Borrower may, upon at least five (5) Business Days’ notice to the Administrative Agent (or such shorter period of time agreed by the Administrative Agent),

  (i) terminate the Total Revolving Credit Commitment at any time, if no Revolving Loans or Letters of Credit are
      outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of

  

  

  
    
      	 

      	
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  U.S. $5,000,000 or a larger multiple of U.S. $1,000,000 the aggregate amount of the Total
    Revolving Credit Commitment in excess of the aggregate outstanding U.S. Dollar Equivalent of the Revolving Loans, and the U.S. Dollar Equivalent of the Swing Loans and Letter of Credit Outstandings. Any termination of the Total Revolving Credit
    Commitments below the Letter of Credit Commitment then in effect shall reduce the Letter of Credit Commitment then in effect by like amount.   Any termination of the Total Revolving Credit Commitments below the Swing Loan Limit shall reduce the Swing
    Loan Limit then in effect by like amount. Upon receipt of a notice pursuant to this Section, the Administrative Agent shall promptly notify each Bank of the contents thereof.

  

  

  (b) Mandatory Reduction of Revolving Credit
          Commitments. The Total Revolving Credit Commitment (and the respective Revolving Credit Commitment of each Bank) shall terminate on the Maturity Date.

  

  

  (c) Pro Rata Reduction.
      Each reduction to the Total Revolving Credit Commitment pursuant to this Section 2.8 shall be applied proportionately to reduce the Revolving Credit
      Commitment of each Bank.

  

  

  SECTION 2.9  Method of Electing Interest Rates for Loans.  (a) The Loans included in a Borrowing shall be the Type of Loan specified by the Borrower in the applicable Notice of Borrowing given
        pursuant to Section 2.2. Thereafter, the
        Borrower shall deliver a notice (a “Notice of Interest Period Election”) to
        the Administrative Agent not later than 12:00 noon (New York time) on the third Business Day prior to (i) if such Borrowing was initially a Base Rate Loan Borrowing, the commencement of the first Interest Period with respect to the conversion of
        such Base Rate Loan into a Euro-Dollar Loan specifying the duration of such Interest Period, or (ii) if such Borrowing was a Euro-Dollar Loan Borrowing, the last day of the current Interest Period specifying the duration of the additional Interest
        Period which is to commence. Each Interest Period specified in a Notice of Interest Period Election shall comply with the provisions of the definition of “Interest Period.” Notwithstanding the foregoing, the Borrower may not elect to convert any Loan into, or continue any Loan as, a
        Euro-Dollar Loan pursuant to any Notice of Interest Period Election if at the time such notice is delivered an Event of Default shall have occurred and be continuing.

  

  

  	

        	(b)	
          Each Notice of Interest Period Election shall specify:

        

  

  

  	

        	(i)	
          the Borrowing of Loans (or portion thereof) to which such notice applies;

        

  

  

  (ii) the date on which the conversion or continuation selected in such notice is to be effective, which
      shall comply with the applicable clause of Section 2.9(a) above;

  

  

  (iii) if the Loans comprising such Borrowing are to be converted, the new Type of Loans and, if the Loans
      being converted are to be Euro-Dollar Loans, the duration of the next succeeding Interest Period applicable thereto; and

  

  

  (iv) if such Loans are to be continued as Euro-Dollar Loans for an additional Interest Period, the duration
      of such additional Interest Period.

  

  

  (c) Upon receipt of a Notice of Interest Period Election from the Borrower pursuant to Section 2.9(a) above, the Administrative Agent shall promptly notify each Bank of the contents thereof and such notice shall not thereafter be revocable by the Borrower.   If no Notice of
      Interest Period Election is timely received prior to the end of an Interest Period, the Borrower shall be deemed to have elected that such Loan be continued as a Base Rate Loan.

  

  

  
    
      	 

      	
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  (d) An election by the Borrower to change or continue the rate of interest applicable to any Borrowing
      of Loans pursuant to this Section 2.9 shall not constitute a “Borrowing” subject to the provisions of Section 3.2.

  

  

  SECTION 2.10 Optional Prepayments. (a) Subject, in the case of Euro-Dollar Loans, to Section 2.13, the Borrower may, (i) with same day notice to the Administrative Agent, prepay any Base Rate Loans, (ii) upon at least one (1)
      Business Day’s notice to the Administrative Agent, prepay any Canadian Base Rate Loans or (iii) upon at least three (3) Business Days’ notice to the Administrative Agent, prepay any Euro-Dollar Loans, in each case in whole at any time, or from time
      to time in part, without premium or penalty, in amounts aggregating a U.S. Dollar Equivalent of $5,000,000 or any larger multiple of a U.S. Dollar Equivalent of $1,000,000, by paying the principal amount to be prepaid together with accrued interest
      thereon to the date of prepayment. Each such optional prepayment shall be applied to prepay Revolving Loans or Term Loans, as specified by the Borrower, shall be applied to Euro-Dollar Loans, Base Rate Loans or Canadian Base Rate Loans, as specified
      by the Borrower, and, subject to Section 2.10(d) and Section 2.16, shall be applied ratably to the Loans of the applicable Banks.
      Each prepayment of the Term Loans under this clause (a) shall be applied to reduce the scheduled
          quarterly installments of the Term Loans under Section 2.5(b) as directed by the
          Borrower (or in the absence of such direction, in direct order of maturity).

  

  

  (b) Upon receipt of a notice of prepayment pursuant to this Section, the Administrative Agent shall promptly notify each
      Bank with Loans of the Credit and Type being prepaid outstanding of the contents thereof and of such Bank’s ratable share (if any) of such prepayment and such notice shall not thereafter be revocable by the Borrower.

  

  

  (c) The Borrower may elect to utilize the option set forth in Section 2.11(c) in connection with any optional prepayment.

  

  

  (d) If some or all of the
        Term Loans are Extended Term Loans, the
          Borrower may specify that anall optional prepaymentprepayments shall be applied pro rata to the Non-Extended Term Loans based on their respective maturity dates, in which event the Borrower shall specify the order in which suchand the Extended Term Loans. Notwithstanding the foregoing, at any time the Seventh Amendment Non-Extended Term Loan Amount remains outstanding, all optional prepaymentprepayments shall be applied between or among the Maturity Date and the various first, to the Seventh Amendment Non-Extended Maturity Dates, and such prepayment shall be allocated among all Term Loans that have the same maturity date pro rata based on the principal amount of Term
          Loans that have such maturity dateTerm Loan Amount, and second, to the other Term Loans.

  

  

  SECTION 2.11 Mandatory Prepayments. (a) Requirements.If on any date the sum of the aggregate outstanding U.S. Dollar Equivalent of Revolving Loans, U.S. Dollar Equivalent of Swing Loans and the U.S. Dollar Equivalent of Letter of Credit Outstandings exceeds
        the Total Revolving Credit Commitment as then in effect, the Borrower shall repay on such date the principal of Swing Loans, and, if no Swing Loans are or remain outstanding, Revolving Loans in an aggregate amount equal to such excess. If, after
        giving effect to the repayment of all outstanding Swing Loans and Revolving Loans, the aggregate U.S. Dollar Equivalent of Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment, the Borrower shall pay to the Administrative
        Agent, for the ratable benefit of the Banks, on such date an amount in cash equal to such excess (up to the aggregate amount of the U.S. Dollar Equivalent of the Letter of Credit Outstandings at such time) and the Administrative Agent shall hold
        such payment as Cash Collateral for the Obligations. Notwithstanding anything to the contrary contained elsewhere in this Agreement, (i) all
          outstanding Term Loans advanced pursuant to Section 2.16 and all outstanding Revolving Loans made pursuant to an increase in the Revolving Credit Commitment pursuant to
      Section 2.16 shall be repaid in full as
        provided in the applicable Incremental

  
    
      	 

      	
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  Amendment, (ii) all outstanding Extended Term Loans and all Revolving Loans made pursuant to an
    Extended Revolving Credit Commitment shall be repaid in full on the applicable Extended Maturity Date, and (iii) all other Loans shall be repaid in full on the Maturity Date.

  

  

  (b) Application.
      With respect to each prepayment of Revolving Loans required by Section 2.11(a),
      the Borrower may designate the Types of Revolving Loans which are to be prepaid and the specific Borrowing or Borrowings pursuant to which made, provided that
      for any such prepayment (i) Euro-Dollar Loans may be so designated for prepayment pursuant to this Section 2.11 only on the last day of an Interest Period
      applicable thereto unless all Euro-Dollar Loans with Interest Periods ending on such date of required prepayment and all Base Rate Loans and Canadian Base Rate Loans have been paid in full; (ii) if any prepayment of Euro-Dollar Loans made pursuant to
      a single Borrowing shall reduce the outstanding Loans made pursuant to such Borrowing to an amount less than the U.S. Dollar Equivalent of $5,000,000, such Borrowing shall be immediately converted into Base Rate Loans; and (iii) each prepayment of
      Revolving Loans pursuant to a Borrowing shall be applied pro rata among such Revolving Loans. In the absence of a designation by the Borrower as described in
      the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its sole discretion with a view, but no obligation, to minimize breakage costs.

  

  

  (c) Cash Collateral to
          Avoid Breakage.   Notwithstanding the provisions of Section 2.11(b), if at any time a mandatory prepayment of Loans pursuant to Section 2.11(a) above would result, after giving effect to the procedures set forth above, in the Borrower incurring breakage costs as a result of Euro-Dollar
      Loans being prepaid other than on the last day of an Interest Period applicable thereto (the “Affected Loans”), then the Borrower may in its sole discretion
      initially deposit a portion (up to 100%) of the amounts that otherwise would have been paid in respect of the Affected Loans with the Administrative Agent at its Payment Office (which deposit must be equal in amount to the amount of the Affected
      Loans not immediately prepaid) to be held as Cash Collateral for the obligations of the Borrower hereunder, with such Cash Collateral to be directly applied upon the first occurrence (or occurrences) thereafter of the last day of an Interest Period
      applicable to the relevant Loans (or such earlier date or dates as shall be requested by the Borrower), to repay an aggregate principal amount of such Loans equal to the Affected Loans not initially prepaid pursuant to this sentence. Notwithstanding
      anything to the contrary contained in the immediately preceding sentence, all amounts deposited as Cash Collateral pursuant to the immediately preceding sentence shall be held for the sole benefit of the Banks whose Loans would otherwise have been
      immediately prepaid with the amounts deposited and upon the taking of any action by the Administrative Agent or the Banks pursuant to the remedial provisions of Article
          6, any amounts held as Cash Collateral pursuant to this Section 2.11(c) shall, subject to the requirements of applicable law, be immediately
      applied to repay such Loans.

  

  

  (d) Mandatory Prepayment
          of Term Loans. The Borrower shall make mandatory principal prepayments of the Term Loans in amounts equal to 100% of the aggregate Net Cash
        Proceeds from (i) each LoyaltyOne Divestiture minus, in the case of the first LoyaltyOne Divestiture, $25,000,000 and (ii) any sale or other transfer of assets made pursuant to Section 5.7(d)(i) or Section 5.15(b) after the ThirdSeventh Amendment Effective Date if required by Section 5.7(d)(i)(CA)(3) or Section 5.15(b)(ii), as applicable. Such prepayments shall be made within three (3) Business Days after the
        date of receipt of the applicable Net Cash Proceeds and, with
            respect to any prepayment under clause (d)(i) of this Section 2.11, shall be applied first to the Seventh Amendment Non-Extended Term Loan Amount, then to the other Term Loans.   Each
        prepayment of the Term Loans under this clause (d) shall be applied to reducethe outstanding principal amount of the Term Loans without a
          reduction in the scheduled quarterly
        installments of the Term Loans under Section 2.5(b) in direct order of maturity. The Borrower may elect to utilize the option set forth in Section 2.11(c) in connection with any mandatory prepayment pursuant
        this clause (d).

  

  

  
    
      	 

      	
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  SECTION 2.12 General Provisions as to Payments. (a) The Borrower shall make each payment of principal of, and interest on, the Loans and of fees
      hereunder (i) not later than 1:00 p.m. (New York time) on the date when due, in immediately available funds, to the Administrative Agent at its Payment Office, and (ii) without any right to set-off, deduction or counterclaim by the Borrower. All
      payments made hereunder shall be made (i) in the case of Obligations denominated in U.S. Dollars, in U.S. Dollars in immediately available funds at the place of payment, or (ii) in the case of Obligations denominated in Canadian Dollars, in Canadian
      Dollars in immediately available funds at the place of payment. The Administrative Agent will promptly distribute to each Bank its ratable share of each such payment received by the Administrative Agent for the account of the Banks. Whenever any
      payment of principal of, or interest on, the Base Rate Loans, Canadian Base Rate Loans or of fees shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next succeeding Business Day. Whenever any
      payment of principal of, or interest on, the Euro-Dollar Loans shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar
      month, in which case the date for payment thereof shall be the next preceding Business Day. If the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended time.

  

  

  (b)        Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Banks hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that
      the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Bank on such due date an amount equal to the amount then due such
      Bank. If and to the extent that the Borrower shall not have so made such payment, each Bank shall repay to the Administrative Agent forthwith on demand such amount distributed to such Bank together with interest thereon, for each day from the date
      such amount is distributed to such Bank until the date such Bank repays such amount to the Administrative Agent, at the Federal Funds Rate for the first two (2) Business Days after such payment by such Bank is due, and thereafter, at the Base Rate,
      or in the case of a Loan denominated in Canadian Dollars, the cost to the Administrative Agent of funding the amount so advanced by the Administrative Agent to fund such Bank’s Loan, as reasonably determined by the Administrative Agent for the first
      two (2) Business Days after such payment by such Bank is due, and thereafter, at the Canadian Base Rate.

  

  

  SECTION 2.13 Funding Losses. If the Borrower makes any payment of principal with respect to any Euro-Dollar Loan or any Euro-Dollar Loan is
      prepaid, converted or becomes due (pursuant to Article 2, 6, or 8 or otherwise) on any day other than the last day of an Interest Period applicable thereto,
      or if the Borrower fails to borrow, prepay or continue any Euro-Dollar Loans after notice has been given to any Bank in accordance with Section
        2.2, 2.9, or 2.10, the Borrower shall reimburse each Bank within fifteen (15) days after demand for any resulting loss or expense incurred by it (or by an existing or prospective Participant in the
      related Loan), including, without limitation, any loss incurred in obtaining, liquidating or employing deposits from third parties, but excluding loss of margin for the period after any such payment or conversion or failure to borrow, prepay, convert
      or continue, provided that such Bank shall
      have delivered to the Borrower a certificate as to the amount of such loss or expense, which certificate shall be conclusive in the absence of manifest error.

  

  

  SECTION 2.14 Computation of Interest and Fees. Interest based on the Prime Rate or Canadian Base Rate hereunder and fees hereunder shall be
      computed on the basis of a year of 365 days (or 366 days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding the last day). All other interest shall be computed on the basis of a year of 360 days and
      paid for the actual number of days elapsed (including the first day but excluding the last day if and only if such payment is made in accordance with the provisions of the first sentence of Section 2.12(a)).

  
    
      	 

      	
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  SECTION 2.15 Regulation D Compensation. Each Bank may require the Borrower to pay, contemporaneously with each payment of interest on the
      Euro-Dollar Loans, additional interest on the related Euro-Dollar Loan of such Bank at a rate per annum determined by such Bank up to but not exceeding the excess of (a) (i) the London Interbank Offered RateLIBOR then in effect for such Loan divided by (ii) one minus the Euro-Dollar Reserve Percentage over (b) such London Interbank Offered RateLIBOR. Any Bank wishing to require payment of such additional interest (a) shall so notify the
      Borrower and the Administrative Agent, in which case such additional interest on the Euro-Dollar Loan of such Bank shall be payable to such Bank at the place indicated in such notice with respect to each Interest Period commencing at least three (3)
      Business Days after the giving of such notice and (b) shall notify the Borrower at least five (5) Business Days prior to each date on which interest is payable on the Euro-Dollar Loans of the amount then due it under this Section. The Borrower’s
      obligations under this Section 2.15 are
      limited as set forth in Section 8.6.

  

  

  SECTION 2.16 Increase in Commitment.  (a) The Borrower, on behalf of
        the Borrower and Guarantors, may, on any Business Day after the date hereof, request an increase of the aggregate amount of the Revolving Credit Commitments (each a “Commitment Amount Increase”) and/or outstanding Term Loans and/or create one
            or more additional tranches of term loans (each such additional tranche of term loans or increase in an existing tranche of Term Loans, an “Incremental Term Loan”); provided, however, that: (i) except as permitted by the final sentence of this Section 2.16, the sum of the aggregate Commitment Amount Increases and Incremental Term Loans effective after the Seventh Amendment Effective Date shall not exceed an amount equal to the sum of (A) the amount of additional Debt that would cause the Total Leverage Ratio as of the four (4) consecutive fiscal quarter period most recently ended prior to the incurrence of such additional Debt for which
            financial statements have been delivered to the Administrative Agent hereunder, calculated on a pro forma basis after giving effect to the
            incurrence of such additional Debt and assuming that the proposed Commitment Amount Increase or Incremental Term Loan is fully drawn at such time, not to exceed
            3.00 to 1.00 plus (B) $750,000,000; (ii) no approval or consent of any Bank shall be required except the Banks providing such Commitment Amount Increase or

          Incremental Term Loan and the
        consents contemplated by clause (vi) below, (iii) except as permitted by the final sentence of this Section 2.16(a), any Commitment Amount Increase or issuance of Incremental Term Loans shall be in an aggregate amount for all Banks of not less than $50,000,000 (or such lesser aggregate amount for all Banks as may be acceptable to the Administrative Agent), (iv) no Default shall have occurred and be continuing at the time of the request or the effective date of the Commitment Amount Increase or issuance of Incremental Term Loans or will result therefrom, (v) all representations and warranties contained in Article 4 hereof shall be true and correct in all material respects (where not already qualified by materiality, otherwise in
      all respects) at the time of such request and on the effective date of such Commitment Amount Increase or issuance of Incremental Term Loans (other than representations and warranties that relate to a specific date, which
      shall be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) as of such date), and (vi) the Administrative Agent and, in the case of a Commitment Amount Increase, each Letter of Credit Issuer and the Swing Lender, shall have provided their written consent (which consents
      shall not be unreasonably withheld). Unless the Borrower otherwise notifies the Administrative Agent, if all or any portion of any Commitment Amount Increases or Incremental Term Loans would be permitted under clause (A) above on
          the applicable date of incurrence, such Commitment Amount Increases or Incremental Term Loans (or the relevant portion thereof), as applicable, shall be deemed to have been incurred in reliance on clause (A) above prior to the utilization of any
          amount available under clause (B) above. Notwithstanding the foregoing clause (a)(i), the Borrower, on behalf of the Borrower and Guarantors, may, on any Business Day on or prior to the date that is 30 days after the Effective Date, request an
          increase of the aggregate amount of the Revolving Credit Commitments and/or outstanding Term Loans in an aggregate principal amount not to exceed $500,000,000, and in such event (1) such increases shall not be subject to the limitation on the
          amount of increases imposed by clause (a)(i) above, (2) such increases shall not count against the $750,000,000 amount specified in clause (a)(i)(B) above,

  

  

  
    
      	 

      	
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  (3) such increases shall not be subject to the minimum amount limitation specified in clause (a)(iii) above, and (4) such increases shall otherwise be
          subject to this Section 2.16, as applicable.

   
  

  

  (b) In order to request a
        Commitment Amount Increase or Incremental Term Loan, the Borrower shall deliver written notice to the Administrative Agent at least five (5) Business Days (or such shorter period of time agreed by the Administrative Agent) prior to the desired effective date of such increase
        identifying one or more existing or additional Banks and the amount of its Commitment Amount Increase or Incremental Term Loan. Upon the effectiveness thereof, the new Banks (or, if applicable, existing Banks) (i) shall advance Revolving Loans in an amount sufficient such that after giving effect to its Revolving Loans each Bank shall have outstanding its respective Percentage of all Loans of the relevant CreditRevolving Loans and (ii) in the case of the Revolving Credit, shall acquire its Revolver Percentage of all participations in Letter of Credit Outstandings and Swing Loans. It shall be a
        condition to such effectiveness that (i) if any Euro-Dollar Loans are outstanding on the date of such effectiveness, Section 2.13 shall apply and (ii) in the case of a Commitment
          Amount Increase, the Borrower shall
        not have terminated any portion of the Revolving Credit Commitments pursuant to Section 2.8 hereof. The Borrower and each Guarantor agree to deliver to the Administrative Agent such corporate due diligence documents as the Administrative Agent shall reasonably request in connection with
        any Commitment Amount Increase. Promptly upon the effectiveness of any Commitment Amount Increase or Incremental Term Loan, the Borrower shall execute and deliver new Notes to each requesting Bank. The effective date of any Commitment Amount Increase or Incremental Term Loan shall be agreed upon by the Borrower and the Administrative Agent.

  

  

  (c) Incremental Term Loans of a
          new tranche (i) may be unsecured or may be secured by liens on any or all assets of the Borrower and the Guarantors, as determined by the Borrower and the lenders of the Incremental Term Loans (and if so secured, all Obligations shall be
        secured equally and ratably by liens on the same assets; provided that, to the extent such Incremental Term Loans (and any replacement financing) are paid
        and satisfied in full, or any liens granted to secure such Incremental Term Loans (and any replacement financing) are released, the ratable liens granted to secure the other Obligations shall, so long as no Default or Event of Default exists, upon
        the Borrower’s written request, also be released), (ii) shall rank pari passu in right of payment and of security with the other Term Loans
        and Revolving Loans and shall have the same guarantors as the other Term Loans and the Revolving Loans, (iii) shall not mature earlier than the latest Extended Maturity Date, (iv) shall not have a lower weighted average life to maturity than the
        remaining weighted average life to maturity of the outstanding Term Loans, (v) shall have an amortization schedule (subject to clauses (iii) and (iv)), provisions relating to optional and, to the extent applied pro rata to the other Term Loans and such Incremental Term Loans, mandatory prepayments (including mandatory repurchase offers), and a Base Rate Margin, a Euro-Dollar Margin, rate
        floors, fees, premiums, funding discounts and other pricing terms (including a “MFN clause” allowing for repricing upon incurrence of subsequent Incremental Term Loans) for such Incremental Term Loans as determined by the Borrower and the lenders
        of such Incremental Term Loans (provided that no such amortization schedule shall have the effect of reducing the amortization payments scheduled to be made
        with respect to other Term Loans), and (vi) may not otherwise have terms and conditions different from those of the other Term Loans and Revolving Loans. Incremental Term Loans consisting of an increase in an existing tranche of Term Loans (i)
        shall have principal amortization payments based on the remaining quarterly principal amortization payments of such existing tranche of Term Loans as a percentage of the remaining principal amount of such existing tranche of Term Loans at the time
        of such increase applied to such increase amount (with the intent being that such increase will amortize at the same relative rate as the existing tranche of Term Loans), and (ii) may not otherwise have terms and conditions different from those of
        the other Term Loans of such tranche. The Borrower will use the proceeds of each Incremental Term Loan for any purpose permitted by Section 5.8.

  

  

  
    
      	 

      	
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  (c) (d) Revolving Credit Commitments in respect of any Commitment Amount Increase or Incremental Term Loans shall become Revolving Credit Commitments under this Agreement pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other Credit Documents, executed by the Borrower, each Guarantor, each Bank agreeing to provide such Commitment Amount
            Increase, if any, each new Bank, if any, and the Administrative Agent. The Incremental Amendment shall not, except as specified in
        the preceding sentence, require the consent of any Bank, and may effect such amendments to this Agreement and the other Credit Documents as may be necessary, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the
        provisions of this Section. The Banks hereby authorize the Administrative Agent to execute such other documents, instruments and agreements, including security agreements, as may be necessary in the reasonable opinion of the Administrative Agent to
        give effect to the Incremental Amendment. The effectiveness of any Incremental Amendment shall be subject to the satisfaction on the date thereof of such conditions as the parties thereto shall agree.

  

  

  (d) (e) The Borrower agrees to pay any reasonable out-of-pocket expenses of the Administrative Agent relating to any
        Commitment Amount Increase, Incremental Term Loan or Incremental Amendment. Notwithstanding anything herein to the contrary, no Bank shall have any obligation to increase its
        Revolving Credit Commitment or advance
          Incremental Term Loans and no Bank’s
        Revolving Credit Commitment shall be increased without its consent thereto, and each Bank may at its option, unconditionally and without cause, decline to increase its Revolving Credit Commitment or advance Incremental Term Loans.

  

  

  SECTION 2.17 Defaulting Banks. (a) If any Bank with a Revolving Credit Commitment becomes, and during the period it remains, a Defaulting Bank, the following provisions shall apply, notwithstanding anything to the contrary in this Agreement:

  

  

  (i) so long as no Default shall be continuing immediately before or after giving effect to such
      reallocation, all of such Defaulting Bank’s participation in Letter of Credit Outstandings and Swing Loans will, subject to the limitation in the proviso below, automatically be reallocated (effective no later than one (1) Business Day after the
      Administrative Agent has actual knowledge that such Bank has become a Defaulting Bank) among the Non-Defaulting Banks pro rata in accordance with their respective Revolver Percentages (calculated as if the Defaulting Bank’s Revolving Credit Commitment was reduced to zero and each Non-Defaulting Bank’s
      Revolving Credit Commitment had been increased proportionately); provided that the sum of each Non-Defaulting Bank’s total Revolving Credit Exposure may not
      in any event exceed the Revolving Credit Commitment of such Non-Defaulting Bank as in effect at the time of such reallocation; and

  

  

  (ii) to the extent that any portion (the “unreallocated portion”) of such Defaulting Bank’s participation in Letter of Credit Outstandings and Swing Loans cannot be reallocated pursuant to clause (i) above for any reason, the Borrower will,
      not later than two (2) Business Days after demand by the Administrative Agent (at the direction of any Letter of Credit Issuer and/or the Swing Lender), (y) Cash Collateralize the obligations of the Borrower to such Letter of Credit Issuer or the
      Swing Lender in respect of such exposure, as the case may be, in an amount at least equal to the aggregate amount of the unreallocated portion of such Defaulting Bank’s participation in Letter of Credit Outstandings and Swing Loans or (z) make other
      arrangements satisfactory to the Administrative Agent, the Letter of Credit Issuer and the Swing Lender in their sole discretion to protect them against the risk of non-payment by such Defaulting Bank;

  

  

  
    
      	 

      	
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  provided
    that, subject to Section 10.17, neither any such reallocation nor any payment by a Non-Defaulting Bank pursuant thereto nor any such Cash Collateralization or
    reduction will constitute a waiver or release of any claim the Borrower, the Administrative Agent, a Letter of Credit Issuer, the Swing Lender or any other Bank may have against such Defaulting Bank or cause such Defaulting Bank to be a Non-Defaulting
    Bank.

  

  

  (b) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for
      the account of a Defaulting Bank (whether voluntary or mandatory, at maturity, pursuant to Article 6 or otherwise) or received by the Administrative Agent
      from a Defaulting Bank pursuant to Section 10.4 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Bank to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Bank to the Letter of Credit Issuer or the Swing Lender hereunder; third,
      to Cash Collateralize the unreallocated portion of such Defaulting Bank’s participation in Letter of Credit Outstandings and Swing Loans in accordance with Section
          2.17(a)(ii); fourth, if such Defaulting Bank is a CAD Non-Funding Bank, to the payment of any amounts owing by such Defaulting
      Bank to the CAD Fronting Bank as provided in Section 2.1(h)(ii); fifth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan or funded participation in respect of which such Defaulting Bank has failed to fund its portion thereof as required by
      this Agreement, as determined by the Administrative Agent; sixth, if so determined by the Administrative Agent and the Borrower, to be held in a
      deposit account and released pro rata in order to (A) satisfy such
      Defaulting Bank’s potential future funding obligations with respect to Loans and funded participations under this Agreement and (B) Cash Collateralize future unreallocated portions of such Defaulting Bank’s participation in Letter of Credit
      Outstandings and Swing Loans with respect to future Letters of Credit and Swing Loans issued under this Agreement in accordance with Section 2.17(a)(ii); seventh, to the payment of any amounts owing to the Banks, the Letter of Credit Issuer or the Swing Lender as a result of any judgment of a court of
      competent jurisdiction obtained by any Bank, such Letter of Credit Issuer or the Swing Lender against such Defaulting Bank as a result of such Defaulting Bank’s breach of its obligations under this Agreement; eighth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
      obtained by the Borrower against such Defaulting Bank as a result of such Defaulting Bank’s breach of its obligations under this Agreement; and ninth,
      to such Defaulting Bank or as otherwise directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount
      of any Loans or funded participations in Letters of Credit or Swing Loans in respect of which such Defaulting Bank has not fully funded its appropriate share, and (2) such Loans were made or the related Letters of Credit or Swing Loans were issued at
      a time when the conditions set forth in Section 3.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and funded
      participations in Letters of Credit or Swing Loans owed to, all Non-Defaulting Banks on a pro rata basis prior to being applied to the payment of any Loans
      of, or funded participations in Letters of Credit or Swing Loans owed to, such Defaulting Bank until such time as all Loans and funded and unfunded participations in Letter of Credit Outstandings and Swing Loans are held by the Banks pro rata in accordance with the Revolving Credit Commitments under the
      applicable Revolving Credit without giving effect to Section 2.17(a)(i). Any payments, prepayments or other amounts paid or payable to a Defaulting Bank that
      are applied (or held) to pay amounts owed by a Defaulting Bank or to post Cash Collateral pursuant to this Section 2.17(b) shall be deemed paid to and
      redirected by such Defaulting Bank, and each Bank irrevocably consents hereto.

  (c) If the Borrower, the Administrative Agent, the Letter of Credit Issuers and the Swing Lender agree
      in writing in their discretion that any Defaulting Bank has ceased to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice, and subject to any conditions set
      forth therein, that Bank will, to the extent applicable,

  

  

  
    
      	 

      	
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  purchase at par that portion of outstanding Loans of the other Banks or take such other actions
    as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Loans to be held pro rata by the Banks in accordance with their Percentage under the applicable Credit without giving effect to Section 2.17(a), whereupon such Bank will cease to be a Defaulting Bank; provided that no adjustments will be made
    retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Bank was a Defaulting Bank; and provided, further, that except to the extent otherwise expressly
    agreed by the affected parties, no change hereunder from Defaulting Bank to Non-Defaulting Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

  

  

  (d) So long as any Bank is a Defaulting Bank, no Letter of Credit Issuer will be required to issue, amend, extend, renew or
      increase any Letter of Credit unless it is reasonably satisfied that the Borrower has complied with the requirements of Section 2A.1(a)(iii).

  

  

  (e) No Defaulting Bank shall be entitled to receive any commitment fee pursuant to Section 2.7(a) or Letter of Credit Fee for any period during which that
      Bank is a Defaulting Bank. With respect to any commitment fee pursuant to Section 2.7(a) or Letter of Credit Fee not required to be paid to any Defaulting
      Bank pursuant to this clause (e), the Borrower shall (x) pay to each Non-Defaulting Bank that portion of any such fee otherwise payable to such Defaulting Bank with respect to such Defaulting Bank’s participation in Letters of Credit or Swing Loans
      that has been reallocated to such Non-Defaulting Bank pursuant to Section 2.17(a)(i), (y) pay to each Letter of Credit Issuer and Swing Lender, as applicable,
      the amount of any such fee otherwise payable to such Defaulting Bank to the extent allocable to such Letter of Credit Issuer or Swing Lender’s Fronting Exposure to such Defaulting Bank, and (z) not be required to pay the remaining amount of any such
      fee.

  

  

  SECTION 2.18 Extensions. Notwithstanding anything herein to the contrary, at any time after the Effective Date, and from time to time, the
      Borrower may request and any Bank may agree to extend the maturity date applicable to all or any portion of its Term Loan or Incremental Term
        Loan (including any Extended Term Loan)
      or Revolving Credit Commitment (including any Extended Revolving Credit Commitment) to a date (such date as such Bank and the Borrower shall agree upon being an “Extended Maturity Date”) after the Maturity Date or after an Extended Maturity Date, as applicable. Any such extensions under this Section 2.18 shall only require the consent of the Borrower, such Bank, the Administrative
      Agent (in the case of the Administrative Agent, which consent shall not be unreasonably withheld, delayed or conditioned), and, solely with respect to any Extended Revolving Credit Commitment, the Swing Lender, the Letter of Credit Issuer and the CAD
      Fronting Bank (in each case, which consent shall not be unreasonably withheld, delayed or conditioned), and this Agreement may be amended accordingly as needed to implement such extension for such Bank, but as conditions to any such extension (i) the
      Borrower’s request for such extension shall be in a minimum amount of $50,000,000 of Term Loans and Incremental Term Loans or Revolving Credit Commitments, as applicable (or,
      if less, the remaining amount of Term Loans or Revolving Credit Commitments having the same Maturity Date or Extended Maturity Date), (ii) the request for such extension and the opportunity to extend its Term Loan, Incremental Term Loan or Revolving Credit Commitment, as applicable, shall be made available pro

        rata to all Banks holding Term
        Loans, Incremental Term Loans or
      Revolving Credit Commitments, as applicable, with the same Maturity Date or Extended Maturity Date, as applicable, (iii) no Default shall have occurred and be continuing as of the effective date of the extension or will result therefrom, and (iv) all
      representations and warranties contained in Article 4 hereof shall be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) as of the effective date of such extension (other than representations and

  

  

  
    
      	 

      	
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  warranties that relate to a specific date, which shall be true and correct in all material respects (where not already
    qualified by materiality, otherwise in all respects) as of such specific date).

  

  

  ARTICLE 2A

  

  

  LETTERS OF CREDIT

  

  

  SECTION 2A.1 Letters
          of Credit. (a) Subject to and upon the terms and conditions set forth herein, the Borrower may request a Letter of Credit Issuer at any time and from time to time on or after the Effective Date and prior to the thirtieth day
      immediately preceding the Maturity Date to issue a standby letter of credit for the account of the Borrower in support of L/C Supportable Obligations (each such letter of credit, a “Letter of Credit” and, collectively, the “Letters of Credit”), and subject to and upon the terms and conditions set forth herein such
      Letter of Credit Issuer agrees to issue from time to time, irrevocable Letters of Credit in such form as may be approved by such Letter of Credit Issuer and the Administrative Agent. Notwithstanding anything herein to the contrary, those certain
      letters of credit issued for the account of the Borrower by the Administrative Agent or the Administrative Agent’s affiliate and listed on Schedule 2A.1
      hereof (the “Existing Letters of Credit”) shall each constitute a “Letter of
          Credit” herein for all purposes of this Agreement with the Borrower as the applicant therefor, to the same extent, and with the same force and effect as if the Existing Letters of Credit had been issued under this Agreement at the
      request of the Borrower. Notwithstanding the foregoing, no Letter of Credit Issuer shall be under any obligation to issue any Letter of Credit if at the time of such issuance:

  

  

  (i) any order, judgment or decree of any Governmental Authority or arbitrator shall
      purport by its terms to enjoin or restrain such Letter of Credit Issuer from issuing such Letter of Credit or any requirement of law applicable to such Letter of Credit Issuer or any request or directive (whether or not having the force of law) from
      any Governmental Authority with jurisdiction over such Letter of Credit Issuer shall prohibit, or request that such Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall
      impose upon such Letter of Credit Issuer with respect to such Letter of Credit any restriction or reserve or capital requirement (for which such Letter of Credit Issuer is not otherwise compensated) not in effect on the Effective Date, or any
      unreimbursed loss, cost or expense which was not applicable, in effect or known to such Letter of Credit Issuer as of the Effective Date and which such Letter of Credit Issuer in good faith deems material to it;

  

  

  (ii) such Letter of Credit Issuer shall have
        received notice from the Borrower or the Required Banks prior to the issuance of such Letter of Credit of the type described in clause (v) of Section

          2A.1(b); or

  

  

  (iii) the Administrative
        Agent or such Letter of Credit Issuer has received notice from any Bank that it does not intend to participate in such Letter of Credit pursuant to Section

          2A.5, or any Bank is a Defaulting Bank hereunder, unless the Borrower and such Letter of Credit Issuer shall have entered into arrangements
        reasonably satisfactory to such Letter of Credit Issuer to eliminate the risk of such Bank’s failure to participate in Letters of Credit (including Cash Collateralizing the amount of such Bank’s obligation).

  

  

  (b) Notwithstanding the foregoing, (i) no Letter of Credit shall be issued, the U.S. Dollar Equivalent of
      the Stated Amount of which, when added to the U.S. Dollar Equivalent of the Letter of Credit Outstandings (exclusive of Unpaid Drawings which are repaid on the date of, and prior to the issuance of, the respective Letter of Credit) at such time,
      would exceed either (x) the Letter of Credit Commitment or (y) when added to the aggregate U.S. Dollar Equivalent of all Revolving Loans and U.S. Dollar Equivalent of the Swing Loans then outstanding, the Total Revolving Credit Commitment at such

  

  

  
    
      	 

      	
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  time; (ii) each Letter of Credit shall have an expiry date occurring not later than one year after
    such Letter of Credit’s date of issuance (although any Letter of Credit may be extendible (whether automatically or otherwise) for successive periods of up to 12 months, but not beyond the thirtieth day preceding the Maturity Date), on terms reasonably
    acceptable to the respective Letter of Credit Issuer and in no event shall any Letter of Credit have an expiry date occurring later than the thirtieth day preceding the Maturity Date; (iii) each Letter of Credit shall be denominated in U.S. Dollars or
    Canadian Dollars; (iv)each Letter of Credit shall be payable only on a sight basis and upon conditions, if any, set forth therein; and (v) no Letter of Credit Issuer shall issue any Letter of Credit after it has received written notice from the
    Borrower or the Required Banks that a Default exists until such time as such Letter of Credit Issuer shall have received written notice of (x) rescission of such notice from the party or parties originally delivering the same or (y) waiver of such
    Default by the Required Banks.

  

  

  (c) Upon the occurrence of an event giving rise to the operation of Section 2A.1(a)(iii), the Borrower shall have the right, if no Default then exists, to replace such Bank in accordance with Section 8.7.

  

  

  SECTION 2A.2       Minimum Stated Amount.   The initial Stated Amount of each Letter of Credit shall be not less than the U.S. Dollar Equivalent of $100,000 or such lesser amount as shall be reasonably acceptable to the respective
    Letter of Credit Issuer.

  

  

  SECTION 2A.3     Letter of Credit Requests; Notices of Issuance; Reports. (a) Whenever the Borrower desires that a Letter of
      Credit be issued, the Borrower shall give the Administrative Agent and the respective Letter of Credit Issuer a written request (including by way of telecopier) prior to 1:00 p.m. (New York time) at least three (3) Business Days (or such shorter
      period as may be acceptable to such Letter of Credit Issuer) prior to the proposed date (which shall be a Business Day) of issuance (each a “Letter of Credit Request”),

      which Letter of Credit Request shall include any other documents that such Letter of Credit Issuer customarily requires in connection therewith.

  

  

  (b)   The respective Letter of Credit Issuer shall, promptly after each issuance of a Letter of Credit by it, give the Administrative Agent, each Bank and the Borrower written notice of the issuance of such Letter of Credit, accompanied, if
      requested, by a copy of the Letter of Credit or Letters of Credit issued by it.

  

  

  SECTION 2A.4     Agreement to Repay Letter of Credit Drawings. (a) The Borrower hereby agrees to reimburse the respective
      Letter of Credit Issuer, by making payment to the Administrative Agent at the Payment Office (which funds the Administrative Agent shall promptly forward to such Letter of Credit Issuer), for any payment or disbursement made by such Letter of Credit
      Issuer under any Letter of Credit issued by it (each such amount so paid or disbursed until reimbursed, an “Unpaid Drawing”) immediately after, and in any event on the date on which, the Borrower is notified by such Letter of Credit Issuer of such payment or disbursement with interest on the amount so paid or
      disbursed by such Letter of Credit Issuer, to the extent not reimbursed prior to 1:00 p.m. (New York time) on the date of such payment or disbursement, from and including the date paid or disbursed to but not including the date such Unpaid Drawing is
      paid by the Borrower at a rate per annum which shall be the interest rate applicable to Revolving Loans maintained as Base Rate Loans, if such Letter of Credit is denominated in U.S. Dollars, or Canadian Base Rate Loans, if such Letter of Credit is
      denominated in Canadian Dollars, as in effect from time to time (plus an additional 2% per annum if not reimbursed by the third Business Day after the date of
      such notice of payment or disbursement), such interest also to be payable on demand. Each Letter of Credit Issuer shall provide the Borrower prompt notice of any payment or disbursement made by it under any Letter of Credit issued by it, although the
      failure of, or delay in,

  
    
      	 

      	
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  giving any such notice shall not release or diminish the obligations of the Borrower under this Section 2A.4(a) or under any other Section of this Agreement.

  

  

  (b) The Borrower’s obligation under this Section 2A.4 to reimburse the respective Letter of Credit Issuer with respect to Unpaid Drawings (including, in each case, interest thereon) shall be absolute and unconditional under any and all circumstances and irrespective of any setoff,
      counterclaim or defense to payment which the Borrower may have or have had against such Letter of Credit Issuer, the Administrative Agent or any Bank, including, without limitation, any defense based upon the failure of any payment under a Letter of
      Credit to conform to the terms of the Letter of Credit or any non-application or misapplication by the beneficiary of the proceeds of such payment; provided, however, that the Borrower shall not be obligated
      to reimburse any Letter of Credit Issuer for any wrongful payment made by such Letter of Credit Issuer under a Letter of Credit as a result of acts or omissions constituting willful misconduct or gross negligence (as determined by a court of
      competent jurisdiction) on the part of such Letter of Credit Issuer.

  

  

  SECTION 2A.5     Letter of Credit Participations. (a) Immediately upon the issuance by any Letter of Credit Issuer of a Letter
      of Credit, such Letter of Credit Issuer shall be deemed to have sold and transferred to each Bank with a Revolving Credit Commitment, and each such Bank (each an “L/C Participant”) shall be deemed irrevocably and unconditionally to have purchased and received from such Letter of Credit Issuer, without recourse or warranty, an
      undivided interest and participation, to the extent of such Bank’s Revolver Percentage, in such Letter of Credit, each substitute letter of credit, each payment made thereunder and the obligations of the Borrower under this Agreement with respect
      thereto (although the Letter of Credit Fee shall be payable directly to the Administrative Agent for the account of the Banks as provided in Section 2.7(b)
      and the L/C Participants shall have no right to receive any portion of any Fronting Fees) and any security therefor or guaranty pertaining thereto. Upon any change in the Revolving Credit Commitments or Revolver Percentages of the Banks pursuant to Section 2.16 or 10.6(c), it is hereby agreed that, with respect to all
      outstanding Letters of Credit and Unpaid Drawings, there shall be an automatic adjustment to the participations pursuant to this Section 2A.5 to reflect the
      new Revolver Percentages of the Banks.

  

  

  (b) In determining whether to pay under any Letter of Credit, the respective Letter of Credit Issuer
      shall not have any obligation relative to the L/C Participants other than to determine that any documents required to be delivered under such Letter of Credit have been delivered and that they substantially comply on their face with the requirements
      of such Letter of Credit. Any action taken or omitted to be taken by any Letter of Credit Issuer under or in connection with any Letter of Credit if taken or omitted in the absence of gross negligence or willful misconduct (as determined by a court
      of competent jurisdiction) shall not create for such Letter of Credit Issuer any resulting liability.

  

  

  (c) In the event that the respective Letter of Credit Issuer makes any payment under any Letter of
      Credit and the Borrower shall not have reimbursed such amount in full to such Letter of Credit Issuer pursuant to Section 2A.4(a), such Letter of Credit
      Issuer shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly notify each L/C Participant of such failure, and each L/C Participant shall promptly and unconditionally pay to the Administrative Agent for the
      account of such Letter of Credit Issuer, the amount of such L/C Participant’s Revolver Percentage of such payment in the currency of such payment and in same day funds; provided, however, that no L/C Participant shall be obligated to pay to the Administrative Agent its Revolver Percentage of such unreimbursed amount for any wrongful payment made by such Letter of Credit Issuer
      under a Letter of Credit as a result of acts or omissions constituting willful misconduct or gross negligence (as determined by a court of competent jurisdiction) on the part of such Letter of Credit Issuer. If the Administrative Agent so notifies
      any L/C Participant required to fund an Unpaid Drawing under a Letter of Credit prior to 1:00 p.m. (New York time) on any Business Day, such L/C Participant shall make available to the Administrative Agent for the

  

  

  
    
      	 

      	
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  account of the respective Letter of Credit Issuer (which funds the Administrative Agent shall
    promptly forward to the Letter of Credit Issuer) such Participant’s Revolver Percentage of the amount of such payment on such Business Day in same day funds. If and to the extent such L/C Participant shall not have so made its Revolver Percentage of
    the amount of such Unpaid Drawing available to the Administrative Agent for the account of such Letter of Credit Issuer, such L/C Participant agrees to pay to the Administrative Agent for the account of such Letter of Credit Issuer, forthwith on demand
    such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent for the account of such Letter of Credit Issuer at the Federal Funds Rate for the first two (2) Business Days after
    such payment by such Bank is due, and thereafter, at the Base Rate, or in the case of an amount denominated in Canadian Dollars, the cost to the Administrative Agent of funding the amount so advanced by the Administrative Agent to fund such Bank’s
    amount, as reasonably determined by the Administrative Agent for the first two (2) Business Days after such payment by such Bank is due, and thereafter, at the Canadian Base Rate. The failure of any L/C Participant to make available to the
    Administrative Agent for the account of the respective Letter of Credit Issuer its Revolver Percentage of any Unpaid Drawing under any Letter of Credit shall not relieve any other L/C Participant of its obligation hereunder to make available to the
    Administrative Agent for the account of the respective Letter of Credit Issuer its Revolver Percentage of any payment under any Letter of Credit on the date required, as specified above, but no L/C Participant shall be responsible for the failure of
    any other L/C Participant to make available to the Administrative Agent for the account of such Letter of Credit Issuer such other L/C Participant’s Revolver Percentage of any such payment.

  

  

  (d) Whenever the respective Letter of Credit Issuer receives a payment of a reimbursement obligation as
      to which the Administrative Agent has received for the account of such Letter of Credit Issuer any payments from the L/C Participants pursuant to clause (c) above, such Letter of Credit Issuer shall pay to the Administrative Agent and the
      Administrative Agent shall promptly pay to each L/C Participant which has paid its Revolver Percentage thereof, in the applicable currency, and in same day funds, an amount equal to such L/C Participant’s Revolver Percentage of the principal amount
      thereof and interest thereon accruing at the Federal Funds Rate, in the case of U.S. Dollars, or at the cost to the Administrative Agent of funding the amount so advanced by the Administrative Agent to fund such amount, as determined by the
      Administrative Agent after the purchase of the respective participations, in the case of Canadian Dollars.

  

  

  (e) The obligations of the L/C Participants to make payments to the Administrative Agent for the
      account of the respective Letter of Credit Issuer with respect to Letters of Credit shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification or exception whatsoever (provided that no L/C Participant shall be required to make payments resulting from the Letter of Credit Issuer’s gross negligence or willful misconduct (as determined by a court of
      competent jurisdiction)) and shall be made in accordance with the terms and conditions of this Agreement under all circumstances, including, without limitation, any of the following circumstances:

  

  

  (i) any lack of validity or enforceability of this Agreement or any of the other Credit Documents;

  

  

  (ii) the existence of any claim, set-off, defense or other right which the Borrower or any of its
      Subsidiaries may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, the respective Letter of Credit Issuer,
      any Bank or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between the Borrower or any of its Subsidiaries and
      the beneficiary named in any such Letter of Credit);

  

  

  
    
      	 

      	
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  (iii) any draft, certificate or other document presented under the Letter of Credit proving to be forged,
      fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;

  

  

  (iv) the surrender or impairment of any security for the performance or observance of any of the terms of
      any of the Credit Documents; or

  

  

  	

        	(v)	
          the occurrence of any Default.

        

  

  

  (f) To the extent the respective Letter of Credit Issuer is not indemnified for same by the Borrower, the
      L/C Participants will reimburse and indemnify the Letter of Credit Issuer, in proportion to their respective Revolver Percentages, for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits,
      costs, expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against or incurred by such Letter of Credit Issuer in performing its respective duties in any way relating to or arising out of its issuance of Letters
      of Credit; provided that no L/C Participant shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
      suits, costs, expenses or disbursements resulting from such Letter of Credit Issuer’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction).

  

  

  SECTION 2A.6    Increased Costs.   If any Change in Law shall either (i) impose, modify or make applicable any reserve, deposit, capital adequacy, liquidity requirement or similar requirement against Letters of Credit issued by any
    Letter of Credit Issuer or any L/C Participant’s participation therein, or (ii) shall impose on such Letter of Credit Issuer or any L/C Participant’s any other conditions affecting this Agreement, any Letter of Credit or such L/C Participant’s
    participation therein; and the result of any of the foregoing is to increase the cost to such Letter of Credit Issuer or such L/C Participant of issuing, maintaining or participating in any Letter of Credit or of maintaining its obligation to issue any
    such Letter of Credit, or to reduce the amount of any sum received or receivable by such Letter of Credit Issuer or such L/C Participant hereunder (other than any increased cost or reduction in the amount received or receivable resulting from a change
    in the rate of taxes or similar charges), then, upon demand to the Borrower by such Letter of Credit Issuer or such L/C Participant (a copy of which notice shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative
    Agent), the Borrower shall pay to such Letter of Credit Issuer or such L/C Participant such additional amount or amounts as will compensate such Letter of Credit Issuer or such L/C Participant for such increased cost or reduction. A certificate
    submitted to the Borrower by the respective Letter of Credit Issuer or such L/C Participant, as the case may be (a copy of which certificate shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent) setting
    forth the basis for the determination of such additional amount or amounts necessary to compensate such Letter of Credit Issuer or such L/C Participant shall be conclusive and binding on the Borrower absent manifest error, although the failure to
    deliver any such certificate shall not release or diminish any of the Borrower’s obligations to pay additional amounts pursuant to this Section 2A.6 upon the
    subsequent receipt thereof. The Borrower’s obligations under this Section 2A.6 are limited as set forth in Section 8.6.

  

  

  ARTICLE 3

  

  

  CONDITIONS

  

  

  SECTION 3.1 Initial Borrowing. The obligations of the Banks to make the initial Loans hereunder and of any Letter of Credit Issuer to issue the
      initial Letter of Credit hereunder are subject to the following conditions precedent:

  
    
      	 

      	
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        	(a)	
          The Administrative Agent shall have received the following documents:

        

  

  

  (i) an opinion of counsel for the Credit Parties in a form reasonably acceptable to the Administrative Agent and covering
      such matters relating to the transactions contemplated hereby as the Administrative Agent or the Required Banks may reasonably request;

  

  

  (ii) all documents the Administrative Agent may reasonably request relating to the corporate authority and
      incumbency of each Credit Party which is a party hereto or any other Credit Document and the validity of this Agreement and each other Credit Document, all in form and substance reasonably satisfactory to the Administrative Agent;

  

  

  (iii) copies of this Agreement executed by the Borrower, each Guarantor and each of the Banks; and

  

  

  (iv) the Administrative Agent shall have received documentation, in form and substance
      reasonably acceptable to the Administrative Agent, evidencing the termination of the Existing Credit Agreement and the repayment of all obligations owing thereunder (other than indemnities and similar obligations that customarily survive termination
      of credit facilities), which repayment may be made with the proceeds of the initial Loans hereunder.

  

  

  (b) The Borrower and each other Credit Party shall have provided to the Administrative Agent and the Banks
      the documentation and other information requested by the Administrative Agent in order to comply with requirements of any AML Laws and any applicable “know your customer” rules and regulations;

  

  

  (c) The Borrower shall have
        paid or made arrangements to pay contemporaneously with closing (i) to the Administrative Agent, the Arrangers and the Banks the fees set forth or referenced in Section 2.7 and any other accrued and unpaid fees or commissions due hereunder and (Bii) all reasonable fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent).

  

  

  Without limiting the generality of the provisions of Section 7.5(b), for purposes of determining compliance with the conditions specified in this Section
        3.1, the Administrative Agent and each Bank that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or
    approved by or acceptable or satisfactory to a Bank unless the Administrative Agent shall have received notice from such Bank prior to the proposed Effective Date specifying its objection thereto.

  

  

  SECTION 3.2 Each Borrowing. The obligation of the Banks to make each Loan hereunder and of any Letter of Credit Issuer to issue or amend each
      Letter of Credit is subject at the time of such Loan or issuance or amendment of such Letter of Credit to the satisfaction of the following conditions:

  

  

  	

        	(a)	
          the satisfaction of the conditions set forth in Section 3.1;

        

  

  

  	

        	(b)	
          receipt by the Administrative Agent of a Notice of Borrowing as required by Section

                2.2;

        

  

  

  (c) the fact that, immediately after any Borrowing of Revolving Loans or any issuance or amendment of a
      Letter of Credit, the aggregate U.S. Dollar Equivalent of all Revolving Loans made hereunder plus the U.S. Dollar Equivalent of all Swing Loans and Letter of
      Credit Outstandings will not exceed the Total Revolving Credit Commitments in effect;

  

  

  
    
      	 

      	
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  (d) the fact that, immediately before and after such Borrowing or such issuance or amendment of a Letter
      of Credit, no Default shall have occurred and be continuing;

  

  

  (e) the fact that the representations and warranties of the Credit Parties contained in this Agreement
      shall be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) on and as of the date of such Borrowing or such issuance or amendment of a Letter of Credit (other than representations and
      warranties that relate to a specific date, which shall be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) as of such date); and

  

  

  (f) with respect to the transactions contemplated by this Agreement, each Credit Party shall have
      obtained any necessary consents, waivers, approvals, authorizations, registrations, filings, licenses and notifications (including, if necessary, qualifying to do business in, and qualifying under the applicable consumer laws of, each jurisdiction
      where the applicable party is then doing business, or is in the process of obtaining such qualification in each jurisdiction where the applicable party is expected to be doing business utilizing the proceeds of such Loan) and the same shall be in
      full force and effect, except where the failure to obtain such consent, qualification or other item could not reasonably be expected to have a Material Adverse Effect.

  

  

  Each Borrowing and each issuance or amendment of a Letter of Credit hereunder
    shall be deemed to be a representation and warranty by the Borrower on the date of such Borrowing as to the facts specified in clauses (c), (d), (e) and (f) of this Section

        3.2.

  

  

  No Bank shall have any obligation to make a Loan hereunder and no Letter of
    Credit Issuer shall have any obligation to issue a Letter of Credit hereunder at any time unless all conditions precedent have been satisfied before or at such time. The conditions precedent are included for the exclusive benefit of the Administrative
    Agent and the Banks.   In the event that any one more Banks makes available a Loan or any one or more Letter of Credit Issuers issues a Letter of Credit at the request of the Borrower notwithstanding that any one or more of the conditions precedent
    thereto have not been satisfied in whole or in part, such waiver shall not operate as to waive the right of the Administrative Agent, the Banks and the Letter of Credit Issuers to require strict compliance thereafter.

  

  

  ARTICLE 4

  

  

  REPRESENTATIONS AND WARRANTIES

  

  

  The Borrower represents and warrants that:

  

  

  SECTION 4.1 Existence and Power. Each Credit Party is a corporation, limited liability company, partnership or other organization, duly organized
      and validly existing and, where applicable, in good standing under the laws of the jurisdiction of its organization, and has all corporate or other powers and all material governmental licenses, authorizations, consents and approvals required to
      carry on its business as now conducted except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. No Credit Party nor any Subsidiary thereof is an EEAAffected Financial Institution.

  

  

  SECTION 4.2 Corporate and Governmental Authorization; No Contravention. The execution, delivery and performance by each Credit Party of the
      Credit Documents to which it is a party (i) are within the corporate or other powers of such Credit Party, (ii) have been duly authorized by all necessary corporate or other action, (iii) require no action by or in respect of, or filing with, any
      Governmental Authority except where the failure to do so could not reasonably be expected to have a Material Adverse

  
    
      	 

      	
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  Effect, (iv) do not contravene, or constitute a default under, (A) any provision of applicable law
    or regulation or of the articles of association, the organizational certificate, bylaws or other constitutional documents, as applicable, of such Credit Party or (B) any agreement, judgment, injunction, order, decree or other instrument binding upon
    the Borrower or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect and (v) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries. Neither the Borrower
    (or any of its directors or officers) nor any Insured Subsidiary (or any of its directors or officers) is a party to, or subject to, any agreement with, or specific directive or order issued by, any federal or state bank or thrift regulatory authority
    which restricts the payment of dividends by any Insured Subsidiary to the Borrower; and no action or administrative proceeding is pending or, to the Borrower’s knowledge, threatened against the Borrower or any Insured Subsidiary or any of their
    directors or officers which seeks to impose any such restriction, in each case that could reasonably be expected to have a Material Adverse Effect.

  

  

  SECTION 4.3 Binding Effect. This Agreement and the other Credit Documents constitute valid and binding agreements of the Borrower and each other
      Credit Party which is a party thereto, and each Note, when executed and delivered in accordance with this Agreement, will constitute a valid and binding obligation of the Borrower, in each case enforceable in accordance with its terms.

  

  

  SECTION 4.4 Financial Information. (a) The consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of December 31, 2016,
      and the related consolidated statements of income, retained earnings and cash flows for the fiscal year then ended, reported on by Deloitte, and the unaudited interim consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of
      March 31, 2017 and the related consolidated statements of income, retained earnings and cash flows for the three months then ended, copies of which have been delivered to each of the Banks, fairly present in all material respects the consolidated
      financial position of the Borrower and its Consolidated Subsidiaries as of such dates and their consolidated results of operations and cash flows for the periods then ended, subject, in the case of unaudited financial statements, to the absence of
      footnotes and to year end adjustments.

  

  

  (b) Since December 31, 2016 there has been no material adverse change in the business, financial position
      or operations of the Borrower and its Consolidated Subsidiaries, considered as a whole.

  

  

  (c) Except as disclosed in
        the financial statements delivered pursuant to Section 4.4(a) there were as of the Effective Date no liabilities or obligations with respect to the Borrower or any of its Subsidiaries of any nature whatsoever (whether absolute, accrued, contingent or otherwise and whether or not due)
        which, either individually or in aggregate, could reasonably be expected to have a material and adverse effect on the Borrower or the Borrower and its Subsidiaries taken as a whole. As of the Effective Date, the Borrower knows of no basis for the
        assertion against it or any of its Subsidiaries of any liability or obligation of any nature whatsoever that is not disclosed in the financial statements delivered pursuant to Section 4.4(a) which, either individually or in the aggregate, could reasonably be expected to be material to
        the Borrower or the Borrower and its Subsidiaries taken as a whole.

  

  

  	

        	(d)	
          The Borrower and its Consolidated Subsidiaries, on a consolidated basis, are Solvent.

        

  

  

  SECTION 4.5 Litigation. There is no action, suit, proceeding or governmental investigation pending against, or to the knowledge of the
      Borrower threatened against or affecting, the Borrower or any of its Subsidiaries before any court or arbitrator or any other Governmental Authority in which there is a reasonable possibility of an adverse decision which could materially adversely
      affect the business, consolidated financial position or consolidated results of operations of the Borrower and its Consolidated

  
    
      	 

      	
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  Subsidiaries, considered as a whole, or which in any manner draws into question the validity or
    enforceability of any Credit Document.

  

  

  SECTION 4.6  Compliance with ERISA.   To the best of the Borrower’s knowledge after reasonable investigation: (a) Each member of the ERISA Group has fulfilled its obligations under the minimum funding standards of ERISA and the Code with respect to each Plan and is in
      compliance in all material respects with the presently applicable provisions of ERISA and the Code with respect to each Plan. No member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Code in
      respect of any Plan, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the
      imposition of a Lien or the posting of a bond or other security under ERISA or the Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA.

  

  

  (b) Each Foreign Pension Plan has been maintained in substantial compliance with its terms and with the requirements of
      any and all applicable laws, statutes, rules, regulations and orders and has been maintained, where required, in good standing with applicable regulatory authorities. All material contributions required to be made with respect to a Foreign Pension
      Plan have been timely made. Neither the Borrower nor any of its Subsidiaries has incurred any material obligation in connection with the termination of or withdrawal from any Foreign Pension Plan. The Borrower and its Subsidiaries do not maintain or
      contribute to any Foreign Pension Plan the obligations with respect to which could reasonably be expected to have a Material Adverse Effect.

  

  

  SECTION 4.7  Environmental Matters.     To the best of the Borrower’s knowledge after reasonable investigation: Each of the Borrower and its Subsidiaries has obtained all material environmental, health and safety permits, licenses
        and other authorizations required under all Environmental Laws to carry on its business as now being or as proposed to be conducted except for such permits, licenses and other authorizations the failure to obtain, individually or in the aggregate,
        could not reasonably be expected to result in a Material Adverse Effect. Each of such permits, licenses and authorizations is in full force and effect and the Borrower and its Subsidiaries is in material compliance with the terms and conditions
        thereof, and is also in material compliance with all other limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables contained in any applicable Environmental Law or in any regulation, code,
        plan, order, decree, judgment, injunction, notice or demand letter issued, entered, promulgated or approved thereunder except for such failure to comply, individually or in the aggregate, as could not reasonably be expected to result in a Material
        Adverse Effect. In addition, no notice, notification, demand, request for information, citations, summons or order has been issued, no complaint has been filed, no penalty has been assessed and no investigation or review is pending or threatened by
        any governmental or other entity with respect to any alleged failure by the Borrower or any of its Subsidiaries to have any environmental, health or safety permit, license or other authorization required under any Environmental Law in connection
        with the conduct of the business of the Borrower or any of its Subsidiaries or with respect to any generation, treatment, storage, recycling, transportation, discharge or disposal, or any release of any Hazardous Substance generated or handled by
        the Borrower or any of its Subsidiaries except for such matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. There have been no environmental investigations, studies, audits,
        tests, reviews or other analyses conducted by or that are in the possession of the Borrower or any of its Subsidiaries in relation to any site or facility now or previously owned, operated or leased by the Borrower or any of its Subsidiaries which
        have not been made available to the Administrative Agent and the Banks except for such matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

  

  

  
    
      	 

      	
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  SECTION 4.8   Taxes.   The Borrower and its Subsidiaries have filed all United States Federal and Canadian income tax returns and all other
      material tax returns which are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Borrower or any Subsidiary, except such taxes, if any, as are being contested in good faith
      and by appropriate proceedings. The charges, accruals and reserves on the books of the Borrower and its Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate.

  

  

  SECTION 4.9 Subsidiaries. Each of the Borrower’s Subsidiaries, if any, is duly organized, validly existing and, where applicable, in good
      standing under the laws of its jurisdiction of organization, and has all corporate or other organizational powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted except
      where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

  

  

  SECTION 4.10 Investment Company. The Borrower is not an “investment company” within the meaning of the U.S. Investment Company Act of 1940, as
      amended.

  

  

  SECTION 4.11 Full Disclosure. All information heretofore furnished by the Borrower to the Administrative Agent or any Bank for purposes of
      or in connection with this Agreement or any transaction contemplated hereby is, and all such information hereafter furnished by the Borrower to the Administrative Agent or any Bank will be, true and accurate in all material respects on the date as of
      which such information is stated or certified. The Borrower has disclosed to the Administrative Agent and the Banks in writing any and all facts which materially and adversely affect or may affect (to the extent the Borrower can now reasonably
      foresee), the business, operations or financial condition of the Borrower and its Consolidated Subsidiaries, taken as a whole, or the ability of the Borrower to perform its obligations under this Agreement or the other Credit Documents.

  

  

  SECTION 4.12 AML Laws; Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents
      with Anti-Corruption Laws, applicable AML Laws and applicable Sanctions. None of (a) the Borrower or any Subsidiary or (b) to the knowledge of the Borrower, (1) any of their respective directors, officers, employees or Affiliates, or (2) any agent of
      the Borrower or any Subsidiary or other Affiliate that will act in any capacity in connection with or benefit from the credit facility established by this Agreement, (i) is a Sanctioned Person, or (ii) is in violation of AML Laws, Anti-Corruption
      Laws, or Sanctions. No Borrowing, Letter of Credit, or use of proceeds of any Borrowing or Letter of Credit, including the funding of all or a portion of the purchase price of any Permitted Acquisition, nor any repayment of Borrowings or
      reimbursement of any payment made pursuant to any Letter of Credit, will cause a violation of AML Laws, Anti-Corruption Laws or applicable Sanctions by any Person participating in the transactions contemplated by this Agreement, whether as lender,
      borrower, guarantor, agent, or otherwise. The Borrower represents that neither it nor any of its Subsidiaries, or, to the knowledge of the Borrower, any other Affiliate, is as of the Effective Date engaged in, or intends to engage in, any dealings or
      transactions with, or for the benefit of, any Sanctioned Person or with or in any Sanctioned Country.

  

  

  SECTION 4.13 Ownership of
          Insured Subsidiaries. Subject to Section 5.15(b), each Insured Subsidiary is a Wholly-Owned Subsidiary of the
        Borrower.

  
    
      	 

      	
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  ARTICLE 5

  

  

  COVENANTS

  

  

  The Borrower and each Guarantor, as the case may be, agree that, so long as any Bank has any Commitment
    hereunder or any amount payable hereunder or under any Note remains unpaid:

  

  

  SECTION 5.1 Information. The Borrower will deliver to each of the Banks:

  

  

  (a) as soon as available and in any event within ninety (90) days after the end of each fiscal year of the
      Borrower, the consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated statements of income, cash flows, and changes in common stockholders’ equity, each for such
      fiscal year, setting forth in comparative form the figures for the previous fiscal year and certified by Deloitte or another independent public accounting firm of nationally recognized standing (it being understood that the public availability as
      posted on the Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”) by the Borrower of annual reports on Form 10-K of the Borrower and its
      Consolidated Subsidiaries shall satisfy the requirements of this Section 5.1(a) to the extent such annual reports include the information specified herein);

  

  

  (b) as soon as available and in any event within forty-five (45) days after the end of each of the first
      three fiscal quarters of the Borrower, the consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such quarter and the related consolidated statements of income and cash flows for such quarter and for the
      portion of the Borrower’s fiscal year ended at the end of such quarter, setting forth in comparative form the figures for the corresponding quarter and the corresponding portion of the Borrower’s previous fiscal year, all certified (subject to normal
      year-end adjustments and the absence of footnotes) to fairly present in all material respects, such financial condition, and as to GAAP and consistency by the treasurer or chief financial officer of the Borrower (it being understood that the public
      availability as posted on EDGAR by the Borrower of quarterly reports on Form 10-Q of the Borrower and its Consolidated Subsidiaries shall satisfy the requirements of this Section

          5.1(b) to the extent such quarterly reports include the information specified herein);

  

  

  (c) simultaneously with the delivery of each
        set of financial statements referred to in clauses (a) and (b) above, a certificate of the treasurer or chief financial officer of the Borrower, (i) setting forth in reasonable detail the calculations required to establish whether the Borrower was
        in compliance with the requirements of Sections 5.11, 5.12, and 5.13, 5.13A and 5.13B and (ii) stating whether any Default exists on
        the date of such certificate and, if any Default then exists, setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto;

  

  

  	

        	(d)	
          [Intentionally Omitted];

        

  

  

  (e) within forty-five (45) days after the beginning of each fiscal year of the Borrower, a budget in form reasonably
      satisfactory to the Administrative Agent (including budgeted statements of consolidated income, consolidated cash flows, and consolidated balance sheets) prepared by the Borrower for each of the four quarters of such fiscal year, accompanied by a
      statement of the treasurer or chief financial officer of the Borrower to the effect that, to the best of such officer’s knowledge, the budget is a reasonable estimate for the period covered thereby;

  

  

  (f) within five (5) days after any officer of any Credit Party obtains knowledge of any Default, if such
      Default is then continuing, a certificate of the treasurer or chief financial officer of the

  

  

  
    
      	 

      	
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  Borrower setting forth the details thereof and the action which the Borrower or such Credit Party is taking or proposes to
    take with respect thereto;

  

  

  (g) promptly after the mailing thereof to the public shareholders of the Borrower, copies of all
      financial statements, reports and proxy statements so mailed (it being understood that the public availability as posted on EDGAR by the Borrower of any such financial statements, reports and proxy statements shall satisfy the requirements of this Section 5.1(g));

  

  

  (h) promptly upon the filing thereof, copies
        of all registration statements (other than the exhibits thereto and any registration statements on Form S-8 or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) which the Borrower or any other Credit Party shall have
        filed with the Securities and Exchange
          CommissionSEC (it being understood that the public availability as posted on EDGAR by the Borrower of any such registration statements and
        reports shall satisfy the requirements of this Section 5.1(h));

  

  

  (i) promptly upon discovery of the fact that any member of the ERISA Group (i) gives or is required to
      give notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan
      has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or
      notice that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums
      under Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Code, a copy of such application; (v) gives notice of
      intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to
      make any payment or contribution to any Plan, Foreign Pension Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan, Foreign Pension Plan or Benefit Arrangement which has resulted or could result in
      the imposition of a Lien or the posting of a bond or other security, a certificate of the treasurer of the Borrower setting forth details as to such occurrence and action, if any, which the Borrower, the applicable Credit Party or the applicable
      member of the ERISA Group is required or proposes to take;

  

  

  (j) to the extent permitted by applicable law, promptly upon the receipt or execution thereof, (i) notice by the Borrower
      or any Insured Subsidiary that (1) it has received a request or directive from any federal, state or other regulatory agency which requires it to submit a capital maintenance or restoration plan that restricts the payment of dividends by any Insured
      Subsidiary to the Borrower or (2) it has submitted a capital maintenance or restoration plan to any federal, state or other regulatory agency or has entered into a memorandum or agreement with any such agency, in each case which plan, memorandum or
      agreement restricts the payment of dividends by any Insured Subsidiary to the Borrower, and (ii) copies of any such plan, memorandum, or agreement, unless disclosure is prohibited by the terms thereof or by law, rule or regulation and, after the
      Borrower or such Insured Subsidiary has in good faith attempted to obtain the consent of such regulatory agency, such agency will not consent to the disclosure of such plan, memorandum, or agreement to the Banks;

  

  

  (k) prompt notice if the Borrower, any Subsidiary or any other Credit Party shall receive any
      notification from any governmental authority alleging a violation of any applicable law or any inquiry which could reasonably be expected to have a Material Adverse Effect;

  

  

  
    
      	 

      	
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        	(l)	
          prompt notice of any Person becoming a Material Subsidiary;

        

  

  

  (m) prompt notice of the sale, transfer or other disposition of any Material Asset of the Borrower, any
      Subsidiary or any other Credit Party to any Person other than the Borrower, any Subsidiary or any other Credit Party other than a sale, transfer or other disposition made in the ordinary course of business;

  

  

  	

        	(n)	
          [Reserved];

        

  

  

  (o) promptly after knowledge thereof shall have come to the attention of any responsible officer of the
      Borrower, written notice of any threatened (in writing) or pending litigation or governmental or arbitration proceeding or labor controversy against the Borrower or any Subsidiary or any of their property which could reasonably be expected to have a
      Material Adverse Effect;

  

  

  (p) from time to time such additional information regarding the financial position or business of the Credit Parties and
      their Subsidiaries (including non-financial information and examination reports and supervisory letters to the extent permitted by applicable regulatory authorities) as the Administrative Agent, at the request of any Bank, may reasonably request; and

  

  

  (q) prompt notice to the Administrative Agent and each Bank that previously received a Beneficial
      Ownership Certification (or a certification that the Borrower qualifies for an express exclusion to the “legal entity customer” definition under the Beneficial Ownership Regulation) of any change in the information provided in the Beneficial
      Ownership Certification that would result in a change to the list of beneficial owners identified therein (or, if applicable, the Borrower ceasing to fall within an express exclusion to the definition of “legal entity customer” under the Beneficial
      Ownership Regulation) and promptly upon the reasonable request of the Administrative Agent or any Bank, provide the Administrative Agent or directly to such Bank, as the case may be, any information or documentation requested by it for purposes of
      complying with the Beneficial Ownership Regulation.

  

  

  SECTION 5.2   Payment of Obligations.   Each Credit Party will pay and discharge, and will cause each Subsidiary to pay and discharge, at or
      before maturity, all their respective material obligations and liabilities (including, without limitation, tax liabilities and claims of materialmen, warehousemen and the like which if unpaid might by law give rise to a Lien), except where the same
      (i) may be contested in good faith by appropriate proceedings, and will maintain, and will cause each Subsidiary to maintain, in accordance with GAAP, appropriate reserves for the accrual of any of the same or (ii) could not reasonably be expected to
      result in a Material Adverse Effect.

  

  

  SECTION 5.3 Maintenance of Property; Insurance. (a) Each Credit Party will keep, and will cause each Subsidiary to keep, all property useful and
      necessary in its business in good working order and condition, ordinary wear and tear excepted.

  

  

  (b)    Each Credit Party will, and will cause each Subsidiary to, maintain (either in the name of the Borrower or in its own name) with financially sound and responsible insurance companies, insurance on all their respective properties in at least
      such amounts, against at least such risks and with such risk retention as are usually maintained, insured against or retained, as the case may be, in the same general area by companies of established repute engaged in the same or a similar business
      and will furnish to the Banks, upon request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried.

  

  

  SECTION 5.4 Conduct of
        Business and Maintenance of Existence. Each Credit Party will continue, and will cause each Subsidiary to continue, to engage in business of the
      same general type as

  
    
      	 

      	
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  now conducted by such
      Credit Party, and will preserve, renew and keep in full force and effect, and will cause each Subsidiary to preserve, renew and keep in full force and effect their respective existence and their respective rights, privileges and franchises necessary
      or desirable in the normal conduct of business; provided, that nothing in this Section 5.4 shall prohibit (i) a merger, consolidation, sale, lease or other transfer that is otherwise permitted by Section 5.7 or (ii) the termination of the existence of any Subsidiary (including a Subsidiary that is a Guarantor) if the Borrower in good faith determines that such termination is in the best interest of the Borrower and is not materially disadvantageous to the Banks. For the avoidance of doubt, any Insured Subsidiary may convert its charter to another form of bank charter and may consummate any necessary transactions in connection therewith.

  

  

  SECTION 5.5 Compliance with Laws. Each Credit Party will comply, and cause each Subsidiary to comply, in all respects with all applicable laws,
      ordinances, rules, regulations, and requirements of governmental authorities (including, without limitation, Environmental Laws and ERISA and the rules and regulations thereunder) except (i) where the necessity of compliance therewith is contested in
      good faith by appropriate proceedings or (ii) to the extent that failure to comply therewith could not reasonably be expected to result in a Material Adverse Effect. The Borrower will maintain in effect policies and procedures designed to ensure
      compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, applicable AML Laws and applicable Sanctions.

  

  

  SECTION 5.6   Inspection of Property, Books and Records. The Credit Parties will keep, and will cause each Subsidiary to keep, proper books of
      record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities; and will permit, and will cause each Subsidiary to permit, representatives of any Bank, at such
      Bank’s expense, to visit and inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers and
      independent public accountants, all at such reasonable times and as often as may reasonably be desired.

  

  

  SECTION 5.7   Mergers and Sales of Assets.   The Credit Parties will not (x) consolidate or merge with or into any other Person or (y) sell, lease
      or otherwise transfer, directly or indirectly, any substantial part of the assets of any Credit Party and its Subsidiaries, taken as a whole, to any other Person; except that the following shall be permitted, but in the case of clauses (a)(ii), (a)(iii), (a)(iv) (if subject to the proviso therein),
      (c) and (d) below, only so long as no Default shall have occurred and be continuing both before and after giving effect thereto: (a)

  

  

  (a) (i) any
        Credit Party may merge with or sell or
          otherwise transfer assets tointo the Borrower or any Subsidiary, provided that (x) in the case of any merger involving the Borrower, the Borrower is the surviving entity of such merger any (y) in the case of any merger involving any Credit Party other than the Borrower, a Credit Party is the surviving entity of such merger, (ii) any Person may be merged with or into any Credit Party pursuant to an acquisition permitted by this Agreement (including Section 5.18), provided that such Credit Party is the surviving entity of such merger
          and, (iii) any Credit Party (other
        than the Borrower) may be merged with or into any Person pursuant to an acquisition permitted by Section 5.18, provided that if required by Section 5.20 the surviving entity becomes a Guarantor within the time period specified in Section 5.20 pursuant to documentation in compliance with Section
          5.20, (biv) any Credit Party may sell or otherwise transfer assets
            to the Borrower or any Subsidiary, provided that sales or other transfers of assets under this clause (iv) by a Credit Party to a Subsidiary that is not a Credit Party shall not exceed $50,000,000 in the aggregate, and (v) the Borrower and the other Credit Parties may complete any Spinco Formation Transfers;

  

  

  
    
      	 

      	
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        	(b)	
          the sale or other transfer of Securitization Assets, (c) ;

        

  

  

  	

        	(c)	
          assets sold and leased back in the normal course of the Borrower’s business, (d) ;

        

  

  

  (d) (i) sales, leases and other transfers of assets (other than a LoyaltyOne Divestiture); provided that, (A) in the case (and only the case) of any sale, lease or other transfer made in reliance on this Section 5.7clause (d)(i)
        for total consideration in excess of $50,000,000 (A1) such sale, lease or other transfer shall be made for fair
        market value (as determined by the Borrower in good faith) at the time of such sale, lease or other transfer (or if such sale, lease or other transfer is made pursuant to a legally binding commitment, at the time such commitment is entered into), (B2) no less than 75% of the total consideration received with respect to such sale, lease or other transfer shall
        be cash, Eligible Cash Equivalents and the assumption of liabilities, and (C3) the Net Cash Proceeds
        therefrom are applied as required by Section 2.11(d) and (iiB) the sale by the Credit Parties and their Subsidiaries of the Epsilon business pursuant to the transaction described in the Borrower’s SEC Form 8-K dated April 12, 2019 (filed April 15, 2019), with such deviations from such description as may be acceptable to the Administrative Agent in its
            reasonable discretion and not materially adverse to the Banks (the “Epsilon Transaction”); provided that (x) within three (3) Business Days after the consummation of the Epsilon Transaction, the
            Borrower shall prepay outstanding Revolving Loans and Term Loans in a principal amount of at least $500,000,000 (for the avoidance of doubt, measured against the outstanding Revolving Loan principal amount immediately prior to the consummation
            of the Epsilon Transaction), to be applied first to repay outstanding Revolving Loans and then to repay outstanding Term Loans and (y) within thirty-five (35) days after the consummation of the Epsilon Transaction, the Borrower shall redeem,
            repurchase or otherwise retire or discharge outstanding senior notes of the Borrower in an aggregate principal amount of at least the lesser of (i) $1,890,000,000 and (ii) the total outstanding principal amount of the Borrower’s senior notes
            (such redemption, repurchase, retirement or other discharge, the “Senior Note Redemption”), it being agreed that any failure to make any such payment, redemption, retirement or discharge required under clause (x) or (y) shall constitute an immediate Event of Default,aggregate amount of assets sold or otherwise transferred pursuant to this clause (d)(i) shall not exceed 15% of
            Consolidated Total Assets per fiscal year (determined as of the most recently ended fiscal quarter for which financial statements have been provided pursuant to
            Section 5.1(a) or (b), as applicable, immediately prior to entering into a legally binding commitment for such sale or other transfer), and (ii) any LoyaltyOne Divestiture; provided that the Net Cash Proceeds therefrom are applied as required
            by Section 2.11(d); and (e)

  

  

  (e) Restricted
        Payments that are not prohibited by Section 5.16 and Investments
            that are not prohibited by Section 5.18.

  

  

  SECTION 5.8 Use of Proceeds. The proceeds of the Loans made under this Agreement will be used by the Borrower to finance the general corporate and working capital needs of the Borrower and its Subsidiaries including, without limitation, the refinancing of
      existing indebtedness, the financing of Permitted AcquisitionsInvestments, payment of dividends and repurchases of Capital Stock of the
      Borrower. None of the proceeds of any Loan made hereunder will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any “margin stock” within the meaning of Regulation U if such use would
      violate Regulation U or Regulation X of the Board of Governors of the U.S. Federal Reserve SystemFRB, as in effect from time to time. The Borrower will not, directly
      or, to the Borrower’s knowledge, indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary, other Affiliate, joint venture partner or other Person, (A) in furtherance of an offer,
      payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or AML Laws, (B) for the purpose of funding, financing or facilitating any activities,
      business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or involving any goods

  
    
      	 

      	
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  originating in or with a Sanctioned Person or Sanctioned Country, or (C) in any manner that would
    result in the violation of any Sanctions by any Person (including any Person participating in the transactions contemplated hereunder, whether as underwriter, advisor, lender, investor or otherwise).

  

  

  SECTION 5.9 Negative Pledge. Neither a Credit Party nor any Subsidiary will create, assume or suffer to exist any Lien on any asset now owned or
      hereafter acquired by it, except:

  

  

  (a) Liens existing on the
        Effective Date and listed on Schedule 5.9
        hereto; provided that such Liens shall
        not apply to any other property or assets of such Credit Party or its Subsidiaries;

  

  

  (b) any Lien existing on any asset of any Person at the time such Person becomes a Subsidiary and not
      created in contemplation of such event, so long as such Lien does not attach to any other asset of such Subsidiary;

  

  

  (c) any Lien on any asset securing Debt
        incurred or assumed for the purpose of financing all or any part of the cost of acquiring such asset, provided that such Lien attaches only to such asset acquired and attaches concurrently with or within ninety (90) days after the acquisition thereof;

  

  

  (d) any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or
      into a Credit Party or its Subsidiary and not created in contemplation of such event, so long as such Lien does not attach to any other asset of such Credit Party or its Subsidiaries;

  

  

  (e) any Lien existing on any asset prior to the acquisition thereof by a Credit Party or a Subsidiary and not created in
      contemplation of such acquisition;

  

  

  (f) any Lien arising out
        of the amendment, modification, restatement, renewal, refunding, replacement, extension or refinancing of any Debt secured by any Lien permitted by any of the other clauses of this Section, provided that the amount of such Debt is not increased (except as permitted by another clause of
        this Section 5.9) and is not secured by
        any additional assets;

  

  

  (g) Liens arising in the ordinary course of its business which (i) do not secure Debt or Derivatives Obligations, (ii) do
      not secure any obligation in an amount exceeding U.S. $5,000,000 and (iii) do not in the aggregate materially detract from the value of the assets secured or materially impair the use thereof in the operation of such Credit Party or Subsidiary’s
      business;

  

  

  	

        	(h)	
          Liens arising in connection with Qualified Securitization Transactions;

        

  

  

  	

        	(i)	
          Liens securing Debt permitted under Section 5.14(d) hereof;

        

  

  

  (j) Liens incurred or
        deposits or pledges (1) made in the ordinary course of business (i) in connection with workers’ compensation, unemployment insurance and other types of social security, (ii) to secure the payment or performance of tenders, statutory or regulatory
        obligations, bids, leases, contracts (including contracts to provide customer care services, billing services, transaction processing services and other services), performance and return of money bonds and other similar obligations, including
        letters of credit and bank guarantees required or requested by the United States, any State thereof or any foreign government or any subdivision, department, agency, organization or instrumentality of any of the foregoing in connection with any
        contract or statute (exclusive of obligations for the payment of borrowed money), or (iii) to cover anticipated costs of future redemptions of awards under loyalty marketing programs; (2) required or requested by any regulatory authority having
        jurisdiction over any Insured Subsidiary in favor of any such regulatory authority or its nominee or made to comply or maintain compliance with Section

          5.15 or any plan, memorandum or agreement with, or any

  

  

  
    
      	 

      	
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  order, request or directive from, any such regulatory authority; or (3) made to secure obligations under
    or in connection with Cash Management Arrangements in the ordinary course of business;

  

  

  	

        	(k)	
          Liens securing the Obligations;

        

  

  

  (l) Liens on assets of Brand
        Loyalty and its Subsidiaries securing Debt permitted under Section 5.14(i) (but not at any
            time after the initial LoyaltyOne Divestiture if Brand Loyalty is included in the LoyaltyOne Divestiture); and

  

  

  (m) Liens not otherwise
        permitted by the foregoing clauses of this Section 5.9 securing Debt or other obligations in an aggregate principal or face amount at any date not to exceed $250,000,000; and

  

  

  	

        	(n)	
          Liens on Spinco Assets securing any
                Spinco Debt.

        

  

  

  In each case set forth above, notwithstanding any stated limitation on the assets
    or property that may be subject to such Lien, a permitted Lien on a specified asset or property or group or type of assets or property may include Liens on all improvements, additions and accessions thereto, assets and property affixed or appurtenant
    thereto, and all products and proceeds thereof, including dividends, distributions, interest and increases in respect thereof.

  

  

  SECTION 5.10 End of Fiscal Years and Fiscal Quarters.   The Borrower shall cause its fiscal year, and shall cause each of its Subsidiaries’ fiscal years, to end on December 31 and shall cause its and each of its Subsidiaries’ fiscal quarters to coincide with calendar
      quarters.

  

  

  SECTION 5.11 Total Leverage Ratio. TheAt all times prior to the initial LoyaltyOne Divestiture, the Borrower shall not permit its Total Leverage Ratio for any period of four consecutive fiscal quarters, as determined for such four quarter period ending on the last day of any fiscal quarter, to exceed the applicable ratio set forth
      below for the applicable period ending on the date set forth below:

  

  

  	
          Periods Ending

        	
          Maximum Total Leverage Ratio

        
	
          September 30, 2020 and December 31, 2020

        	
          3.50 to 1.00

        
	
          March 31, 2021 through and including

          December 31, 2021

        	
          4.50 to 1.00

        
	
          March 31, 2022 and June 30, 2022

        	
          4.00 to 1.00

        
	
          September 30, 2022 and thereafter

        	
          3.50 to 1.00

        

  

  

  SECTION 5.12 Interest Coverage Ratio. TheAt all times prior to the initial LoyaltyOne Divestiture, the Borrower will not permit its Interest Coverage Ratio for any period of four consecutive fiscal quarters, as determined for such four quarter period ending on the last day of any fiscal quarter, to be less than
      the applicable ratio set forth below for the applicable period ending on the date set forth below:

  

  

  	
          Periods Ending

        	
          Minimum Interest Coverage Ratio

        
	
          September 30, 2020 and December 31, 2020

        	
          4.50 to 1.00

        
	
          March 31, 2021 through and including

          December 31, 2021

        	
          4.00 to 1.00

        
	
          March 31, 2022 and June 30, 2022

        	
          4.25 to 1.00

        
	
          September 30, 2022 and thereafter

        	
          4.50 to 1.00

        

  
    
      	 

      	
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  SECTION 5.13 Delinquency Ratio. The Borrower shall not permit the average of the Delinquency Ratios for Comenity Bank and Comenity Capital Bank, in the aggregate, for the most recently ended three consecutive calendar months ending on the last day of any fiscal quarter to exceed the applicable ratio set forth below for the applicable period ending on the date set forth below:

  

  

  	
          Periods Ending

        	
          Maximum Delinquency Ratio

        
	
          September 30, 2020 and December 31, 2020

        	
          4.50%

        
	
          March 31, 2021 through and including

          December 31, 2021

        	
          6.50%

        
	
          March 31, 2022 and June 30, 2022

        	
          5.50%

        
	
          September 30, 2022 and thereafter

        	
          4.50%

        

  

  

  SECTION

      5.13A Minimum Consolidated Tangible Net Worth. At all times following the first occurrence of a Triggering Eventinitial LoyaltyOne Divestiture, the Borrower will not permit
      Consolidated Tangible Net Worth to be less than the sum of (a) 70% of Consolidated Tangible Net Worth as of the end of the fiscal quarter ended immediately prior to such Triggering EventLoyaltyOne Divestiture for which financial
      statements have been provided pursuant to Section 5.1(a) or (b), as applicable (the “Measurement FQ”), calculated after giving pro forma effect to the sale, lease or other transfer that gave rise to such Triggering Eventsuch LoyaltyOne Divestiture as if such transactionLoyaltyOne Divestiture had occurred on the first day of the four fiscal quarter period described in clause (b) of the definition of “Triggering Event”ended on the last day of the
          Measurement FQ, plus (b) 50% of cumulative net income of the Borrower and its Consolidated Subsidiaries determined in accordance with GAAP for each fiscal quarter commencing with the first fiscal quarter most recently ended subsequent to the fiscal
        quarter during which such Triggering Event occurredMeasurement FQ (excluding any fiscal quarter in which net income of the Borrower and its Consolidated Subsidiaries is negative), plus (c) 50% of the aggregate net cash proceeds received by the Borrower in consideration for the issuance of Capital Stock of the
      Borrower (other than issuances to (i) any Subsidiary or (ii) any current or former director, officer or employee, or estate, heir or family member thereof, or otherwise in connection with an employee benefit plan or similar arrangement) on or after such Triggering Eventthe end of the Measurement FQ.

  

  

  SECTION 5.13B CET1 Ratio. At all times following the initial LoyaltyOne Divestiture, each Insured
        Subsidiary will not permit the CET1 Ratio to be less than (a) at all times there are Term Loans outstanding, 11% and (b) at all times there are no Term Loans outstanding, 10%.

  

  

  SECTION 5.14 Debt Limitation.  The Borrower shall not, and shall not permit any of its Subsidiaries, whether now existing or created in the future, to create or incur any Debt other than:

  

  

  (a) any Debt created or
        incurred by the Borrower or such Subsidiary on or before the Seventh Amendment Effective Date and extensions, renewals, refinancings, refundings and replacements thereof, provided that, except to the extent otherwise permitted under another clause of this Section 5.14, the amount of such Debt is not increased at the time of such extension, renewal, refinancing, refunding or
        replacement other than by an amount equal to the sum of accrued interest on the Debt being extended, renewed, refinanced, refunded or replaced, any prepayment premiums thereon and all fees, costs, expenses and original issue discount associated
        with such transaction;

  

  

  	

        	(b)	
          any Debt owed to the Borrower or a Subsidiary by the Borrower or a Subsidiary;

        

  

  

  
    
      	 

      	
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  (c) issuances by Insured Subsidiaries of
        deposits, certificates of deposit and other items to the extent no Default results therefrom pursuant to the other covenants contained in this Article
          5;

  

  

  (d) obligations of the Borrower or its Subsidiaries as lessee in respect of Capital Leases and Guaranties
      thereof;

  

  

  (e) loans and letter of credit reimbursement obligations outstanding from time to time under this Agreement;

  

  

  (f) Debt incurred by the Borrower and its Subsidiaries in the nature of a purchase price adjustment in
      connection with a Permitted Acquisition;

  

  

  (g) Debt of any Person
        that is acquired by the Borrower or any Subsidiary and becomes a Subsidiary or is merged with or into the Borrower or any Subsidiary after the Effective Date and Debt secured by an asset acquired by the Borrower or any Subsidiary after the
        Effective Date, and, in each case, refinancings, renewals, extensions, refundings and replacements thereof in a principal amount   not to exceed the aggregate principal amount of such Debt then outstanding plus the amount of accrued and unpaid
        interest on such Debt, and, in each case, Debt incurred after such acquisition pursuant to any unexpired unfunded commitments that existed at the time of such acquisition, if (A) such original Debt or commitment was in existence on the date such
        Person became a Subsidiary or merged with or into the Borrower or any Subsidiary or on the date that such asset was acquired, as the case may be, (B) such original Debt or commitment was not created in contemplation of such Person becoming a
        Subsidiary or merging with or into the Borrower or any Subsidiary or such asset being acquired, as the case may be, and (C) immediately after giving effect pro forma to the acquisition of such Person or asset by the Borrower or any Subsidiary, as
        the case may be, no Default or Event of Default shall have occurred and be continuing, including, without limitation, under Section 5.18 of this Agreement;

  

  

  (h) Debt of the Borrower and its Subsidiaries
        in ana principal amount such that,not to exceed $1,000,000,000 (which shall be increased to $1,500,000,000 following the repayment of the Term Loans in full) in the aggregate at any one time outstanding, so long as immediately after giving pro forma effect thereto and to the use of proceeds thereof (including as contemplated by Section 5.18), the Borrower shall
          be in compliance with the covenants set forth in Sections 5.11 and 5.12 of this Agreement, no Default or Event of Default shall have occurred and be
            continuing; provided that any such Debt
        that matures earlier than 180 days after the latest of the Maturity Date and any Extended Maturity Date in effect as of the time when such Debt under this clause (h) is incurred (and, in the case of amortizing Debt, fixed installments thereof that
        mature earlier than such date) shall not exceed $250,000,000 in the aggregate at any one time outstanding;

  

  

  (i) Debt of Brand Loyalty and its
        Subsidiaries in a principal amount not to exceed €315,000,000 in the aggregate at any one time outstanding (but not at any time after the initial LoyaltyOne
            Divestiture if Brand Loyalty is included in the LoyaltyOne Divestiture);

  

  

  (j) Debt of Foreign Subsidiaries in a principal
        amount not to exceed $175,000,000 in the aggregate at any one time outstanding and Guaranties by the Borrower and its Subsidiaries of such Debt; and

  

  

  (k) Debt of the Borrower and
        its Subsidiaries in the form of earn-out obligations, purchase price adjustments, deferred compensation and similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital
        Stock of a Subsidiary otherwise permitted under this Agreement;

  

  

  
    
      	 

      

      

    

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        	(l)	
          Spinco Debt; and

        

  

  

  (m) Debt of the Borrower and its Subsidiaries in respect of Derivatives Obligations incurred in the ordinary course of business and not for speculative purposes.

  

  

  For

      purposes of determining compliance with this Section 5.14, in the event that an item of Debt or any portion thereof meets the criteria of more than one of the exceptions described above
        (other than clause (h) above), the Borrower, in its sole discretion, may classify, and from time to time may reclassify, all or any portion of such item of Debt between or among such
      exceptions in any manner such that the item of Debt would be permitted to be created or incurred at the time of such classification or reclassification, as applicable.

  

  

  SECTION 5.15 Capitalization and Ownership of Insured Subsidiaries.

  

  

  (a) The Borrower shall, at all times, cause all
      Insured Subsidiaries to be “well capitalized” within the meaning of U.S. 12 C.F.R. 208.43(b)(1) or any successor regulation and such Insured Subsidiaries at no time be reclassified by any relevant agency as anything other than “well capitalized.”

  

       

   
  (b) The Borrower shall, at all times, cause Comenity Bank and Comenity Capital Bank (or such bank’s
            successor following a charter conversion) to remain Wholly-Owned Subsidiaries of the Borrower, except that, if Comenity Capital Bank transfers all of its assets
            (other than its bank charter and de minimis assets) to
            Comenity Bank, the Borrower and its Subsidiaries may sell or otherwise transfer the bank charter and remaining assets of Comenity Capital Bank if (i) such
            transaction complies with the requirements of Section 5.7(d)(i) as if such transaction were a sale by a Credit Party and (ii) the Net Cash Proceeds therefrom are applied as required by Section 2.11(d).

  

  

  
    
      

      

    

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  SECTION 5.16 Restricted Payments; Required
        Dividends.

  

  

  (a) Neither the Borrower nor any of its Subsidiaries will declare or make any Restricted Payment unless, immediately prior to and after giving effect thereto, no Default or Event of Default exists, other
        than: (i) the declaration and payment of Restricted Payments made in accordance with the terms of Section
          5.16(b) below, (ii) the declaration and payment of Restricted Payments made to the Borrower or any other Credit Party and, (iii) the declaration and payment of Restricted Payments made by a Wholly-Owned Subsidiary that is not a Credit Party (other than any Insured Subsidiary) to anothera Wholly-Owned

        Subsidiary that is not a Credit Party, (iv) Spinco Formation Transfers, (v) any LoyaltyOne Divestiture (provided that the Net Cash Proceeds therefrom are applied as
            required by Section 2.11(d)), (vi) Restricted Payments occurring or deemed to
            occur (A) upon the non-cash acquisition or exercise of stock options, warrants
            or other equity-based compensation or (B) in connection with the payment of taxes payable on account of such acquisition or exercise, and (vii) so long no Default or Event of Default is continuing or would result therefrom, the declaration and payment of Restricted Payments in an aggregate amount not to exceed (A) $100,000,000 per fiscal year at all times there are outstanding Term Loans with a principal amount in excess of $200,000,000 and (B) $200,000,000 per fiscal year at all other
            times; provided that any unused portion of such basket under this clause (vii) may be (x) carried forward to subsequent fiscal years (such cumulative amount that is carried forward, the “Carry Forward Amount”) and (y) utilized for purposes of making Restricted Payments and/or Investments pursuant to Section 5.18(h). Notwithstanding anything herein to the contrary, a Default or Event of Default will not prohibit the payment of any Restricted Payment pursuant
            to clause (vii) above within 65 days after the date of declaration thereof (or
            the giving of irrevocable notice thereof, as applicable), if at the date of
            declaration or the giving of such notice such payment would have complied with
            the provisions of this Agreement.

   
  

  

  (b) Subject to Section 5.15, the Borrower shall cause each Domestic Subsidiary (to the extent permitted under any applicable law, rule or regulation, judgment, injunction, order, directive, request or decree of any governmental authority or any memorandum or
        agreement with any federal, state or other regulatory agency) to take all such necessary corporate actions to declare cash dividends, payable to the shareholder of such Subsidiary, in an aggregate amount, if any, equal to all amounts that are then
        due and owing and remain outstanding after the date of payment therefor pursuant to the terms of this Agreement.

  

  

  SECTION 5.17 Change of Business. The Borrower will not, and will not permit any of its Subsidiaries to, materially alter the character of the business of the Borrower and its Subsidiaries, taken as a whole, from that conducted on the, or
          contemplated by the Borrower’s public announcements as of,
          the Seventh Amendment Effective Date.

  

  

  SECTION 5.18 Permitted AcquisitionsInvestments. The Borrower will not, and will not
      permit any of its Subsidiaries to, make any Acquisition unlessInvestment other than:

  

  

  	

        	(a)	
          Investments existing on the Seventh Amendment Effective Date;

        

  

  

  (b) Investments (i) by the Borrower or any Subsidiary in any Credit Party, (ii) by a Wholly-Owned
            Subsidiary that is not a Credit Party (other than any Insured Subsidiary) in another Wholly-Owned Subsidiary that is not a Credit Party, (iii) by the Borrower
            or any Subsidiary in any Insured Subsidiary to the extent reasonably necessary for such Insured Subsidiary to maintain compliance with all applicable Bank Regulatory Requirements and all applicable agreements, including this Agreement,
            (iv) consisting of Spinco Formation Transfers and (v) in addition to Investments permitted by

  

  

  
    
      

      

    

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  other
        clauses (i) through (iv) above, by any Credit Party in any Wholly-Owned Subsidiary that is not a Credit Party in an aggregate outstanding amount not to exceed
        $50,000,000;

  

  

  (c) (a) Acquisitions; provided that (i) the Borrower and its Subsidiaries shall be in compliance with all provisions of this Agreement, including all financial covenants, both before and after giving
        effect thereto, with such financial covenants to be calculated on a pro forma
        basis as if such Acquisition had been consummated on the first day of the then most recently ended period of four consecutive fiscal quarters and giving effect to (x) the actual historical financial performance (including Consolidated Operating
        EBITDA) of such acquired entity or assets and (y) identifiable cost savings associated with such acquired entities or assets as reasonably approved by the Administrative Agent; and (b), (ii) no Event of Default shall be continuing or would result therefrom, (iii) except for Acquisitions with consideration consisting of
            only Capital Stock of the Borrower, the Borrower shall have pro forma
            unrestricted cash and Eligible Cash Equivalents minus the aggregate principal amount of outstanding Revolving Loans and Swing Loans of not less than $200,000,000, (iv) such Acquisition is not a Hostile Acquisition and (v) the Required Banks have approved in writing any Acquisition with aggregate cash consideration in excess of $200,000,000;

   
  

  

  	

        	(d)	
          Investments in cash and Eligible Cash Equivalents;

        

  

  

  	

        	(e)	
          Guaranties permitted pursuant to Section 5.14;

        

  

  

    
  	

        	(f)	
          purchases of assets in the ordinary course of business;

           

   
  (g) acquisitions of Securitization Assets, directly or indirectly through the Acquisition of a Person owning Securitization Assets;

  

  

  (h) receivables owing to the Borrower or any of its Subsidiaries and advances to and deposits with customers and
            suppliers, in each case if created, acquired or made in the ordinary course of business;

  

  

  (i) Investments received in compromise or resolution of obligations of trade creditors, suppliers or customers that were acquired
            in the ordinary course of business of the Borrower or any of its Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor, supplier or customer, or received in compromise or resolution of litigation, arbitration or other disputes;

  

  

  (j)   payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business;

  

  

  (k) Investments received as consideration in connection with a sale, lease or other transfer of assets permitted under Section 5.7(d)(i);

  

  

  	

        	(l)	
          direct or indirect Investments by any Insured Subsidiary in any other Insured Subsidiary;

        

  

  

  (m) Investments by Insured Subsidiaries that are necessary or advisable to comply with applicable Bank Regulatory Requirements;

  

  

  	

        	(n)	
          Derivatives Obligations incurred in the ordinary course of business; and

        

  

  

  	

        	(o)	
          Investments utilizing the unused portion of the Carry Forward Amount.

        

  
    
      

      

    

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  For purposes of determining the amount of any Investment outstanding for purposes of this Section 5.18, such amount shall be deemed to be the amount of such Investment when made, purchased or acquired (without adjustment for subsequent increases or decreases in the value of such Investment) less any amount realized in respect of such Investment upon the sale, collection or return of capital (not to exceed the original amount invested).

  

  

  SECTION 5.19 No Restrictions. Except as provided herein, the Borrower will not, and will not permit any Subsidiary to, directly or
      indirectly create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Insured Subsidiary to: (a) pay dividends or make any other distribution on any Subsidiary’s
      Capital Stock or other equity interests owned by the Borrower or any other Subsidiary, (b) pay any indebtedness owed to the Borrower or any other Subsidiary, (c) make loans or advances to the Borrower or any other Subsidiary or (d) sell, lease or
      transfer any of its property or assets to the Borrower or any other Subsidiary, except encumbrances and restrictions of the types described below:

  

  

  (i) encumbrances and restrictions contained in this Agreement and the other Credit Documents;

  

  

  (ii) customary supermajority voting provisions and other customary provisions with respect to the
      disposition or distribution of assets, each contained in corporate charters, bylaws, stockholders’ agreements, limited liability company agreements, partnership agreements, joint venture agreements and other similar agreements;

  

  

  (iii) encumbrances and restrictions required by laws, rules and regulations relating to Insured Subsidiaries
      or any plan, memorandum or agreement with, or any order, request or directive from, or by, any regulatory authority having jurisdiction over such Insured Subsidiary or any of their businesses;

  

  

  (iv) customary restrictions in agreements governing Liens permitted under Section 5.9 provided that such restrictions relate solely to the property subject to such Lien;

  

  

  (v) encumbrances and restrictions contained in any merger agreement or any agreement for the sale or
      other disposition of an asset, including, without limitation, the Capital Stock or other equity interest of a Subsidiary, provided, that such restriction is
      limited to the asset that is the subject of such agreement for sale or disposition and such disposition is made in compliance with Section 5.7;

  

  

  (vi) encumbrances and restrictions contained in contracts (other than relating to Debt)
      entered into in the ordinary course of business that do not, in the aggregate, detract from the value of the property or assets of the Borrower or any Subsidiary in any material manner (including, without limitation, non-assignment provisions in
      leases and licenses);

  

  

  (vii) encumbrances and restrictions contained in agreements governing Debt permitted under Section 5.14;

  

  

  (viii) any encumbrance or restriction contained in any agreement, instrument or Capital Stock or other equity
      interest of a Person, or with respect to any property or asset, acquired after the Effective Date (including by merger or consolidation) as in effect at the time of such acquisition (except to the extent such agreement, instrument or Capital Stock
      was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is

  

  

  
    
      

      

    

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  not applicable to any Person, or any property or assets, as applicable, other than the Person, or the
    property or assets so acquired;

  

  

  (ix) any encumbrance or restriction contained in any agreement, instrument or Capital
      Stock or other equity interest of a Qualified Securitization Entity, or with respect to any Securitization Assets, which encumbrance or restriction is not applicable to any Person, or any assets, as applicable, other than such Qualified
      Securitization Entity or such Securitization Assets;

  

  

  (x) encumbrances and restrictions contained in customary lock-up agreements entered into in connection
      with a proposed sale or issuance of Capital Stock or other equity interest;

  

  

  (xi) customary encumbrances and restrictions contained in swap contracts and Derivative Obligations;

  

  

  (xii) encumbrances and restrictions arising out of Preferred Interests relating to the payment of dividends and distributions
      with respect to other Capital Stock; and

  

  

  (xiii) encumbrances and restrictions contained in any agreement or instrument, Capital Stock or other equity
      interest that amends, modifies, restates, renews, increases, supplements, refunds, replaces, extends or refinances any agreement, instrument or Capital Stock or equity interest described in clauses (i)-(xii) of this Section, from time to time, in
      whole or in part, provided that the encumbrances or restrictions set forth therein are not more restrictive than those contained in the predecessor agreement,
      instrument or Capital Stock or other equity interest.

  

  

  SECTION 5.20 Guarantors. The Borrower will (a) cause each Material Domestic Subsidiary to execute this Agreement as a Guarantor (and from
      and after the Effective Date cause each Material Domestic Subsidiary to execute and deliver to the Administrative Agent, as promptly as possible, but in any event within thirty (30) days after becoming a Material Domestic Subsidiary of the Borrower
      (or, in the case of any Subsidiary acquired or created in connection with a Permitted Acquisition, within ninety (90) days after becoming a Material Domestic Subsidiary of the Borrower), an executed Guarantor Supplement to become a Guarantor
      hereunder (whereupon such Subsidiary shall become a “Guarantor” under this Agreement)), and (b) deliver and cause each such Subsidiary to deliver customary resolutions, opinions of counsel, and such other customary documentation as the Administrative
      Agent may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent; provided, however, that upon the Borrower’s written request
      of and certification to the Administrative Agent that a Subsidiary is no longer a Material Domestic Subsidiary, the Administrative Agent shall release such Subsidiary from its duties and obligations hereunder and under its Guarantor Supplement; provided, further, that if such Subsidiary subsequently qualifies as a Material Domestic Subsidiary, it shall be required to re-execute the Guarantor Supplement and re-deliver such
      resolutions, opinions of counsel, and such other customary documentation as the Administrative Agent may reasonably request. Notwithstanding the foregoing, the provisions of this Section 5.20 shall not be applicable with respect to Insured Subsidiaries, Qualified Securitization Entities and
      Subsidiaries of Foreign Subsidiaries, Insured Subsidiaries and Qualified Securitization Entities. In addition to the Subsidiaries that are required to become Guarantors pursuant to the foregoing, the Borrower may, at its sole election at any time and
      from time to time, cause any other Subsidiary to become a Guarantor (an “Elective Guarantor”) by executing and delivering to the Administrative Agent an executed Guarantor Supplement, together with customary resolutions, opinions of counsel and such other customary documentation
      as the Administrative Agent may reasonably request.  The Borrower may cause any Subsidiary that becomes aElective Guarantor

  

  

  
    
      

      

    

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  pursuant to the
        preceding sentence that has not since
      become a Material Domestic Subsidiary to cease being a Guarantor at any time by notice to the Administrative Agent.

  

  

  In connection with the Seventh Amendment, Lon Inc. and Lon
      Operations LLC have been added as Elective Guarantors. Such entities shall not be subject to the release provision in the final sentence of the prior paragraph, but
      shall be subject to the release/reinstatement provisions applicable to Material Domestic Subsidiaries set forth above and the release provisions in Section 9.1(d) (to the
        extent not inconsistent with this sentence). The Borrower agrees that, if the LoyaltyOne Divestiture is no longer contemplated or anticipated to occur (as determined by the Borrower in good faith), the Borrower will cause Spinco to become an
        Elective Guarantor within 30 days of such determination. If Spinco becomes a Guarantor, Spinco shall not be subject to the release provision in the final sentence
        of the prior paragraph, but shall be subject to the release/reinstatement provisions applicable to Material Domestic Subsidiaries set forth above and the release provisions in Section 9.1(d) (to the extent not inconsistent with this
        sentence).

  

  

  SECTION 5.21 Government Regulation. The Borrower will not, and will not permit any of its Subsidiaries to, (a) be or become specifically targeted
      at any time by any law, regulation or list of any Governmental Authority of the United States (including, without limitation, the lists identifying Sanctioned Persons) that prohibits or limits the Banks, any Letter of Credit Issuer or the
      Administrative Agent from making any advance or extension of credit to the Borrower or from otherwise conducting business with the Credit Parties, or (b) fail to provide documentary and other evidence of the identity of the Credit Parties as may be
      reasonably requested by the Banks or the Administrative Agent at any time to enable the Banks or the Administrative Agent to verify the identity of the Credit Parties or to comply with any applicable law or regulation, including, without limitation,
      AML Laws.

  

  

  SECTION 5.22 Limitation on Negative Pledge Clauses. Neither any Credit Party nor any Subsidiary shall enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of such Credit Party or Subsidiary to create, incur, assume
      or suffer to exist any Lien upon any of its assets or revenues, whether now owned or hereafter acquired, to secure the Obligations, other than (a) this Agreement and the other Credit Documents, (b) any agreement governing any Liens not prohibited by
    Section 5.9 (provided that, in each case under this clause (b), other than with respect
      to Section 5.9(k), any prohibition or
      limitation contained therein relates only to the asset or assets subject to such Lien permitted thereby), (c) any agreement in existence on the Effective Date, including, without limitation, the indentures dated as of March 29, 2012, November 20,
      2012, July 29, 2014, November 19, 2015, October 27, 2016, and March 14, 2017, with the Borrower, as issuer, and in each case the supplemental indentures thereto in existence on the Effective Date, (d) any agreement with respect to customary
      supermajority voting provisions and other customary provisions with respect to the disposition or distribution of assets, each contained in corporate charters, bylaws, stockholders’ agreements, limited liability company agreements, partnership
      agreements, joint venture agreements and other similar agreements, (e) any agreement with any Governmental Authority, (f) any merger agreement or any agreement for the sale or other disposition of an asset, including the Capital Stock or other
      securities or obligations of a Subsidiary, if such disposition is made in compliance with this Agreement, including Section 5.7 of this Agreement, (g) any agreements (other than relating to Debt) entered into in the ordinary course of business that do not, in the aggregate, detract from
      the value of the property or assets of the Borrower or any Subsidiary in any material manner (including non-assignment provisions in leases and licenses), (h) any agreement governing Debt that does not have an Investment Grade Rating at the time of
      incurrence of such Debt if the negative pledge prohibitions and limitations in such agreement are not more restrictive in any material respect than the negative pledge prohibitions and limitations contained in this Agreement, (i) any agreement
      governing Debt that has an Investment Grade Rating at the time of incurrence of such Debt, (j) any agreement of a Person, or with respect to any property or asset, acquired after the Effective Date (including by merger or consolidation) as in effect
      at the time of

  
    
      

      

    

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  such acquisition (except to the extent such agreement was incurred in connection with or in
    contemplation of such acquisition), if the negative pledge prohibitions and limitations in such agreement are not applicable to any Person, or any property or assets, as applicable, other than the Person, or the property or assets, so acquired, (k) any
    agreement of a Qualified Securitization Entity, or with respect to any Securitization Assets, if the negative pledge prohibitions and limitations in such agreement are not applicable to any Person, or any assets, as applicable, other than such
    Qualified Securitization Entity or such Securitization Assets, (l) any agreement prohibiting or limiting the ability of a Foreign Subsidiary, Insured Subsidiary, Qualified Securitization Entity or a Subsidiary of a Foreign Subsidiary, Insured
    Subsidiary or Qualified Securitization Entity to create, incur, assume or suffer to exist Liens on its assets to secure the Obligations, (m) any agreement imposed by a customer or supplier in the ordinary course of business restricting cash or other
    deposits or net worth of a Credit Party or Subsidiary, (n) any agreement governing any Derivatives Obligations that constitute Obligations if (1) such agreement requires such Derivatives Obligations to be equally and ratably secured with obligations
    for borrowed money under this Agreement or any other Credit Document, or (2) a termination event or termination right under such agreement would exist if such Derivatives Obligations are not equally and ratably secured with obligations for borrowed
    money under this Agreement or any other Credit Document, and (o) any agreement that amends, modifies, restates, renews, increases, supplements, refunds, replaces, extends or refinances any agreement described in this Section 5.22 from time to time, in whole or in part, if the negative pledge prohibitions and limitations in such agreement are not materially more restrictive, taken as a whole, than the
    negative pledge prohibitions and limitations in the agreement so amended, modified, restated, renewed, increased, supplemented, refunded, replaced, extended or refinanced.

  

  

  In each case set forth above, notwithstanding any stated limitation on the assets or property that
    may be subject to such prohibition or limitation, any such prohibition or limitation with respect to a specified asset or property or group or type of assets or property may also apply to all improvements, additions and accessions thereto, assets and
    property affixed or appurtenant thereto, and all products and proceeds thereof, including dividends, distributions, interest and increases in respect thereof.

  

  

  ARTICLE 6

  

  

  DEFAULTS

  

  

  SECTION 6.1 Events of Default. If one or more of the following events (“Events of Default”) shall have occurred and be continuing:

  

  

  (a) the Borrower shall fail (i) to pay when due any principal of any Loan or Unpaid Drawing or (ii) to pay
      within five (5) Business Days from the date due any interest, any fees or any other amount payable hereunder;

  

  

  (b) any Credit Party shall fail to observe or perform any covenant contained in Article 5 (other than those contained in Sections 5.1 through 5.3 inclusive, Section 5.5, Section

          5.6 and Section 5.16(b));

  

  

  (c) any Credit Party shall fail to observe or perform any covenant or agreement contained in this
      Agreement (other than those covered by clause (a) or (b) above) for thirty (30) days after notice thereof has been given to the applicable Credit Party by the Administrative Agent at the request of the Required Banks;

  

  

  
    
      

      

    

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  (d) any representation, warranty, certification or statement made by any Credit Party in any Credit
      Document or in any certificate, financial statement or other document delivered pursuant to this Agreement shall prove to have been incorrect in any material respect when made (or deemed made);

  

  

  (e) any Credit Party or any Subsidiary of any of them shall fail to make any payment or payments, individually or in the
      aggregate, of at least $150,000,000 in respect of any Material Financial Obligations when due or within any applicable grace period;

  

  

  (f) any event or condition shall occur which results in the acceleration of the maturity of any Material
      Financial Obligation of any Credit Party or any Subsidiary of a Credit Party or enables (or, with the giving of notice or lapse of time or both, would enable) the holder of such Material Financial Obligation or any Person acting on such holder’s
      behalf to accelerate the maturity thereof;

  

  

  (g) (i) any
        Credit Party, any Domestic Subsidiary or any Material Subsidiary of any of them shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy,
        insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver (which for the purposes hereof include a receiver and manager or an interim receiver), liquidator, custodian, examiner or other similar
        official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of, or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general
        assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authorize any of the foregoing or (ii) any Insured Subsidiary that is a Material Subsidiary shall (x) cease to be a federally insured depositary institution (or
        the Canadian equivalent thereof), or a cease and desist order which is material and adverse to the conduct of such Insured Subsidiary’s business or assets shall be issued against the Borrower or any such Insured Subsidiary pursuant to applicable
        federal, state or other law applicable to banks or thrifts or (y) fail to comply with any formal order of any Bank Regulatory Authority acting pursuant to its lawful
            authority to impose such an order on such Insured Subsidiary, the failure to
            comply with such order would reasonably be expected to have a Material Adverse Effect;

  

  

  (h) an involuntary case or other proceeding shall be commenced against any Credit Party, any Domestic
      Subsidiary or any Material Subsidiary of any of them seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a
      trustee, receiver, liquidator, custodian, examiner or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of sixty (60) days; or an
      order for relief shall be entered against any Credit Party, any Domestic Subsidiary or any Material Subsidiary of any of them under the federal bankruptcy laws as now or hereafter in effect;

  

  

  (i) any member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess
      of U.S. $150,000,000 which it shall have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the ERISA Group, any plan administrator or any combination
      of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer any Material
      Plan; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal from, or a default, within the meaning of
      Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of U.S. $150,000,000;

  

  

  
    
      

      

    

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  (j) judgments or orders for the payment of money aggregating in excess of U.S. $150,000,000 (in excess of amounts covered
      by independent third-party insurance as to which the insurer has been notified of such judgment or order and does not deny coverage) shall be rendered against the Borrower or any of its Subsidiaries and such judgments or orders shall continue
      unsatisfied and unstayed for a period of thirty (30) days;

  

  

  	

        	(k)	
          a Change of Control shall occur; or

        

  

  

  (l) any Guarantor shall revoke its guaranty provided for in Article 9 of this Agreement or assert that its guaranty provided for in Article 9 of this Agreement is
      unenforceable or otherwise invalid except as permitted hereunder;

  

  

  then, and in every such event, the Administrative Agent shall (i) if requested by the Required
    Banks, by notice to the Borrower terminate the Commitments and they shall thereupon terminate, (ii) if requested by the Required Banks, by notice to the Borrower declare the Loans (together with accrued interest thereon and any accrued but unpaid
    commitment fee) to be, and the Loans shall thereupon become, immediately due and payable without presentment, demand, notice of acceleration, notice of intent to accelerate, protest or other notice of any kind, all of which are hereby waived by the
    Borrower; provided, that in the case of any of the Events of Default specified in clause

        6.1(g) or 6.1(h) above with respect to the Borrower, without any notice to the Borrower or any other act by the Administrative Agent or the
    Banks, the Commitments shall thereupon terminate and the Loans (together with accrued interest thereon and any accrued but unpaid commitment fee) shall become immediately due and payable without presentment, demand, notice of acceleration, notice of
    intent to accelerate, protest or other notice of any kind, all of which are hereby waived by the Borrower and (iii) if requested by the Required Banks: (x) terminate any Letter of Credit which may be terminated in accordance with its terms; (y) direct
    the Borrower to deposit (and the Borrower hereby agrees upon receipt of such notice, or upon the occurrence of any Event of Default specified in clauses 6.1(g)
    and 6.1(h) in respect of the Borrower, it will deposit) with the Administrative Agent, at its Payment Office, Cash Collateral in respect of Letters of Credit
    then outstanding equal to the aggregate Stated Amount of all Letters of Credit then outstanding; and (z) apply any Cash Collateral held pursuant to this Agreement to repay the Obligations.

  

  

  ARTICLE 7

  

  

  THE AGENT

  

  

  SECTION 7.1 Appointment and Authorization. Each Bank 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 Notes as are delegated to the Administrative
      Agent by the terms hereof or thereof, together with all such powers as are reasonably incidental thereto. Except as provided in Section 7.8, the provisions of this Article are solely for the benefit of the Administrative Agent, the Banks and the Letter of Credit Issuer, and neither the Borrower nor
      any Subsidiary thereof shall have rights as a third-party beneficiary of any of such provisions.

  

  

  SECTION 7.2 Administrative Agent and Affiliates. The Administrative Agent shall have the same rights and powers under this Agreement as any other Bank and may exercise or refrain from exercising the same as though it were not the Administrative Agent, and the Administrative
      Agent and its affiliates may accept deposits from, lend money to, and generally engage in any kind of business with the Borrower or any Subsidiary or affiliate of the Borrower as if it were not the Administrative Agent.

  

  

  SECTION 7.3 Action by Administrative Agent. The obligations of the Administrative Agent hereunder are only those expressly set forth herein. Without limiting the generality of the foregoing, the

  

  

  
    
      

      

    

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  Administrative Agent shall not be required to take any action with respect to any Default, except as
    expressly provided in Article 6.   The Administrative Agent shall not be deemed to have knowledge of any Default or Event of Default unless and until notice
    describing such Default or Event of Default is given to the Administrative Agent in writing by the Borrower, a Bank or a Letter of Credit Issuer.

  

  

  SECTION 7.4 Consultation with Experts. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower and/or any
      Guarantor), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts.

  

  

  SECTION 7.5 Liability of Administrative
        Agent.

  

  

  (a) The Administrative Agent shall not have any duties or obligations except those expressly set forth
      herein and in the other Credit Documents, and its duties hereunder and thereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent:

  

  

  (i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or
      Event of Default has occurred and is continuing;

  

  

  (ii) shall not have any duty to take any discretionary action or exercise any discretionary powers,
      except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by the Required Banks (or such other number or percentage of the Banks
      as shall be expressly provided for herein or in the other Credit Documents), provided that the Administrative Agent shall not be required to take any action
      that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the
      automatic stay under any bankruptcy, insolvency, reorganization, liquidation or similar proceeding or that may effect a forfeiture, modification or termination of property of a Defaulting Bank in violation of any bankruptcy, insolvency,
      reorganization, liquidation or similar proceeding; and

  

  

  (iii) shall not, except as expressly set forth herein and in the other Credit Documents,
      have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries or Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or
      any of its Affiliates in any capacity.

  

  

  (b) Neither the Administrative Agent nor any of its affiliates nor any of their respective directors,
      officers, agents or employees shall be liable for any action taken or not taken by it in connection herewith (i) with the consent or at the request of the Required Banks (or, when expressly required hereby, such different number of Banks required to
      consent to or request such action or inaction) or (ii) in the absence of its own gross negligence or willful misconduct. Neither the Administrative Agent nor any of its affiliates nor any of their respective directors, officers, agents or employees
      shall be responsible for or have any duty to ascertain, inquire into or verify (i) any statement, warranty or representation made in connection with this Agreement or any Borrowing hereunder; (ii) the contents of any certificate, report or other
      document delivered in connection with any Credit Document, (iii) the performance or observance of any of the covenants or agreements of the Borrower or any Guarantor; (iv) the satisfaction of any condition specified in Article 3, except receipt of items required to be delivered to the Administrative Agent; or (v) the validity, effectiveness or genuineness of this Agreement, the Notes or any other
      instrument or writing furnished in connection herewith. The

  
    
      

      

    

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  Administrative Agent shall not incur any liability by acting in reliance upon any notice,
    consent, certificate, statement, or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine or to be signed by the proper party or parties. The Administrative Agent also
    may rely upon any statement made to it orally or by telephone and reasonably believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. Without limiting the generality of the foregoing, 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.

  

  

  SECTION 7.6 Indemnification. Each Bank shall, ratably in accordance with its respective Percentage, indemnify the Administrative Agent,
      its affiliates and their respective directors, officers, agents and employees (to the extent not reimbursed by the Borrower, and without relieving the Borrower of its obligations under Section 10.3) against any cost, expense (including counsel fees and disbursements), claim, demand,
      action, loss or liability (except such as result from such indemnitee’s gross negligence or willful misconduct) that such indemnitees may suffer or incur in connection with this Agreement or any action taken or omitted by such indemnitees hereunder.
      The obligations of the Banks under this Section shall survive the termination of this Agreement.

  

  

  SECTION 7.7 Credit Decision. Each Bank acknowledges that it has, independently and without reliance upon the Administrative Agent or any other
      Bank, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Bank also acknowledges that it will, independently and without reliance upon the
      Administrative Agent or any other Bank, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action under this Agreement.

  

  

  SECTION 7.8 Successor Administrative Agent. The Administrative Agent may resign at any time by giving notice thereof to the Banks and the
      Borrower. Upon any such resignation, the Required Banks shall have the right to appoint a successor Administrative Agent, subject to the consent of the Borrower if no Event of Default exists (such consent not to be unreasonably withheld). If no
      successor Administrative Agent shall have been so appointed by the Required Banks, and shall have accepted such appointment, within thirty (30) days after the retiring Administrative Agent gives notice of resignation, then the retiring Administrative
      Agent may, on behalf of the Banks, appoint a successor Administrative Agent, subject to the consent of the Borrower if no Event of Default exists (such consent not to be unreasonably withheld), which shall be a commercial bank organized under the
      laws of Canada or the United States of America or of any State thereof and having a combined capital and surplus of at least the U.S. Dollar Equivalent of U.S. $500,000,000. Upon the acceptance of its appointment as Administrative Agent hereunder by
      a successor Administrative Agent, such successor Administrative Agent shall thereupon 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 its
      duties and obligations hereunder, other than Section 10.15; provided that, whether
      or not a successor has been appointed, such resignation shall become effective in accordance with such notice and at the end of such thirty (30) day period. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the
      provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent.

  

  

  SECTION 7.9 Reliance by the Administrative Agent. In determining compliance with any condition hereunder to the making of a Loan, or the
      issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Bank or a Letter of Credit Issuer, the

  

  

  
    
      

      

    

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  Administrative Agent may presume that such condition is satisfactory to such Bank or such Letter of
    Credit Issuer unless the Administrative Agent shall have received notice to the contrary from such Bank or such Letter of Credit Issuer prior to the making of such Loan or the issuance of such Letter of Credit.

  

  

  SECTION 7.10 Letter of Credit Issuer and Swing Lender. Each Letter of Credit Issuer shall act on behalf of the Banks with respect to any Letters of Credit issued by it and the documents associated therewith, and the Swing Lender shall act on behalf of the Banks with
      respect to the Swing Loans made hereunder. Each Letter of Credit Issuer and the Swing Lender shall each have all of the benefits and immunities (i) provided to the Administrative Agent in this Article 7 with respect to any acts taken or omissions suffered by such Letter of Credit Issuer in
      connection with Letters of Credit issued by it or proposed to be issued by it and the documents pertaining to such Letters of Credit or by the Swing Lender in connection with Swing Loans made or to be made hereunder as fully as if the term
      “Administrative Agent”, as used in this Article 7, included each Letter of Credit Issuer and the Swing Lender with respect to such acts or omissions and (ii) as additionally provided in this Agreement with respect to each Letter of Credit Issuer or Swing Lender, as applicable.

  

  

  SECTION 7.11 Other Agents. None of the Persons identified in this Agreement as the Syndication Agent or a Documentation Agent, Arranger or
      Bookrunner shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Banks as such. Without limiting the foregoing, none of such Banks shall have or be deemed to have a
      fiduciary relationship with any Bank.

  

  

  SECTION 7.12 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or
      under any other Credit Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through
      their respective Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors.   The exculpatory provisions of this Article shall apply to any such sub-agent and to the Administrative Agent’s, any
      such sub-agent’s and its and their respective Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors, and shall apply to their respective activities in connection with the syndication of the
      Credit as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and
      nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

  

  

  SECTION 7.13 Erroneous Payments.

  

  

  (a) Each Bank and any other party hereto hereby severally agrees that if (i) the Administrative
            Agent notifies (which such notice shall be conclusive absent manifest error) such Bank or any other Person that has received funds from the Administrative Agent
            or any of its Affiliates, either for its own account or on behalf of a Bank (each such recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient
            were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or
            (ii) any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y) that was
            not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such
            payment, prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware

  

  

  
    
      

      

    

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  was transmitted or received in error or by mistake (in whole or in part) then, in each case, (A) an error in payment shall be presumed to have been
        made (any such amounts specified in clauses (i) or (ii) of this Section 7.13(a), whether received as a payment, prepayment or repayment of principal, interest,
        fees, distribution or otherwise; individually and collectively, an “Erroneous Payment”) and (B) such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; provided that nothing in
        this Section shall require the Administrative Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it
        shall not assert any right or claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the
        return of any Erroneous Payments, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine.

  

  

  (b) Without limiting the immediately preceding clause (a), each
            Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall promptly notify the Administrative Agent in writing of such occurrence.

  

  

  (c) In the case of either clause
          (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand from the Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment on its behalf to), promptly, but
            in all events no later than one Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such
            Payment Recipient to the date such amount is repaid to the Administrative Agent at the at the greater of the Federal Funds Rate and an overnight rate
          determined by the Administrative Agent to be customary in the place of disbursement or payment for the settlement of international banking transactions.

  

  

  (d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative
          Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (c), from any Bank that is a Payment Recipient
            or an Affiliate of a Payment Recipient (such unrecovered amount as to such Bank, an “Erroneous Payment Return Deficiency”), then at the sole discretion of the Administrative Agent and upon the Administrative Agent’s written notice to
            such Bank (i) such Bank shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments) of the
            relevant Class with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent’s applicable
            lending affiliate in an amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such
            assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency Assignment”) plus any accrued and unpaid interest on such assigned amount, without further consent or approval
          of any party hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous Payment Deficiency
            Assignment. Without limitation of its rights hereunder, the Administrative Agent may cancel any Erroneous Payment Deficiency Assignment at any time by written notice to the applicable assigning Bank and upon such revocation all of
            the Loans assigned pursuant to such Erroneous Payment Deficiency Assignment shall be reassigned to such Bank without any requirement for payment or other
            consideration. The parties hereto acknowledge and agree that (1) any assignment contemplated in this clause (d) shall be made without any requirement for any payment or other consideration paid by the applicable assignee or received by the assignor, (2) the provisions of this clause (d) shall govern in the event of any conflict with the terms and conditions of

   
  

  

  
    
      

      

    

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  Section 10.6
        and (3) the Administrative Agent may reflect such assignments in the Register without further consent or action by any other Person.

  

  

  (e) Each party hereto hereby agrees that (i) in the event an Erroneous Payment (or portion thereof)
            is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be
            subrogated to all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Credit Document, or otherwise payable or distributable by the Administrative Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under
            this Section 7.13 or under the indemnification provisions of this Agreement, (ii) the receipt of an Erroneous Payment by a Payment Recipient shall not for the purpose
            of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by the Borrower or any other Credit
            Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Credit Party for the purpose of making a payment on the Obligations and (iii) to the extent that an Erroneous Payment was in any way or at any
          time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment
          Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received.

  

  

  (f) Each party’s obligations under this Section 7.13 shall survive the resignation or replacement of the
            Administrative Agent or any transfer of right or obligations by, or the replacement of, a Bank, the termination of the Commitments or the repayment,
            satisfaction or discharge of all Obligations (or any portion thereof) under any Credit Document.

  

  

  (g) Nothing in this Section 7.13 will constitute a
          waiver or release of any claim of any party hereunder arising from any Payment Recipient’s receipt of an Erroneous
          Payment.

  

  

  ARTICLE 8

  

  

  CHANGE IN CIRCUMSTANCES

  

  

  SECTION 8.1 Basis for Determining Interest Rate Inaccurate or Unfair. IfSubject to Section 8.8, if on, or prior to, the first day of any Interest Period for a Euro-Dollar Loan:

  

  

  (a) the Administrative Agent determines that
        deposits in U.S. Dollars (in the applicable amounts) are not being offered to the Administrative Agent in the Euro-Dollar market for such Interest Period,; or

  

  

  (b) Banks

        having 50% or more of the aggregate principal amount of the affected Loans advise the Administrative Agent that the London Interbank Offered RateLIBOR, as determined by the Administrative Agent, will not adequately and fairly reflect the cost to such Banks of funding their
        Euro-Dollar Loans for such Interest Period,;

  

  

  the Administrative Agent shall forthwith give notice thereof to the Borrower and the Banks,
    whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Banks to make Euro-Dollar Loans or to continue or convert outstanding Loans as or into
    Euro-Dollar Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Should either of the events set forth in clause (a) or (b)
    above occur, unless the

  
    
      

      

    

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  Borrower notifies the Administrative Agent at least two (2) Business Days before the date of any
    Borrowing of Euro-Dollar Loans for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.

  

  

  SECTION 8.2 Illegality. If any Change in Law shall make it unlawful or impossible for any Bank (or its Euro-Dollar Lending Office) to
      make, maintain or fund its Euro-Dollar Loans and such Bank shall so notify the Administrative Agent, the Administrative Agent shall forthwith give notice thereof to the other Banks and the Borrower whereupon until such Bank notifies the Borrower and
      the Administrative Agent that the circumstances giving rise to such suspension no longer exist, the obligation of such Bank to make Euro-Dollar Loans, or to convert outstanding Loans into Euro-Dollar Loans shall be suspended. Before giving any notice
      to the Administrative Agent pursuant to this Section, such Bank shall designate a different Euro-Dollar Lending Office if such designation will avoid the need for giving such notice and will not, in the judgment of such Bank, be otherwise
      disadvantageous to such Bank. If such notice is given, each Euro-Dollar Loan of such Bank then outstanding shall be converted to a Base Rate Loan either (a) on the last day of the then current Interest Period applicable to such Loan if such Bank may
      lawfully continue to maintain and fund such Loan to such day or (b) immediately if such Bank shall determine that it may not lawfully continue to maintain and fund such Loan to such day.

  

  

  SECTION 8.3 Increased Cost and Reduced Return. (a) If any Change in Law shall impose, modify or deem applicable any reserve (including, without
      limitation, any such requirement imposed by the Board of Governors of the Federal Reserve SystemFRB, but excluding with respect to any
      Euro-Dollar Loan any such requirement with respect to which such Bank is entitled to compensation during the relevant Interest Period under Section

        2.15), special deposit, insurance assessment or similar requirement against assets of, deposits with or for the account of, or credit extended
      by, any Bank (or its Applicable Lending Office) or shall impose on any Bank (or its Applicable Lending Office) or the London interbank market any other condition affecting its Loans, its Note(s) or its obligation to make Loans and the result of any
      of the foregoing is to increase the cost to such Bank (or its Applicable Lending Office) of making, converting, continuing or maintaining any Loan or of maintaining its obligation to issue any such Loan, or to reduce the amount of any sum received or
      receivable by such Bank (or its Applicable Lending Office) under this Agreement or under its Note(s) with respect thereto, by an amount deemed by such Bank to be material, then, within fifteen (15) days after demand by such Bank (with a copy to the
      Administrative Agent), the Borrower shall pay to such Bank such additional amount or amounts as will compensate such Bank for such increased cost or reduction.

  

  

  (b) If any Bank shall have reasonably determined that any Change in Law has or would have the effect of
      reducing the rate of return on capital of such Bank (or its Parent) as a consequence of such Bank’s obligations hereunder or the Loans made by, or participations in Letters of Credit or Swing Loans held by, such Bank or the Letters of Credit issued
      by any Letter of Credit Issuer, to a level below that which such Bank (or its Parent) could have achieved but for such adoption, change, request or directive (taking into consideration its policies with respect to capital adequacy or liquidity
      requirements) by an amount deemed by such Bank to be material, then from time to time, within fifteen (15) days after demand by such Bank (with a copy to the Administrative Agent), the Borrower shall pay to such Bank such additional amount or amounts
      as will compensate such Bank (or its Parent) for such reduction.

  

  

  (c) Each Bank will promptly (and in any event within the period specified in Section 8.6(a)) notify the Borrower and the Administrative Agent of any Change in Law of which it has knowledge which will entitle such Bank to compensation pursuant to this Section
      and will designate a different Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such Bank, be otherwise disadvantageous to such Bank. A certificate of
      any Bank claiming compensation under this Section and setting forth the additional amount

  

  

  
    
      

      

    

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  or amounts to be paid to it hereunder shall be conclusive in the absence of manifest error. In determining such amount, such
    Bank may use any reasonable averaging and attribution methods.

  

  

  SECTION 8.4 Taxes. (a) For the purposes of this Section 8.4, the following terms have the following meanings:

  

  

  “Taxes”
    means any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings with respect to any payment by the Borrower or the applicable Guarantor, as the case may be, pursuant to this Agreement or under any Note, and all
    liabilities with respect thereto, excluding (i) in the case of each Bank and the Administrative Agent, taxes imposed on its income, receipts, capital and
    franchise or similar taxes imposed on it, by a jurisdiction under the laws of which such Bank or the Administrative Agent (as the case may be) is organized or in which its principal executive office is located or, in the case of each Bank, in which its
    Applicable Lending Office is located and (ii) in the case of each Bank, any United States federal withholding tax imposed on such payments but only to the extent that such Bank is subject to United States federal withholding tax at the time such Bank
    first becomes a party to this Agreement.

  

  

  “Other

        Taxes” means any present or future stamp or documentary taxes and any other excise or property taxes, or similar charges or levies, which arise from any payment made pursuant to this Agreement or under any Note or from the execution or
    delivery of, or otherwise with respect to, this Agreement or any Note.

  

  

  (b) Any and all payments by the Borrower or the applicable Guarantor, as the case may be, to or for the
      account of any Bank or the Administrative Agent hereunder or under any Note shall be made without deduction for any Taxes or Other Taxes; provided, that, if
      the Borrower or the applicable Guarantor, as the case may be, shall be required by law to deduct any Taxes or Other Taxes from any such payments (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 8.4) such Bank or the Administrative Agent (as the case may be) receives an
      amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or the applicable Guarantor, as the case may be, shall make such deductions, and (iii) the Borrower or the applicable Guarantor, as the case may be,
      shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law.

  

  

  (c) The Borrower agrees to indemnify each Bank and the Administrative Agent for the full amount of Taxes or Other Taxes
      (including, without limitation, any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 8.4) paid by such Bank
      or the Administrative Agent (as the case may be) and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. This indemnification shall be paid within fifteen (15) days after such Bank or the
      Administrative Agent (as the case may be) makes demand therefor.

  

  

  (d) Each Bank organized under the laws of a jurisdiction outside the United States, on or prior to the
      date of its execution and delivery of this Agreement in the case of each Bank listed on the signature pages hereof and on or prior to the date on which it becomes a Bank in the case of each other Bank, and from time to time thereafter if requested in
      writing by the Borrower (but only so long as such Bank remains lawfully able to do so), shall provide the Borrower and the Administrative Agent with Internal Revenue Service form W-8 BEN-E, W-8 BEN or W-8ECI, as appropriate, or any successor form
      prescribed by the Internal Revenue Service, certifying that such Bank is entitled to benefits under an income tax treaty to which the United States is a party which exempts the Bank from United States withholding tax or reduces the rate of
      withholding tax on payments of interest for the account of such

  

  

  
    
      

      

    

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  Bank or certifying that the income receivable pursuant to this Agreement is effectively connected
    with the conduct of a trade or business in the United States.

  

  

  (e) For any period with respect to which a Bank has failed to provide the Borrower or the
      Administrative Agent with the appropriate form pursuant to Section 8.4(d) or Section

          8.4(g) (unless such failure is due to a change in treaty, law or regulation occurring subsequent to the date on which such form originally was required to be provided), such Bank shall not be entitled to indemnification under Section 8.4(b) or (c) with respect to Taxes imposed by the United
      States; provided that if a Bank, which is otherwise exempt from or subject to a reduced rate of withholding tax, becomes subject to Taxes because of its
      failure to deliver a form required hereunder, the Borrower shall take such steps as such Bank shall reasonably request to assist such Bank to recover such Taxes.

  

  

  (f) If the Borrower is required to pay additional amounts to or for the account of any Bank pursuant to
      this Section, then such Bank will change the jurisdiction of its Applicable Lending office if, in the judgment of such Bank, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) is not otherwise
      disadvantageous to such Bank.

  

  

  (g) If a payment made to a Bank under this Agreement would be subject to United States federal
      withholding tax imposed by FATCA if such Bank were to fail to comply with the applicable reporting requirements of FATCA, such Bank shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed by law and at such time or
      times reasonably requested by either the Borrower or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by
      either the Borrower or the Administrative Agent, as applicable, as may be advisable or necessary for either the Borrower or the Administrative Agent, as applicable, to comply with its obligations under FATCA, to determine that such Bank has complied
      with such Bank’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.

  

  

  SECTION 8.5 Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make, or convert outstanding
      Loans to, Euro-Dollar Loans has been suspended pursuant to Section 8.2 or (ii) any Bank has demanded compensation under Section 8.3 or 8.4 with respect to its Euro-Dollar Loans and the Borrower shall, by at least five Business Days’ prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section 8.5 shall apply to such Bank, then, unless and until such Bank notifies
      the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer exist:

  

  

  (a) all Loans which would otherwise be made by such Bank as (or continued as or converted into)
      Euro-Dollar Loans shall instead be Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans of the other Banks); and

  

  

  (b) after each of its Euro-Dollar Loans has been repaid (or converted to a Base Rate Loan), all payments
      of principal which would otherwise be applied to repay such Euro-Dollar Loans shall be applied to repay its Base Rate Loans instead.

  

  

  If such Bank notifies the Borrower that the circumstances giving rise to such notice no longer apply,
    the principal amount of each such Base Rate Loan shall be converted into Euro-Dollar Loans on the first day of the next succeeding Interest Period applicable to the related Euro-Dollar Loans of the other Banks.

  

  

  SECTION 8.6 Limitations on Reimbursement. (a) The Borrower shall not be required to pay to any Bank reimbursement with regard to any costs or
      expenses under Section 2.15, 2A.6 or Article 8 incurred more than ninety (90) days prior to the date of the relevant
      Bank’s demand therefor; provided

  

  

  
    
      

      

    

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  that if the event giving rise to such claim is retroactive, then the 90-day period referred to above shall be extended to
    include the period of retroactive effect.

  

  

  (b) None of the Banks shall be permitted to pass through to the Borrower charges and costs under Section 2.15 or 2A.6 or Article 8 on a discriminatory basis (i.e., which are not also passed through by such Bank to
      other customers of such Bank similarly situated where such customer is subject to documents providing for such pass through).

  

  

  (c) If the obligation of any Bank to make a Euro-Dollar Loan has been suspended under Section 8.2 or 8.5 for more than three consecutive months, or any Bank has requested
      compensation under Section 2.15 or 8.3, then the Borrower,
      provided no Default exists, shall have the right to replace such Bank in accordance with Section 8.7.

  

  

  SECTION 8.7 Replacement of Banks. If the Borrower is entitled to replace a Bank pursuant to the provisions of Section 2A.1(c), Section 8.6 or Section 10.5 or if any Bank is a Defaulting Bank or a Non-Consenting Bank, then the Borrower may, at its sole expense and
      effort, upon notice to such Bank and the Administrative Agent, require such Bank to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.6), all of its interests, rights (other than its existing
      rights to payments pursuant to Section 2.15,
    2A.6, 8.3 and 8.4) and obligations under this Agreement and the related Credit Documents to an Eligible Transferee that shall
      assume such obligations (which assignee may be another Bank, if a Bank accepts such assignment), provided that:

  

  

  (a) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 10.6(c);

  

  

  (b) such Bank shall have received payment of an amount equal to 100% of the outstanding principal of
      its Loans and Unpaid Drawings, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Credit Documents (including any amounts under Section 2.13) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in
      the case of all other amounts);

  

  

  (c) in the case of any such assignment resulting from a claim for compensation under Section 2A.1(c) or 8.3 or payments required to be made pursuant to Section 8.4, such assignment will result in a reduction in such compensation or payments thereafter;

  

  

  	

        	(d)	
          such assignment does not conflict with applicable laws; and

        

  

  

  (e) in the case of an assignment resulting from a Bank becoming a Non-Consenting Bank, the applicable assignee shall have
      consented to the applicable amendment, waiver or consent.

  

  

  A Bank shall not be required to make any such assignment or delegation if, prior
    thereto, as a result of a waiver by such Bank or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

  

  

  SECTION 8.8 Effect of Benchmark Transition
        Event.

  

  

  (a) Benchmark Replacement. (1) Notwithstanding anything to the contrary herein or in any other LoanCredit Document, upon the occurrence of (and any hedge agreement with respect to Derivatives Obligations shall be deemed not to be a “Credit Document” for purposes of this
            Section 8.8), if a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and

  

  

  
    
      

      

    

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  the Borrower may
        amend this Agreement toand 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 (a)(1) or
          (a)(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement
          Date, such Benchmark Replacement will replace such Benchmark for all purposes
          hereunder and under any Credit 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 Credit Document and (y) if a Benchmark Replacement
          is determined in accordance with clause (a)(3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace the London Interbank Offered Rate with asuch Benchmark Replacement. Any such amendment withfor all purposes hereunder and under any Credit Document in respect to aof any Benchmark Transition Event will become effectivesetting at or after 5:00 p.m. on(New York City time) the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Banks and the
        Borrowerdate notice of such Benchmark Replacement is provided to the Banks without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document so long as the Administrative Agent has not received, by such
      time, written notice of objection to such amendmentBenchmark Replacement from Banks comprising the Required Banks. Any such amendment with respect to an Early Opt-in Election will become
        effective on the date that Banks comprising the Required Banks have delivered to the Administrative Agent written notice that such Required Banks accept such amendment. No replacement of the London Interbank Offered Rate with a Benchmark Replacement pursuant to this Section 8.8 will occur prior to If an Unadjusted Benchmark Replacement is Daily Simple SOFR, all interest payments will payable on a monthly basis.

  

  

  (2) Notwithstanding anything to
          the contrary herein or in any other Credit Document, 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 Transition Start DateReplacement will replace the then-current Benchmark for all purposes hereunder or under any Credit 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 Credit Document; provided that this clause (2) shall not be effective unless the Administrative Agent has delivered to the Banks and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may elect or not elect to do so in its sole discretion.

  

  

  (b) Benchmark Replacement
          Conforming Changes.   In connection with the implementation of a Benchmark Replacement, the Administrative Agent (in consultation with the Borrower) 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 LoanCredit 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 Credit Document.

  

  

  (c) Notices; Standards for
          Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Banks of (iA) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable,
        and its related Benchmark Replacement Date and Benchmark Transition Start Date, (iiB) the implementation of any Benchmark Replacement, (iiiC) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 8.8(d) below and (ivE) 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 Bank (or group of Banks)
      pursuant to this Section 8.8, including any determination with respect to a tenor, rate or adjustment or of

  

  

  
    
      

      

    

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  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 heretoto this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this Section 8.8.

  

  

  (d) Unavailability of Tenor of Benchmark.
            Notwithstanding anything to the contrary herein or in any other Credit Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either (1) 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 (2) 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 “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) 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 “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

  

  

  (e) (d) Benchmark
          Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke
        any request for a Euro-Dollar Loanborrowing of, conversion to or continuation of Euro-Dollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the
        Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans. 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 the Base Rate based upon the London Interbank Offered Ratethen-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.

  

  

  (f) London Interbank Offered Rate Benchmark Transition Event. On March 5, 2021, the IBA, the administrator of the London interbank offered rate, and the FCA, the regulatory
            supervisor of the IBA, made the Announcements that the final publication or
            representativeness date for Dollars for (I) 1-week and 2-month London interbank
            offered rate tenor settings will be December 31, 2021 and (II) overnight,
            1-month, 3-month, 6-month and 12-month London interbank offered rate tenor settings will be June 30, 2023. No successor administrator for the IBA was identified in such Announcements. The parties hereto agree and acknowledge that the Announcements resulted in the occurrence of a Benchmark Transition Event with respect to the London interbank offered rate pursuant to the terms of this Agreement and that any obligation of the Administrative
            Agent to notify any parties of such Benchmark Transition Event pursuant to clause (c) of this Section 8.8 shall be deemed satisfied.

   
  

  

  ARTICLE 9

  

  

  PERFORMANCE AND PAYMENT GUARANTY

  

  

  SECTION 9.1 Unconditional and Irrevocable Guaranty. (a) The Guarantors hereby jointly and severally, unconditionally and irrevocably undertake
      and agree with and for the benefit of the Administrative Agent and the Banks and each of their respective permitted assignees (collectively, the “Beneficiaries”) to cause the due payment, performance and observance by the Borrower and its assigns of all of the Obligations, terms, covenants, conditions, agreements and
      undertakings on the part of the

  

  

  
    
      

      

    

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  Borrower, to be paid, performed or observed under any Credit Document in accordance with the
    terms thereof including, without limitation, any agreement of the Borrower to pay any amounts due with respect to the Loans, under this Agreement or any other amounts due and owing under any Credit Document together with all costs and expenses
    (including without limitation reasonable legal fees and disbursements and all interest, costs, fees, and charges after the entry of an order for relief against the Borrower or any other obligor in a case under the United States Bankruptcy Code or any
    similar proceeding, whether or not such interest, costs, fees and charges would be an allowed claim against the Borrower or any such obligor in any such proceeding) incurred by the Administrative Agent or any Bank in enforcing its or their rights under
    this Article 9 (all such Obligations, terms, covenants, conditions, agreements and undertakings on the part of the Borrower to be paid, performed or observed by
    the Borrower being collectively called the “Guaranteed Obligations”). In the event that the Borrower shall fail in any manner whatsoever to pay, perform or
    observe any of the Guaranteed Obligations when the same shall be required to be paid, performed or observed under such Credit Document (after giving effect to any cure period), then each of the Guarantors will itself jointly and severally duly pay,
    perform or observe, or cause to be duly paid, performed or observed, such Guaranteed Obligation, and it shall not be a condition to the accrual of the obligation of any Guarantor hereunder to pay, perform or observe any Guaranteed Obligation (or to
    cause the same to be paid, performed or observed) that the Administrative Agent, the Banks or any of their permitted assignees shall have first made any request of or demand upon or given any notice to any Guarantor or to the Borrower or its successors
    or assigns, or have instituted any action or proceeding against any Guarantor or the Borrower or its successors or assigns in respect thereof. Notwithstanding anything to the contrary contained in this Section 9.1 the obligations of the respective Guarantors hereunder in respect of the Borrower are expressly limited to the Guaranteed Obligations.

  

  

  (b) The Guarantors each agree that its obligations under this Agreement shall be joint and several and
      irrevocable. In the event that under applicable law (notwithstanding the Guarantors’ agreement regarding the joint and several and irrevocable nature of its obligations hereunder) any Guarantor shall have the right to revoke its guaranty under this
      Agreement, this Agreement shall continue in full force and effect as to such Guarantor until a written revocation hereof specifically referring hereto, signed by such Guarantor, is actually received by the Administrative Agent, delivered as provided
      in Section 10.1 hereof. Any such revocation shall not affect the right of the Administrative Agent or any other Beneficiary to enforce their respective rights
      under this Agreement with respect to (i) any Guaranteed Obligation (including any Guaranteed Obligation that is contingent or unmatured) which arose on or prior to the date the aforementioned revocation was received by the Administrative Agent or
      (ii) any other Guarantor. If the Administrative Agent, or its permitted assignees takes any action in reliance on this Agreement after any such revocation by a Guarantor but prior to the receipt by the Administrative Agent of said written notice, the
      rights of the Administrative Agent, any other Beneficiary or such permitted assignee with respect thereto shall be the same as if such revocation had not occurred.

  

  

  (c) Notwithstanding any other provision hereof, the right of recovery against each Guarantor under this
      Article 9 shall not exceed $1.00 less than the lowest amount which would render such Guarantor’s obligations under this Article 9 void or voidable under applicable law, including, without limitation, fraudulent conveyance law.

  

  

  (d) In the event of the sale or other disposition in compliance with this Agreement of all of the
      Capital Stock of a Subsidiary that is a Guarantor to any Person that is not an Affiliate of the Borrower, or upon the Borrower’s satisfaction with respect to a Guarantor of the release requirements set forth in Section 5.20, then, in each such event, such Guarantor’s Guaranty of the Guaranteed Obligations shall be terminated and such Guarantor shall be released from its duties and obligations
      under this Agreement (including, without limitation, Section 9.12) and under any Guarantor Supplement to which it

  

  

  
    
      

      

    

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  is a party, subject to the requirement that a Material Domestic Subsidiary must become a
    Guarantor pursuant to Section 5.20.

  

  

  SECTION 9.2 Enforcement. The Administrative Agent and its permitted assignees may proceed to enforce the obligations of the Guarantors under this Agreement without first pursuing or exhausting any right or remedy which the Administrative Agent or its
      permitted assignees may have against the Borrower, any other Person or any collateral under the Credit Documents.

  

  

  SECTION 9.3 Obligations Absolute. To the extent permitted by law, the applicable Guarantor will perform its obligations under this
      Agreement regardless of any law now or hereafter in effect in any jurisdiction affecting any of the terms of this Agreement or any document delivered in connection with this Agreement or the rights of the Administrative Agent or its permitted
      assignees with respect thereto. The obligations of each Guarantor under this Agreement shall be absolute and unconditional irrespective of:

  

  

  (a) any lack of validity or enforceability or the discharge or disaffirmance (by any Person, including a
      trustee in bankruptcy) of the Guaranteed Obligations, the Loans, any Credit Document or any collateral or any document, or any other agreement or instrument relating thereto;

  

  

  (b) any exchange, release, discharge or non-perfection of any collateral or any release or amendment or
      waiver of or consent to departure from any other guaranty, for all or any of the Guaranteed Obligations;

  

  

  (c) any failure to obtain any authorization or approval from or other action by, or to notify or file
      with, any Governmental Authority required in connection with the performance of such obligations by the Borrower or any Guarantor; or

  

  

  (d) any impossibility or impracticality of performance, illegality, force majeure, any act of any government or any other circumstance which might constitute a legal or equitable defense available to, or a discharge of, the Borrower or any
      Guarantor, or any other circumstance, event or happening whatsoever, whether foreseen or unforeseen and whether similar or dissimilar to anything referred to above in this Section

          9.3.

  

  

  Each Guarantor further agrees that its obligations under this Agreement shall not be limited by
    any valuation or estimation made in connection with any proceedings involving the Borrower or any Guarantor filed under the U.S. Bankruptcy Code of 1978, as amended (the “Bankruptcy

        Code”), whether pursuant to Section 502 of the Bankruptcy Code or any other Section thereof. Each Guarantor further agrees that the Administrative Agent shall be under no obligation to marshal any assets in favor of or against or in
    payment of any or all of the Guaranteed Obligations. Each Guarantor further agrees that, to the extent that a payment or payments are made by or on behalf of the Borrower to the Administrative Agent, which payment or payments or any part thereof are
    subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to the Borrower, the estate, trustee, receiver or any other party relating to the Borrower, including, without limitation, any Guarantor, under
    any bankruptcy law, state, or federal law, common law or equitable cause then, to the extent of such payment or repayment, the Guaranteed Obligations or part thereof which had been paid, reduced or satisfied by such amount shall be reinstated and
    continued in full force and effect as of the date such initial payment, reduction or satisfaction occurred. The obligations of any Guarantor under this Agreement shall not be discharged except by performance as provided herein or as otherwise provided
    in Section 9.1(d).

  
    
      

      

    

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  SECTION 9.4 Waiver. Each Guarantor hereby waives promptness, diligence, notice of acceleration, notice of intent to accelerate, notice of
      acceptance and any other notice with respect to any of the Guaranteed Obligations and any Credit Document and any requirement that the Administrative Agent or its permitted assignees exhaust any right or take any action against the Borrower, any
      other Person or any collateral under the Credit Documents.

  

  

  SECTION 9.5 Subrogation.   No Guarantor will exercise or assert any rights which it may acquire by way of subrogation under this Agreement unless
      and until all of the Guaranteed Obligations shall have been paid and performed in full. If any payment shall be made to any Guarantor on account of any subrogation rights at any time when all of the Guaranteed Obligations shall not have been paid and
      performed in full each and every amount so paid will be held in trust for the benefit of the Beneficiaries and forthwith be paid to the appropriate Beneficiary in accordance with this Agreement and the appropriate Credit Document, to be credited and
      applied to the Guaranteed Obligations to the extent then unsatisfied, in accordance with the terms of this Agreement or any document delivered in connection with this Agreement, as the case may be. In the event (i) the Guarantors shall have satisfied
      any of the Guaranteed Obligations and (ii) all of the Guaranteed Obligations shall have been paid and performed in full, the Administrative Agent will, at the Guarantors’ request and expense, execute and deliver to the Guarantors appropriate
      documents, without recourse and without representation or warranty of any kind, necessary to evidence or confirm the transfer by way of subrogation to the Guarantors of the rights of the Beneficiaries or any permitted assignee, as the case may be,
      with respect to the Guaranteed Obligations to which the Guarantors shall have become entitled by way of subrogation, and thereafter the Beneficiaries and their respective permitted assignees shall have no responsibility to the Guarantors or any other
      Person with respect thereof.

  

  

  SECTION 9.6 Survival. All covenants made by the Guarantors herein shall be considered to have been relied upon by the Administrative Agent and
      the Banks and shall survive regardless of any investigation made by the Administrative Agent or any Bank or on the Administrative Agent’s behalf.

  

  

  SECTION 9.7 Guarantors’ Consent to Assigns. Each Bank may assign or participate out all or any portion of its Commitment or the Loans in
      accordance with Section 10.6 of this
      Agreement, and each Guarantor agrees to recognize any such Assigneeassignee or participant as a successor and assignee of such Bank hereunder, with all rights of such Bank hereunder.

  

  

  SECTION 9.8 Continuing Agreement. Article
        9 under this Agreement is a continuing agreement and shall remain in full force and effect until all of the Borrower’s Obligations have been
      satisfied in full.

  

  

  SECTION 9.9 Entire Agreement. Each Guarantor acknowledges and agrees that the guarantee delivered by it hereunder is delivered free of any
      conditions and no representations have been made to any Guarantor affecting the liability of such Guarantor under its guarantee hereunder. Each Guarantor confirms and agrees that the guarantee contained herein is in addition to and not in
      substitution for any other guarantee held or which may hereafter be held by the Administrative Agent or any Bank. The rights, remedies and benefits in this Article 9 are cumulative and not in substitution for or exclusive of any other rights or remedies or benefits which the
      Administrative Agent or the Banks may otherwise have.

  

  

  SECTION 9.10 Application. All monies received by the Administrative Agent or the Banks under the guarantee contained in this Article 9 may be applied against such part or parts of
      the Guaranteed Obligations as the Administrative Agent and the Banks may see fit and they shall at all times and from time to time have the right to change any appropriation of monies received by it or them and to

  
    
      

      

    

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  reapply the same against any other part or parts of the Guaranteed Obligations as it or they may see fit, notwithstanding
    any previous application howsoever made.

  

  

  SECTION 9.11 Benefit to Guarantors. The Borrower and the Guarantors are engaged in related businesses and integrated to such an extent that
      the financial strength and flexibility of the Borrower has a direct impact on the success of each Guarantor. Each Guarantor will derive substantial direct and indirect benefit from the extensions of credit hereunder.

  

  

  SECTION 9.12 Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to
      provide such funds or other support as may be needed from time to time by each other Credit Party to honor all of its obligations under this Article

        9 in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 9.12 for the maximum amount of such liability
      that can be hereby incurred without rendering its obligations under this Section 9.12, or otherwise under this Article 9, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section 9.12 shall remain in full force and effect until
      all Guaranteed Obligations (other than contingent indemnification obligations) have been paid in full and all Commitments have been terminated or such Qualified ECP Guarantor’s Guaranty of the Guaranteed Obligations has been terminated in accordance
      with Section 9.1(d). Each Qualified ECP
      Guarantor intends that this Section 9.12
      constitute, and this Section 9.12 shall be
      deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

  

  

  ARTICLE 10

  

  

  MISCELLANEOUS

  

  

  SECTION 10.1 Notices.

  

  

  (a) Generally.
      All notices, requests and other communications to any party hereunder shall be in writing (including bank wire, facsimile transmission or similar writing) and shall be given to such party: (i) in the case of a Credit Party, at its address or
      facsimile number set forth on the signature pages hereof, (ii) in the case of any Bank or the Administrative Agent, at its address or facsimile number set forth on the applicable Administrative Questionnaire or (iii) in the case of any party, at such
      other address or facsimile number as such party may hereafter specify for the purpose by notice to the Administrative Agent and the Borrower. Each such notice, request or other communication shall be effective (A) if given by facsimile transmission,
      when transmitted to the facsimile number specified in this Section 10.1 and confirmation of receipt is received (except that, if not given during normal
      business hours for the recipient, such notice shall be deemed to have been given at the opening of business on the next Business Day), (B) if given by mail, 72 hours after such communication is deposited in the mails with first class postage prepaid,
      addressed as aforesaid or (C) if given by any other means, when delivered at the address specified in this Section; provided that notices to the
      Administrative Agent under Article 2 or Article 8 shall not be
      effective until received.

  

  

  (b) Electronic
          Communications. Notices and other communications to the Banks and the Letter of Credit Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to
      procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Bank or any Letter of Credit Issuer pursuant to Article 2
      unless such Bank, the Letter of Credit Issuer, as applicable, and the Administrative Agent have agreed to receive notices under any Section thereof by electronic communication and have agreed to the procedures governing such communications. The
      Administrative Agent or the Borrower may, in its

  

  

  
    
      

      

    

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  discretion, agree to accept notices and other communications to it hereunder by electronic
    communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

  

  

  Unless the Administrative Agent otherwise prescribes, (i) notices and other
    communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
    acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for
    the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that
    such notice or communication is available and identifying the website address therefor.

  

  

  (c) Platform.
      (i) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined below) available to the Letter of Credit Issuers and the other Banks by posting the Communications on Debt Domain,
      Intralinks, Syndtrak or a substantially similar electronic transmission system (the “Platform”).

  

  

  (ii)     The Platform is provided “as is” and “as available.”   The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind,
      express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in
      connection with the Communications or the Platform. In no event shall the Administrative Agent or any of its Affiliates (collectively, the “Agent
        Parties”) have any liability to the Borrower, any Bank or any other Person for damages of any kind, including, without limitation, direct or
      indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Administrative Agent’s transmission of communications through the Platform. “Communications” means, collectively, any notice, demand, communication,
      information, document or other material that the Borrower provides to the Administrative Agent pursuant to this Agreement or the transactions contemplated therein which is distributed to the Administrative Agent, any Bank or any Letter of Credit
      Issuer by means of electronic communications pursuant to this Section, including through the Platform.

  

  

  SECTION 10.2 No Waivers. No failure or delay by the Administrative Agent or any Bank in exercising any right, power or privilege hereunder or
      under any Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be
      cumulative and not exclusive of any rights or remedies provided by law.

  

  

  SECTION 10.3 Expenses; Indemnification.  (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses of the Administrative Agent,
      including fees and disbursements of counsel for the Administrative Agent in connection with the preparation and administration of this Agreement and the other Credit Documents, any waiver or consent hereunder or any amendment hereof or any Default or
      alleged Default hereunder and (ii) if an Event of Default occurs, all out-of-pocket expenses incurred by the Administrative Agent and each Bank, including (without duplication) the fees and disbursements of outside counsel and the allocated cost of
      inside counsel, in connection with such Event of Default and collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom.

  
    
      

      

    

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  (b) The Borrower agrees to indemnify the Administrative Agent and each Bank, their respective
      affiliates and the respective directors, officers, agents and employees of the foregoing (each an “Indemnitee”) and hold each Indemnitee harmless from and
      against any and all liabilities, losses, damages, costs and expenses of any kind, including, without limitation, the reasonable fees and disbursements of counsel, which may be incurred by such Indemnitee in connection with any investigative,
      administrative or judicial proceeding (whether or not such Indemnitee shall be designated a party thereto) brought or threatened relating to or arising out of this Agreement or any actual or proposed use of proceeds of Loans hereunder, whether
      brought by a third party or by any Credit Party, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE OF SUCH INDEMNIFIED PARTY; provided, that no Indemnitee shall have the right to be indemnified hereunder for (i) such Indemnitee’s own gross negligence or willful misconduct as determined by a court of competent jurisdiction in
      a final non-appealable judgment or (ii) for any loss (A) resulting from any dispute solely among the Indemnitees (other than any claims (1) against an Indemnitee in its capacity as or in fulfilling its role as an agent or arranger or any similar role
      under this Agreement or any other Credit Document or (2) arising out of any act or omission of the Borrower or any Subsidiary of the Borrower or any of their respective Affiliates) or (B) resulting from a claim brought by the Borrower or any other
      Credit Party against an Indemnitee for a breach in bad faith of such Indemnitee’s obligations hereunder or under any other Credit Document as determined by a court of competent jurisdiction in a final non-appealable judgment.

  

  

  (c) Each Credit Party agrees not to assert any claim for special, indirect, consequential or punitive
      damages against any Indemnitee, and the Banks agree not to assert any such claim against any Credit Party, on any theory of liability, arising out of or otherwise relating to the Notes, this Agreement, any of the transactions contemplated herein or
      the actual or proposed use of the proceeds of any Loan or Letter of Credit; provided that nothing contained in this sentence will limit any Credit Party’s
      indemnification or reimbursement obligations to the extent such indirect, special, punitive or consequential damages are included in any third party claim in connection with which such Indemnitee is entitled to indemnification or reimbursement
      hereunder.

  

  

  SECTION 10.4 Sharing of Set-Offs.

  

  

  (a) If an Event of Default shall have occurred and be continuing, each Bank and each Letter of Credit
      Issuer is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time
      held, and other obligations (in whatever currency), but excluding payroll, escrow, trust and other special purpose accounts, in each case whether such setoff is based on common law rights, contractual rights, or statutory rights, at any time owing,
      by such Bank or such Letter of Credit Issuer, to or for the credit or the account of the Borrower or any other Credit Party against any and all of the obligations of the Borrower or such Credit Party now or hereafter existing under this Agreement or
      any other Credit Document to such Bank or such Letter of Credit Issuer, irrespective of whether or not such Bank or Letter of Credit Issuer shall have made any demand under this Agreement or any other Credit Document and although such obligations of
      the Borrower or such Credit Party may be owed to a branch or office of such Bank or such Letter of Credit Issuer different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that
      any Defaulting Bank shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such Defaulting Bank from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Letter
      of Credit Issuers, and the Banks, and (y) the Defaulting Bank shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Bank as to which it exercised such right of setoff.
      The rights of each Bank and each Letter of Credit Issuer under this Section

  

  

  
    
      

      

    

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  are in addition to other rights and remedies (including other rights of setoff) that such Bank or
    such Letter of Credit Issuer may have. Each Bank and Letter of Credit Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

  

  

  (b) Each Bank agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise,
      receive payment of a proportion of the aggregate amount of principal and interest due with respect to any Loan, Unpaid Drawing or Note held by it which is greater than the proportion received by any other Bank in respect of the aggregate amount of
      principal and interest due with respect to any Loan, Unpaid Drawing or Note held by such other Bank, the Bank receiving such proportionately greater payment shall purchase such participations in the Loan, Unpaid Drawing or Notes, as applicable, held
      by the other Banks, and such other adjustments shall be made, as may be required so that all such payments of principal and interest with respect to the Loan, Unpaid Drawing or Notes held by the Banks shall be shared by the Banks in accordance with
      their applicable Percentages; provided, that nothing in this Section 10.4(b)
      shall impair the right of any Bank to exercise any right of set-off or counterclaim it may have and to apply the amount subject to such exercise to the payment of indebtedness of the Borrower other than its indebtedness hereunder.   Each Borrower
      agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in a Loan, Unpaid Drawing or Note, whether or not acquired pursuant to the foregoing arrangements, may exercise rights of set-off or
      counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of the Borrower in the amount of such participation.

  

  

  SECTION 10.5 Amendment or Waiver, etc. Neither this Agreement nor any other Credit Document nor any terms hereof or thereof may be changed,
      waived, discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the respective Credit Parties party thereto and the Required Banks (or by the Administrative Agent with the consent of the Required Banks)
      and delivered to the Administrative Agent; provided that no such change, waiver, discharge or termination shall, (a) without the consent of each affected Bank, extend any scheduled maturity of any Loan, Unpaid Drawing or Note, or reduce the rate of interest or fees or extend the time of
      payment of principal, interest or fees, or reduce the principal amount thereof (except to the extent repaid in cash) (provided that any amendment or modification to the financial definitions in this Agreement or to Section 2.14 or pursuant to Section 1.2 shall not constitute a reduction in the rate of interest or any fees for purposes of this clause (a)) or (b)
      without the consent of each Bank (i) release a Guarantor from its Guaranty of the Obligations of the Borrower (except in connection with the sale of a Subsidiary which is a Guarantor in accordance with the terms of this Agreement or as otherwise
      provided in Section 5.20), (ii) amend,
      modify or waive any provision of this Section 10.5, (iii) reduce the percentage specified in the definition of Required Banks (it being understood that, (A) with the consent of the Required Banks, additional extensions of credit pursuant to this Agreement may be included in the
      determination of the Required Banks on substantially the same basis as the extensions of Commitments are included on the Effective Date and (B) pursuant to Section 2.16, additional Loansthe Revolving Credit Commitments may be madeincreased), (iv) amend
      or modify any provision of Section 10.6 to
      add any additional consent requirements necessary to effect any assignment or participation thereunder, (v) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement, or (vi) amend any Section
      which would alter the pro rata sharing of payments required thereby; provided, further, that no such change, waiver, discharge or termination shall (1) without the consent of each Letter of Credit Issuer amend, modify or waive any provision of Article 2A or alter its rights or obligations with
      respect to Letters of Credit, (2) without the consent of the Swing Lender amend, modify or waive any provision of Section 2.1(c) through (g) or alter its rights or obligations with respect to Swing Loans, (3) increase the Commitments of any Bank over the amount thereof then in effect
      without the consent of such Bank (it being understood that waivers or modifications of conditions precedent, covenants, Defaults or of a mandatory reduction in the Total Revolving Credit Commitments shall not constitute an

  

  

  
    
      

      

    

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  increase of the Commitment of any Bank, and that an increase in the available portion of any
    Revolving Credit Commitment of any Bank shall not constitute an increase of the Revolving Credit Commitment of such Bank), (4) without the consent of the Administrative Agent, amend, modify or waive any provision of Article 7 or any other provision as the same relates to the rights or obligations of the Administrative Agent, or (5) without the consent of the CAD Fronting Bank, amend, modify or waive
    any provision of Section 2.1 or any other provision as the same relates to the rights or obligations of the CAD Fronting Bank.

  

  

  If any Bank does not consent to a proposed amendment, waiver, consent or
    release with respect to any Credit Document that requires the consent of each Bank and that has been approved by the Required Banks, the Borrower may replace such Non-Consenting Bank in accordance with Section 8.7; provided that such amendment, waiver, consent or release can be effected as a result of the assignment
    contemplated by such Section (together with all other such assignments required by the Borrower to be made pursuant to this paragraph).

  

  

  Notwithstanding anything to the contrary herein, no Defaulting Bank shall have
    any right to approve or disapprove any amendment, waiver or consent hereunder, except that (A)(x) none of the Revolving Credit Commitment of such Defaulting Bank, the scheduled maturity of any Loan, Unpaid Drawing or Note of such Defaulting Bank or the
    time of payment of principal, interest or fees thereon may be increased or extended, and (y) neither the rate of interest or fees nor the principal amount of any Loan, Unpaid Drawing or Note of such Defaulting Bank may be reduced, in each case without
    the consent of such Defaulting Bank, and (B) any amendment, waiver, or consent hereunder that requires the consent of all Banks or each affected Bank that by its terms disproportionately and adversely affects any such Defaulting Bank relative to other
    affected Banks shall require the consent of such Defaulting Bank.

  

  

  Notwithstanding anything to the contrary in this Agreement, (i) Incremental
    Amendments may be effected in accordance with Section 2.16 without the consent of any Person other than as specified in Section 2.16, (ii) amendments contemplated by Section 2.18 may be effected in accordance with Section 2.18 without the consent of any Person other than as specified in Section
        2.18, and (iii) this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Banks providing the relevant Replacement Term Loans (as defined below) to permit the refinancing of outstanding Term
    Loans (“Refinanced Term Loans”) with a replacement term loan tranche hereunder (“Replacement

        Term Loans”); provided that, with respect to this clause (iii), (a) the aggregate principal amount of such Replacement Term Loans shall not
    exceed the aggregate principal amount of such Refinanced Term Loans plus accrued interest, fees and expenses related thereto, (b) neither the Base Rate Margin
    nor the Euro-Dollar Margin for such Replacement Term Loans shall be higher than the respective Base Rate Margin or the Euro-Dollar Margin for such Refinanced Term Loans, (c) the weighted average life to maturity of such Replacement Term Loans shall not
    be shorter than the weighted average life to maturity of such Refinanced Term Loans at the time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the
    applicable Term Loans) and (d) all other terms applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the Banks providing such Replacement Term Loans than, those applicable to such Refinanced Term Loans,
    except to the extent necessary to provide for covenants and other terms applicable to any period after the latest final maturity of the Term Loans in effect immediately prior to such refinancing.

  

  

  Notwithstanding

      anything to the contrary in this Agreement, the Administrative Agent and, if applicable, the Borrower may, without the consent of any Bank, enter into amendments or modifications to this Agreement or any of the other LoanCredit Documents or enter into additional LoanCredit Documents in order to implement any Benchmark Replacement or
      any Benchmark Replacement

  
    
      

      

    

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  Conforming Changes or otherwise effectuate the terms of Section 8.8 in accordance with the terms of Section 8.8.

  

  

  SECTION 10.6 Successors
        and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
      successors and assigns, except that neither the Borrower nor any Guarantor may assign or otherwise transfer any of their respective rights under this Agreement without the prior written consent of all Banks.

  

  

  (b) Any Bank may at any
        time grant to one or more banks or other institutions (each a “Participant”) participating interests in its Commitments or any or all of its Loans. In the event of any such grant by a Bank of a participating interest to a Participant, whether or not upon notice to the Borrower and
        the Administrative Agent, such Bank shall remain responsible for the performance of its obligations hereunder, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Bank in connection with such Bank’s
        rights and obligations under this Agreement. Any agreement pursuant to which any Bank may grant such a participating interest shall provide that such Bank shall retain the sole right and responsibility to enforce the obligations of the Borrower
        hereunder, including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Agreement except to the extent such amendment or waiver would (i) extend the final scheduled maturity of any Loan or Note
        in which such participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of applicability of any post-default increase in interest rates) or reduce the principal
        amount thereof, or increase the amount of the participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or of a mandatory reduction in the Total Revolving Credit Commitment shall not
        constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without the consent of any participant if the participant’s participation is not increased as a result thereof) or (ii)
        consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the participant shall not have any rights under this Agreement or any of the other Credit
        Documents (the participant’s rights against such Bank in respect of such participation to be those set forth in the agreement executed by such Bank in favor of the participant relating thereto) and all amounts payable by the Borrower hereunder
        shall be determined as if such Bank had not sold such participation. The Borrower agrees that each Participant shall, to the extent provided in its participation agreement, be entitled to the benefits of Article 8 with respect to its participating interest. Each Bank that sells a
        participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
        interest in the Loans or other obligations under the Credit Documents (the “Participant Register”); provided that no Bank shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant'’s interest in any commitments, loans, letters of credit or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such
        commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Bank shall
        treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its
        capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. An assignment or other transfer which is not permitted by Section 10.6(c) or (d) below shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this Section 10.6(b).

  

  

  (c) Any Bank may (A) assign all or a portion of its Term Loans, Revolving Credit Commitments and related
      outstanding Obligations hereunder to (i) its parent company and/or any

  

  

  
    
      

      

    

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  affiliate of such Bank which is at least 50% owned by such Bank or its parent company, (ii) to one
    or more Banks or (iii) in the case of a then existing Bank that is a fund that invests in bank loans, any other fund that invests in bank loans and is managed or advised by the same investment advisor of such Bank or by an Affiliate of such investment
    advisor or (B) assign all, or, if less than all, a portion equal to at least U.S. $5,000,000 in the aggregate for the assigning Bank, of such Term Loans, Revolving Credit Commitments and related outstanding Obligations hereunder to one or more Eligible
    Transferees, each of which assignees shall become a party to this Agreement as a Bank by execution of an Assignment and Assumption Agreement, provided that:

  

  

  (i) at such time Schedule I shall be deemed modified to reflect the Revolving Credit Commitments of such new Bank and of the existing Banks,

  

  

  (ii) upon the surrender of the relevant Notes by the assigning Bank (or, upon such
      assigning Bank’s indemnifying the Borrower for any lost Note pursuant to a customary indemnification agreement) new Notes will be issued, at the Borrower’s expense, to such new Bank and to the assigning Bank upon the request of such new Bank or
      assigning Bank, such new Notes to be in conformity with the requirements of Section 2.4 (with appropriate modifications) to the extent needed to reflect the
      revised Term Loans or Revolving Credit Commitments,

  

  

  (iii) the consent of the Administrative Agent, each Letter of Credit Issuer and the Swing
      Lender shall be required in connection with any assignment to an Eligible Transferee pursuant to clause (B) above (which consent shall not be unreasonably withheld or delayed and, in the case of a Letter of Credit Issuer or Swing Lender shall only be
      required in connection with an assignment relating to the Revolving Credit),

  

  

  (iv) so long as no Default or Event of Default exists, the consent of the Borrower shall be required in
      connection with any assignment to an Eligible Transferee pursuant to clause (B) above (which consent shall not be unreasonably withheld or delayed; provided
      that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof),

  

  

  (v) the Administrative Agent shall receive at the time of each such assignment, from the assigning or
      assignee Bank, the payment of a non-refundable assignment fee of U.S. $3,500, which fee shall not be subject to reimbursement from the Borrower unless such assignment shall be at the request of the Borrower to replace the assigning Bank, and

  

  

  (vi) no such transfer or assignment will be effective until recorded by the Administrative Agent, which recordation shall
      be promptly made.

  

  

  To the extent of any assignment pursuant to this Section 10.6(c), the assigning Bank shall be relieved of its obligations hereunder with respect to its assigned Revolving Credit Commitments. At the time of each assignment pursuant to this
    Section 10.6(c) to a Person which is not already a Bank hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the
    Code) for Federal income tax purposes, the respective assignee Bank shall, to the extent legally entitled to do so, provide to the Borrower the appropriate Internal Revenue Service forms described in Section 8.4(d) and Section 8.4(g).

  
    
      

      

    

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  (d) Any Bank may at any time pledge or assign all or any portion of its rights under this Agreement and its Note, if any,
      to a Federal Reserve Bank or other central bank. No such assignment shall release the transferor Bank from its obligations hereunder.

  

  

  (e) Notwithstanding anything to the contrary contained herein, any Bank (a “Granting Bank”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Bank to the Administrative Agent and the Borrower, the option to provide to the Borrower all
      or any part of any Loan that such Granting Bank would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing
      herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Bank shall be obligated to make such Loan pursuant to the
      terms hereof. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Bank to the same extent, and as if, such Loan were made by such Granting Bank. Each party hereto hereby agrees that no SPC shall be liable for any
      indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Bank). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this
      Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other Person in instituting against,
      such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof relating to claims, if any, under this Agreement. In addition, notwithstanding anything to the
      contrary contained in this Section 10.6(e), any SPC may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative
      Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Bank or to any financial institutions (consented to by the Borrower and Administrative Agent) providing liquidity and/or
      credit support to or for the account of such SPC to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of
      any surety, guarantee or credit or liquidity enhancement to such SPC. This Section 10.6(e) may not be amended without the written consent of the SPC.

  

  

  (f) No assignee, Participant or other transferee of any Bank’s rights shall be entitled to receive any
      greater payment under Section 8.3 or 8.4 than such Bank would have
      been entitled to receive with respect to the rights transferred, unless such transfer is made (i) with the Borrower’s prior written consent or (ii) by reason of the provisions of Section 8.2, 8.3 or 8.4 requiring such
      Bank to designate a different Applicable Lending Office under certain circumstances or (iii) at a time when the circumstances giving rise to such greater payment did not exist.

  

  

  (g) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain
      at the Payment Office a copy of each assignment agreement delivered to it and a register for the recordation of the names and addresses of the Banks, and the Commitments of, and principal amounts of the Loans owing to, each Bank pursuant to the terms
      hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent
      and the Banks may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by
      the Borrower and any Bank, at any reasonable time and from time to time upon reasonable prior notice.

  

  

  (h) No participation or assignment pursuant to this Section 10.6 shall be made to the Borrower or any of its Affiliates or Subsidiaries.

  

  

  
    
      

      

    

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  (i) Notwithstanding anything to the contrary herein, if at any time the Swing Lender, CAD Fronting Bank
      or a Letter of Credit Issuer assigns all of its Revolving Credit Commitments and Revolving Loans pursuant to Section 10.6(c) above, the Swing Lender, CAD
      Fronting Bank or such Letter of Credit Issuer may terminate the outstanding Swing Loans, CAD Fronted Loans or Letter of Credit Commitment, as applicable. In such event, the Borrower shall be entitled to appoint another Non-Defaulting Bank to act as
      the successor Swing Lender, CAD Fronting Bank or Letter of Credit Issuer hereunder (with such Bank’s consent); provided, however, that the failure of the Borrower to appoint a successor shall not affect the resignation of the Swing Lender, CAD Fronting Bank or Letter of Credit Issuer. If the Swing Lender terminates the outstanding Swing
      Loans, or CAD Fronting Bank terminates the outstanding CAD Fronted Loans or a Letter of Credit Issuer assigns all of its Revolving Credit Commitment, it shall retain all of the rights of the Swing Lender, CAD Fronting Bank and Letter of Credit
      Issuer, as applicable, provided hereunder with respect to Swing Loans and CAD Fronted Loans made by it or Letters of Credit issued by it and outstanding as of the effective date of such termination or assignment, including the right to require Banks
      to make Revolving Loans or fund participations in outstanding Swing Loans or to require the CAD Non-Funding Banks to fund the outstanding CAD Fronted Loans pursuant to Section

          2.1 and outstanding Letters of Credit pursuant to Article 2A.

  

  

  SECTION 10.7 Collateral.   Each of the Banks represents to the Administrative Agent and each of the other Banks that it in good faith is not
      relying upon any “margin stock” (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement.

  

  

  SECTION 10.8 Governing Law; Submission to Jurisdiction. (a) THIS AGREEMENT AND EACH NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
      LAWS OF THE STATE OF NEW YORK. The Borrower and Guarantors hereby submit to the exclusive jurisdiction of the United States District Court for the Southern District of New York, the Supreme Court of the State of New York, and any appellate court from
      any thereof for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. The Borrower and Guarantors irrevocably waive, to the fullest extent permitted by law, any objection which it may
      now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Each of the parties hereto agrees that a final
      judgment in any such action, litigation 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.

  

  

  (b) (i) If, for the purposes of obtaining
        judgment in any court, it is necessary to convert a sum due to a Bank in any currency (the “Original Currency”) into another currency (the “Other Currency”), the parties agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which, in accordance with normal
        banking procedures, such Bank could purchase the Original Currency with the Other Currency on the Business Day preceding the day on which final judgment is given or, if permitted by applicable law, on the day on which the judgment is paid or
        satisfied.

  

  

  (ii)    The obligations of the Borrower in respect of any sum due in the Original Currency from it to the Banks under any of the Credit Documents shall, notwithstanding any judgment in any Other Currency, be discharged only to the extent that on
      the Business Day following receipt by the Banks of any sum adjudged to be so due in the Other Currency, the Banks may, in accordance with normal banking procedures, purchase the Original Currency with such Other Currency. If the amount of the
      Original Currency so purchased is less than the sum originally due to the Banks in the Original Currency, the Borrower agrees, as a separate obligation and notwithstanding the judgment, to indemnify the Banks against any loss, and, if the

  
    
      

      

    

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  amount of the Original Currency so purchased exceeds the sum originally due to the Banks in the Original
    Currency, the Banks shall remit such excess to the Borrower.

  

  

  SECTION 10.9 Counterparts; Integration;
        Effectiveness; Survival; Electronic Execution.

  

  

  (a) Counterparts; Integration; Effectiveness; Survival. This Agreement may be signed in any
        number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement constitutes the entire agreement and understanding among the parties hereto and
        supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective upon receipt by the Administrative Agent of counterparts hereof signed by each of the parties
        hereto and each of the other conditions specified in Section 3.1 have been satisfied. Delivery of an executed counterpart to this Agreement or any other Credit Document by facsimile transmission or by electronic mail in pdf format shall be as effective as delivery of a manually executed
        counterpart hereof. The provisions of Sections 2.13, 2A.6, 8.3, 8.4, 8.6 and 10.3 and Article 7 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the payment in full of the Obligations, the expiration or termination of the Letters
        of Credit and the Commitments or the termination of this Agreement or any provision hereof.

  

  

  (b) Electronic Execution. The words “execute,” “execution,” “signed,” “signature,” “delivery” and words of like import in any Assignment and Assumptionor related to this Agreement, any other Credit Document or any document, amendment, approval, consent, waiver, modification, information, notice, certificate, report, statement, disclosure, or authorization to be
            signed or delivered in connection with this Agreement or any other Credit Document or the transactions contemplated hereby shall be deemed to include electronic signaturesElectronic Signatures or execution in the
            form of an Electronic Record, and contract formations on electronic platforms
            approved by the Administrative Agent, 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 or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
        Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Each party hereto agrees that any Electronic Signature or execution in the form of an Electronic Record
            shall be valid and binding on itself and each of the other parties hereto to the same extent as a manual, original signature. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the parties of a manually signed paper which has been converted into electronic form (such as scanned into PDF format), or an electronically signed paper converted into another format, for transmission, delivery
            and/or retention. Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature
            in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided that without limiting the
            foregoing, (i) to the extent the Administrative Agent has agreed to accept such Electronic Signature from any party hereto, the Administrative Agent and the other parties hereto shall be entitled to rely on any such Electronic Signature
            purportedly given by or on behalf of the executing party without further verification and (ii) upon the request of the Administrative Agent or any Bank, any Electronic Signature shall be promptly followed by an original manually executed counterpart thereof. Without limiting the generality of the foregoing, each party hereto hereby (A) agrees that, for all purposes, including without
            limitation, in connection with any workout, restructuring, enforcement of
            remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Banks and any of the Credit Parties, electronic images of this Agreement or any other Credit Document (in each case, including with respect to any
            signature pages thereto) shall have the same legal effect, validity and
            enforceability as any paper original, and (B) waives any argument, defense or
            right to contest the validity or enforceability of the Credit Documents based

  
    
      

      

    

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  solely on
        the lack of paper original copies of any Credit Documents, including with respect to any signature pages thereto.

  

  

  SECTION 10.10     Waiver of Jury Trial. Each
        of the Borrower, the Administrative Agent and the Banks hereby irrevocably waives any and all right to trial by jury in any legal proceeding arising out
        of or relating to this Agreement or the transactions contemplated hereby.

  

  

  SECTION 10.11     Limitation on Interest. It
        is the intention of the parties hereto to comply with all applicable usury laws, whether now existing or hereafter enacted. Accordingly, notwithstanding any provision to the contrary in this Agreement, the other Credit Documents or any other
        document evidencing, securing, guaranteeing or otherwise pertaining to indebtedness of the Borrower to the Banks, in no contingency or event whatsoever, whether by acceleration of the maturity of indebtedness of the Borrower to the Banks or
        otherwise, shall the interest contracted for, charged or received by any Bank exceed the maximum amount permissible under applicable law. If from any circumstances whatsoever fulfillment of any provisions of this Agreement, the other Credit
        Documents or any other document evidencing, securing, guaranteeing or otherwise pertaining to indebtedness of the Borrower to the Banks, at the time performance of such provision shall be due, shall involve transcending the limit of validity
        prescribed by law, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from any such circumstances any Bank shall ever receive anything of value as interest or deemed interest by applicable law under this Agreement, the
        other Credit Documents or any other document evidencing, securing, guaranteeing or otherwise pertaining to indebtedness of the Borrower to the Banks or otherwise an amount that would exceed the highest lawful amount, such amount that would be
        excessive interest shall be applied to the reduction of the principal amount owing in connection with this Agreement or on account of any other indebtedness of the Borrower to the Banks, and not to the payment of interest, or if such excessive
        interest exceeds the unpaid balance of principal owing in connection with this Agreement and such other indebtedness, such excess shall be refunded to the Borrower. In determining whether or not the interest paid or payable with respect to
        indebtedness of the Borrower to the Banks, under any specific contingency, exceeds the maximum nonusurious rate permitted under applicable law, the Borrower and the Banks shall, to the maximum extent permitted by applicable law, (a) characterize
        any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, (c) amortize, prorate, allocate and spread the total amount of interest throughout the full term of such
        indebtedness so that the actual rate of interest on account of such indebtedness does not exceed the maximum amount permitted by applicable law, and/or (d) allocate interest between portions of such indebtedness, to the end that no such portion
        shall bear interest at a rate greater than that permitted by law. Notwithstanding the foregoing, if for any period of time interest on any of the Borrower’s Obligations is calculated at the maximum rate permissible under applicable law rather than
        the applicable rate under this Agreement, and thereafter such applicable rate becomes less than the maximum rate permissible under applicable law, the rate of interest payable on the Borrower’s Obligations shall remain at the maximum rate
        permissible under applicable law until the Banks have received the amount of interest which such Banks would have received during such period on the Borrower’s Obligations had the rate of interest not been limited to the maximum rate permissible
        under applicable law during such period. The terms and provisions of this paragraph shall control and supersede every other conflicting provision of this Agreement and the other Credit Documents.

  

  

  SECTION 10.12     Currency Equivalent Generally. For the purposes of making valuations or computations under this Agreement (but not for the purposes of the preparation
        of any financial statements delivered pursuant hereto), and in particular, without limitation, for purposes of valuations or computations under Sections

          2.14, 5.7, 5.9(g), 5.9(m), 5.11, 5.12, 5.14, 5.18 and 6.1(j), unless expressly provided otherwise, where a reference is made to a U.S. Dollar amount, in order to determine the amount of Canadian Dollars or other currency
        to be considered as the amount in U.S. Dollars, such amount of

  

  

  
    
      

      

    

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  Canadian Dollars or other currency shall be the U.S. Dollar Equivalent of such amount.
    Notwithstanding the foregoing, for purposes of determining compliance with Sections 5.9 and 5.14, with respect to any amount of Debt or obligations secured by Liens in a currency other than Dollars, no breach of any basket contained in such sections shall be deemed to have occurred solely as a result of changes
    in rates of exchange occurring after the time such Debt or Lien is incurred, or, in the case of Debt incurred pursuant to a commitment, after the time such commitment became a binding (subject to customary conditions) commitment; provided that for the avoidance of doubt, the foregoing provisions of this Section
        10.12 shall otherwise apply to such Sections, including with respect to determining whether any Debt or Lien may be incurred at any time under such Sections.

  

  

  SECTION 10.13     No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
      connection with any amendment, waiver or other modification hereof or of any other Credit Document), the Borrower and each other Credit Party acknowledges and agrees and acknowledges its Affiliates’ understanding that (i) the services regarding this
      Agreement provided by the Administrative Agent and/or the Banks are arm’s-length commercial transactions between the Borrower, each other Credit Party and their respective Affiliates, on the one hand, and the Administrative Agent and the Banks, on
      the other hand, (ii) each of the Administrative Agent and the Banks is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or
      fiduciary for the Borrower, any other Credit Party or any of their respective Affiliates, or any other Person, and (iii) neither the Administrative Agent nor any Bank has any obligation to the Borrower, any other Credit Party or any of their
      Affiliates with respect to the transaction contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents.

  

  

  SECTION 10.14     Patriot Act. The Administrative Agent and each Bank that is subject to the requirements of the Patriot Act hereby notifies
      each Credit Party that pursuant to the requirements of the Patriot Act, it is required to obtain, verify, and record information that identifies such Credit Party, which information includes the name and address of such Credit Party and other
      information that will allow the Administrative Agent or such Bank, as applicable, to identify such Credit Party in accordance with the Patriot Act.

  

  

  SECTION 10.15     Confidentiality. Each of the Administrative Agent, the Banks and the Letter of Credit Issuer agrees to maintain the
      confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors, insurers and credit
      risk support providers, to the extent any such Person has a need to know such Information (it being understood that the Persons to whom such disclosure is made will first be informed of the confidential nature of such Information and instructed to
      keep such Information confidential), (b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or
      regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Credit Document or any suit, action or proceeding relating to this Agreement or
      any other Credit Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 10.15, to (A) any assignee of or participant in, or any prospective assignee of or participant in, any of its
      rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or any Subsidiary and its obligations, (g) with the prior written consent of the
      Borrower, (h) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section 10.15 or (B) becomes available to the Administrative Agent, any Bank or the Letter of Credit Issuer on a non-confidential basis from a source other than the Borrower or
      any Subsidiary or any of their directors, officers, employees or agents, including accountants, legal counsel and other advisors, (i) to rating agencies if requested or required by such

  
    
      

      

    

    105

    
      

    

  

  agencies in connection with a rating relating to the Loans or Commitments hereunder, or (j) to
    entities which compile and publish information about the syndicated loan market, provided that only basic information about the pricing and structure of the
    transaction evidenced hereby may be disclosed pursuant to this Section 10.15(j). For purposes of this Section, “Information” means all information received from the Borrower or any of the Subsidiaries or from any other Person on behalf of the Borrower or any Subsidiary relating to the Borrower or any Subsidiary
    or any of their respective businesses including any information obtained pursuant to the inspection rights contained in Section 5.6, other than any such
    information that is available to the Administrative Agent, any Bank or the Letter of Credit Issuer on a non-confidential basis prior to disclosure by the Borrower or any of its Subsidiaries or from any other Person on behalf of the Borrower or any of
    the Subsidiaries.

  

  

  SECTION 10.16     Amendment and Restatement; No Novation. This Agreement constitutes an amendment and restatement of the Existing Credit
      Agreement, effective from and after the Effective Date.   The execution and delivery of this Agreement shall not constitute a novation of any indebtedness or other obligations owing to the Banks or the Administrative Agent under the Existing Credit
      Agreement based on facts or events occurring or existing prior to the execution and delivery of this Agreement. On the Effective Date, the credit facilities described in the Existing Credit Agreement, shall be amended, supplemented, modified and
      restated in their entirety by the facilities described herein, and all loans and other obligations of the Borrower outstanding as of such date under the Existing Credit Agreement, shall be deemed to be loans and obligations outstanding under the
      corresponding facilities described herein, without any further action by any Person, except that the Administrative Agent shall make such transfers of funds as are necessary in order that the outstanding balance of such Loans, together with any Loans
      funded on the Effective Date, reflect the respective Commitments of the Banks hereunder.

  

  

  SECTION 10.17     Acknowledgement and Consent to Bail-In of EEAAffected Financial Institutions. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or
      understanding among any such parties, each party hereto acknowledges that any liability of any EEAAffected Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEAthe applicable 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
          EEAthe applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any
        party hereto that is an EEAAffected Financial Institution; and

  

  

  	

        	(b)	
          the effects of any Bail-inIn 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 EEAAffected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it
        or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit 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 EEAthe applicable Resolution Authority.

  

  

  
    
      

      

    

    106

    
      

    

  

  SECTION 10.18     Certain ERISA Matters.

  

  

  (a) Each Bank (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and
      (y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the Administrative Agent, each Arranger and their respective Affiliates, and not, for the avoidance of
      doubt, to or for the benefit of the Borrower or any other Credit Party, that at least one of the following is and will be true:

  

  

  (i) such Bank is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of
      one or more Benefit Plans with respect to such Bank’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit or the Commitments;

  

  

  (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain
      transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving
      insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is
      applicable with respect to such Bank’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement;

  

  

  (iii) (A) such Bank is an investment fund managed by a “Qualified Professional Asset Manager” (within the
      meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Bank to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this
      Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to
      the best knowledge of such Bank, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Bank’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
      Commitments and this Agreement; or

  

  

  (iv) such other representation, warranty and covenant as may be agreed in writing between the
      Administrative Agent, in its sole discretion, and such Bank.

  

  

  (b)  In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Bank or (2) a Bank has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the
      immediately preceding clause (a), such Bank further (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and (y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a
      Bank party hereto, for the benefit of, the Administrative Agent, each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that none of the Administrative
      Agent, any Arranger and their respective Affiliates is a fiduciary with respect to the assets of such Bank involved in such Bank’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
      and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related hereto or thereto).

  
    
      

      

    

    107

    
      

    

  

  SECTION 10.19     Acknowledgment Regarding Any Supported QFCs. To the extent that the LoanCredit Documents provide support, through a guarantee or otherwise, for any agreement or
      instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with
      the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in
      respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the LoanCredit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the
      United States):

  

  

  (a) In the event a Covered
        Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and
        such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if
        the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a
        Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the LoanCredit Documents that might otherwise apply to such Supported QFC
        or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the LoanCredit Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of
        the parties with respect to a Defaulting Bank shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

  

  

  	

        	(b)	
          As used in this Section 10.19, the following terms have the
            following meanings:

        

  

  

  “BHC Act Affiliate”
    of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

  

  

  “Covered Entity” means any of
    the following:

  

  

  	

        	(i)	
          a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

        

  

  

  	

        	(ii)	
          a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

        

  

  

  	

        	(iii)	
          a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

        

  

  

  “Default Right”
    has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

  

  

  “QFC”
    has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D)

  
    
      

      

    

    108

    
      

    

  

  [SIGNATURE PAGES INTENTIONALLY OMITTED]

   

  

  

    

  

  
    
      

      

    

    109

    
      

    

  

  
    APPENDIX I

    

    

    PRICING SCHEDULE

    

    

    “Euro-Dollar Margin” means, (i) for any day during the period from the Seventh Amendment Effective Date to but excluding the first due date (the “First Due Date”) of the compliance certificate and financial statements required pursuant to Section 5.1(a)
      or (b) (each such date, a “Due Date”), 1.750% per annum and (ii)
      thereafter, from and after each Due Date to but excluding the next succeeding Due Date, the applicable percentage per annum set forth below in the appropriate column under the row corresponding to the Borrower’s TCE Ratio as calculated for the last
      day of the fiscal quarter of the Borrower ended immediately prior to such Due Date; provided that at all times during which financial statements have not been
      delivered when required pursuant to Section 5.1(a) or (b), as the
      case may be, the Euro-Dollar Margin shall be Level V as set forth below.

    

    

    “Base Rate Margin” means (i) for any day
      during the period from the Seventh Amendment Effective Date through but excluding the First Due Date, 0.750% per annum and (ii) thereafter, from and after each Due Date to but excluding the next succeeding Due Date, the applicable percentage per
      annum set forth below in the appropriate column under the row corresponding to the Borrower’s TCE Ratio as calculated for the last day of the fiscal quarter of the Borrower ended immediately prior to such Due Date; provided that at all times during which financial statements have not been delivered when required pursuant to Section 5.1(a) or (b), as the case may be, the Base Rate Margin shall be Level V as set forth below.

    

    

    “Canadian Base Rate Margin” means (i) for any
      day during the period from the Seventh Amendment Effective Date through but excluding the First Due Date, 0.750% per annum and (ii) thereafter, from and after each Due Date to but excluding the next succeeding Due Date, the applicable percentage per
      annum set forth below in the appropriate column under the row corresponding to the Borrower’s TCE Ratio as calculated for the last day of the fiscal quarter of the Borrower ended immediately prior to such Due Date; provided that at all times during which financial statements have not been delivered when required pursuant to Section 5.1(a) or (b), as the case may be, the Canadian Base Rate Margin shall be Level V as set forth below.

    

    

    “Applicable Commitment Fee Percentage” means,
      (i) for any day during the period from the Seventh Amendment Effective Date through but excluding the First Due Date, 0.300% per annum and (ii) thereafter, from and after each Due Date to but excluding the next succeeding Due Date, the applicable
      percentage per annum set forth below in the appropriate column under the row corresponding to the Borrower’s TCE Ratio as calculated for the last day of the fiscal quarter of the Borrower ended immediately prior to such Due Date; provided that at all times during which financial statements have not been delivered when required pursuant to Section 5.1(a) or (b), as the case may be, the Applicable Commitment Fee Percentage shall be Level V as set forth below.

    

    

    “TCE Ratio” means, at any time, the ratio of
      (a) Consolidated Tangible Net Worth to (b) Consolidated Total Assets minus the sum of intangible assets (net) and goodwill, in each case as those items appear
      on the consolidated balance sheet of the Borrower on such date, all as determined in accordance with GAAP.

    

    

    
      

      
        

      

    

    

    

    

    

    	
            Level

          	
            TCE Ratio

          	
            Euro‐Dollar Margin

          	
            Base Rate Margin and Canadian Base Rate Margin

          	
            Applicable Commitment Fee Percentage

          
	
            I

          	
            > 12.0%

          	
            1.375%

          	
            0.375%

          	
            0.200%

          
	
            II

          	
            > 8.0% but < 12.0%

          	
            1.500%

          	
            0.500%

          	
            0.250%

          
	
            III

          	
            > 4.0% but < 8.0%

          	
            1.625%

          	
            0.625%

          	
            0.275%

          
	
            IV

          	
            > 0.0% but < 4.0%

          	
            1.750%

          	
            0.750%

          	
            0.300%

          
	
            V

          	
            < 0.0%

          	
            2.000%

          	
            1.000%

          	
            0.350%EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 SEASPAN
CORPORATION, 
 as the Issuer 

5.50% BLUE TRANSITION SENIOR NOTES DUE 2029 
  

 
 INDENTURE 

Dated as of July 14, 2021 
  

 
 THE BANK OF NEW
YORK MELLON, 
 as Trustee 

 CONTENTS 
  

					
	Clause	  	Page	 
		
	 ARTICLE ONE DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 SECTION 1.01 Definitions
	  	 	1	 
	 SECTION 1.02 Other Definitions
	  	 	32	 
	 SECTION 1.03 Rules of Construction
	  	 	33	 
		
	 ARTICLE TWO THE NOTES
	  	 	35	 
	 SECTION 2.01 The Notes
	  	 	35	 
	 SECTION 2.02 Execution and Authentication
	  	 	37	 
	 SECTION 2.03 Registrar, Transfer Agent and Paying Agent
	  	 	37	 
	 SECTION 2.04 Paying Agent to Hold Money
	  	 	38	 
	 SECTION 2.05 Holder Lists
	  	 	39	 
	 SECTION 2.06 Transfer and Exchange
	  	 	39	 
	 SECTION 2.07 Replacement Notes
	  	 	47	 
	 SECTION 2.08 Outstanding Notes
	  	 	47	 
	 SECTION 2.09 Treasury Notes
	  	 	47	 
	 SECTION 2.10 Temporary Notes
	  	 	48	 
	 SECTION 2.11 Cancellation
	  	 	48	 
	 SECTION 2.12 Defaulted Interest
	  	 	48	 
	 SECTION 2.13 Computation of Interest
	  	 	49	 
	 SECTION 2.14 ISIN and CUSIP
	  	 	49	 
	 SECTION 2.15 Issuance of Additional Notes
	  	 	49	 
	 SECTION 2.16 Agents
	  	 	50	 
	 SECTION 2.17 Deposit of Moneys
	  	 	52	 
		
	 ARTICLE THREE REDEMPTION, OFFERS TO PURCHASE
	  	 	52	 
	 SECTION 3.01 Notices to Trustee
	  	 	52	 
	 SECTION 3.02 Selection of Notes to be Redeemed
	  	 	53	 
	 SECTION 3.03 Notice of Redemption
	  	 	53	 
	 SECTION 3.04 Effect of Notice of Redemption
	  	 	55	 
	 SECTION 3.05 Deposit of Redemption or Purchase Price
	  	 	55	 
	 SECTION 3.06 Notes Redeemed in Part
	  	 	55	 
	 SECTION 3.07 Optional Redemption
	  	 	56	 
	 SECTION 3.08 Redemption Upon Changes in Withholding Taxes
	  	 	57	 
	 SECTION 3.09 Additional Redemptions and Repurchases
	  	 	58	 
	 SECTION 3.10 Sinking Fund; Offers to Purchase; Open Market Purchases
	  	 	58	 
		
	 ARTICLE FOUR COVENANTS
	  	 	58	 
	 SECTION 4.01 Payment of Notes
	  	 	58	 
	 SECTION 4.02 Maintenance of Office or Agency
	  	 	59	 
	 SECTION 4.03 Compliance Certificate
	  	 	59	 
	 SECTION 4.04 Limitation on Debt
	  	 	59	 
	 SECTION 4.05 Limitation on Liens
	  	 	65	 
	 SECTION 4.06 Limitation on Restricted Payments
	  	 	66	 
	 SECTION 4.07 Limitation on Sale of Certain Assets
	  	 	71	 
	 SECTION 4.08 Limitation on Transactions with Affiliates
	  	 	73	 
	 SECTION 4.09 Purchase of Notes upon a Change of Control
	  	 	76	 

  
 - i - 

					
	 SECTION 4.10 Additional Amounts
	  	 	78	 
	 SECTION 4.11 Limitation on Guarantees of Debt by Restricted Subsidiaries
	  	 	80	 
	 SECTION 4.12 Limitation on Dividends and Other Payment Restrictions Affecting Restricted
Subsidiaries
	  	 	82	 
	 SECTION 4.13 Designation of Unrestricted and Restricted Subsidiaries
	  	 	84	 
	 SECTION 4.14 Provision of Information
	  	 	85	 
	 SECTION 4.15 [Reserved]
	  	 	86	 
	 SECTION 4.16 Suspension of Covenants Following Achievement of Investment Grade Status
	  	 	86	 
		
	 ARTICLE FIVE CONSOLIDATION, MERGER AND SALE OF ASSETS
	  	 	87	 
	 SECTION 5.01 Consolidation, Merger and Sale of Assets
	  	 	87	 
	 SECTION 5.02 Successor Substituted
	  	 	88	 
		
	 ARTICLE SIX DEFAULTS AND REMEDIES
	  	 	88	 
	 SECTION 6.01 Events of Default
	  	 	88	 
	 SECTION 6.02 Acceleration
	  	 	90	 
	 SECTION 6.03 Other Remedies
	  	 	91	 
	 SECTION 6.04 Waiver of Past Defaults
	  	 	91	 
	 SECTION 6.05 Control by Majority
	  	 	92	 
	 SECTION 6.06 Limitation on Suits
	  	 	92	 
	 SECTION 6.07 Unconditional Right of Holders To Receive Payment
	  	 	92	 
	 SECTION 6.08 Collection Suit by Trustee
	  	 	93	 
	 SECTION 6.09 Trustee May File Proofs of Claim
	  	 	93	 
	 SECTION 6.10 Application of Money Collected
	  	 	93	 
	 SECTION 6.11 Undertaking for Costs
	  	 	94	 
	 SECTION 6.12 Restoration of Rights and Remedies
	  	 	94	 
	 SECTION 6.13 Rights and Remedies Cumulative
	  	 	94	 
	 SECTION 6.14 Delay or Omission not Waiver
	  	 	94	 
	 SECTION 6.15 Record Date
	  	 	94	 
	 SECTION 6.16 Waiver of Stay or Extension Laws
	  	 	94	 
		
	 ARTICLE SEVEN TRUSTEE
	  	 	95	 
	 SECTION 7.01 Duties of Trustee
	  	 	95	 
	 SECTION 7.02 Certain Rights of Trustee
	  	 	96	 
	 SECTION 7.03 Individual Rights of Trustee
	  	 	99	 
	 SECTION 7.04 Trustee’s Disclaimer
	  	 	99	 
	 SECTION 7.05 Notice of Defaults
	  	 	99	 
	 SECTION 7.06 Compensation and Indemnity
	  	 	99	 
	 SECTION 7.07 Replacement of Trustee
	  	 	101	 
	 SECTION 7.08 Successor Trustee by Merger
	  	 	102	 
	 SECTION 7.09 Eligibility; Disqualification
	  	 	102	 
	 SECTION 7.10 Appointment of Co-Trustee
	  	 	102	 
		
	 ARTICLE EIGHT DEFEASANCE; SATISFACTION AND DISCHARGE
	  	 	103	 
	 SECTION 8.01 Issuer’s Option to Effect Defeasance or Covenant Defeasance
	  	 	103	 
	 SECTION 8.02 Defeasance and Discharge
	  	 	103	 
	 SECTION 8.03 Covenant Defeasance
	  	 	104	 
	 SECTION 8.04 Conditions to Defeasance
	  	 	105	 
	 SECTION 8.05 Satisfaction and Discharge of Indenture
	  	 	105	 
	 SECTION 8.06 Survival
	  	 	106	 

  
 - ii - 

					
	 SECTION 8.07 Acknowledgment of Discharge by Trustee
	  	 	106	 
	 SECTION 8.08 Application of Trust Money
	  	 	106	 
	 SECTION 8.09 Repayment to Issuer
	  	 	107	 
	 SECTION 8.10 Indemnity for U.S. Government Obligations
	  	 	107	 
	 SECTION 8.11 Reinstatement
	  	 	107	 
		
	 ARTICLE NINE AMENDMENTS AND WAIVERS
	  	 	107	 
	 SECTION 9.01 Without Consent of Holders
	  	 	107	 
	 SECTION 9.02 With Consent of Holders
	  	 	108	 
	 SECTION 9.03 Effect of Supplemental Indentures
	  	 	109	 
	 SECTION 9.04 Notation on or Exchange of Notes
	  	 	109	 
	 SECTION 9.05 Notice of Amendment or Waiver
	  	 	110	 
	 SECTION 9.06 Trustee to Sign Amendments, etc.
	  	 	110	 
		
	 ARTICLE TEN GUARANTEES
	  	 	110	 
	 SECTION 10.01 Guarantees
	  	 	110	 
	 SECTION 10.02 Limitation on Guarantor Liability
	  	 	111	 
	 SECTION 10.03 Execution and Delivery of Supplemental Indenture
	  	 	112	 
	 SECTION 10.04 Releases of Guarantors
	  	 	112	 
		
	 ARTICLE ELEVEN MISCELLANEOUS
	  	 	113	 
	 SECTION 11.01 Notices
	  	 	113	 
	 SECTION 11.02 Communication by Holders with Other Holders
	  	 	114	 
	 SECTION 11.03 Certificate and Opinion as to Conditions Precedent
	  	 	114	 
	 SECTION 11.04 Statements Required in Certificate or Opinion
	  	 	114	 
	 SECTION 11.05 Rules by Trustee, Paying Agent and Registrar
	  	 	115	 
	 SECTION 11.06 Legal Holidays
	  	 	115	 
	 SECTION 11.07 Governing Law; Waiver of Jury Trial
	  	 	115	 
	 SECTION 11.08 Jurisdiction; Agent for Service of Process
	  	 	115	 
	 SECTION 11.09 No Recourse Against Others
	  	 	116	 
	 SECTION 11.10 Successors
	  	 	116	 
	 SECTION 11.11 Multiple Originals; Counterparts
	  	 	116	 
	 SECTION 11.12 Table of Contents; Headings
	  	 	117	 
	 SECTION 11.13 Severability
	  	 	117	 
	 SECTION 11.14 Sanctions
	  	 	117	 

  

					
	Schedules	  		  	
			
	Schedule 1	  	-	  	Existing Credit Facilities
			
	Exhibits	  		  	
			
	Exhibit A	  	-	  	Form of Notes
	Exhibit B	  	-	  	Form of Transfer Certificate
	Exhibit C	  	-	  	Form of Exchange Certificate
	Exhibit D	  	-	  	Form of Supplemental Indenture

  
 - iii - 

 INDENTURE dated as of July 14, 2021, between Seaspan Corporation, a Republic of the
Marshall Islands corporation (the “Issuer”), and The Bank of New York Mellon, as trustee (the “Trustee”). 
 RECITALS OF
THE ISSUER 
 The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of its 5.50% Blue
Transition Senior Notes due 2029 issued on the date hereof (the “Original Notes”) and any additional Notes (“Additional Notes” and, together with the Original Notes, the “Notes”) that may be issued in accordance with
the terms hereof. The Issuer has received good and valuable consideration for the execution and delivery of this Indenture. All necessary acts and things have been done to make (i) the Notes, when duly issued and executed by the Issuer and
authenticated and delivered hereunder, the legal, valid and binding obligations of the Issuer, and (ii) this Indenture a legal, valid and binding agreement of the Issuer in accordance with the terms of this Indenture. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders, as follows: 
 ARTICLE ONE 

DEFINITIONS AND INCORPORATION 
 BY
REFERENCE 
 SECTION 1.01 Definitions. 

“Acquired Debt” means Debt of a Person (a) existing at the time such Person becomes a Subsidiary or is merged into or
consolidated with such specified Person whether or not such Debt is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary; or (b) assumed in connection with the
acquisition of assets from any such Person. Acquired Debt will be deemed to be incurred on the date the acquired Person becomes a Restricted Subsidiary or the date of the related acquisition of assets from any Person. 

“Affiliate” means, with respect to any specified Person any other Person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct or cause the direction of 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,” “controlled” have meanings correlative to the foregoing. 

“Agents” means the Registrar, Paying Agent and Transfer Agent. 

  
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 “Applicable Fair Market Value Limit” means, 

(a) in the case of a completed Vessel, container or any other property, plant or equipment: 

(i) if the Debt incurred to finance such completed Vessel, container or other property, plant or equipment pursuant to
Section 4.04(b)(viii) is not a Sale/Leaseback Transaction, 85% of its Fair Market Value; or 
 (ii) if the Debt incurred
to finance such completed Vessel, container or other property, plant or equipment pursuant to Section 4.04(b)(viii) is a Sale/Leaseback Transaction, 100% of its Fair Market Value; and 

(b) in the case of an uncompleted Vessel, container or any other property, plant or equipment: 

(i) if the Debt incurred to finance such uncompleted Vessel, container or any other property, plant or equipment pursuant to
Section 4.04(b)(viii) is not a Sale/Leaseback Transaction, 85% of the contract price for the acquisition of such Vessel, container or other property, plant or equipment, as determined on the date on which the agreement for construction of such
Vessel, container or other property, plant or equipment was entered into by the Issuer or any Restricted Subsidiary, plus in the case of a Vessel, any other Ready for Sea Cost of such Vessel; or 

(ii) if the Debt incurred to finance such uncompleted Vessel, container or such other property, plant or equipment pursuant to
Section 4.04(b)(viii) is a Sale/Leaseback Transaction, 95% of the contract price for the acquisition of such Vessel, container or other property, plant or equipment, as determined on the date on which the agreement for construction of such
Vessel, container or other property, plant or equipment was entered into by the Issuer or any Restricted Subsidiary, plus in the case of a Vessel, any other Ready for Sea Cost of such Vessel; and 

(c) in the case of an exercise of any of the options outstanding as of the Issue Date to purchase certain Vessels, 100% of the
contract prices for the exercise of such option. 
 “Applicable Law” means any law or regulation. 

“Applicable Redemption Premium” means on any redemption date prior to August 1, 2024, the greater of: (a) one
percent of the principal amount of such Note and (b) the excess of: (i) the present value at such redemption date of the redemption price of such Note at August 1, 2024, plus all required interest payments that would otherwise be due
to be paid on such Note during the period between the redemption date and August 1, 2024, excluding accrued but unpaid interest, computed using a discount rate equal to the Treasury Rate at such redemption date plus 50 basis points, over
(ii) the principal amount of such Note on such redemption date. 
 For the avoidance of doubt, calculation of the Applicable Redemption
Premium shall not be a duty or obligation of the Trustee or any Agent. 
 “Applicable Procedures” means, with respect to
any transfer, redemption or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer, redemption or exchange. 

  
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 “Asset Sale” means any sale, issuance, conveyance, transfer, lease or other
disposition (including, without limitation, by way of merger, consolidation or sale and leaseback transaction) (collectively, a “transfer”), directly or indirectly, in one or a series of related transactions, of: (a) any Capital Stock
of any Restricted Subsidiary (other than Preferred Stock or Redeemable Capital Stock of Restricted Subsidiaries issued in compliance with Section 4.04 and directors’ qualifying shares or shares required by applicable law to be held by a
Person other than the Issuer or a Restricted Subsidiary); (b) all or substantially all the properties and assets of any division or line of business of the Issuer or any Restricted Subsidiary; or (c) any other of the Issuer’s or any
Restricted Subsidiary’s properties or assets. 
 (a) Notwithstanding the preceding, none of the following items will be
deemed to be an Asset Sale: 
 (i) any transfer or disposition of assets that is governed by Sections 4.09 and 5.01; 

(ii) any transfer or disposition of assets or Capital Stock between or among the Issuer and any Restricted Subsidiary; 

(iii) any transfer or disposition of damaged, obsolete, worn-out or surplus Vessels,
equipment or facilities or other assets of the Issuer or any Restricted Subsidiary that are no longer used or useful in the ordinary course of the Issuer’s or any Restricted Subsidiary’s business; 

(iv) any single transaction or series of related transactions that involves assets or Capital Stock having a Fair Market Value
of less than $50,000,000; 
 (v) any financing transaction with respect to property built or acquired by the Issuer or any
Restricted Subsidiary after the Issue Date, including sale leasebacks and asset securitizations permitted by this Indenture; 

(vi) the disposition of receivables or other surrender or waiver of contract rights in connection with the compromise,
settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(vii) sales, transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to,
customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(viii) the sale, lease or other disposition of equipment, inventory, property, stock-in-trade, goods, accounts receivable or other assets in the ordinary course of business; 

(ix) the lease, assignment, sublease, license or sublicense of any real or personal property in the ordinary course of
business; 
 (x) an issuance of Capital Stock by a Restricted Subsidiary to the Issuer or to another Restricted Subsidiary;

  
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 (xi) a Permitted Investment or a Restricted Payment (or a transaction that
would constitute a Restricted Payment but for the exclusions from the definition thereof) that is not prohibited by Section 4.06; 

(xii) foreclosure, condemnation or similar action with respect to property or other assets; 

(xiii) any disposition of Capital Stock, Debt or other securities of any Unrestricted Subsidiary; 

(xiv) any disposition of Securitization Assets and related assets in connection with any Qualified Securitization Financing and
any factoring transaction in the ordinary course of business; 
 (xv) sales of assets received by the Issuer or any
Restricted Subsidiary upon the foreclosure on a Lien granted in favor of the Issuer or any Restricted Subsidiary; 
 (xvi)
the sale or other disposition of cash or Cash Equivalents; 
 (xvii) any exchange of like property for use in a Permitted
Business; 
 (xviii) the grant of licenses to intellectual property rights to third parties on an arms’ length basis in
the ordinary course of business; 
 (xix) the disposition of assets to a Person who is providing services (the provision of
which have been or are to be outsourced by the Issuer or any Restricted Subsidiary to such Person) related to such assets; 

(xx) the granting of Liens not otherwise prohibited by this Indenture; or 

(xxi) the surrender, or waiver of contract rights or settlement, release or surrender of contract, tort or other claims. 

“Authority” means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction. 

“Average Life” means, as of the date of determination with respect to any Debt, the quotient obtained by dividing
(a) the sum of the products of: (i) the number of years from the date of determination to the date or dates of each successive scheduled principal payment of such Debt multiplied by (ii) the amount of each such principal payment; by
(b) the sum of all such principal payments. 
 “Bankruptcy Custodian” means any receiver, trustee, assignee,
liquidator, custodian, administrator or similar official under any Bankruptcy Law. 
 “Bankruptcy Law” means Title 11 of
the U.S. Code (as may be amended from time to time) or the laws of any other jurisdiction or any political subdivision thereof applicable to the Issuer or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the
latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary relating to bankruptcy, insolvency, receivership, winding up, liquidation, reorganization, relief of debtors or similar proceedings. 

  
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 “Board of Directors” means the board of directors of the Issuer. 

“Book-Entry Interest” means a beneficial interest in a Global Note held by or through a Participant. 

“Business Day” means a day of the year on which banks are not required or authorized by law to close in New York, New York.

 “Capital Markets Debt” means any Debt consisting of bonds, debentures, notes or other similar debt securities issued in
(a) a public offering registered under the Securities Act, (b) a private placement to institutional investors that is resold in accordance with Rule 144A or Regulation S under the Securities Act, whether or not it includes registration
rights entitling the holders of such debt securities to registration thereof with the Commission, (c) a private placement to institutional investors or (d) Syndicated Term Loan B Facilities. For the avoidance of doubt, other than
Syndicated Term Loan B Facilities, the term “Capital Markets Debt” does not include any Debt under commercial bank facilities, Debt incurred in the ordinary course of business of the Issuer, Capitalized Lease Obligations or recourse
transfer of any financial asset or any other type of Debt incurred in a manner not customarily viewed as a “securities offering.” 

“Capital Stock” means, with respect to any Person, any and all shares, interests, partnership interests (whether general or
limited), participations, rights in or other equivalents (however designated) of such Person’s equity, any other interest or participation that confers the right to receive a share of the profits and losses, or distributions of assets of, such
Person and any rights (other than debt securities convertible into or exchangeable for Capital Stock), warrants or options exchangeable for or convertible into or to acquire such Capital Stock, whether now outstanding or issued after the date of
this Indenture. 
 “Capitalized Lease Obligation” means, with respect to any Person, any obligation of such Person under a
lease of (or other agreement conveying the right to use) any property (whether real, personal or mixed), which obligation is required to be classified and accounted for as a capital lease obligation under GAAP, and, for purposes of this Indenture,
the amount of such obligation at any date will be the capitalized amount thereof at such date, determined in accordance with GAAP and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease
prior to the first date such lease may be terminated without penalty. 
 “Cash Equivalents” means any of the following:

 (a) United States dollars; 

(b) (1) Euros, Yen, Canadian Dollars, Pounds Sterling or any national currency of any participating member state of the
EMU or the United Kingdom; or (2) in the case of any Foreign Subsidiary or any jurisdiction in which the Issuer or its Restricted Subsidiaries conducts business, such local currencies held by it from time to time in the ordinary course of
business or consistent with industry practice; 

  
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 (c) readily marketable direct obligations issued or directly and fully and
unconditionally guaranteed or insured by the United States government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24
months or less from the date of acquisition; 
 (d) certificates of deposit, time deposits and eurodollar time deposits with
maturities of one year or less from the date of acquisition, demand deposits, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial bank having capital and
surplus of not less than $500,000,000 in the case of U.S. banks and $100,000,000 (or the United States dollar equivalent as of the date of determination) in the case of non-U.S. banks; 

(e) repurchase obligations for underlying securities of the types described in clauses (c) and (d) above or clauses (g),
(h) and (i) below entered into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (d) above; 

(f) commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P (or, if at any time neither Moody’s nor S&P is rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Issuer) and, in each
case, maturing within 24 months after the date of creation thereof; 
 (g) marketable short-term money market and similar
liquid funds having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P is rating such
obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Issuer) and, in each case, maturing within 24 months after the date of creation thereof; 

(h) securities issued or directly and fully and unconditionally guaranteed by any state, commonwealth or territory of the
United States or any political subdivision or taxing authority of any such state, commonwealth or territory or any public instrumentality thereof having maturities of not more than 24 months from the date of acquisition; 

(i) readily marketable direct obligations issued or directly and fully and unconditionally guaranteed by any foreign
government or any political subdivision or public instrumentality thereof, in each case, having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P is rating such obligations, an
equivalent rating from another nationally recognized statistical rating agency selected by the Issuer) with maturities of 24 months or less from the date of acquisition; 

(j) Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time neither Moody’s nor S&P is rating such obligations, an equivalent
rating from another nationally recognized statistical rating agency selected by the Issuer); and 
 (l) investment funds
investing at least 95% of their assets in securities of the types described in clauses (a) through (j) above. 

  
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 In the case of Investments by any Foreign Subsidiary or Investments made in a country
outside the United States, Cash Equivalents will also include (i) investments of the type and maturity described in clauses (a) through (l) above of foreign obligors, which Investments or obligors (or the parents of such obligors) have
ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii) other short-term investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in
investments analogous to the foregoing investments in clauses (a) through (l) and in this paragraph. 
 “Change of
Control” means the occurrence of any of the following events: 
 (a) any “Person” (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the “Beneficial Owner” (as defined in Rules 13d-3 and
13d-5 under the Exchange Act, except that for purposes of this clause (a) such Person shall be deemed to have “Beneficial Ownership” of all shares that any such Person has the right to acquire,
whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Issuer; or 

(b) the merger or consolidation of the Issuer with or into another Person or the merger of another Person with or into the
Issuer, or the sale of all or substantially all the assets of the Issuer (determined on a consolidated basis) to another Person in each case other than (i) a transaction in which the survivor or transferee is a Permitted Holder or a Person that
is controlled by the Permitted Holders or (ii) a transaction following which holders of securities that represented 100% of the Voting Stock of the Issuer immediately prior to such transaction (or other securities into which such securities are
converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such merger or consolidation transaction immediately after such
transaction and in substantially the same proportion as before the transaction. 
 For the purposes of this definition, any direct or
indirect holding company of the Issuer shall not itself be considered a “person” or “group” for purposes of clause (a) above; provided that no “person” or “group” (other than the Permitted Holders)
beneficially owns, directly or indirectly, more than 50% of the total voting power of the Voting Stock of such holding company. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

“Clearstream” means Clearstream Banking, S.A. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Commodity Hedging Agreements” means, in respect of a Person, any spot, forward, swap, option or other similar agreements or
arrangements designed to protect such Person against or manage exposure to fluctuations in commodity prices. 

  
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 “Consolidated Adjusted Net Income” means, with respect to any specified
Person for any period, the aggregate of the net income (or loss) of such Person for such period, on a consolidated basis (excluding the net income (loss) of any Unrestricted Subsidiary), as determined in accordance with GAAP and without any
reduction in respect of Preferred Stock dividends; provided that: 
 (a) any
non-cash impairment charges and asset (including intangible assets and goodwill) write-ups, write-downs and write-offs, in each case pursuant to GAAP, will be excluded;

 (b) the net income of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of
accounting shall be excluded; provided that the Consolidated Adjusted Net Income of a Person shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash or Cash Equivalents (or to the extent
converted into cash or Cash Equivalents), to such Person or a Restricted Subsidiary thereof in respect of such period; 
 (c)
solely for the purpose of determining the amount available for Restricted Payments under Section 4.06(b)(iii)(A), any net income (loss) of any Restricted Subsidiary (other than any Guarantor) will be excluded if such Restricted Subsidiary is
subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Issuer by operation of the terms of such Restricted Subsidiary’s charter
or any agreement, instrument, judgment, decree, order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders (other than (i) restrictions that have been waived or otherwise released,
(ii) restrictions pursuant to the Notes or this Indenture, (iii) contractual restrictions in effect on the Issue Date with respect to the Restricted Subsidiary and other restrictions with respect to such Restricted Subsidiary that, taken
as a whole, are not materially less favorable to the Holders of the Notes than such restrictions in effect on the Issue Date and (iv) any restriction listed under Sections 4.12(b)(i), 4.12(b)(ii) and 4.12(b)(viii)); except that the
Issuer’s equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated Adjusted Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed or that could have been
distributed by such Restricted Subsidiary during such period to the Issuer or another Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this
clause); 
 (d) any net gain (or loss) realized upon the sale or other disposition of any asset or disposed operations of the
Issuer or any Restricted Subsidiaries (including pursuant to any Sale/Leaseback Transaction) which is not sold or otherwise disposed of in the ordinary course of business (as determined in good faith by the Board of Directors or a member of senior
management of the Issuer) or in connection with the sale or disposition of securities will be excluded; 
 (e) (i) any
extraordinary, exceptional or unusual gain, loss or charge (provided, for the avoidance of doubt, that income from charter cancellations will be included), (ii) any asset impairments charges, (iii) the financial impacts of natural
disasters (including fire, flood and storm and related events), (iv) any non-cash charges or reserves in respect of any restructuring, redundancy, integration or severance or (v) any expenses, charges,
reserves or other costs related to the Offering, in each case, will be excluded; 
 (f) any
non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based awards will be excluded; 

  
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 (g) all deferred financing costs written off and premium paid or other
expenses incurred directly in connection with any early extinguishment of Debt and any net gain (loss) from any write-off or forgiveness of Debt will be excluded; 

(h) any one-time non-cash charges or any
increases in amortization or depreciation resulting from purchase accounting, in each case, in relation to any acquisition of another Person or business or resulting from any reorganization or restructuring involving the Issuer or its Subsidiaries
will be excluded; 
 (i) any non-cash gains, losses, expenses or charges attributable
to the movement in the mark-to-market valuation of or sustainability linked component attached to Debt, Hedging Obligations or other derivative instruments; 

(j) any unrealized gains or losses in respect of Hedging Obligations or any ineffectiveness recognized in earnings related to
qualifying hedge transactions or the fair value or changes therein recognized in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of Hedging Obligations will be excluded; 

(k) any unrealized foreign currency transaction gains or losses in respect of Debt of any Person denominated in a currency
other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets and liabilities denominated in foreign currencies will be excluded; 

(l) any unrealized foreign currency translation or transaction gains or losses in respect of Debt or other obligations of the
Issuer or any Restricted Subsidiary owing to the Issuer or any Restricted Subsidiary will be excluded; 
 (m) the cumulative
effect of a change in accounting principles will be excluded; 
 (n) the amortization of (i) fair value lease premiums
and discounts, (ii) the principal amount of operating lease expense, (iii) lease incentives, (iv) fair value debt discounts, (v) debt discounts in respect of Debt and (vi) any interest expense
paid-in-kind on Subordinated Debt will be excluded; 

(o) collections of the principal portion of any direct finance leases will be included; 

(p) the impact of capitalized, accrued or accreting or
pay-in-kind interest or accreting principal on Deeply Subordinated Funding will be excluded; 

(q) the amortization of deferred finance costs, debt discount and other finance fees accrued will be excluded; and 

(r) the impact of the recognition of any charges or gains resulting from fair value accounting, including the amortization and
unwinding of fair value accounting, will be excluded. 

  
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 “Consolidated EBITDA” means, with respect to any specified Person for any
period without duplication, the sum of Consolidated Adjusted Net Income, plus in each case to the extent deducted in computing Consolidated Adjusted Net Income for such period: 

(a) provision for taxes based on income, profits or capital of such Person and its Restricted Subsidiaries for such period, to
the extent that such provision for taxes was deducted in computing such Consolidated Adjusted Net Income; plus 
 (b)
the Consolidated Net Interest Expense of such Person and its Restricted Subsidiaries for such period; plus 
 (c) any
expenses, charges or other costs related to any equity offering, acquisition (including amounts paid in connection with the acquisition or retention of one or more individuals comprising part of a management team retained to manage the acquired
business; provided that such payments are made at the time of such acquisition and are consistent with the customary practice in the industry at the time of such acquisition), joint venture, disposition, recapitalization, Debt permitted to be
incurred by this Indenture, or the refinancing of any other Debt of such Person or any of its Restricted Subsidiaries (whether or not successful) (including such fees, expenses or charges related to the Offering) and, in each case, deducted in such
period in computing Consolidated Adjusted Net Income; plus 
 (d) depreciation, amortization (including, without
limitation, amortization of deferred drydocking and special survey costs, deferred realized losses of cash flow interest rate swaps, intangibles and deferred financing fees), and other non-cash expenses
(including without limitation write downs and impairment of property, plant, equipment and intangibles and other long-lived assets and the impact of purchase accounting on such Person and its Restricted Subsidiaries for such period), but excluding
any non-cash items for which a future cash payment will be required and for which an accrual or reserve is required by GAAP to be made, to the extent that such depreciation, amortization and other non-cash
expenses were deducted in computing such Consolidated Adjusted Net Income; plus 
 (e) the minority interest expense
consisting of subsidiary income attributable to minority equity interests of third parties in any non-wholly owned Subsidiary in such period or any prior period, except to the extent of dividends declared or paid on Capital Stock held by third
parties; plus 
 (f) to the extent not otherwise included, the proceeds of any business interruption insurance;
minus 
 (g) non-cash items increasing such Consolidated Adjusted Net Income for such period, other than (i) any
items which represent the reversal in such period of any accrual of, or cash reserve for, anticipated charges in any prior period where such accrual or reserve is no longer required; or (ii) items related to percentage of completion accounting,

 in each case, on a consolidated basis and determined in accordance with GAAP. 

“Consolidated Fixed Charge Coverage Ratio” of the Issuer means, for any period, the ratio (calculated on a pro forma basis as
described below) of: 
 (a) Consolidated EBITDA 

  
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 (b) to the sum of: 

(i) Consolidated Net Interest Expense; 

(ii) cash and non-cash dividends due (whether or not declared) on the Redeemable
Capital Stock of the Issuer and any Restricted Subsidiaries and on the Preferred Stock of any Restricted Subsidiary (to any Person other than the Issuer and any Restricted Subsidiary), in each case for such period; and 

(iii) cash and non-cash dividends due (whether or not declared) on the Preferred Stock
of Parent referred to under clauses (viii) and (ix) of Section 4.06(c) (“Designated Parent Preferred Stock”); 
 provided
that in calculating the Consolidated Fixed Charge Coverage Ratio or any element thereof for any period, pro forma calculations will be made in good faith by a responsible financial or accounting officer of the Issuer (including any pro
forma expenses and cost savings and cost reduction synergies that have occurred or are reasonably expected to occur, in the good faith judgment of the chief executive officer, chief financial officer or any person performing a similarly senior
accounting role of the Issuer (regardless of whether these cost savings and cost reduction synergies could then be reflected in pro forma financial statements)); provided further, without limiting the application of the previous
proviso, that: 
 (A) if the Issuer or any Restricted Subsidiary has incurred any Debt since the beginning of such period
that remains outstanding or if the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio is an incurrence of Debt or both, Consolidated Adjusted Net Income and Consolidated Net Interest Expense for such period
shall be calculated after giving effect on a pro forma basis to such Debt as if such Debt had been incurred on the first day of such period and the discharge of any other Debt repaid, repurchased, defeased or otherwise discharged with the
proceeds of such new Debt as if such discharge had occurred on the first day of such period; provided however, that the pro forma calculation of the Consolidated Fixed Charge Coverage Ratio shall not give effect to (i) any Debt
incurred on the date of determination pursuant to Section 4.04(b) or (ii) the discharge on the date of determination of any Debt to the extent that such discharge results from the proceeds incurred pursuant to Section 4.04(b); 

(B) if, since the beginning of such period, the Issuer or any Restricted Subsidiary shall have made any Asset Sale,
Consolidated Adjusted Net Income for such period shall be reduced by an amount equal to the Consolidated Adjusted Net Income (if positive) directly attributable to the assets which are the subject of such Asset Sale for such period, or increased by
an amount equal to the Consolidated Adjusted Net Income (if negative) directly attributable thereto, for such period and the Consolidated Net Interest Expense for such period shall be reduced by an amount equal to the Consolidated Net Interest
Expense directly attributable to any Debt of the Issuer or of any Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to the Issuer and the continuing Restricted Subsidiaries in connection with such

  
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Asset Sale for such period (or, if the Capital Stock of any Restricted Subsidiary is sold, the Consolidated Net Interest Expense for such period directly attributable to the Debt of such
Restricted Subsidiary to the extent the Issuer and the continuing Restricted Subsidiaries are no longer liable for such Debt after such sale); 

(C) if, since the beginning of such period, the Issuer or any Restricted Subsidiary (by merger or otherwise) shall have made
an Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition of one or more Vessels, any company, any business, or any group of assets constituting all or substantially all of an operating unit
of a business, including any such acquisition of any Vessel, company, business or group of assets occurring in connection with a transaction causing a calculation to be made hereunder, Consolidated Adjusted Net Income and Consolidated Net Interest
Expense for such period shall be calculated after giving pro forma effect thereto (including the incurrence of any Debt) as if such Investment or acquisition occurred on the first day of such period; 

(D) if, since the beginning of such period, any Person (that subsequently became a Restricted Subsidiary or was merged with or
into the Issuer or any Restricted Subsidiary since the beginning of such period) shall have made any Asset Sale or any Investment or acquisition of any Vessel, company, business or group of assets that would have required an adjustment pursuant to
clause (B) or (C) above if made by the Issuer or a Restricted Subsidiary during such period, Consolidated Adjusted Net Income and Consolidated Net Interest Expense for such period shall be calculated after giving pro forma effect thereto
as if such Asset Sale or Investment or acquisition occurred on the first day of such period; and 
 (E) if Parent has issued
any Designated Parent Preferred Stock since the beginning of such period that remains outstanding or if the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio is an incurrence of Designated Parent Preferred
Stock or both, the Consolidated Fixed Charge Coverage Ratio for such period shall be calculated after giving effect on a pro forma basis to such Designated Parent Preferred Stock as if such Designated Parent Preferred Stock had been issued on the
first day of such period and the discharge of any other Debt or Designated Parent Preferred Stock repaid, repurchased, defeased or otherwise discharged with the proceeds of such new Designated Parent Preferred Stock as if such discharge had occurred
on the first day of such period. 
 If any Debt bears a floating rate of interest and is being given pro forma effect, the interest
expense on such Debt shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Interest Rate Agreement applicable to such Debt for a period equal to
the remaining term of such Interest Rate Agreement). 

  
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 For the purposes of this definition and the definitions of Consolidated EBITDA, Consolidated
Net Interest Expense and Consolidated Adjusted Net Income, calculations will be as determined in good faith by a responsible financial or accounting officer of the Issuer. 

“Consolidated Net Interest Expense” means, with respect to any specified Person for any period, without duplication and in
each case determined on a consolidated basis in accordance with GAAP, the sum of: 
 (a) the Issuer’s and the Restricted
Subsidiaries’ total interest expense for such period, including, without limitation: 
 (i) amortization of debt
discount, but excluding amortization of debt issuance costs, fees and expenses and the expensing of any bridge or other financing fees; 

(ii) the net payments (if any) of Interest Rate Agreements and Currency Agreements (excluding amortization of fees and
discounts and unrealized gains and losses); and 
 (iii) the interest portion of any deferred payment obligation (classified
as Debt under this Indenture); plus 
 (b) the interest component of the Issuer’s and the Restricted
Subsidiaries’ Capitalized Lease Obligations accrued or scheduled to be paid or accrued during such period other than the interest component of Capitalized Lease Obligations between or among the Issuer and any Restricted Subsidiary or between or
among Restricted Subsidiaries; plus 
 (c) the Issuer’s and the Restricted Subsidiaries non-cash interest expenses (but excluding any non-cash interest expense attributable to the movement in the
mark-to-market valuation of Hedging Obligations or other derivative instruments) and interest that was capitalized during such period; plus 

(d) the interest expense on Debt of another Person to the extent such Debt is guaranteed by the Issuer or any Restricted
Subsidiary or secured by a Lien on the Issuer’s or any Restricted Subsidiary’s assets, but only to the extent that such interest is actually paid by the Issuer or such Restricted Subsidiary; minus 

(e) the interest income of the Issuer and the Restricted Subsidiaries during such period. 

Notwithstanding any of the foregoing, Consolidated Net Interest Expense shall not include (i) any
non-cash interest expense in respect of Deeply Subordinated Funding, (ii) any commissions, discounts, yield and other fees and charges related to any Qualified Securitization Financing and (iii) any
payments on any operating leases. 
 “continuing” means, with respect to any Default or Event of Default, that such Default
or Event of Default has not been cured or waived. 

  
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 “Corporate Trust Office” means the office of the Trustee at which the
corporate trust business of the Trustee shall, at any particular time, be principally administered, which office is, at the date as of which this Indenture is dated, located at The Bank of New York Mellon, 240 Greenwich Street, Floor 7 East, New
York, New York 10286; Attention: Corporate Trust Administration, or such other address in the United States as the Trustee may designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office in the United
States of any successor Trustee (or such other address in the United States as such successor Trustee may designate from time to time by notice to the Holders and the Issuer). 

“Credit Facility” or “Credit Facilities” means one or more debt facilities, indentures or commercial paper
facilities providing for revolving credit loans, term loans, notes, debentures, 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), letters of credit or other forms of guarantees and assurances, or any other Debt, including in respect of any Sale/Leaseback Transaction, bonds, notes or overdrafts, in each case, as amended, restated, modified, renewed, refunded,
replaced (whether upon or after termination or otherwise), restructured, repaid or refinanced (whether in whole or in part and whether or not with the original administrative agent or lenders or another administrative agent or agents or other bank
or institutions and whether provided under the Existing Credit Facilities and one or more other credit or other agreements) and, for the avoidance of doubt, includes any agreement extending the maturity thereof or otherwise restructuring all or any
portion of the indebtedness thereunder or increasing the amount loaned or issued thereunder or altering the maturity thereof. 

“Currency Agreements” means, in respect of a Person, any spot or forward foreign exchange agreements and currency swap,
currency option or other similar financial agreements or arrangements designed to protect such Person against or manage exposure to fluctuations in foreign currency exchange rates. 

“Custodian” means, with respect to the Global Notes, The Bank of New York Mellon, as custodian for DTC, and any and all
successors thereto appointed as Custodian hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Debt” means, with respect to any Person, without duplication: 

(a) the principal and premium amounts of any indebtedness of such Person in respect of borrowed money (including overdrafts) or
for the deferred purchase price of property or services due more than one year after such property is acquired or such services are completed, excluding any trade payables and other accrued current liabilities incurred in the ordinary course of
business; 
 (b) any indebtedness of such Person evidenced by bonds, notes, debentures or other similar instruments; 

(c) all obligations, contingent or otherwise of such Person representing reimbursement obligations in respect of any letters of
credit, bankers’ acceptances or other similar instruments (except to the extent such obligation relates to trade payables in the ordinary course of business); provided that any counter indemnity or reimbursement obligation under a letter
of credit shall be considered Debt only to the extent that the underlying obligation in respect of which the letter of credit has been issued would also be Debt; 

  
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 (d) any indebtedness representing Capitalized Lease Obligations of such
Person; 
 (e) all obligations of such Person in respect of Interest Rate Agreements, Currency Agreements and Commodity
Hedging Agreements (the amount of any such Debt to be equal at any time to either (i) zero if such Hedging Obligation is incurred pursuant to Section 4.04(b)(vii) or (ii) the notional amount of such Hedging Obligation if not incurred
pursuant to such clause); 
 (f) all Debt referred to in (but not excluded from) the preceding clauses (a) through (e)
of other Persons and all dividends of other Persons, the payment of which is secured by (or for which the holder of such Debt 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 (the amount of such obligation being deemed to be the lesser of the fair market value of
such property or asset and the amount of the obligation so secured); 
 (g) all guarantees by such specified Person of Debt
referred to in this definition of any other Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); 

(h) all Redeemable Capital Stock of such Person valued at the greater of its voluntary maximum fixed repurchase price and
involuntary maximum fixed repurchase price plus accrued and unpaid dividends; and 
 (i) Preferred Stock of any Restricted
Subsidiary; 
 if and to the extent any of the preceding items (other than obligations under clauses (c) and (e) through (i)) would appear as a
liability upon a balance sheet of the specified Person prepared in accordance with GAAP provided that the term “Debt” shall not include (i) non-interest bearing installment obligations
and accrued liabilities incurred in the ordinary course of business that are not more than 90 days past due; (ii) Debt in respect of the incurrence by the Issuer or any Restricted Subsidiary of Debt in respect of standby letters of credit,
performance bonds or surety bonds provided by the Issuer or any Restricted Subsidiary in the ordinary course of business to the extent such letters of credit or bonds are not drawn upon or, if and to the extent drawn upon are honored in accordance
with their terms and if, to be reimbursed, are reimbursed no later than the fifth Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit or bond; (iii) anything accounted for as an
operating lease in accordance with GAAP as at the date of this Indenture; (iv) any pension obligations of the Issuer or a Restricted Subsidiary; (v) Debt incurred by the Issuer or one of the Restricted Subsidiaries in connection with a
transaction where (x) such Debt is borrowed from a bank or trust company, having a combined capital and surplus and undivided profits of not less than $500,000,000, whose debt has a rating immediately prior to the time such transaction is
entered into, of at least A or the equivalent thereof by S&P and A2 or the equivalent thereof by Moody’s and (y) a substantially concurrent Investment is made by the Issuer or a Restricted Subsidiary in the form of cash deposited with
the lender of such Debt, or a Subsidiary or Affiliate thereof, in amount equal to such Debt; (vi) obligations under or in respect of Qualified Securitization Financings; (vii) contingent obligations incurred in the ordinary course of
business and (viii) Deeply Subordinated Funding. 

  
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 For purposes of this definition, the “maximum fixed repurchase price” of any
Redeemable Capital Stock that does not have a fixed redemption, repayment or repurchase price will be calculated in accordance with the terms of such Redeemable Capital Stock as if such Redeemable Capital Stock were purchased on any date on which
Debt will be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Redeemable Capital Stock, such fair market value will be determined in good faith by the Board of
Directors or a member of senior management of the Issuer of such Redeemable Capital Stock; provided, that if such Redeemable Capital Stock is not then permitted to be redeemed, repaid or repurchased, the redemption, repayment or repurchase
price shall be the book value of such Redeemable Capital Stock as reflected in the most recent financial statements of such Person. 

“Deeply Subordinated Funding” means any funds provided to the Issuer pursuant to an agreement, note, security or other
instrument, other than Capital Stock, that pursuant to its terms, (i) is subordinated in right of payment to the Notes, (ii)(A) does not mature or require any amortization, redemption or other repayment of principal (other than through
conversion or exchange of such funding into Qualified Capital Stock of the Issuer or any funding meeting the requirements of this definition), (B) does not require payment of any cash interest or any similar cash amounts and (C) contains no
change of control or similar provisions and (D) does not accelerate and has no right to declare a default or event of default or take any enforcement action or otherwise require any cash payment (other than as a result of insolvency proceedings
of the Issuer), in each case, prior to the 90th day following the Stated Maturity of the Notes and all other amounts due under this Indenture, (iii) does not provide for or require any security interest or encumbrance over any asset of the
Issuer or any Restricted Subsidiary and (iv) does not (including upon the happening of any event) restrict the payment of amounts due in respect of the Notes or compliance by the Issuer with its obligations under the Notes and this Indenture.

 “Default” means any event that is, or after notice or passage of time or both would be, an Event of Default. 

“Definitive Registered Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance
with Section 2.06 hereof, substantially in the form of Exhibit A hereto and bearing restrictive legends as required pursuant to this Indenture. 

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

“Designated Noncash Consideration” means the Fair Market Value of noncash consideration received by the Issuer or a
Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Noncash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, executed by a senior vice president or the
principal financial officer of the Issuer, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of such Designated Noncash Consideration. 

“Designated Parent Preferred Stock” has the meaning set forth in the definition of “Consolidated Fixed Charge Coverage
Ratio.” 
 “Disinterested Director” means, with respect to any transaction or series of related transactions, a member
of the Issuer’s board of directors who does not have any material direct or indirect financial interest in or with respect to such transaction or series of related transactions or 

  
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is not an Affiliate, or an officer, director or employee of any Person (other than the Issuer or any Restricted Subsidiary) who has any direct or indirect financial interest in or with respect to
such transaction or series of related transactions. 
 “dollars” or “$” means the lawful currency of the
United States of America. 
 “Dollar Equivalent” means, with respect to any monetary amount in a currency other than
dollars, at any time for the determination thereof, the amount of dollars obtained by converting such foreign currency involved in such computation into dollars at the spot rate for the purchase of dollars with the applicable foreign currency as
published under “Currency Rates” in the section of the Financial Times entitled “Currencies, Bonds & Interest Rates” on the date that is two Business Days prior to such determination. 

“Domestic Subsidiary” means any direct or indirect Subsidiary of the Issuer that is organized under the laws of the United
States, any state thereof or the District of Columbia. 
 “DTC” means The Depository Trust Company. 

“EMU” means the economic and monetary union as contemplated in the Treaty on European Union. 

“Equity Offering” means, with respect to the Issuer or any direct or indirect parent company of the Issuer, any public or
private sale of shares of common stock or other common equity interests, or any cash contribution to the equity capital of the Issuer, other than any such contribution that constitutes an Excluded Contribution. 

“Euroclear” means Euroclear SA/NV, as operator of the Euroclear System. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and
regulations promulgated by the Commission thereunder. 
 “Excluded Contribution” means net cash proceeds, marketable
securities or Qualified Proceeds received by the Issuer from: 
 (a) contributions to its common equity capital; 

(b) dividends, distributions, fees and other payments from any joint ventures that are not Restricted Subsidiaries; and 

(c) the sale (other than to a Subsidiary of the Issuer or to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement of the Issuer) of Capital Stock or Deeply Subordinated Funding (other than Redeemable Capital Stock) of the Issuer, 

in each case, designated as Excluded Contributions pursuant to an Officer’s Certificate and that are excluded from the calculation set
forth in clause (iii)(B) of Section 4.06(b); provided that the Issuer, in its sole discretion, may subsequently undesignate any previously designated Excluded Contribution (to the extent such proceeds have not been applied to make
Restricted Payments pursuant to clause (xiv) of Section 4.06(c) pursuant to an Officer’s Certificate. 

  
 - 17 - 

 “Existing Credit Facilities” means credit facilities set forth on Schedule
1 to this Indenture, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after termination or otherwise), restructured, repaid or refinanced from time to time. 

“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, as determined in good faith by the Board of Directors or a member of senior management of
the Issuer. 
 “FATCA Withholding” means any withholding or deduction required pursuant to an agreement described in
section 1471(b) of the Code, or otherwise imposed pursuant to sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto. 

“Fitch” means Fitch Ratings, Inc., and its successors. 

“Foreign Subsidiary” means any direct or indirect Restricted Subsidiary of the Issuer that is not a Domestic Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America which are in effect on the Issue Date,
as 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. 

“Guarantee” means any guarantee of the Issuer’s obligations under this Indenture and the Notes by the Issuer, any
Restricted Subsidiary or any other Person in accordance with the provisions of this Indenture, dated as of the Issue Date. When used as a verb, “Guarantee” shall have a corresponding meaning. 

“guarantees” means, as applied to any obligation, 

(a) a guarantee (other than by endorsement of negotiable instruments for collection or deposit in the ordinary course of
business), direct or indirect, in any manner, of any part or all of such obligation; and 
 (b) an agreement, direct or
indirect, contingent or otherwise, the practical effect of which is to assure in any way the payment or performance (or payment of damages in the event of non-performance) 

of all or any part of such obligation, including, without limiting the foregoing, by the pledge of assets and the payment of amounts drawn
down under letters of credit. 
 “Guarantor” means any Person that is a guarantor of the Notes, including any Person that
is required after the date of this Indenture to execute a guarantee of the Notes pursuant to Section 4.11 until a successor replaces such party pursuant to the applicable provisions of this Indenture and, thereafter, shall mean such successor.

 “Holder” means the Person in whose name a Note is registered on the Registrar’s books. 

“Indenture” means this indenture pursuant to which the Issuer will issue the Notes. 

  
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 “Independent Financial Advisor” means an accounting, appraisal, investment
banking firm or consultant to Persons engaged in Permitted Businesses of nationally recognized standing in the United States that is, in the good faith judgment of the Issuer, qualified to perform the task for which it has been engaged. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Purchasers” means the initial purchasers named in Schedule A to the Purchase Agreement. 

“Interest Rate Agreements” means, in respect of a Person, any interest rate protection agreements and other types of interest
rate hedging agreements (including, without limitation, interest rate swaps, caps, floors, collars and similar agreements) designed to protect such Person against or manage exposure to fluctuations in interest rates. 

“Investment” means, with respect to any Person, any direct or indirect advance, loan or other extension of credit (including
guarantees but excluding bank deposits, accounts receivable, trade credit, advances to customers, commission, travel and similar advances to officers and employees, in each case, made in the ordinary course of business) or capital contribution to
(by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase, acquisition or ownership by such Person of any Capital Stock, bonds, notes, debentures or other
securities or evidences of Debt issued or owned by, any other Person and all other items, in each case that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of the relevant Person in the same manner as the other
investments included in this definition to the extent such transactions involve the transfer of cash or other property. In addition, the portion (proportionate to the Issuer’s equity interest in such Restricted Subsidiary) of the Fair Market
Value of the net assets of any Restricted Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary will be deemed to be an “Investment” that the Issuer made in such Unrestricted Subsidiary at such
time. The portion (proportionate to the Issuer’s equity interest in such Restricted Subsidiary) of the Fair Market Value of the net assets of any Unrestricted Subsidiary at the time that such Unrestricted Subsidiary is designated a Restricted
Subsidiary will be considered a reduction in outstanding Investments. “Investments” excludes extensions of trade credit on commercially reasonable terms in accordance with normal trade practices. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent), in the case of Moody’s, BBB- (or the equivalent), in the case of Fitch and S&P, or an equivalent rating by any other Rating Agency. 

“Issue Date” means July 14, 2021. 

“Issuer” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor.

 “Issuer Order” means a written order signed in the name of the Issuer by any Person authorized by a resolution of the
Board of Directors. 

  
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 “Lien” means any mortgage or deed of trust, charge, pledge, lien (statutory
or otherwise), privilege, security interest, hypothecation, assignment for security, standard security, assignation in security claim, or preference or priority or other encumbrance upon or with respect to any property of any kind, real or personal,
movable or immovable, now owned or hereafter acquired. A Person will be deemed to own subject to a Lien any property which such Person has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital
lease or other title retention agreement. 
 “Limited Condition Transaction” means (a) an Investment or acquisition,
in each case, the consummation by the Issuer or any Subsidiary of which is not conditioned on the availability of, or on obtaining, third-party financing for such Investment or acquisition (whether by merger, amalgamation, consolidation or other
business combination or the acquisition of Capital Stock or otherwise) as applicable or (b) redemption, repurchase, defeasance, satisfaction and discharge or repayment of Debt, Redeemable Capital Stock or Preferred Stock requiring irrevocable
notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment. 
 “Maturity” means,
with respect to any indebtedness, the date on which any principal of such indebtedness becomes due and payable as therein or herein provided, whether at the Stated Maturity with respect to such principal or by declaration of acceleration, call for
redemption or purchase or otherwise. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Net Cash Proceeds” means with respect to any Asset Sale, the proceeds thereof in the form of cash or Cash Equivalents
including payments in respect of deferred payment obligations when received in the form of, or stock or other assets when disposed for, cash or Cash Equivalents (except to the extent that such obligations are financed or sold with recourse to the
Issuer or any Restricted Subsidiary), net of: 
 (a) brokerage commissions and other fees and expenses (including, without
limitation, fees and expenses of legal counsel, accountants, investment banks and other consultants) related to such Asset Sale; 

(b) provisions for all taxes paid or payable, or required to be accrued as a liability under GAAP as a result of such Asset
Sale; 
 (c) all distributions and other payments required to be made to any Person (other than the Issuer or any Restricted
Subsidiary) owning a beneficial interest in the assets subject to the Asset Sale; and 
 (d) appropriate amounts required to
be provided by the Issuer or any Restricted Subsidiary, as the case may be, as a reserve in accordance with GAAP against any liabilities associated with such Asset Sale and retained by the Issuer or any Restricted Subsidiary, as the case may be,
after such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, all as
reflected in an Officer’s Certificate delivered to the Trustee. 
 “Non-Recourse
Debt” means with respect to any Person, Debt of such Person and any refinancing Debt thereof for which the sole legal recourse for collection of principal and interest on, and any other obligations in respect of, such Debt is against the
specific property identified in the instruments evidencing or securing such Debt. 

  
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 “Offering” means the offering of $750,000,000 aggregate principal amount
of 5.50% Blue Transition Senior Notes due 2029 on the date hereof. 
 “Offering Memorandum” means the offering
memorandum dated as of July 9, 2021, in relation to the Notes. 
 “Officer’s Certificate” means a certificate
signed by an officer of the Issuer, a Guarantor or a Surviving Entity, as the case may be, and delivered to the Trustee. 
 “Opinion
of Counsel” means a written opinion from legal counsel delivered to the Trustee. The counsel may be an employee of or counsel to the Issuer. 

“Parent” means Atlas Corp., a Republic of the Marshall Islands corporation, and its successors. 

“Pari Passu Debt” means (a) any Debt of the Issuer that ranks equally in right of payment with the Notes or
(b) with respect to any Guarantee, any Debt that ranks equally in right of payment to such Guarantee. 
 “Permitted
Business” means (a) any businesses, services or activities substantially as engaged in by the Issuer or any of the Restricted Subsidiaries on the Issue Date and (b) any businesses, services and activities engaged in by the Issuer
or any of the Restricted Subsidiaries that are related, complementary, incidental, ancillary or similar to any of the foregoing or are extensions or developments of any thereof. 

“Permitted Holders” means (a) the Parent, (b) any of Kyle Washington, Kevin Washington, Dennis Washington or any of
their respective estates, spouses and/or descendants; (c) any trust for the benefit of the persons listed in (b); (d) Fairfax Financial Holdings Limited; (e) an affiliate of any of the persons listed in (b), (c) or (d); or (f) a
combination of the foregoing. 
 “Permitted Investments” means any of the following: 

(a) Investments in cash or Cash Equivalents; 

(b) intercompany Debt to the extent permitted under clause (c) of the definition of “Permitted Debt;” 

(c) Investments in (i) the form of loans or advances to, or debt securities issued by, the Issuer, (ii) the Issuer or
a Restricted Subsidiary or (iii) another Person if as a result of such Investment such other Person becomes a Restricted Subsidiary of the Issuer or such other Person is merged or consolidated with or into, or transfers or conveys all or
substantially all of its assets to, the Issuer or a Restricted Subsidiary; 
 (d) Investments made by the Issuer or any
Restricted Subsidiary as a result of or retained in connection with an Asset Sale permitted under or made in compliance with Section 4.07 to the extent such Investments are non-cash proceeds permitted
thereunder; 
 (e) expenses or advances to cover payroll, travel, entertainment, moving, other relocation and similar matters
that are expected at the time of such advances to be treated as expenses in accordance with GAAP; 

  
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 (f) Investments in the Notes and any other Debt of the Issuer or any
Restricted Subsidiary; 
 (g) Investments existing on the Issue Date and any Investment consisting of an extension,
modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the Issue Date; provided that the amount of any such Investment may be increased (a) as required by the terms of such Investment
as in existence on the Issue Date or (b) as otherwise permitted under this Indenture; 
 (h) Investments in Hedging
Obligations permitted under Section 4.04(b)(vii); 
 (i) any Investments received in compromise or resolution of
litigation, arbitration or other disputes; 
 (j) loans and advances (or guarantees to third-party loans) to directors,
officers or employees of Parent, the Issuer or any Restricted Subsidiary made in the ordinary course of business in an amount outstanding not to exceed at any one time $10,000,000; 

(k) Investments in receivables owing to the Issuer or any Restricted Subsidiary created or acquired in the ordinary course of
business; 
 (l) Investments in a Person to the extent that the consideration therefor consists of Capital Stock or the net
proceeds of the issue and sale (other than to any Restricted Subsidiary) of shares of Capital Stock of the Issuer or Deeply Subordinated Funding; provided that the net proceeds of such sale have been excluded from, and shall not have been
included in, the calculation of the amount determined under Section 4.06(b)(iii)(B); 
 (m) Investments of the Issuer or
the Restricted Subsidiaries described under item (v) to the proviso to the definition of “Debt;” 
 (n) Debt
and any Guarantee of Debt permitted to be incurred by Section 4.04; 
 (o) other Investments in any Person having an
aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (o) that are at the time
outstanding not to exceed the greater of $400,000,000 or 4.0% of Total Assets; provided that if an Investment is made pursuant to this clause in a Person that is not a Restricted Subsidiary and such Person subsequently becomes a Restricted
Subsidiary or is subsequently designated a Restricted Subsidiary pursuant to Section 4.06, such Investment, if applicable, shall thereafter be deemed to have been made pursuant to (c)(ii) or (iii) of the definition of “Permitted
Investments” and not this clause; 
 (p) Investments resulting from the acquisition of a Person that at the time of such
acquisition held instruments constituting Investments that were not acquired in contemplation of the acquisition of such Person; 

  
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 (q) any Investment in connection with a Qualified Securitization Financing,
including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Securitization Financing or any related Debt; 

(r) stock, obligations or securities received in satisfaction of judgments, foreclosure of liens or settlement of debts and
(ii) any Investments received in compromise of obligations of any persons incurred in the ordinary course of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to renegotiation of charter-out terms for a Vessel or any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; 

(s) Investments consisting of purchases, acquisitions and remanufacturing of inventory, supplies, material or equipment or
other assets, or purchases, acquisitions, licenses, sublicenses or leases or subleases of intellectual property or other assets, in each case in the ordinary course of business; 

(t) any Investment in any Subsidiary of the Issuer or any joint venture in connection with intercompany cash management
arrangements or related activities arising in the ordinary course of business; 
 (u) Investments made in the ordinary course
of business in connection with obtaining, maintaining or renewing client and customer contracts and loans or advances made to, and guarantees with respect to obligations of, distributors, suppliers, licensors and licensees in the ordinary course of
business; and 
 (v) Investments in Permitted Joint Ventures; provided that at the time of such Investment after
giving pro forma effect thereto, the Issuer would be permitted to incur at least $1.00 of additional Debt pursuant to the Consolidated Fixed Charge Coverage Ratio test set forth in Section 4.04(a). 

“Permitted Joint Venture” means any agreement, contract or other arrangement between the Issuer or any Restricted Subsidiary
and any Person that permits one party to share risks or costs, comply with regulatory requirements or satisfy other business objectives customarily achieved through the conduct of a Permitted Business jointly with third parties. 

“Permitted Jurisdiction” means any of (a) the United States, any state thereof, the District of Columbia, or any
territory thereof, or (b) any member state of the Pre-Expansion European Union, Canada, Australia, Ireland, Switzerland, Bermuda, the Cayman Islands, the Marshall Islands, Malta or Singapore. 

“Permitted Liens” means the following types of Liens: 

(a) Liens existing on the Issue Date; 

(b) Liens on any property or assets of a Restricted Subsidiary granted in favor of the Issuer or any Restricted Subsidiary;

 (c) Liens on any of the Issuer’s or any Restricted Subsidiaries’ property or assets securing the Notes or any
Guarantees; 

  
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 (d) Liens arising out of conditional sale, title retention, consignment or
similar arrangements for the sale of goods entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business; 

(e) statutory Liens of landlords and carriers, warehousemen, mechanics, suppliers, materialmen, repairmen, employees, pension
plan administrators or other like Liens arising in the ordinary course of business and with respect to amounts not yet delinquent or being contested in good faith or Liens arising solely by virtue of any statutory or common law provisions relating
to attorney’s liens or bankers’ liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depositary institution; 

(f) Liens incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary arising from Vessel
chartering, drydocking, maintenance, repair, refurbishment or replacement, the furnishing of supplies and bunkers to Vessels, repairs and improvements to Vessels, masters’, officers’ or crews’ wages and maritime Liens; 

(g) Liens for taxes, assessments, government charges or claims that are not yet delinquent or that are being contested in good
faith by appropriate proceedings promptly instituted and diligently conducted and for which a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP, shall have been made; 

(h) Liens incurred or deposits made to secure the performance of tenders, bids or trade or government contracts, or to secure
leases, statutory or regulatory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business (other than obligations for the payment of money); 

(i) zoning restrictions, easements, licenses, reservations, title defects, rights of others for
rights-of- way, utilities, sewers, electrical lines, telephone lines, telegraph wires, restrictions, encroachments and other similar charges, encumbrances or title
defects and incurred in the ordinary course of business that do not in the aggregate materially interfere with in any material respect the ordinary conduct of the business of the Issuer and its Restricted Subsidiaries on the properties subject
thereto, taken as a whole; 
 (j) Liens arising by reason of any judgment, decree or order of any court so long as such Lien
is adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be initiated shall
not have expired; 
 (k) Liens on property or assets of, or on shares of Capital Stock or on Debt of, any Person existing at
the time such Person becomes a Restricted Subsidiary; provided that such Liens (i) do not extend to or cover any property or assets of the Issuer or any Restricted Subsidiary other than the property or assets of, or shares of Capital
Stock or on Debt of, such acquired Restricted Subsidiary and (ii) were not created in connection with or in contemplation of such acquisition, merger or consolidation; 

(l) Liens on property or assets existing at the time such property or assets are acquired, including any acquisition by means
of a merger with or into or consolidation with, the Issuer or any Restricted Subsidiary; provided that such Liens (i) do not extend to 

  
 - 24 - 

 
or cover any property or assets of the Issuer or any Restricted Subsidiary other than (A) the property or assets acquired or (B) the property or assets of the Person merged with or into
or consolidated with the Issuer or Restricted Subsidiary and (ii) were not created in connection with or in contemplation of such acquisition, merger or consolidation; 

(m) Liens securing the Issuer’s or any Restricted Subsidiary’s Hedging Obligations permitted under
Section 4.04(b)(vii); 
 (n) Liens incurred or deposits made in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other types of social security or other insurance (including unemployment insurance) or deposits to secure public or statutory obligations of such Person or deposits of cash or government bonds
to secure performance, bid, surety or appeal bonds and completion bonds and guarantees to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case incurred in the ordinary
course of business; 
 (o) Liens on insurance policies and proceeds thereof, or other deposits, to secure insurance premium
financings; 
 (p) Liens incurred in connection with a cash management program established in the ordinary course of
business; 
 (q) Liens on any property or assets of the Issuer or any of its Restricted Subsidiaries securing Debt permitted
to be incurred pursuant to Sections 4.04(b)(ii); provided that any such Lien is secured on a first ranking basis, pari passu with any other such Liens; 

(r) Liens on any property or assets of the Issuer or any of its Restricted Subsidiaries for the purpose of securing Capitalized
Lease Obligations, purchase money obligations, mortgage financings or other Debt (including refinanced Debt), in each case, incurred pursuant to Sections 4.04(b)(viii), 4.04(b)(ix), 4.04(b)(x) or 4.04(b)(xviii) in connection with the financing of
all or any part of the purchase price, lease expense, rental payment or cost of design, construction, installation or improvement of assets or property; provided that any such Lien may not extend to any assets or property owned by the Issuer
or any of its Restricted Subsidiaries at the time the Lien is incurred other than the assets and property (including any rights and claims arising or generated out of or in connection with any such assets or property (including the loss, impairment
or destruction thereof)) acquired, improved, constructed, leased, financed or refinanced (provided that to the extent that any such Capitalized Lease Obligations, purchase money obligations, mortgage financings or other Debt (including
refinanced Debt) relate to multiple assets or properties, then all such assets or properties may secure any such Capitalized Lease Obligation, purchase money obligations, mortgage financings or such other Debt); 

(s) Liens incurred to secure Permitted Refinancing Debt permitted to be incurred under this Indenture; provided that the
new Lien shall be limited to all or part of the same property and assets that secured the original Lien (plus improvements and accessions to such property and assets and proceeds or distributions thereof); 

(t) Liens on specific items of inventory or other goods (and the proceeds thereof) of any Person securing such Person’s
obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

  
 - 25 - 

 (u) leases, licenses, subleases and sublicenses of assets in the ordinary
course of business; 
 (v) Liens on property or assets under construction (and related rights) in favor of a contractor or
developer or arising from progress or partial payments by a third-party relating to such property or assets; 
 (w) Liens
securing or arising by reason of any netting or set-off arrangement entered into in the ordinary course of banking or other trading activities; 

(x) pledges of goods, the related documents of title and/or other related documents arising or created in the ordinary course
of the Issuer or any Restricted Subsidiary’s business or operations as Liens only for Debt to a bank or financial institution directly relating to the goods or documents on or over which the pledge exists; 

(y) Liens over cash paid into an escrow account pursuant to any purchase price retention arrangement as part of any permitted
disposal by the Issuer or a Restricted Subsidiary; 
 (z) limited recourse Liens in respect of the ownership interests in, or
assets owned by, any joint ventures which are not Restricted Subsidiaries securing obligations of such joint ventures; 

(aa) Liens on any proceeds loan made by the Issuer or any Restricted Subsidiary in connection with any future incurrence of
Debt permitted under this Indenture and securing that Debt; 
 (bb) Liens over treasury stock of the Issuer or a Restricted
Subsidiary purchased or otherwise acquired for value by the Issuer or such Restricted Subsidiary pursuant to a stock buy-back scheme or other similar plan or arrangement; 

(cc) Liens on Securitization Assets and related assets incurred in connection with any Qualified Securitization Financing; 

(dd) Liens for general average and salvage; 

(ee) Liens incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary with respect to obligations
that do not exceed the greater of $400,000,000 or 4.0% of Total Assets at any one time outstanding; 
 (ff) Liens securing
Debt permitted to be incurred in accordance with Section 4.04 if, at the time of incurrence and after giving pro forma effect thereto, the Secured Debt to Total Capitalization Ratio for the Issuer and the Restricted Subsidiaries would be no
greater than 0.6 to 1.00; and 
 (gg) any extension, renewal or replacement, in whole or in part, of any Lien described in
the foregoing clauses (a) through (dd) (excluding clause (q)); provided that the new Lien has no greater priority relative to the Notes and Holders thereof than the original Liens and the related Debt and shall not extend in any material
respect to any additional property or assets. 

  
 - 26 - 

 “Permitted Refinancing Debt” means any renewals, extensions, substitutions,
refinancings or replacements of any Debt of the Issuer or a Restricted Subsidiary or pursuant to this definition, including any successive refinancings, so long as: 

(a) such Debt is in an aggregate principal amount (or if incurred with original issue discount, an aggregate issue price) not
in excess of the sum of (i) the aggregate principal amount (or if incurred with original issue discount, the aggregate accreted value) then outstanding of the Debt being refinanced and (ii) an amount necessary to pay any fees and expenses,
including premiums and defeasance costs, related to such refinancing; 
 (b) the Average Life of such Debt is equal to or
greater than the Average Life of the Debt being refinanced (or, if less, equal to or greater than the Average Life of the Notes); 

(c) the Stated Maturity of such Debt is no earlier than the Stated Maturity of the Debt being refinanced (or, if earlier, 91
days after the Stated Maturity of the Notes); 
 (d) the new Debt is not senior in right of payment to the Debt that is being
refinanced; and 
 (e) such Debt is unsecured if the Debt being refinanced is unsecured; provided that Permitted
Refinancing Debt will not include (i) Debt of a Subsidiary of the Issuer (other than a Guarantor) that refinances the Debt of the Issuer or any Guarantor or (ii) Debt of any Restricted Subsidiary that refinances Debt of an Unrestricted
Subsidiary. 
 “Person” means any individual, corporation, limited liability company, partnership, joint venture,
association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Pre-Expansion European Union” means the European Union as of January 1, 2004,
including the countries of Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and the United Kingdom, but not including any country which became or becomes a member of
the European Union after January 1, 2004; provided that “Pre-Expansion European Union shall not include any country whose long-term debt does not have a long-term rating of at least
“A” by S&P or at least “A2” by Moody’s or the equivalent rating category of another Rating Agency. 

“Preferred Stock” means, with respect to any Person, Capital Stock of any class or classes (however designated) of such
Person which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over the Capital Stock of any other class of such Person
whether now outstanding, or issued after the date of this Indenture, and including, without limitation, all classes and series of preferred or preference stock of such Person; provided that accrued
non-cash dividends with respect to any Preferred Stock shall not constitute Preferred Stock for the purposes of Section 4.04. 

  
 - 27 - 

 “pro forma” means, with respect to any calculation made or required to be
made pursuant to the terms of the Notes, a calculation in accordance with GAAP, or otherwise a calculation made in good faith by the Issuer after consultation with the Issuer’s external auditor, as the case may be. 

“Productive Asset Lease” means any charter or lease of one or more Vessels (other than charters or leases required to be
classified and accounted for as a capital leases under GAAP). 
 “Property” means, with respect to any Person, any interest
of such Person in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including Capital Stock, and other securities of, any other Person. For purposes of any calculation required pursuant to this Indenture, the
value of any Property shall be its Fair Market Value. 
 “Purchase Agreement” means that certain Purchase Agreement, dated
July 9, 2021, among the Issuer and the representatives of the Initial Purchasers, on behalf of the Initial Purchasers. 

“QIB” means a “Qualified Institutional Buyer” as defined under Rule 144A. 

“Qualified Capital Stock” of any Person means any and all Capital Stock of such Person other than Redeemable Capital Stock.

 “Qualified Proceeds” means assets that are used or useful in, or Capital Stock of any Person engaged in, a Permitted
Business; provided that the Fair Market Value of any such assets or Capital Stock shall be determined by the Issuer in good faith. 

“Qualified Securitization Financing” means any financing pursuant to which the Issuer or any of its Restricted Subsidiaries
may sell, convey or otherwise transfer to any other Person or grant a security interest in, any accounts receivable (and related assets) in any aggregate principal amount equivalent to the Fair Market Value of such accounts receivable (and related
assets) of the Issuer or any of its Restricted Subsidiaries; provided that (a) the covenants, events of default and other provisions applicable to such financing shall be on market terms (as determined in good faith by the Board of
Directors or a member of senior management of the Issuer) at the time such financing is entered into, (b) the interest rate applicable to such financing shall be a market interest rate (as determined in good faith by the Board of Directors or a
member of senior management of the Issuer) at the time such financing is entered into and (c) such financing shall be non- recourse to the Issuer and its Restricted Subsidiaries except to a limited extent
customary for such transactions. 
 “Rating Agencies” means Fitch, Moody’s and S&P or if any of Fitch,
Moody’s or S&P or all three shall not make a rating on the Notes publicly available, one or more nationally recognized statistical rating organizations within the meaning of Rule 3(a)(62) under the Exchange Act, as the case may be, selected
by the Issuer which shall be substituted for any of Fitch, Moody’s or S&P or all three, as the case may be. 
 “Rating
Event” means the rating on the Notes is lowered by any two of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so
long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public disclosure by the Issuer of the
occurrence of a Change of Control or the Issuer’s intention to effect a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in
respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control 

  
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Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the
Issuer’s or the Trustee’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
applicable Change of Control has occurred at the time of the Rating Event). 
 “Ready for Sea Cost” means with respect to a
Vessel to be acquired or leased by the Issuer or any Restricted Subsidiary, the aggregate amount of all expenditures incurred to acquire or construct and bring such Vessel to the condition and location necessary for its intended use, including any
and all inspections, appraisals, repairs, modifications, additions, permits and licenses in connection with such acquisition or lease. 

“Redeemable Capital Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the
terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable, other than as a result of a change of control or asset sale, pursuant to a
sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, other than as a result of a change of control or asset sale, in whole or in part, in each case prior to the date 91 days after the earlier of the maturity
date of the Notes or the date the Notes are no longer outstanding; provided that any Capital Stock that would constitute Qualified Capital Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase
or redeem such Capital Stock upon the occurrence of any “asset sale” or “change of control” occurring prior to the Stated Maturity of the Notes will not constitute Redeemable Capital Stock if the “asset sale” or
“change of control” provisions applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than the provisions contained in Sections 4.07 and 4.09 and such Capital Stock specifically provides that such
Person will not repurchase or redeem any such stock pursuant to such provision prior to the Issuer’s repurchase of such Notes as are required to be repurchased pursuant to Sections 4.07 and 4.09. 

“refinance” means, with respect to any Debt, to amend, modify, extend, substitute, renew, replace, refund, prepay, repay,
repurchase, redeem, defease or retire, or to issue other Debt in exchange or replacement for, such Debt and the terms “refinanced” and “refinancing” shall have correlative meanings. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Restricted Period” means the 40-day “distribution compliance period” as
defined in Regulation S. 
 “Restricted Subsidiary” means any Subsidiary of the Issuer other than an Unrestricted
Subsidiary. 
 “S&P” means Standard and Poor’s Ratings Service, a division of The McGraw-Hill Companies, Inc. and
its successors. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

  
 - 29 - 

 “Sale/Leaseback Transaction” means any arrangement with any Person or to
which any such Person is a party providing for the leasing to the Issuer or a Subsidiary of the Issuer of any property, whether owned by the Issuer or any of its Subsidiaries at the Issue Date or later acquired, which has been or is to be sold or
transferred by the Issuer or any of its Subsidiaries to such Person or to any other Person from whom funds have been or are to be advanced by such Person on the security of such property. 

“Secured Debt” means any Debt (other than Preferred Stock issued by a Restricted Subsidiary that is not Redeemable Capital
Stock) that is secured by a Lien. 
 “Secured Debt to Total Capitalization Ratio” means, as of any date of determination,
the ratio of (a) Secured Debt of the Issuer and the Restricted Subsidiaries to (b) the sum of (i) total Debt of the Issuer and the Restricted Subsidiaries and (ii) total equity of the Issuer and the Restricted Subsidiaries, in
each case, on a consolidated basis as reflected on the most recently available quarterly balance sheet of the Issuer prepared in accordance with GAAP immediately preceding the date on which such event for which such calculation is being made shall
occur, in each case, with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Fixed Charge Coverage Ratio. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated by the Commission thereunder. 
 “Securitization Assets” means any accounts receivable subject to a Qualified
Securitization Financing. 
 “Securitization Fees” means distributions or payments made directly or by means of discounts
with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not the Issuer or a Restricted Subsidiary in connection with any Qualified Securitization Financing. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified
Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any asserted defense,
dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Significant Subsidiary” means, at the date of determination, any Restricted Subsidiary of the Issuer that together with its
Subsidiaries which are Restricted Subsidiaries of the Issuer (i) for the most recent fiscal year, accounted for more than 10% of the consolidated revenues of the Issuer or (ii) as of the end of the most recent fiscal quarter, was the owner
of more than 10% of the consolidated assets of the Issuer. 
 “Stated Maturity” means, when used with respect to any note
or any installment of interest thereon, the date specified in such note as the fixed date on which the principal of such note or such installment of interest, respectively, is due and payable, and, when used with respect to any other indebtedness,
means the date specified in the instrument governing such indebtedness as the fixed date on which the principal of such indebtedness, or any installment of interest thereon, is due and payable. 

  
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 “Subordinated Debt” means Debt of the Issuer or any of the Guarantors that
is subordinated in right of payment to the Notes or the Guarantees of such Guarantors, as the case may be; provided, that no Debt will be deemed to be subordinated in right of payment to any other Debt solely by virtue of being unsecured or
by virtue of being secured on a junior Lien basis. 
 “Subsidiary” means, with respect to any Person: 

(a) a corporation a majority of whose Voting Stock is at the time, directly or indirectly, owned by such Person, by one or more
Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof; and 
 (b) any other Person (other than a
corporation), including, without limitation, a partnership, limited liability company, business trust or joint venture, in which such Person, one or more Subsidiaries thereof or such Person and one or more Subsidiaries thereof, directly or
indirectly, at the date of determination thereof, has at least majority ownership interest entitled to vote in the election of directors, managers or trustees thereof (or other Person performing similar functions). 

“Syndicated Term Loan B Facilities” means any credit facility with banks or other financial institutions or institutional
lenders providing for term loans that are underwritten or arranged by mandated arrangers with the primary goal of being distributed and broadly syndicated solely to institutional investors in the international syndicated loan markets. 

“Total Assets” means the consolidated total assets of the Issuer and its Restricted Subsidiaries as shown on the most recent
consolidated balance sheet of the Issuer. 
 “Treasury Rate” means, as of any redemption date, the yield to maturity as of
such redemption date 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 the
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 the redemption date to August 1, 2024; provided, however, that if
the period from the redemption date to August 1, 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 will be used. 

“Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended, or any successor statute, and the rules and
regulations promulgated by the Commission thereunder. 
 “Trustee” means the party named as such in this Indenture until a
successor replaces it in accordance with the provisions of this Indenture and, thereafter, means the successor serving hereunder. 

“Trust Officer” means, when used with respect to the Trustee, any officer within the corporate trust services department of
the Trustee, including any director, associate director, assistant secretary or any other officer of the Trustee customarily performing functions similar to those performed by any of the above-designated officers, and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject, and, in each case, who shall have direct responsibility for the administration of
this Indenture. 

  
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 “Unrestricted Subsidiary” means: 

(a) any Subsidiary of ours that at the time of determination is an Unrestricted Subsidiary (as designated by the Board of
Directors pursuant to Section 4.13); and 
 (b) any Subsidiary of an Unrestricted Subsidiary. 

“U.S. Government Obligations” means direct obligations of, or obligations guaranteed by, the federal government of the United
States of America, and the payment for which it pledges its full faith and credit. 
 “Vessel” means one or more shipping
vessels whose primary purpose is the maritime transportation of cargo or which are otherwise engaged, used or useful in any business activities of the Issuer and its Restricted Subsidiaries and which are owned by and registered (or to be owned by
and registered) in the name of the Issuer or any of its Restricted Subsidiaries or operated or to be operated by the Issuer or any of its Restricted Subsidiaries, in each case together with all related spares, equipment and any additions or
improvements. 
 “Voting Stock” means any class or classes of Capital Stock pursuant to which the holders thereof have the
general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees (or Persons performing similar functions) of any Person (irrespective of whether or not, at the time, stock of any other
class or classes shall have, or might have, voting power by reason of the happening of any contingency). 
 SECTION 1.02
Other Definitions. 
  

			
	Term	  	Defined in Section
	 “Additional Amounts”
	  	4.10
	 “Additional Notes”
	  	Recitals
	 “Affiliate Transaction”
	  	4.08(a)
	 “Alternate Offer”
	  	4.09(e)
	 “Authorized Agent”
	  	10.08
	 “Change of Control Offer”
	  	4.09(a)
	 “Change of Control Purchase Date”
	  	4.09(a)
	 “Change of Control Purchase Price”
	  	4.09(a)
	 “Change in Tax Law”
	  	3.08(a)(ii)
	 “Covenant Defeasance”
	  	8.03
	 “Defaulted Interest”
	  	2.12
	 “Event of Default”
	  	6.01(a)
	 “Excess Proceeds”
	  	4.07(d)
	 “Excess Proceeds Offer”
	  	4.07(d)
	 “Exchange”
	  	2.03
	 “FATCA”
	  	4.01(b)(vii)
	 “Global Note Legend”
	  	2.06(f)(ii)
	 “Global Notes”
	  	2.01 (b)
	 “Hedging Obligations”
	  	4.4(b)(vii)
	 “incur”
	  	4.04
	 “Legal Defeasance”
	  	8.02
	 “MD&A”
	  	4.14(a)(i)
	 “Notes”
	  	Recitals

  
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	 “Original Notes”
	  	Recitals
	 “Participants”
	  	2.01(e)
	 “Paying Agent”
	  	2.03
	 “Payment Default”
	  	6.01(a)(v)
	 “Permitted Debt”
	  	4.04
	 “Private Placement Legend”
	  	2.06(f)(i)
	 “Register”
	  	2.03
	 “Registrar”
	  	2.03
	 “Regulation S Legend”
	  	2.06(f)(iii)
	 “Regulation S Global Note”
	  	2.01 (c)
	 “Relevant Taxing Jurisdiction”
	  	4.10(a)
	 “Reversion Date”
	  	4.16(a)
	 “Rule 144A Global Note”
	  	2.01 (b)
	 “Restricted Payment”
	  	4.06
	 “Suspension Event”
	  	4.16(a)
	 “Suspension Period”
	  	4.16(a)
	 “Surviving Entity”
	  	5.01 (a)
	 “Tax” or “Taxes”
	  	4.10
	 “Total Loss”
	  	4.04(b)(ix)
	 “Transaction Agreement Date”
	  	1.03(b)
	 “Transfer Agent”
	  	2.03

 SECTION 1.03 Rules of Construction.  

(a) Unless the context otherwise requires: 

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

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

(iii) “or” is not exclusive; 

(iv) “including” or “include” means including or include without limitation; 

(v) words in the singular include the plural and words in the plural include the singular; 

(vi) unsecured or unguaranteed Debt shall not be deemed to be subordinate or junior to secured or guaranteed Debt merely by virtue of its
nature as unsecured or unguaranteed Debt; and 
 (vii) the words “herein”, “hereof” and “hereunder” and other
words of similar import refer to this Indenture as a whole and not to any particular Article, Section, clause or other subdivision. 

  
 - 33 - 

 (b) With respect to any Limited Condition Transaction, in each case for purposes of
determining: 
 (i) whether any Debt (including Acquired Debt), Redeemable Capital Stock or Preferred Stock that is being incurred or issued
in connection with such Limited Condition Transaction is permitted to be incurred in compliance with Section 4.04; 
 (ii) whether any
Lien being incurred in connection with such Limited Condition Transaction or to secure any such Debt, Redeemable Capital Stock or Preferred Stock is permitted to be incurred in accordance with Section 4.05; 

(iii) whether any other transaction (including any Investment or Restricted Payment) undertaken or proposed to be undertaken in connection with
such Limited Condition Transaction complies with the covenants or agreements contained in this Indenture or the Notes; 
 (iv) any
calculation of the Consolidated Fixed Charge Coverage Ratio, Secured Debt to Total Capitalization Ratio, Consolidated Adjusted Net Income, Consolidated EBITDA or Total Assets and, whether a Default or Event of Default exists in connection with the
foregoing, 
 at the option of the Issuer, the date that the definitive agreement (or other relevant definitive documentation) for such Limited Condition
Transaction is entered into (the “Transaction Agreement Date”) may be used as the applicable date of determination, as the case may be, in each case with such pro forma adjustments as are appropriate and consistent with the pro forma
adjustment provisions set forth in the definition of “Consolidated Fixed Charge Coverage Ratio” or “Consolidated EBITDA” and if the Issuer or the Restricted Subsidiaries could have taken such action on the relevant Transaction
Agreement Date in compliance with the applicable ratios or other provisions, such provisions shall be deemed to have been complied with. For the avoidance of doubt, if the Issuer elects to use the Transaction Agreement Date as the applicable date of
determination in accordance with the foregoing, (A) such election may not be revoked, (B) any fluctuation or change in the Consolidated Fixed Charge Coverage Ratio, Secured Debt to Total Capitalization Ratio, Consolidated Adjusted Net
Income, Consolidated EBITDA or Total Assets of the Issuer, the target business, or assets to be acquired subsequent to the Transaction Agreement Date and prior to the consummation of such Limited Condition Transaction, will not be taken into account
for purposes of determining whether any Investment, Restricted Payment, Debt, Redeemable Capital Stock, Preferred Stock or Lien that is being made, incurred or issued in connection with such Limited Condition Transaction is permitted to be made,
incurred or issued or in connection with compliance by the Issuer or any of the Restricted Subsidiaries with any other provision of this Indenture or the Notes or any other action or transaction undertaken in connection with such Limited Condition
Transaction and (C) until such Limited Condition Transaction is consummated or the definitive agreements related thereto are terminated, such Limited Condition Transaction and all transactions proposed to be undertaken in connection therewith
(including the making of any Restricted Payment, or Investments, or the incurrence of Debt and Liens) will be given pro forma effect when determining compliance of other transactions (including the making of any Restricted Payment, or Investments,
or the incurrence or issuance of Debt, Redeemable Capital Stock, Preferred Stock and Liens unrelated to such Investment, acquisition or repayment, repurchase or refinancing of Debt) that are consummated after the Transaction Agreement Date and on or
prior to the consummation of such Limited Condition Transaction and any such transactions (including any incurrence or issuance of Debt, Redeemable Capital Stock or Preferred Stock and the use of proceeds thereof) will be deemed to have occurred on
the Transaction Agreement Date and outstanding thereafter for purposes of calculating any baskets or ratios under 

  
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this Indenture after the date of such agreement and before the consummation of such Limited Condition Transaction; provided that for purposes of any such calculation of the Consolidated
Fixed Charge Coverage Ratio, Consolidated Net Interest Expense will be calculated using an assumed interest rate for the Debt to be incurred in connection with such Limited Condition Transaction 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. 

(c) Notwithstanding anything herein to the contrary, if the Issuer or any of its Restricted Subsidiaries (i) incurs Debt, issues
Redeemable Capital Stock or Preferred Stock, creates Liens, makes Asset Sales, makes Investments, makes Restricted Payments, designates any Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary or repays any Debt, Redeemable Capital
Stock or Preferred Stock in connection with any Limited Condition Transaction under a ratio-based basket and (ii) incurs Debt, issues Redeemable Capital Stock or Preferred Stock, creates Liens, makes Asset Sales, Investments or Restricted
Payments, designates any as a Restricted Subsidiary or an Unrestricted Subsidiary or repays any Debt, Redeemable Capital Stock or Preferred Stock in connection with any Limited Condition Transaction under a
non-ratio-based basket (which shall occur within five Business Days of the events in clause (i) above), then the applicable ratio will be calculated with respect to any such action under the applicable
ratio-based basket without regard to any such action under such non-ratio-based basket made in connection with such Limited Condition Transaction. 

(d) Compliance with any requirement relating to absence of Default or Event of Default may be determined as of the Transaction Agreement Date
and not as of any later date as would otherwise be required under this Indenture. 
 (e) In the event an item of Debt, Redeemable Capital
Stock or Preferred Stock (or any portion thereof) is incurred or issued, any Lien is incurred or other transaction is undertaken on the same date that any other item of Debt, Redeemable Capital Stock or Preferred Stock (or any portion thereof) is
incurred or issued, any other Lien is incurred or other transaction is undertaken in reliance on a ratio basket based on the Consolidated Fixed Charge Coverage Ratio, then such ratio will be calculated with respect to such incurrence, issuance or
other transaction without regard to any other incurrence, issuance or transaction. Each item of Debt, Redeemable Capital Stock or Preferred Stock that is incurred or issued, each Lien incurred and each other transaction undertaken will be deemed to
have been incurred, issued or taken first, to the extent available, pursuant to the relevant Consolidated Fixed Charge Coverage Ratio test. 

ARTICLE TWO 
 THE NOTES 

SECTION 2.01 The Notes 

(a) Form and Dating. The Notes and the Trustee’s or authenticating agent’s certificate of authentication shall be
substantially in the form of Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture. The Notes may have notations, legends or endorsements required by law, the
rules of any securities exchange agreements to which the Issuer is subject, if any, or usage; provided that any such notation, legend or endorsement is in form reasonably acceptable to the Issuer. The Issuer shall approve the form of the
Notes. Each Note shall be dated the date of its authentication. The terms and provisions contained in the form of the Notes shall constitute and are hereby expressly 

  
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made a part of this Indenture. The Notes shall be represented by Global Notes and shall be initially issued in fully registered form without coupons and in minimum denominations of $2,000 in
principal amount and integral multiples of $1,000 in excess thereof. 
 (b) Global Notes. Notes issued in global form will be
substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as
will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time
to time be reduced or increased, as appropriate, to reflect exchanges and redemptions and purchases and cancellations. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of
outstanding Notes represented thereby will be made by the Trustee, the Custodian or the Paying Agent at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(c) Rule 144A Global Notes and Regulation S Global Notes. Notes sold within the United States of America to QIBs pursuant to
Rule 144A under the Securities Act shall be issued initially in the form of a Rule 144A Global Note, which shall be deposited with the Custodian and registered in the name of Cede & Co., for the accounts of DTC, duly executed by the
Issuer and authenticated by and on behalf of the Trustee as hereafter provided. The aggregate principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made on Schedule A to each such Rule 144A
Global Note, as hereinafter provided. 
 Notes offered and sold in reliance on Regulation S shall be issued initially in the form of a
Regulation S Global Note, which shall be deposited with the Custodian and registered in the name of Cede & Co., for the accounts of DTC, duly executed by the Issuer and authenticated by and on behalf of the Trustee as hereafter
provided. Prior to the date that is 40 days after the later of the commencement of the Offering or the closing date, beneficial interests in the Regulation S Global Notes may be held only through DTC. The aggregate principal amount of the Regulation
S Global Notes may from time to time be increased or decreased by adjustments made on Schedule A to each such Regulation S Global Note, as hereinafter provided. 

(d) Definitive Registered Notes. Definitive Registered Notes issued upon transfer of a Book-Entry Interest or a Definitive Registered
Note, or in exchange for a Book-Entry Interest or a Definitive Registered Note, shall be issued in accordance with this Indenture. Notes issued in definitive registered form will be substantially in the form of Exhibit A and (excluding the Global
Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” in the form of Schedule A attached thereto). 

(e) Book-Entry Provisions. This Section 2.01(e) shall apply to the Regulation S Global Note and the Rule 144A Global Note
(together, the “Global Notes”) deposited with the Custodian. 
 Members of, or participants and account holders in, DTC, Euroclear
or Clearstream (“Participants”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary or by the Trustee or any Custodian of DTC, Euroclear or Clearstream or under such Global Note,
and Cede & Co., the nominee of the Depositary, may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the sole owner(s) of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall (i) prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written 

  
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certification, proxy or other authorization furnished by DTC, Euroclear or Clearstream or (ii) impair, as between DTC, Euroclear or Clearstream and the Participants, the operation of
customary practices of such persons governing the exercise of the rights of a Holder of a beneficial interest in any Global Note. 
 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. 
 Except as provided in Sections 2.06, owners of a beneficial interest in Global Notes will not be entitled to receive physical
delivery of certificated Notes. 
 SECTION 2.02 Execution and Authentication 

An authorized officer of the Issuer shall sign the Notes on behalf of the Issuer by manual, facsimile or electronic signature. 

If an authorized officer of the Issuer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note
shall be valid nevertheless. 
 A Note shall not be valid or obligatory for any purpose until an authorized signatory of the Trustee
manually or electronically signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

Upon receipt of an Issuer Order, the Issuer shall execute and the Trustee shall authenticate (a) Original Notes, on the date hereof, for
original issue up to an aggregate principal amount of $750,000,000 and (b) Additional Notes, from time to time, subject to compliance at the time of issuance of such Additional Notes with the provisions of Section 4.04. 

The Trustee may appoint an authenticating agent reasonably acceptable to the Issuer to authenticate the Notes. Unless limited by the terms of
such appointment, any such authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by any such agent. An authenticating agent has the same
rights as any Registrar, co-Registrar, Transfer Agent or Paying Agent to deal with the Issuer or an Affiliate of the Issuer. 

The Trustee shall have the right to decline to authenticate and deliver any Notes under this Section 2.02 if the Trustee, being advised
by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing Holders. 

SECTION 2.03 Registrar, Transfer Agent and Paying Agent 

The Issuer will maintain one or more paying agents (each, a “Paying Agent”). The initial Paying Agent will be The Bank of New York
Mellon and The Bank of New York Mellon hereby accepts such appointment. The Issuer may change the Paying Agents, the Registrar or the Transfer Agent without prior notice to the holders of the Notes. The Issuer may appoint one or more Transfer
Agents, one or more co-Registrars and one or more additional Paying Agents. The Issuer or any of its Subsidiaries may act as Paying Agent; provided that neither the Issuer nor any of its Subsidiaries
shall act as Paying Agent for the purposes of Articles Three and Eight and Sections 4.07 and 4.09. 

  
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 The Issuer will also maintain one or more registrars (each, a “Registrar”). The
initial Registrar will be The Bank of New York Mellon. The Issuer will also maintain a transfer agent (the “Transfer Agent”). The initial Transfer Agent will be The Bank of New York Mellon. 

Subject to any applicable laws and regulations, the Issuer shall cause the Registrar to keep a register (the “Register”) in which,
subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of ownership, exchange and transfer of the Notes. Such registration in the Register shall be conclusive evidence of the ownership of Notes.
Included in the books and records for the Notes shall be notations as to whether such Notes have been paid, exchanged or transferred, canceled, lost, stolen, mutilated or destroyed and whether such Notes have been replaced. In the case of the
replacement of any of the Notes, the Registrar shall keep a record of the Note so replaced and the Note issued in replacement thereof. In the case of the cancellation of any of the Notes, the Registrar shall keep a record of the Note so canceled and
the date on which such Note was canceled. 
 SECTION 2.04 Paying Agent to Hold Money 

Not later than 11:00 a.m. New York City time one day prior to each due date of the principal, premium, if any, and interest on any Notes, the
Issuer shall deposit with the Paying Agent money in immediately available funds sufficient to pay such principal, premium, if any, and interest so becoming due on the due date for payment under the Notes. The Issuer shall require each Paying Agent
other than the Trustee or an affiliate of the Trustee to agree in writing that such Paying Agent shall hold in trust for the benefit of the Holders and the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any,
and interest on the Notes (whether such money has been paid to it by the Issuer or any other obligor on the Notes), and such Paying Agent shall promptly notify the Trustee of any default by the Issuer (or any other obligor on the Notes) in making
any such payment. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written request
to a Paying Agent, require such Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent shall have no further liability for the money so paid over to the Trustee. If the Issuer
or any of its Subsidiaries acts as Paying Agent, it shall, on or before each due date of any principal, premium, if any, or interest on the Notes, segregate and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient
to pay such principal, premium, if any, or interest so becoming due until such sum of money shall be paid to such Holders or otherwise disposed of as provided in this Indenture, and shall promptly notify the Trustee of its action or failure to act.
The Issuer shall on the Business Day prior to the day on which the Paying Agent is to receive any payment of principal, premium, if any, and interest on the Notes, procure that the bank effecting payment for the Issuer confirms by tested Swift MT199
message, email (or equivalent message) to the Paying Agent that the payment instructions relating to such payment have been sent to the Paying Agent. For the avoidance of doubt, the Paying Agent and the Trustee shall be held harmless and have no
liability with respect to payments or disbursements to be made by the Paying Agent and Trustee (i) for which payment instructions are not made or that are not otherwise deposited by the respective times set forth in this Section 2.04; and
(ii) until the Paying Agent and Trustee have confirmed receipt of funds sufficient to make such relevant payment. 

SECTION 2.05 Holder Lists 

The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of Holders. Following the exchange of beneficial 

  
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interests in Global Notes for Definitive Registered Notes, the Issuer shall furnish to the Trustee, the Transfer Agent and the Paying Agent, in writing no later than at least five Business Days
prior to 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 record date as the Trustee may reasonably require of the names and addresses of Holders, including the aggregate
principal amount of Notes held by each Holder. 
 SECTION 2.06 Transfer and Exchange 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of a successor Depositary. 

Owners of the Book-Entry Interests will receive Definitive Registered Notes only in the following circumstances: 

(i) if DTC notifies the Issuer that it is unwilling or unable to continue to act as depositary or has ceased to be a clearing agency registered
under the Exchange Act and, in either case, a successor depositary is not appointed by the Issuer within 90 days; 
 (ii) in whole, but not
in part, at any time if the Issuer, in its sole discretion, determines that the Global Notes should be exchange for Definitive Registered Notes; or 

(iii) if the owner of a Book-Entry Interest requests such exchange in writing delivered through DTC following an Event of Default under this
Indenture 
 Upon the occurrence of the preceding events in clauses (i), (ii) or (iii) above, the Registrar shall issue or cause to be
issued Definitive Registered Notes in the names or names and in any approved denominations, requested by or on behalf or DTC or the Issuer, as applicable (in accordance with DTC’s customary procedures and based upon directions received from
Participants reflecting the beneficial ownership of Book-Entry Interests) and any Definitive Registered Notes shall bear the applicable restrictive legends as provided in this Indenture, unless such legend is not required thereby or by applicable
law. 
 Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. A Global Note may not be
exchanged for another Note other than as provided in this Section 2.06(a). Book-Entry Interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or 2.06(c). Every Note authenticated and delivered in exchange
for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note. 

(b) General Provisions Applicable to Transfer and Exchange of Book-Entry Interests in the Global Notes.  

The transfer and exchange of Book-Entry Interests shall be effected through the Depositary, in accordance with the provisions of this
Indenture and the Applicable Procedures. 

  
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 Transfers of Book-Entry Interests shall be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Transfers and exchanges of Book-Entry Interests for Book-Entry Interests also shall require compliance with either subparagraph (b)(i) or (b)(ii) below, as applicable, as well as
subparagraph (b)(iii) below, if applicable. 
 (i) Transfer of Book-Entry Interests in the Same Global Note. Book-Entry Interests in a
Global Note may be transferred to Persons who take delivery thereof in the form of a Book-Entry Interest in such Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend. No written orders or instructions
shall be required to be delivered to the Trustee, Registrar or Transfer Agent to effect the transfers described in this Section 2.06(b)(i). 

(ii) All Other Transfers and Exchanges of Book-Entry Interests in Global Notes. Holders may transfer or exchange Book-Entry Interests in
Global Notes in a transaction not subject to Section 2.06(b)(i) hereof only if the Trustee and the Registrar or the relevant Transfer Agent (copied to the Trustee) receives either: 

(A) both: 

(1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing such Depositary to credit or cause to be credited a Book-Entry Interest in another Global Note in an amount equal to the Book-Entry Interest to be transferred or exchanged; and 

(2) instructions given by the Depositary in accordance with the Applicable Procedures containing information regarding the
Participant’s account to be credited with such increase; or 
 (B) both: 

(1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing such Depositary to cause to be issued a Definitive Registered Note in an amount equal to the Book-Entry Interest to be transferred or exchanged; and 

(2) instructions given by the Depositary to the Registrar containing information specifying the identity of the Person in
whose name such Definitive Registered Note shall be registered to effect the transfer or exchange referred to in Section 2.06(b)(i), the principal amount of such securities and the ISIN, CUSIP or other similar number identifying the Notes; 

provided that any such transfer or exchange is made in accordance with the transfer restrictions set forth in the Private Placement Legend. 

  
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 (iii) Transfer of Book-Entry Interests to Another Global Note. A Book-Entry Interest
in any Global Note may be transferred to a Person who takes delivery thereof in the form of a Book-Entry Interest in another Global Note if the transfer complies with the requirements of Section 2.06(b)(ii) hereof and the Trustee and the
Registrar receives the following: 
 (A) if the transferee will take delivery in the form of a Book-Entry Interest in a 144A
Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(B) if the transferee will take delivery in the form of a Book-Entry Interest in a Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (3) thereof. 
 (c)
Transfer or Exchange of Book-Entry Interests in Global Notes for Definitive Registered Notes. If any holder of a Book-Entry Interest in a Global Note proposes to exchange such Book-Entry Interest for a Definitive Registered Note or to
transfer such Book-Entry Interest to a Person who takes delivery thereof in the form of a Definitive Registered Note, then, upon receipt by the Trustee and the Registrar of the following documentation: 

(i) in the case of a transfer on or before the expiration of the Restricted Period, to the extent applicable, by a holder of a Book-Entry Interest in a Regulation S Global Note, the Trustee shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3) thereof; 

(ii) in the case of an exchange by a holder of a Book-Entry Interest in a Global Note of such Book-Entry Interest for a Definitive Registered
Note, the Trustee shall have received a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1) thereof; 

(iii) in the case of a transfer after the expiration of the Restricted Period, to the extent applicable, or in the event the Restricted Period
is not applicable, by a holder of a Book-Entry Interest in a Regulation S Global Note, the transfer complies with Section 2.06(b) hereof; 

(iv) in the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note to a QIB
in reliance on Rule 144A, the Trustee shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(v) in the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note in
reliance on Regulation S, the Trustee shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3) thereof; or 

(vi) in the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note in
reliance on Rule 144, the Trustee shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (4) thereof, 

  
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 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.06(g) hereof, and the Issuer shall execute and the Trustee or the authenticating agent shall authenticate and deliver to the Person designated in the instructions a Definitive Registered Note in the appropriate
principal amount. Any Definitive Registered Note issued in exchange for a Book-Entry Interest in a Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as
the holder of such Book-Entry Interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Registrar shall deliver such Definitive Registered Notes to the Persons in whose names such
Notes are so registered. Any Definitive Registered Note issued in exchange for a Book-Entry Interest in a Global Note pursuant to this Section 2.06(c) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer
contained therein. 
 (d) Transfer and Exchange of Definitive Registered Notes for Book-Entry Interests in the Global Notes. If any
Holder of a Definitive Registered Note proposes to exchange such Note for a Book-Entry Interest in a Global Note or to transfer such Definitive Registered Notes to a Person who takes delivery thereof in the form of a Book-Entry Interest in a Global
Note, then, upon receipt by the Trustee, the Transfer Agent and the Registrar of the following documentation: 
 (i) if the Holder of such
Definitive Registered Note proposes to exchange such Note for a Book-Entry Interest in a Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2) thereof; 

(ii) if such Definitive Registered Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (1) thereof; 
 (iii) if such Definitive Registered Note is being transferred in
reliance on Regulation S or Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in items (3) or (4) thereof, as applicable; and 

(iv) if such Definitive Registered Note is being transferred to the Issuer or any of its Subsidiaries, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3) thereof, 
 the Trustee will cancel the Definitive Registered Note, and the Trustee will
increase or cause to be increased the aggregate principal amount of the appropriate Global Note. 
 (e) Transfer and Exchange of
Definitive Registered Notes for Definitive Registered Notes. Upon request by a Holder of Definitive Registered Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Transfer Agent or Registrar will
register the transfer or exchange of Definitive Registered Notes of which registration the Issuer will be informed of by the Transfer Agent or Registrar (as the case may be). Prior to such registration of transfer or exchange, the requesting Holder
must present or surrender to the Transfer Agent or the Registrar the Definitive Registered Notes duly endorsed and accompanied by a written instruction of transfer in a form satisfactory to that Transfer Agent or Registrar duly executed by such
Holder or its attorney, duly authorized to execute the same in writing. In the event that the Holder of such Definitive Registered Notes does not transfer the entire principal amount of Notes represented by any such Definitive Registered Note, the
relevant Transfer Agent or Registrar will cancel or cause to be cancelled such Definitive Registered Note and the Issuer (who has been informed of such cancellation) shall execute and the Trustee or the Authenticating Agent shall authenticate and
deliver to the requesting Holder and any transferee Definitive Registered Notes in the appropriate 

  
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principal amounts. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this
Section 2.06(e). 
 Any Definitive Registered Note may be transferred to and registered in the name of Persons who take delivery
thereof in the form of a Definitive Registered Note if the Registrar receives the following: 
 (i) if the transfer will be made pursuant to
Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(ii) if the transfer will be made in reliance on Regulation S, then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (3) thereof. 
 (f) Legends. The following legends will appear on the face of all Notes
issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 
 (i) Private Placement
Legend. Each Global Note and each Definitive Registered Note (and all Notes issued in exchange therefor or in substitution thereof) shall bear the legend in substantially the following form (the “Private Placement Legend”): 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
  

	 	(1)	 REPRESENTS THAT (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED
INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT OR (B) IT IS A
NON-U.S. PERSON (WITHIN THE MEANING OF REGULATION S) ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION PURSUANT TO REGULATION S, 

 

	 	(2)	 REPRESENTS, IF IT IS A RESIDENT OF A MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR THE UNITED KINGDOM, IT IS
NOT A “RETAIL INVESTOR” AND 

  

	 	(3)	 AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) THE DATE THAT IS [IN THE CASE OF THE RULE 144A GLOBAL NOTES: ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME
AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO] [IN THE CASE OF THE REGULATION S GLOBAL NOTES: THE EXPIRATION OF FORTY DAYS FROM THE LATER OF (1) THE DATE ON WHICH THIS SECURITY WAS FIRST
OFFERED AND (2) THE DATE OF ISSUANCE OF THIS SECURITY] AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

 

	 	(A)	 TO THE COMPANY OR ANY AFFILIATE THEREOF, OR 

  
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	 	(B)	 PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

  

	 	(C)	 TO A NON-U.S. PERSON (WITHIN THE MEANING OF REGULATION S) ACQUIRING
THIS SECURITY IN AN OFFSHORE TRANSACTION PURSUANT TO REGULATION S (AND IF A RESIDENT IN A MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, IS A “QUALIFIED INVESTOR” UNDER THE PROSPECTUS REGULATION OR, IF A RESIDENT IN THE UNITED KINGDOM,
IS A “QUALIFIED INVESTOR” UNDER ARTICLE 2 OF THE PROSPECTUS REGULATION AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUWA), OR 

  

	 	(D)	 TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

  

	 	(E)	 PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH (3)(E) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE
IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.” 

(ii) Global Note Legend. Each Global Note shall also bear a legend in substantially the following form (with appropriate changes in the
last sentence if DTC is not the Depositary) (the “Global Note Legend”): 
 “THIS GLOBAL NOTE IS HELD BY THE CUSTODIAN (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE TRANSFERRED OR EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, AND (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS
NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE 

  
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OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF A SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (iii) Regulation S Global
Note. Each Global Note shall also bear a legend in substantially the following form (the “Regulation S Legend”): 
 “UNTIL 40 DAYS
AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF NOTES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE U.S. SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR
SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.” 
 (g) Cancellation and/or Adjustment of Global Notes.
At such time as all Book-Entry Interests in a particular Global Note have been exchanged for Definitive Registered Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part, each such Global Note will be
returned to or retained and cancelled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any Book-Entry Interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a Book-Entry Interest in another Global Note or for Definitive Registered Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by
the Trustee or the Depositary, at the direction of the Trustee, to reflect such reduction; and if the Book-Entry Interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a Book-Entry Interest in
another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Issuer will execute, and the Trustee or the Authenticating Agent will authenticate,
Global Notes and Definitive Registered Notes upon receipt of an Issuer Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(ii) No service charge will be made for any registration of a transfer, exchange or redemption of the Notes, but the Issuer may require payment
of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection with any such registration of transfer or exchange (but not for a redemption). The Issuer shall make payments on the Global Notes to the Paying Agent
for further credit to DTC which will in turn, distribute such payments in accordance with its procedures. 

  
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 (iii) No Transfer Agent or Registrar will be required to register the transfer of or
exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (iv) All
Global Notes and Definitive Registered Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Registered Notes will 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 Definitive Registered Notes surrendered upon such registration of transfer or exchange. 
 (v)
Neither the Registrar nor the Issuer shall be required to register the transfer or exchange into its register kept at its registered office of any Definitive Registered Notes: (A) for a period of 15 days prior to any date fixed for the
redemption of such series of Notes under Section 3.03 hereof; (B) for a period of 15 days immediately prior to the date fixed for selection of such Notes to be redeemed in part; (C) for a period of 15 days prior to the record date
with respect to any interest payment date with respect to such Notes; or (D) which the Holder has tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer or an Excess Proceeds Offer. Any such transfer will be
made without charge to the Holder, other than any taxes, duties and governmental charges payable in connection with such transfer or exchange. 

(vi) 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, interest and Additional Amounts, if any, 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. 

(vii) All certifications, certificates and Opinions of Counsel required to be submitted to the Issuer, the Trustee or the applicable Registrar
pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted initially by facsimile with originals to be delivered promptly thereafter to the Trustee; provided that the registration of such transfer or
exchange shall only be effected by the Trustee and Registrar following receipt of such originals. 
 SECTION 2.07
Replacement Notes 
 If a mutilated certificated Note is surrendered to the Registrar or the office of the Transfer Agent or if the
Holder claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee (or an authenticating agent appointed by the Trustee) shall, upon receipt of an Issuer Order, authenticate a replacement Note in such
form as the Note that has been mutilated, lost, destroyed or wrongfully taken if the Holder satisfies the reasonable requirements of the Issuer and any requirement of the Trustee. If required by the Trustee or the Issuer, such Holder shall furnish
an indemnity bond sufficient in the judgment of the Issuer and the Trustee to protect the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Registrar, any co-Registrar and any authenticating agent
from any loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge the Holder for their expenses in replacing a Note. 

  
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 Every replacement Note shall be an additional obligation of the Issuer and will be entitled
to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 In case any such
mutilated, destroyed, lost or stolen Definitive Registered Note has become or is about to become due and payable, or is about to be redeemed or purchased by us pursuant to the provisions of this Indenture, the Issuer may, in its discretion, instead
of issuing a new Definitive Registered Note, pay, redeem or purchase such Definitive Registered Note, as the case may be. 

SECTION 2.08 Outstanding Notes 

Notes outstanding at any time are all Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for
cancellation and those described in this Section 2.08 as not outstanding. A Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 

If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee and the Issuer receive proof satisfactory
to them that the Note that has been replaced is held by a bona fide purchaser. 
 If the Paying Agent holds, in accordance with this
Indenture, on a redemption date or maturity date money sufficient to pay all principal, interest and Additional Amounts, if any, payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and
the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest thereon ceases to
accrue. 
 SECTION 2.09 Treasury Notes 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction or consent or any amendment,
modification or other change to this Indenture, Notes owned by the Issuer or by an Affiliate of the Issuer shall be disregarded and treated as if they were not outstanding, except that for the purposes of determining whether the Trustee shall be
protected in relying on any such direction, waiver or consent or any amendment, modification or other change to this Indenture, only Notes that a Trust Officer of the Trustee has received written notice from the Issuer are so owned shall be so
disregarded. Notes so owned that have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee such pledgee’s right so to act with respect to the Notes and that such pledgee is not the
Issuer or an Affiliate of the Issuer. 
 SECTION 2.10 Temporary Notes 

Until certificates representing Notes are ready for delivery, the Issuer may prepare and the authenticating agent, upon receipt of an Issuer
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 and as shall be reasonably acceptable to the
Trustee. Without unreasonable delay, the Issuer shall prepare and the authenticating agent shall authenticate certificated Notes in exchange for temporary Notes. Holders of temporary Notes shall be entitled to all of the benefits of this Indenture

  
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 SECTION 2.11 Cancellation 

The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee, in accordance with its customary procedures, and no one else shall cancel (subject to the record retention requirements of the Exchange Act and the
Trustee’s retention policy) all Notes surrendered for registration of transfer, exchange, payment or cancellation and dispose of such cancelled Notes in its customary manner. Except as otherwise provided in this Indenture, the Issuer may not
issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for cancellation. 
 SECTION 2.12
Defaulted Interest  
 Any interest on any Note that is payable, but is not punctually paid or duly provided for, on the dates
and in the manner provided in the Notes and this Indenture (all such interest herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant record date by virtue of having been paid by the Issuer, at
its election in each case, as provided in clause (a) or (b) below: 
 (a) The Issuer may elect to make payment of any Defaulted
Interest to the Persons in whose names the Notes are registered at the close of business on a special record date fixed by the Issuer for the payment of such Defaulted Interest, such date to be not more than 15 days and not less than 10 days
prior to the proposed payment date and not less than 15 days after the receipt by the Trustee of the notice of the proposed payment date. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Note and the date of the proposed payment. and shall (i) at the same time, deposit with the Paying Agent an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest, or (ii) make arrangements
satisfactory to the Paying Agent for such deposit prior to the date of the proposed payment. The Issuer shall promptly but, in any event, not less than 15 days prior to the special record date, notify the Trustee of such special record date and, at
the request of, and in the name and at the expense of, the Issuer, the Trustee shall cause notice of the proposed payment date of such Defaulted Interest and the special record date therefor to be notified each Holder, not less than 10 days prior to
such special record date. Notice of the proposed payment date of such Defaulted Interest and the special record date therefor having been so notified to Holders, such Defaulted Interest shall be paid to the Persons in whose names the Notes are
registered at the close of business on such special record date and shall no longer be payable pursuant to clause (b) below. 
 (b) The
Issuer or Guarantor (as the case may be) may make payment of any Defaulted Interest on the Notes in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, which may include payment
of Defaulted Interest to the Persons in whose names the Notes were registered at the close of business on the original record date for the applicable interest payment or payments, and upon such notice as may be required by such exchange and after
notice given by the Issuer to the Trustee of the proposed payment date pursuant to this clause, such manner of payment shall be deemed reasonably practicable. 

(c) Subject to the foregoing provisions of this Section 2.12, each Note delivered under this Indenture upon registration of transfer of
or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Note. 

  
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 SECTION 2.13 Computation of Interest 

Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months and shall be paid on overdue principal and other overdue amounts at the same rate. 

SECTION 2.14 ISIN and CUSIP 

The Issuer in issuing the Notes may use ISIN and CUSIP numbers (if then generally in use), and, if so, the Trustee shall use ISIN and CUSIP, as
appropriate, in notices of redemption as a convenience to the Holders of the Notes; provided that any such notice may state that no representation is made as to the correctness of such numbers or codes either as printed on the Notes or as
contained in any notice of a redemption, that reliance may be placed only on the other identification numbers printed on the Notes, and that any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall
promptly notify the Trustee and Registrar of any change in the ISIN or CUSIP numbers. 
 SECTION 2.15 Issuance of
Additional Notes 
 The Issuer may, subject to Section 4.04 of this Indenture, issue Additional Notes under this Indenture in
accordance with the procedures of Section 2.02. Such Additional Notes shall rank pari passu with the Original Notes and shall be issued with the same terms as to status, redemption and otherwise as such Original Notes (save for payment
of interest accruing prior to the issue date of such Additional Notes, for the first payment of interest following the issue date of such Additional Notes or for transfer restrictions). The Original Notes issued on the date of this Indenture and any
Additional Notes subsequently issued shall be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions, and offers to purchase except as otherwise specified with respect to each
series of Notes. 
 Any issue of Additional Notes that is to utilize the same ISIN or CUSIP number as a Note already issued hereunder shall
be effected in a manner and under circumstances whereby the issue of Additional Notes is treated as a “qualified reopening” (within the meaning of U.S. Treas. Reg. § 1.1275-2(k)(3), or any
successor provision, as in effect at the time of the further issue) of, or is for U.S. federal income tax purposes otherwise fungible with, the issue of Notes having the shared ISIN or CUSIP number, as the case may be. In the event that any
Additional Notes are not fungible with any Notes previously issued for U.S. federal income tax purposes, such non-fungible Additional Notes shall be issued with a separate ISIN, CUSIP or other securities
identification number as applicable, so they are distinguishable from such previously issued Notes. 
 SECTION 2.16
Agents. 
 (a) Actions of Agents. The rights, powers, duties and obligations and actions of each Agent under this
Indenture are several and not joint or joint and several. The Agents shall have no obligation to act if they will incur costs for which they believe they will not be reimbursed. 

(b) Agents of the Trustee. The Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the
Trustee may, by notice in writing to the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively from, the Trustee. Until they have received such written notice from the Trustee, the Agents shall act solely
as agents of the Issuer and need have no concern for the interests of Holders. 

  
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 (c) Funds held by Agents. The Agents shall hold all funds as banker subject to
the terms of this Indenture, and as a result, such money (i) shall not be held in accordance with the rules established by the Financial Conduct Authority in the Financial Conduct Authority’s Handbook of rules and guidance from time to
time in relation to client money and (ii) need not be segregated from other funds, except the extent required by law. 
 (d)
Publication of Notices. For so long as the Notes are held as Book-Entry Interests in Global Notes, any obligation the Agents may have to publish a notice to Holders on behalf of the Issuer will be satisfied upon delivery of the notice to DTC.

 (e) Instructions to Agents. In the event that instructions given to any Agent are not reasonably clear, then such Agent
shall be entitled to seek clarification from the Issuer or other party entitled to give the Agents instructions under this Indenture by written request promptly and in any event within one Business Day of receipt by such Agent of such instructions.
If an Agent has sought clarification in accordance with this Section 2.16, then such Agent shall be entitled to take no action until such clarification is provided, and shall not incur any liability for not taking any action pending receipt of
such clarification. 
 (f) Duty of Agents. Save as provided in this Section 2.16, no Agent shall be under any duty or
other obligation towards, or have any relationship of agency or trust for or with, any person other than the Issuer. The Agents shall only be obliged to perform those duties expressly set out in this Indenture and no implied obligations shall be
read into this Indenture against the Agents. 
 (g) Payments Made by Agents. No Agent shall be required to make any payment under
this Indenture unless and until it has received the full amount to be paid in accordance with the terms of this Indenture. To the extent that an Agent has made a payment for which it did not receive the full amount, the Issuer will reimburse the
Agent the full amount of any shortfall. 
 (h) Roles of the Agents. The roles, duties and functions of the Agents are of a
mechanical nature and each Agent shall only perform those acts and duties as specifically set out in this Indenture and no other acts, covenants, obligations or duties shall be implied or read into this Indenture against any of the Agents. 

(i) Mutual Undertaking Regarding Information Reporting and Collection Obligations. Each party to this Indenture shall, within 10
business days of a written request by another party to this Indenture, supply to such other party such forms, documentation and other information relating to it, its operations, or the Notes as that other party reasonably requests for the purposes
of that other party’s compliance with Applicable Law and shall notify the relevant other party reasonably promptly in the event that it becomes aware that any of the forms, documentation or other information provided by such party is (or
becomes) inaccurate in any material respect; provided, however, that no party to this Indenture shall be required to provide any forms, documentation or other information pursuant to this Section 2.16(i) to the extent that:
(i) any such form, documentation or other information (or the information required to be provided on such form or documentation) is not reasonably available to such party and cannot be obtained by such party using reasonable efforts; or
(ii) doing so would or might in the reasonable opinion of such party constitute a breach of any: (a) Applicable Law; (b) fiduciary duty; or (c) duty of confidentiality. For purposes of this Section 2.16(i), “Applicable
Law” shall be deemed to include (i) any published rule or published practice of any Authority by which any party to this Indenture is bound or with which it is accustomed to comply; (ii) any agreement between any Authorities; and
(iii) any agreement between any Authority and any party to this Indenture that is customarily entered into by institutions of a similar nature, in each case, which facilitates the implementation of any information reporting or exchange of
information regime. 

  
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 (j) Notice of Possible Withholding Under FATCA. The Issuer shall notify each Agent in
the event that it determines that any payment to be made by an Agent under the Notes is a payment which could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free from FATCA
Withholding, and the extent to which the relevant payment is so treated; provided, however, that the Issuer’s obligation under this Section 2.16(j) shall apply only to the extent that such payments are so treated by virtue of
characteristics of the Issuer, the Notes, or both. 
 (k) Agent Right to Withhold. Notwithstanding any other provision of this
Agreement, each Agent shall be entitled to make a deduction or withholding from any payment which it makes under the Notes for or on account of any Tax, if and only to the extent so required by Applicable Law, in which event the Agent shall make
such payment after such deduction or withholding has been made and shall account to the relevant Authority within the time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return
to the Issuer the amount so deducted or withheld, in which case, the Issuer shall so account to the relevant Authority for such amount. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is deemed to be required by
Applicable Law for the purposes of this Section 2.16(k). 
 (l) Issuer Right to Redirect. In the event that the Issuer
determines in its sole discretion that any deduction or withholding for or on account of any Tax will be required by Applicable Law in connection with any payment due to any of the Agents on any Notes, then the Issuer will be entitled to redirect or
reorganize any such payment in any way that it sees fit in order that the payment may be made without such deduction or withholding provided that, any such redirected or reorganized payment is made through a recognized institution of international
standing and otherwise made in accordance with this Agreement. The Issuer will promptly notify the Agents and the Trustee in writing of any such redirection or reorganization. For the avoidance of doubt, FATCA Withholding is a deduction or
withholding which is deemed to be required by Applicable Law for the purposes of this Section 2.16(l). 
 (m) Resignation of
Agent. Any Agent may resign and be discharged from its duties under this Indenture at any time by giving thirty (30) days’ prior written notice of such resignation to the Trustee and Issuer. The Trustee or Issuer may remove any
Agent at any time by giving thirty (30) days’ prior written notice to any Agent. Upon such notice, a successor Agent shall be appointed by the Issuer, who shall provide written notice of such to the Trustee. Such successor Agent shall
become the Agent hereunder upon the resignation or removal date specified in such notice. If the Issuer is unable to replace the resigning Agent within thirty (30) days after such notice, the Agent shall deliver any funds then held hereunder in
its possession to the Trustee or such Agent may apply to a court of competent jurisdiction for the appointment of a successor Agent or for other appropriate relief. The costs and expenses (including its counsels’ fees and expenses) incurred by
the Agent in connection with such proceeding shall be paid by the Issuer. Upon receipt of the identity of the successor Agent, the Agent shall deliver any funds then held hereunder to the successor Agent, less the Agent’s fees, costs and
expenses or other obligations owed to the Agent. Upon its resignation and delivery of any funds, the Agent shall be discharged of and from any and all further obligations arising in connection with this Indenture, but shall continue to enjoy the
benefit of Section 7.06. 

  
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 SECTION 2.17 Deposit of Moneys. 

No later than 11:00 a.m. (New York City time) on the Business Day immediately preceding each due date of the principal of, interest and premium
(if any) on any Note and the Stated Maturity date of the Notes, the Issuer shall deposit with the Paying Agent in immediately available funds money sufficient to make cash payments, if any, due on such day or date, as the case may be, in a timely
manner which permits the Paying Agent to remit payment to the Holders on such day or date, as the case may be. Subject to actual receipt of such funds as provided by this Section 2.17 by the Paying Agent, such Paying Agent shall make payments
on the Notes in accordance with the provisions of this Indenture. The Issuer shall promptly notify the Trustee and the Paying Agent of its failure to so act. 

ARTICLE THREE 
 REDEMPTION, OFFERS
TO PURCHASE 
 SECTION 3.01 Notices to Trustee 

If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 or 3.08, it shall notify the Trustee
in writing of the redemption date, the principal amount of Notes to be redeemed, the redemption price and the section of this Indenture pursuant to which the redemption will occur. 

The Issuer shall give each notice to the Trustee provided for in this Section 3.01 in writing at least three Business Days before the
date notice is mailed or otherwise delivered to the Holders pursuant to Section 3.04 unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officer’s Certificate from the Issuer to the effect that such
redemption will comply with the conditions herein. If fewer than all the Notes are to be redeemed, the record date relating to such redemption shall be selected by the Issuer and given to the Trustee, which record date shall be not less than 15 days
after the date of notice to the Trustee. 
 SECTION 3.02 Selection of Notes to be Redeemed 

If fewer than all the Notes are to be redeemed at any time, the Notes for redemption will be selected on a pro rata or by lot basis (or, in the
case of Global Notes, in accordance with the applicable procedures of DTC) unless otherwise required by law or applicable stock exchange; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a
Note not redeemed to less than $2,000. None of the Trustee, the Paying Agent nor the Registrar shall be liable for any selections made in accordance with this paragraph. 

No Notes of $2,000 or less can be redeemed or purchased in part. Notes for redemption will be selected in portions equal to $2,000 and
integral multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of such Notes held by such Holder shall be redeemed. Provisions of this Indenture that apply to Notes
called for redemption also apply to portions of Notes called for redemption. 
 SECTION 3.03 Notice of Redemption

 (a) Notices of redemption will be mailed by first class mail at least 10 but not more than 60 days before the redemption date to each
holder of Notes to be redeemed, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is 

  
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issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture. Notices of redemption may be made subject to conditions precedent to the extent set forth in
Section 3.04. 
 (b) The notice shall identify the Notes to be redeemed (including ISIN and CUSIP numbers, as
applicable) and shall state: 
 (i) the redemption date; 

(ii) the appropriate calculation of the redemption price and the amount of accrued interest, if any, and Additional Amounts, if any, to be
paid; 
 (iii) the name and address of the Paying Agent; 

(iv) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price plus accrued interest, if any,
and Additional Amounts, if any; 
 (v) that, if any Note is to be redeemed in part only, the notice of redemption that relates to that Note
will state the portion of the principal amount of that Note that is to be redeemed, and that, on and after the redemption date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof shall be
reissued if such Note was held in certificated form; 
 (vi) that, if any Note contains an ISIN or CUSIP number, no representation is being
made as to the correctness of such ISIN or CUSIP number either as printed on the Notes or as contained in the notice of redemption and that reliance may be placed only on the other identification numbers printed on the Notes; 

(vii) that, unless the Issuer defaults in making such redemption payment, interest on the Notes (or portion thereof) called for redemption
shall cease to accrue on and after the redemption date; 
 (viii) whether the redemption is subject to satisfaction of or more conditions
precedent, and setting out such conditions and any other information required by this Section 3.03; and 
 (ix) the paragraph of the
Notes pursuant to which the Notes called for redemption are being redeemed. 
 At the Issuer’s written request, the Trustee or Paying
Agent shall give a notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall provide the Trustee and the Paying Agent with the notice and the other information required by this
Section 3.03. For Notes which are represented by global certificates held on behalf of DTC, notices may be given by delivery of the relevant notices to DTC for communication to entitled account Holders in substitution for the aforesaid mailing.

 Any notice of redemption made in connection with a related transaction or event (including an Equity Offering, contribution, Change of
Control, Asset Sale or other transaction) may, at the Issuer’s discretion, be given prior to the completion or the occurrence thereof, and any such redemption or notice (other than a redemption pursuant to Section 3.08) may, at the
Issuer’s 

  
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discretion, be subject to one or more conditions precedent, including, but not limited to, the completion or occurrence of the related transaction or event, as the case may be. The Issuer may
redeem Notes pursuant to one or more of the relevant provisions in this Indenture, and a single notice of redemption may be delivered with respect to redemptions made pursuant to different provisions. Any such notice may provide that redemptions
made pursuant to different provisions will have different redemption dates. If such redemption is subject to satisfaction of one or more conditions precedent, such notice will describe each such condition, and if applicable, will state that, in the
Issuer’s discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption was mailed or delivered, including by electronic transmission) as any or all such conditions are
satisfied (or waived by the Issuer in its sole discretion), or that such redemption may not occur and such notice may be rescinded in the event that any or all such conditions are not satisfied (or waived by the Issuer in its sole discretion) by the
redemption date, or by the redemption date as so delayed, or that such notice may be rescinded at any time in the Issuer’s discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied. The Issuer
may provide in such notice that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person. If any Notes are listed on an exchange, and the rules of the
exchange so require, the Issuer will notify the exchange of any such redemption and the principal amount of any Notes outstanding following any partial redemption of such Notes. In no event will the Trustee be responsible for monitoring, or charged
with knowledge of, the maximum aggregate amount of Notes eligible under this Indenture to be redeemed. 
 SECTION 3.04
Effect of Notice of Redemption 
 Subject to the satisfaction or waiver of any applicable conditions, once a notice of
redemption is mailed, Notes called for redemption become due and payable on the redemption date and at the redemption price stated in the notice. Notes will remain outstanding until redeemed, notwithstanding that they have been called for redemption
or are subject to a notice of redemption. 
 Notice of redemption shall be deemed to be given when mailed or otherwise delivered, whether or
not the Holder receives the notice. In any event, failure to give such notice, or any defect therein, shall not affect the validity of the proceedings for the redemption of Notes held by Holders to whom such notice was properly given. 

SECTION 3.05 Deposit of Redemption or Purchase Price 

(a) No later than 11:00 a.m. (New York City time) on the redemption or purchase date, the Issuer will deposit with the Trustee or with the
Paying Agent money in U.S. dollars sufficient to pay the redemption or purchase price of, and accrued interest and Additional Amounts (if any) on, all Notes to be redeemed on that date. The Trustee or the Paying Agent will promptly return to the
Issuer any money deposited with the Trustee or the Paying Agent, as applicable, by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Additional Amounts, if any, on all Notes to be
purchased or redeemed. 
 (b) If notice of redemption has been given in the manner provided above, subject to the satisfaction or waiver of
any applicable conditions, the Notes or portion of Notes specified in such notice to be redeemed shall become due and payable on the redemption date at the redemption price stated therein, together with accrued interest to such redemption date, and
on and after such date (unless the Issuer shall default in the payment of such Notes at the redemption price and accrued interest to the redemption date, in which case the principal, until paid, shall bear interest

  
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from the redemption date at the rate prescribed in the Notes) such Notes shall cease to accrue interest. Upon surrender of any Note for redemption in accordance with a notice of redemption, such
Note shall be paid and redeemed by the Issuer at the redemption price, together with accrued interest, if any, to the redemption date; provided that installments of interest whose Stated Maturity is on or prior to the redemption date shall be
payable to the Holders registered as such at the close of business on the relevant record date. 
 SECTION 3.06
Notes Redeemed in Part 
 (a) Upon surrender of a Global Note that is redeemed in part, the Paying Agent shall forward such
Global Note to the Trustee, who shall make a notation on the Register to reduce the principal amount of such Global Note to an amount equal to the unredeemed portion of the Global Note surrendered; provided that each such Global Note shall be
in a principal amount at final Stated Maturity of $2,000 and integral multiples of $1,000 in excess thereof. 
 (b) Upon surrender and
cancellation of a certificated Note that is redeemed in part, the Issuer shall execute and the Trustee shall authenticate for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note
surrendered and canceled; provided that each such certificated Note shall be in a principal amount at final Stated Maturity of $2,000 and integral multiples of $1,000 in excess thereof 

SECTION 3.07 Optional Redemption 

(a) At any time prior to August 1, 2024, upon not less than 10 nor more than 60 days’ written notice (which notice for the avoidance
of doubt may be given prior to August 1, 2024), the Issuer may on any one or more occasions redeem up to 40% of the aggregate principal amount of the Notes and any Additional Notes issued under this Indenture at a redemption price equal to
105.500% of the principal amount thereof, plus accrued and unpaid interest and Additional Amounts, if any, to, but not including, the redemption date (subject to the rights of holders of Notes on the relevant record date to receive interest on the
relevant interest payment date), with an amount equal to or less than the net cash proceeds from one or more Equity Offerings. The Issuer may only do this, however, if: 

(i) at least 50% of the aggregate principal amount of the Notes that were initially issued under this Indenture (excluding Notes held by the
Issuer or any of its Subsidiaries) would remain outstanding immediately after the occurrence of such proposed redemption (unless all such Notes are redeemed substantially concurrently); and 

(ii) each such redemption occurs within 180 days after the closing of such Equity Offering. 

Notice of any redemption upon any Equity Offering may be given prior to the completion thereof, and any such redemption or notice may, at the
Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering in accordance with Section 3.03. 

(b) At any time prior to August 1, 2024 upon not less than 10 nor more than 60 days’ written notice (which notice for the avoidance
of doubt may be given prior to August 1, 2024), the Issuer may also redeem all or part of the Notes, at a redemption price equal to 100% of the principal 

  
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amount thereof plus the Applicable Redemption Premium of the Notes plus accrued and unpaid interest on the Notes to, but not including, the redemption date. Any such redemption or notice may, at
the Issuer’s discretion, be subject to one or more conditions precedent in accordance with Section 3.03. 
 (c) At any time on or
after August 1, 2024 and prior to maturity, upon not less than 10 nor more than 60 days’ written notice, the Issuer may redeem all or part of the Notes. These redemptions will be in amounts of $2,000 or integral multiples of $1,000 in
excess thereof at the following redemption prices (expressed as percentages of their principal amount at maturity), plus accrued and unpaid interest, if any, to, but not including, the redemption date, if redeemed during the 12-month period commencing on August 1 of the years set forth below. This redemption is subject to the right of holders of record on the relevant regular record date that is prior to the redemption date to
receive interest due on an interest payment date. 
  

					
	 Year
	  	Redemption
Prices	 
	 2024
	  	 	102.750	% 
	 2025
	  	 	101.375	% 
	 2026 and thereafter
	  	 	100.000	% 

 (d) Except pursuant to subsections (a), (b) and (c) of this Section 3.07 and Section 3.08
hereof, the Notes will not be redeemable at the Issuer’s option. 
 SECTION 3.08 Redemption Upon Changes in
Withholding Taxes 
 (a) If, as a result of: 

(i) any amendment to, or change in, the laws (or regulations or rulings promulgated thereunder) or relevant treaties of any Relevant Taxing
Jurisdiction; or 
 (ii) any change in the official application or official interpretation or administration of such laws, regulations or
rulings or relevant treaties (including by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published practice) of any Relevant Taxing Jurisdiction (each of the foregoing clauses (i) and (ii), a
“Change in Tax Law”), 
 the Issuer or any Guarantor would be obligated to pay, on the next date for any payment, Additional Amounts with respect
to the Notes, which obligation the Issuer or such Guarantor cannot avoid by the use of reasonable measures available to it (including, for the avoidance of doubt, the appointment of a new Paying Agent where this would be reasonable and, in the case
of a payment by a Guarantor, that the payment giving rise to such requirement to pay Additional Amounts cannot be made by the Issuer or another Guarantor without the obligation to pay Additional Amounts), then the Issuer may redeem all, but not less
than all, of the Notes, at any time thereafter, upon not less than 30 nor more than 60 days’ notice (which notice shall be irrevocable and given in accordance with the procedures described in Section 3.03, at a redemption price of 100% of
their principal amount, plus accrued and unpaid interest, if any, to the redemption date. In the case of redemption due to withholding as a result of a Change in Tax Law in a jurisdiction that is a Relevant Taxing Jurisdiction at the date of this
Indenture, such Change in Tax Law must become effective on or after the date of this Indenture. In the case of redemption due to withholding as a result of a 

  
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Change in Tax Law in a jurisdiction that becomes a Relevant Taxing Jurisdiction after the date of this Indenture, such Change in Tax Law must become effective on or after the date the
jurisdiction becomes a Relevant Taxing Jurisdiction. 
 (b) Prior to the giving of any notice of the redemption described in this
Section 3.08, the Issuer or the Guarantor (as the case may be) will deliver to the Trustee and the Paying Agent: 
 (i) an
Officer’s Certificate of the Issuer or a Guarantor (as the case may be) stating that the obligation to pay such Additional Amounts cannot be avoided by the Issuer’s or such Guarantor’s taking reasonable measures available to it; and

 (ii) a written opinion of independent legal counsel of recognized standing addressed to the Issuer or Guarantor (as the case may be)
qualified under the laws of the Relevant Taxing Jurisdiction to the effect that the Issuer or such Guarantor has or will become obligated to pay such Additional Amounts as a result of a Change in Tax Law. 

The Trustee and the Paying Agent will accept, and shall be entitled to rely on, such Officer’s Certificate and opinion of counsel,
delivered in compliance with clauses (b)(i) and (b)(ii) above, as sufficient evidence of the existence and satisfaction of the conditions precedent as described above, in which event it will be conclusive and binding on the holders of the Notes.

 (c) Notwithstanding the foregoing, no such notice of redemption will be given (i) earlier than 90 days prior to the earliest
date on which the Issuer or Guarantor (as the case may be) would be obliged to make such payment of Additional Amounts if a payment in respect of the Notes, were then due and (ii) unless at the time such notice is given, the obligation to pay
Additional Amounts remains in effect. 
 The foregoing provisions shall apply mutatis mutandis to any Guarantor (and the related
Guarantee) to any successor person, after such successor person becomes a party to this Indenture, with respect to a Change in Tax Law occurring after the time such successor person becomes a party to this Indenture. 

(d) The Issuer will publish a notice of any optional redemption of the Notes described above in accordance with Section 3.03. 

SECTION 3.09 Additional Redemptions and Repurchases 

In connection with any Change of Control Offer, Alternate Offer or other tender offer to purchase all of the Notes, if Holders of not less than
90% of the aggregate principal amount of the then outstanding Notes validly tender and do not validly withdraw such Notes in such Change of Control Offer, Alternate Offer or other tender offer and the Issuer purchases, or any third party making such
Change of Control Offer, Alternate Offer or other tender 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 10 nor more than 60
days’ prior notice, given not more than 60 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such Change of Control Offer,
Alternate Offer or other tender offer, plus, to the extent not included in the Change of Control Offer, Alternate Offer or other tender offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the redemption date (subject to
the right of the Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). 

  
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 SECTION 3.10 Sinking Fund; Offers to Purchase; Open Market
Purchases 
 (a) The Issuer is not required to make any mandatory redemption or sinking fund payments with respect to the Notes. However,
under certain circumstances, the Issuer may be required to offer to purchase the Notes as provided under Sections 4.07 and 4.09. 
 (b) The
Issuer and any Restricted Subsidiaries may at any time and from time to time purchase Notes in the open market or otherwise. 
 ARTICLE FOUR

 COVENANTS 

SECTION 4.01 Payment of Notes  

The Issuer shall pay or cause to be paid the principal of, premium, if any, interest and Additional Amounts, if any, on the Notes on the dates
and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, interest and Additional Amounts, if any, shall be considered paid on the date due therefor if the Trustee or the Paying Agent (other than the Issuer or any of
its Subsidiaries) holds, as of 11:00 a.m. New York City time on the Business Day prior to the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, interest and
Additional Amounts, if any, then due. If the Issuer or any of its Subsidiaries acts as Paying Agent, principal, premium, if any, interest and Additional Amounts, if any, shall be considered paid on the due date if the entity acting as Paying Agent
complies with Section 2.04 hereof. 
 The Issuer shall pay interest on overdue principal at the rate specified therefor in the Notes.
The Issuer shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
 SECTION 4.02
Maintenance of Office or Agency 
 The Issuer will maintain the offices and agencies specified in Section 2.03 and
Section 11.08 hereof. The Issuer shall give prompt 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 fails to maintain any such required office or agency or fails
to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the trust office of the Trustee (the address of which is specified in Section 11.01 hereof). 

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, however, that no such designation or rescission will in any manner relieve the Issuer of its obligation to comply with Section 2.03. The Issuer
will 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 trust office of the Trustee (the address of which is specified in Section 11.01 hereof) as one such
office or agency of the Issuer in accordance with Section 2.03 hereof. 

  
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 SECTION 4.03 Compliance Certificate. 

(a) The Issuer shall deliver to the Trustee (and the Trustee shall be entitled to rely without further inquiry on), within 120 days after the
end of each fiscal year, an Officer’s Certificate stating that, as to each such Officer signing such certificate, that to the best of his or her knowledge, no Default or Event of Default has occurred and is continuing (or, if a Default or Event
of Default has occurred and is continuing, 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). 

(b) So long as any of the Notes are outstanding, the Issuer will deliver to the Trustee (and the Trustee shall be entitled to rely without
further inquiry on), as soon as reasonably practicable after (but not later than thirty days) upon any Officer becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what
action the Issuer is taking or proposes to take with respect thereto. 
 SECTION 4.04 Limitation on Debt 

(a) The Issuer will not, and will not permit any Restricted Subsidiary to, create, issue, incur, assume, guarantee or in any manner become
directly or indirectly liable with respect to or otherwise become responsible for, contingently or otherwise, the payment of (individually and collectively, to “incur” or, as appropriate, an “incurrence”), any Debt (including any
Acquired Debt); provided that the Issuer and any Restricted Subsidiary will be permitted to incur Debt (including Acquired Debt) if, after giving effect to the incurrence of such Debt and the application of the proceeds thereof, on a pro
forma basis, the Consolidated Fixed Charge Coverage Ratio for the four full fiscal quarters for which financial statements are available immediately preceding the incurrence of such Debt, taken as one period, would be greater than 2.0 to 1.0;
provided, further, however, that the aggregate amount of Debt (including Acquired Debt) incurred under this Section 4.04(a) by Restricted Subsidiaries that are not Guarantors of the Notes (including all Permitted Refinancing Debt
incurred to renew, refund, replace, refinance, defease or discharge any other Debt or guarantees of Debt incurred by Restricted Subsidiaries that are not Guarantors of the Notes pursuant to this Section 4.04(a)) does not exceed the greater of
$400,000,000 or 4.0% of Total Assets. 
 (b) This covenant shall not, however, prohibit the following (collectively, “Permitted
Debt”): 
 (i) the incurrence by the Issuer of Debt represented by the Notes issued on the Issue Date and the guarantee of the Notes by
any Restricted Subsidiary; 
 (ii) the incurrence by the Issuer or any Restricted Subsidiary of Debt under Credit Facilities in an aggregate
principal amount at any one time outstanding not to exceed the greater of $4,500,000,000 or 45% of Total Assets; 
 (iii) the incurrence by
the Issuer or any Restricted Subsidiary of intercompany Debt between the Issuer and any Restricted Subsidiary or between or among Restricted Subsidiaries; provided that: 

(A) if the Issuer is the obligor on any such Debt and the payee is not the Issuer or a Guarantor, (x) unless required by a
Credit Facility, such Debt is unsecured and (y) it is subordinated in right of payment to the Notes or Guarantees, as applicable; and 

  
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 (B) (x) any disposition, pledge or transfer of any such Debt to a Person
(other than a disposition, pledge or transfer to the Issuer or a Restricted Subsidiary) and (y) any transaction pursuant to which any Restricted Subsidiary that has Debt owing by the Issuer or a Restricted Subsidiary ceases to be a Restricted
Subsidiary, will, in each case, be deemed to be an incurrence of such Debt not permitted by this clause (iii); 
 (iv) any Debt of the Issuer
or any Restricted Subsidiary (other than Debt described in clauses (b)(i) and (b)(ii) of this Section 4.04) outstanding on the date of this Indenture; 

(v) guarantees of the Issuer’s Debt or Debt of any Restricted Subsidiary by the Issuer or any Restricted Subsidiary; provided that
the Restricted Subsidiary complies with Section 4.11; 
 (vi) the incurrence by the Issuer or any Restricted Subsidiary of Debt arising
from customary agreements providing for guarantees, indemnities or obligations in respect of earnouts or other purchase price adjustments or, in each case, similar obligations, in connection with the acquisition or disposition of any business or
assets or Person or any shares of Capital Stock of a Subsidiary, other than guarantees or similar credit support given by the Issuer or any Restricted Subsidiary of Debt incurred by any Person acquiring all or any portion of such assets for the
purpose of financing such acquisition; provided that the maximum aggregate liability in respect of all such Debt permitted pursuant to this clause (vi) will at no time exceed the net proceeds, including
non-cash proceeds (the Fair Market Value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent changes in value)
actually received from such disposition; 
 (vii) the incurrence by the Issuer or any Restricted Subsidiary of Debt under Currency
Agreements, Interest Rate Agreements or Commodity Hedging Agreements, in each case entered into not solely for speculative purposes (collectively, “Hedging Obligations”); 

(viii) the incurrence by the Issuer or any Restricted Subsidiary of Debt represented by Capitalized Lease Obligations, mortgage financings or
purchase money obligations or other Debt, in each case, incurred in connection with the financing of all or any part of the purchase price, charter expense, lease expense, rental payments or cost of design, construction, installation or improvement
of Vessels, or any other property, plant or equipment used in the business of the Issuer or any of its Restricted Subsidiaries (including any reasonable related fees or expenses incurred in connection therewith), whether through the charter of,
leasing of, or the direct purchase of, or of the Capital Stock of any Person owning, such Vessels (including any Debt deemed to be incurred in connection with such purchase) (it being understood that any such Debt may be incurred after the
acquisition, purchase, charter or leasing or the construction, installation or the making of any improvement with respect to any such Vessel or container or other property, plant or equipment and shall include Debt incurred to renew, refund,
replace, refinance, defease or 

  
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discharge Debt incurred pursuant to this clause (viii)); provided that the principal amount of Debt incurred pursuant to this clause (viii), including all Debt incurred pursuant to this
clause (viii) to renew, refund, replace, refinance, defease or discharge any Debt incurred pursuant to this clause (viii), does not, at the time of incurrence, exceed the Applicable Fair Market Value Limit; 

(ix) the incurrence by the Issuer or any Restricted Subsidiary of Debt to finance the replacement (through construction or acquisition) of a
Vessel upon the total loss, destruction, condemnation, confiscation, requisition, seizure or forfeiture of, or other taking of title or use of, such Vessel (collectively, a “Total Loss”) in an aggregate amount no greater than the Ready for
Sea Cost for such replacement Vessel, in each case less all compensation, damages and other payments (including insurance proceeds other than in respect of business interruption insurance) received by the Issuer or any of its Restricted Subsidiaries
from any Person in connection with such Total Loss in excess of amounts actually used to repay Debt secured by the Vessel subject to such Total Loss and any costs and expenses incurred by the Issuer or any of its Restricted Subsidiaries in
connection with such Total Loss; 
 (x) the incurrence by the Issuer or any Restricted Subsidiary of Debt in relation to (A) regular
maintenance required on any of the Vessels owned or chartered by the Issuer or any of its Restricted Subsidiaries, (B) dry-docking of any of the Vessels owned by the Issuer or any of its Restricted
Subsidiaries and (C) any expenditures that are, or are reasonably expected to be, recoverable from insurance on such Vessels; 
 (xi)
the incurrence by the Issuer or any Restricted Subsidiary of Debt through the provision of bonds, guarantees, letters of credit or similar instruments required by the U.S. Federal Maritime Commission or other governmental or regulatory agencies,
including, without limitation, customs authorities; in each case, for Vessels owned or chartered by, or in the ordinary course of business of, the Issuer or any of its Restricted Subsidiaries; 

(xii) the incurrence by the Issuer or any of its Restricted Subsidiaries of Debt in the form of customer deposits and advance payments received
in the ordinary course of business from customers for services purchased in the ordinary course of business; 
 (xiii) the incurrence by the
Issuer or any Restricted Subsidiary of Debt in any Qualified Securitization Financing; 
 (xiv) the incurrence by the Issuer or any
Restricted Subsidiary of Debt in respect of workers’ compensation and claims arising under similar legislation, captive insurance companies, or pursuant to self-insurance obligations and not in connection with the borrowing of money or the
obtaining of advances or credit; 
 (xv) the incurrence by the Issuer or any Restricted Subsidiary of Debt arising from (A) 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; provided that such Debt is extinguished within five Business Days of
incurrence, (B) bankers’ acceptances, performance, surety, judgment, appeal or 

  
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similar bonds, instruments or obligations, (C) completion guarantees or performance or appeal bonds provided or letters of credit obtained by the Issuer or any Restricted Subsidiary in the
ordinary course of business, (D) VAT or other tax guarantees in the ordinary course of business, (E) the financing of insurance premiums in the ordinary course of business and (F) any customary cash management, cash pooling or netting
or setting off arrangements; 
 (xvi) Debt of any Person incurred and outstanding on the date on which such Person becomes a Restricted
Subsidiary of the Issuer or is merged, consolidated, amalgamated or otherwise combined with (including pursuant to any acquisition of assets and assumption of related liabilities) the Issuer or any Restricted Subsidiary (other than Debt incurred
(A) to provide all or any portion of the funds used to consummate the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was otherwise acquired by the Issuer or a Restricted Subsidiary
or (B) otherwise in connection with or contemplation of such acquisition); provided, however, with respect to this clause (xvi), that at the time of such acquisition or other transaction pursuant to which such Debt is deemed to be
incurred, (x) the Issuer could incur at least $1.00 of additional Debt under Section 4.04(a), after giving pro forma effect to such acquisition or other transaction or (y) the Consolidated Fixed Charge Coverage Ratio would not be less
than it was immediately prior to giving effect to such acquisition or other transaction; 
 (xvii) the incurrence by the Issuer or any
Restricted Subsidiary of Debt for the purpose of acquiring or investing in (as applicable) a business or joint venture (including, without limitation, through an investment or acquisition in such business or joint venture (or an undertaking related
thereto) or through a co-ownership arrangement in respect of one or more assets); provided, however, with respect to this clause (xvii), that at the time of such incurrence, (x) the Issuer
could incur at least $1.00 of additional Debt under Section 4.04(a), after giving pro forma effect to such acquisition or other transaction and such incurrence of Debt or (y) the Consolidated Fixed Charge Coverage Ratio would not be
less than it was immediately prior to giving effect to such investment or acquisition and such incurrence of Debt; 
 (xviii) the incurrence
by the Issuer or any Restricted Subsidiary of Debt represented by Capitalized Lease Obligations, purchase money obligations or mortgage financings, in an aggregate amount which, when aggregated with the amount of all other Debt then outstanding and
incurred pursuant to this clause (xviii) (including any Debt incurred in a refinancing of Debt incurred pursuant to this clause (xviii)), does not exceed the greater of (a) $500,000,000 and (b) 5.0% of Total Assets at the time of such incurrence;
provided, however, that in the case of purchase money obligations or mortgage financings, (i) the aggregate principal amount of such Debt does not exceed the lesser of the Fair Market Value of such property or such purchase price
or cost at the time of such incurrence, including any refinancing of such Debt that does not increase the aggregate principal amount (or accreted amount, if less) thereof as of the date of refinancing, and (ii) such Debt shall be incurred
within 180 days after such acquisition of such asset by the Issuer or such Restricted Subsidiary or completion of such construction or improvement; 

(xix) Debt or guarantees of Debt of the Issuer or any Restricted Subsidiary in connection with or on behalf of joint ventures in an aggregate
principal amount, 

  
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including all Permitted Refinancing Debt incurred to renew, refund, replace, refinance, defease or discharge any other Debt or guarantees of Debt incurred pursuant to this clause (xix), not to
exceed the greater of (a) $400,000,000 and (b) 4.0% of Total Assets at any one time outstanding pursuant to this clause (xix); 
 (xx) Non-Recourse Debt of the Issuer or any Restricted Subsidiary incurred to finance the purchase, lease, improvement, development, construction, remanufacturing, refurbishment, handling and repositioning or repair of
property (real or personal) or equipment or to refinance other Non-Recourse Debt incurred pursuant to this clause (xx), not to exceed the greater of (a) $300,000,000 and (b) 3.0% of Total Assets at any one
time outstanding pursuant to this clause (xx); 
 (xxi) the incurrence by the Issuer or any Restricted Subsidiary of Permitted Refinancing
Debt incurred to renew, refund, replace, refinance, defease or discharge Debt incurred by it pursuant to, or described in, Section 4.04(a) and clauses (i), (iv), (ix), (x), (xvi), (xvii), (xviii), (xix) and this (xxi) of
Section 4.04(b), as the case may be; or 
 (xxii) the incurrence by the Issuer or any Restricted Subsidiary of Debt (other than and in
addition to Debt permitted under clauses (i) through (xxi) above) in an aggregate principal amount at any one time outstanding, including all Permitted Refinancing Debt incurred to renew, refund, replace, refinance, defease or discharge any
Debt incurred pursuant to this clause (xxii), not to exceed the greater of $400,000,000 or 4.0% of Total Assets. 
 Accrual of interest or
dividends, the accretion of accreted value, the accretion or amortization of original issue discount, the obligation to pay commitment fees, the reclassification of preferred stock as Debt due to a change in accounting principles and the payment of
interest or dividends in the form of additional Debt or in the form of additional shares of the same class will not be deemed to be an incurrence of Debt for purposes of this covenant. 

(c) For purposes of determining compliance with any restriction on the incurrence of Debt in dollars where Debt is denominated in a different
currency, the amount of such Debt will be equal to the Dollar Equivalent determined on the date of such determination; provided that if any such Debt denominated in a different currency is subject to a Currency Agreement (with respect to
dollars) covering principal amounts payable on such Debt, the amount of such Debt expressed in dollars will be adjusted to take into account the effect of such agreement. The principal amount of any Permitted Refinancing Debt incurred in the same
currency as the Debt being refinanced will be the Dollar Equivalent of such Debt being refinanced determined on the date such Debt being refinanced was initially incurred, except to the extent that such Dollar Equivalent was determined based on a
Currency Agreement (with respect to dollars), in which case the amount of such Permitted Refinancing Debt will be adjusted to take into account the effect of such agreement. Notwithstanding any other provision of this covenant, for purposes of
determining compliance with this Section 4.04, increases in Debt solely due to fluctuations in the exchange rates of currencies or currency values will not be deemed to exceed the maximum amount that the Issuer or a Restricted Subsidiary may
incur under this Section 4.04. 
 (d) For purposes of determining any particular amount of Debt under this Section 4.04: 

  
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 (i) obligations with respect to letters of credit, guarantees or Liens, in each case
supporting Debt otherwise included in the determination of such particular amount, shall not be included; and 
 (ii) any Liens granted
pursuant to the equal and ratable provisions referred to in Section 4.05 shall not be treated as Debt. 
 (e) The amount of any Debt
outstanding as of any date will be: 
 (i) in the case of any Debt issued with original issue discount, the amount of the liability in
respect thereof determined in accordance with GAAP; and 
 (ii) the principal amount of the Debt, in the case of any other Debt; and 

(iii) in respect of Debt of another Person secured by a Lien on the assets of the specified Person, the lesser of: 

(A) the Fair Market Value of such assets at the date of determination; and 

(B) the amount of the Debt of the other Person. 

(f) If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Debt of such Subsidiary shall be deemed to be incurred by a
Restricted Subsidiary of the Issuer as of such date (and, if such Debt is not permitted to be incurred as of such date under this Section 4.04, such Restricted Subsidiary shall be in Default of this Section 4.04). 

(g) In the event that an item of Debt meets the criteria of more than one of the types of Debt described in this Section 4.04, the
Issuer, in its sole discretion, will classify items of Debt and will only be required to include the amount and type of such Debt in one of such clauses and the Issuer will be entitled to divide and classify an item of Debt in more than one of the
types of Debt described in this Section 4.04, and may change the classification of an item of Debt (or any portion thereof) to any other type of Debt described in this Section 4.04 at any time. Debt under the Existing Credit Facilities
outstanding on the date of this Indenture will initially be deemed to have been incurred on such date in reliance on the exception provided by Section 4.04(b)(ii). 

(h) The accrual of interest or preferred stock dividends, the accretion or amortization of original issue discount, the payment of interest on
any Debt in the form of additional Debt with the same terms, the reclassification of Preferred Stock as Debt due to a change in accounting principles, and the payment of dividends or distributions on Preferred Stock or Redeemable Capital Stock in
the form of additional shares of the same class of Preferred Stock or Redeemable Capital Stock will be deemed not to be an incurrence of Debt or an issuance of Preferred Stock or Redeemable Capital Stock for purposes of this covenant. 

SECTION 4.05 Limitation on Liens 

(a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist
any Lien of any kind (except for Permitted Liens) that secures obligations under any Debt, with respect to any of the Issuer’s or any Restricted Subsidiary’s property or assets, whether owned at or acquired after the date of this Indenture
unless: 

  
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 (i) in the case of any Lien securing Subordinated Debt, the Issuer’s obligations in
respect of the Notes are directly secured by a Lien on such property, assets or proceeds that is senior in priority to the Lien securing such Subordinated Debt until such time as the Subordinated Debt is no longer secured by such Lien; and 

(ii) in the case of any other Lien, the Issuer’s obligations in respect of the Notes and all other amounts due under this Indenture are
equally and ratably secured with the obligation or liability secured by such Lien until such time as such obligations are no longer secured by such Lien. 

(b) For purposes of determining compliance with this Section 4.05: 

(i) a Lien need not be incurred solely by reference to one category of Permitted Liens described in the definition thereof but is permitted to
be incurred in part under any combination thereof; and 
 (ii) in the event that a Lien (or any portion thereof) meets the criteria of one or
more of the categories of Permitted Liens, the Issuer will, in its sole discretion, be entitled to divide, classify or reclassify, in whole or in part, any such Lien (or any portion thereof) among one or more of such categories or clauses in any
manner. 
 (c) Any Lien created for the benefit of the Holders pursuant to this Section 4.05 will be deemed automatically and
unconditionally released and discharged upon the release and discharge of each of the Liens described in Section 4.05(a) or upon such Liens no longer attaching to assets or property of the Issuer or a Restricted Subsidiary. 

SECTION 4.06 Limitation on Restricted Payments 

(a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, take any of the following actions (each of
which is a “Restricted Payment” and which are collectively referred to as “Restricted Payments”): 
 (i) declare or pay
any dividend on or make any distribution (whether made in cash, securities or other property) with respect to any of the Issuer’s or any Restricted Subsidiary’s Capital Stock (including, without limitation, any payment in connection with
any merger or consolidation involving the Issuer or any Restricted Subsidiary) (other than (A) to the Issuer or any Restricted Subsidiary or (B) to all holders of Capital Stock of such Restricted Subsidiary on a pro rata basis or on a
basis that results in the receipt by the Issuer or a Restricted Subsidiary of dividends or distributions of greater value than the Issuer or such Restricted Subsidiary would receive on a pro rata basis); or make any payment of cash interest on
Deeply Subordinated Funding, except for dividends or distributions payable solely in shares of the Issuer’s Qualified Capital Stock or in options, warrants or other rights to acquire such shares of Qualified Capital Stock; 

(ii) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation),
directly or indirectly, any shares of the Issuer’s Capital Stock or any Capital Stock of any direct or indirect parent company of the Issuer held by persons other than the Issuer or a Restricted Subsidiary or any options, warrants or other
rights to acquire such shares of Capital Stock; 

  
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 (iii) make any principal payment on, or repurchase, redeem, defease or otherwise acquire or
retire for value any Subordinated Debt (excluding any intercompany debt between or among the Issuer or any of its Restricted Subsidiaries) except (A) a payment of interest or principal at the Stated Maturity thereof or (B) the purchase,
repurchase or other acquisition of Debt) purchased in anticipation of satisfying a scheduled sinking fund obligation, principal installment or scheduled maturity, in each case due within one year of the date of such purchase, repurchase or other
acquisition; or 
 (iv) make any Investment (other than any Permitted Investment) in any Person. 

If any Restricted Payment described above is not made in cash, the amount of the proposed Restricted Payment will be the Fair Market Value of the asset to be
transferred as of the date of transfer. 
 (b) Notwithstanding Section 4.06(a) above, the Issuer or any Restricted Subsidiary may make
a Restricted Payment if, at the time of and after giving pro forma effect to such proposed Restricted Payment: 
 (i) no Default or
Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; 
 (ii) the Issuer could incur at
least $1.00 of additional Debt pursuant to Section 4.04(a); and 
 (iii) the aggregate amount of all Restricted Payments declared or
made after the date of this Indenture (including Restricted Payments permitted by Sections 4.06(c)(i) and 4.06(c)(x) below, but excluding all other Restricted Payments described in Section 4.06(c) below) does not exceed the sum of (without
duplication): 
 (A) 50% of aggregate Consolidated Adjusted Net Income on a cumulative basis during the period beginning on July 1,
2021 and ending on the last day of the Issuer’s most recently ended fiscal quarter for which financial statements are available at the date of such proposed Restricted Payment (or, if such aggregate cumulative Consolidated Adjusted Net Income
shall be a negative number, minus 100% of such negative amount); plus 
 (B) 100% of the aggregate net cash proceeds and the Fair Market
Value of securities or other property received by the Issuer or a Restricted Subsidiary after the date of this Indenture as capital contributions or from the issuance or sale (other than to any Subsidiary) of shares of the Issuer’s Qualified
Capital Stock or Deeply Subordinated Funding (including upon the exercise of options, warrants or rights) or warrants, options or rights to purchase shares of the Issuer’s Qualified Capital Stock or Deeply Subordinated Funding (except, in each
case to the extent such proceeds are used to purchase, redeem or otherwise retire Capital Stock or Deeply Subordinated Funding as set forth in Sections 4.06(c)(ii) or 4.06(c)(iii) below) (excluding the net cash proceeds

  
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from the issuance of the Issuer’s Qualified Capital Stock or Deeply Subordinated Funding financed, directly or indirectly, using funds borrowed from the Issuer or any Subsidiary until and to
the extent such borrowing is repaid and excluding Excluded Contributions); plus 
 (C) (x) the amount by which the Issuer’s Debt or
Debt of any Restricted Subsidiary is reduced on the Issuer’s consolidated balance sheet after the date of this Indenture upon the conversion or exchange (other than by the Issuer or its Restricted Subsidiary) of such Debt into the Issuer’s
or Parent’s Qualified Capital Stock or Deeply Subordinated Funding, and (y) the aggregate net cash proceeds received after the date of this Indenture by the Issuer from the issuance or sale (other than to any Restricted Subsidiary) of
Redeemable Capital Stock that has been converted into or exchanged for the Issuer’s or Parent’s Qualified Capital Stock or Deeply Subordinated Funding, to the extent such Redeemable Capital Stock was originally sold for cash or Cash
Equivalents, together with, in the case of both clauses (x) and (y), the aggregate net cash proceeds received by the Issuer at the time of such conversion or exchange (excluding the net cash proceeds from the issuance of the Issuer’s
Qualified Capital Stock or Deeply Subordinated Funding financed, directly or indirectly, using funds borrowed from the Issuer or any Restricted Subsidiary until and to the extent such borrowing is repaid); plus 

(D) (x) in the case of any Investment that is sold, disposed of or otherwise cancelled, liquidated or repaid, constituting a Restricted
Payment made after the date of this Indenture, an amount equal to 100% of the aggregate amount received in cash and the Fair Market Value of the property and marketable securities received by the Issuer or any Restricted Subsidiary, and (y) in
the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or is merged or consolidated into the Issuer or a Restricted Subsidiary or the assets are transferred to the Issuer or a Restricted Subsidiary (as long as the
redesignation of such Subsidiary as an Unrestricted Subsidiary was deemed a Restricted Payment), the Fair Market Value of the Issuer’s interest in such Subsidiary as of the date of such redesignation or at the time of such merger, consolidation
or transfer of assets; plus 
 (E) to the extent that any Investment constituting a Restricted Payment that was made after the Issue Date is
made in an entity that subsequently becomes a Restricted Subsidiary, the Fair Market Value of such Investment of the Issuer and its Restricted Subsidiaries as of the date such entity becomes a Restricted Subsidiary; plus 

(F) 100% of any dividends or distributions received by the Issuer or a Restricted Subsidiary after the Issue Date from an Unrestricted
Subsidiary or any equity investee, to the extent that such dividends or distributions were not otherwise included in the Consolidated Adjusted Net Income of the Issuer for such period; plus 

(G) $300,000,000. 

  
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 (c) Notwithstanding Sections 4.06(a) and 4.06(b) above, the Issuer and any Restricted
Subsidiary may take the following actions: 
 (i) the payment of any dividend within 60 days after the date of its declaration if at such
date of its declaration such payment would have been permitted by the provisions of this Section 4.06; 
 (ii) the making of any
Restricted Payment in exchange for, or out of or with the net cash proceeds of a substantially concurrent issuance and sale (other than to a Subsidiary) of, shares of the Issuer’s Capital Stock or Deeply Subordinated Funding, or from the
substantially concurrent contribution of common equity capital to the Issuer; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from Section 4.06(b)(iii)(B) above;

 (iii) the purchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Debt in exchange for, or out
of the net cash proceeds of an incurrence (other than to a Subsidiary) of, Permitted Refinancing Debt; 
 (iv) the purchase, redemption,
defeasance or other acquisition or retirement for value of any Subordinated Debt of the Issuer (other than any Subordinated Debt held by Affiliates of the Issuer) upon a Change of Control Triggering Event or Asset Sale to the extent required by the
agreements governing such Debt, but only if the Issuer shall have complied with Section 4.07 or 4.09, as the case may be, and the Issuer repurchased all Notes tendered pursuant to the offer required by such covenants prior to offering to
purchase, purchasing or repaying such Debt; 
 (v) the repurchase of Capital Stock deemed to occur upon the exercise of stock options to the
extent such Capital Stock represents a portion of the exercise price of those stock options; 
 (vi) payments of cash, dividends,
distributions, advances or other Restricted Payments by the Issuer or any of its Restricted Subsidiaries to allow the payment of cash in lieu of issuing fractional shares upon (A) the exercise of options or warrants or (B) the exchange or
conversion of Capital Stock of Parent or any such Person; 
 (vii) cash payments, advances, loans or expense reimbursements made to any
direct or indirect parent company of the Issuer to permit any such company to pay (A) general operating expenses, customary directors’ fees, accounting, legal, corporate reporting and administrative expenses incurred in the ordinary course
of business in an amount not to exceed $10,000,000 in the aggregate in any fiscal year, (B) any taxes, duties or similar governmental fees of any such parent company to the extent such tax obligations are directly attributable to its ownership
of the Issuer and its Restricted Subsidiaries, (C) costs (including all professional fees and expenses) incurred by any direct or indirect parent company of the Issuer in connection with reporting obligations under or otherwise incurred in
connection with compliance with applicable laws, rules or regulations of any governmental, regulatory or self-regulatory body or stock exchange, this Indenture or any other agreement or instrument relating to Debt of the Issuer or any of its
Restricted Subsidiaries and (D) fees and expenses of any direct or indirect parent company of the Issuer incurred 

  
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in relation to any public offering or other sale of Capital Stock or Debt (x) where the net proceeds of such offering or sale are intended to be received by or contributed to the Issuer or
any of its Restricted Subsidiaries or (y) in a prorated amount of such expenses in proportion to the amount of such net proceeds intended to be so received or contributed; 

(viii) payments of cash, dividends, distributions, advances or other Restricted Payments to Parent in an amount equal to the dividend due
(whether or not declared) on shares of Preferred Stock of Parent outstanding as of the Issue Date that does not exceed the dividend stipulated in the statement of designation (including all accumulated but as yet unpaid dividends) for such shares of
Preferred Stock (as in effect on the Issue Date); it being agreed that the amount of all such payments of cash, dividends, distributions, advances or other Restricted Payments to Parent shall be counted for purposes of clause (b)(iii) of
Consolidated Fixed Charge Coverage Ratio; 
 (ix) payments of cash, dividends, distributions, advances or other Restricted Payments to Parent
in an amount equal to a dividend due (whether or not declared) on shares of Preferred Stock of Parent issued after the Issue Date that does not exceed the dividend stipulated in the statement of designation (including all accumulated but as yet
unpaid dividends) for such shares of Preferred Stock (as in effect at the time of such issuance); provided that at the time of such issuance after giving pro forma effect thereto, the Issuer would be permitted to incur at least $1.00 of
additional Debt pursuant to Section 4.04(a); it being agreed that the amount of all such payments of cash, dividends, distributions, advances or other Restricted Payments to Parent shall be counted for purposes of clause (b)(iii) of
Consolidated Fixed Charge Coverage Ratio; 
 (x) payments of cash, dividends, distributions, advances or other Restricted Payments to Parent
in an amount equal to a dividend on shares of common stock of Parent of up to $0.50 per share per fiscal year; provided that, such amount shall be correspondingly adjusted for any share split or share combination applicable to the Parent
common stock; 
 (xi) the payment of any Securitization Fees and purchases of Securitization Assets and related assets pursuant to a
Securitization Repurchase Obligation in connection with a Qualified Securitization Financing; 
 (xii) advances or loans to, or to Parent to
make advances or loans to, (A) any future, present or former officer, director, employee or consultant of the Issuer or a Restricted Subsidiary to pay for the purchase or other acquisition for value of Capital Stock of Parent, the Issuer or a
Restricted Subsidiary, or any obligation under a forward sale agreement, deferred purchase agreement or deferred payment arrangement pursuant to any management equity plan or stock option plan or any other management or employee benefit or incentive
plan or other agreement or arrangement or (B) any management equity plan or stock option plan or any other management or employee benefit or incentive plan or unit trust or the trustees of any such plan or trust to pay for the purchase or other
acquisition for value of Capital Stock of Parent, the Issuer or a Restricted Subsidiary; provided that the total aggregate amount of Restricted Payments made under this clause (xii) does not exceed $10,000,000 in any calendar year (with
any unused amounts in any calendar year carried over to the succeeding years); 

  
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 (xiii) the repurchase, redemption or other acquisition or retirement for value of, or to
Parent for the repurchase, redemption or other acquisition or retirement for value of, any Qualified Capital Stock of Parent or the Issuer held by any current or former officer, director, employee or consultant of the Issuer or any of its Restricted
Subsidiaries pursuant to any equity subscription agreement, stock option agreement, restricted stock grant, shareholders’ agreement or similar agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired
or retired Qualified Capital Stock may not exceed $10,000,000 in any calendar year (with unused amounts in any calendar year being carried over to succeeding calendar years); and provided, further, that such amount in any calendar year
may be increased by an amount not to exceed the cash proceeds from the sale of Qualified Capital Stock of the Issuer or a Restricted Subsidiary received by the Issuer or a Restricted Subsidiary during such calendar year, in each case to members of
management, directors or consultants of the Issuer or any of its Restricted Subsidiaries or any direct or indirect parent company of the Issuer to the extent the cash proceeds from the sale of Qualified Capital Stock have not otherwise been applied
to the making of Restricted Payments pursuant to Section 4.06(b)(iii)(B) or clauses (ii) or (iii) of this Section 4.04(c); 

(xiv) Restricted Payments that are made with Excluded Contributions; and 

(xv) any other Restricted Payment; provided that the total aggregate amount of Restricted Payments made under this clause
(xv) since the Issue Date does not exceed the greater of $300,000,000 or 3.0% of Total Assets. 
 (d) For purposes of this
Section 4.06, if any Investment or Restricted Payment (or a portion thereof) would be permitted pursuant to one or more provisions described above and/or one or more of the exceptions contained in the definition of “Permitted
Investments,” the Issuer may divide and classify such Investment or Restricted Payment (or a portion thereof) in any manner that complies with this Section 4.06 and may later divide and reclassify any such Investment or Restricted Payment
so long as the Investment or Restricted Payment (as so divided and/or reclassified) would be permitted to be made in reliance on the applicable exception as of the date of such reclassification. 

SECTION 4.07 Limitation on Sale of Certain Assets  

(a) The Issuer will not, and will not permit any Restricted Subsidiary to, consummate any Asset Sale unless: 

(i) the consideration the Issuer or such Restricted Subsidiary receives for such Asset Sale is not less than the Fair Market Value of the
assets sold or Capital Stock issued or sold or otherwise disposed of; and 
 (ii) at least 75% of the consideration the Issuer or such
Restricted Subsidiary receives in respect of such Asset Sale, together with all other Asset Sales since the Issue Date (on a cumulative basis), consists of (A) cash; (B) Cash Equivalents; (C) any securities, notes or other obligations
received by the Issuer or any such 

  
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Restricted Subsidiary from such transferee that are converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of the Asset Sale, to
the extent of the cash or Cash Equivalents received in that conversion; (D) the assumption by the purchaser of any liabilities, as recorded on the balance sheet of the Issuer or any Restricted Subsidiary (other than liabilities that are by
their terms subordinated to the Notes), that are assumed by the transferee of any such assets and as a result of which the Issuer and its Restricted Subsidiaries are no longer obligated with respect to such liabilities or are indemnified against
further liabilities; (E) Debt of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that the Issuer and each other Restricted Subsidiary are released from any guarantee of such Debt
in connection with such Asset Sale; (F) any Capital Stock or assets of the kind referred to in clauses (b)(iii) or (b)(v) of this Section 4.07; (G) assets that would constitute a Permitted Investment; (H) any Designated Noncash
Consideration received by the Issuer or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Noncash Consideration received pursuant to this clause (H) that is at that time
outstanding (but, to the extent that any such Designated Noncash Consideration is sold or otherwise liquidated for cash, minus the lesser of (x) the amount of the cash received (less the cost of disposition, if any) and (y) the initial
amount of such Designated Noncash Consideration), not to exceed the greater of $500,000,000 or 5.0% of Total Assets at the time of the receipt of such Designated Noncash Consideration, with the Fair Market Value of each item of Designated Noncash
Consideration being measured at the time received and without giving effect to subsequent changes in value; or (I) a combination of the consideration specified in clauses (A) to (H). 

(b) If the Issuer or any Restricted Subsidiary consummates an Asset Sale, the Net Cash Proceeds from such Asset Sale, within 365 days after
the consummation of such Asset Sale, may be used or committed in a binding commitment to be used (provided that such Net Cash Proceeds are actually used within the later of (x) 365 days from the consummation of the Asset Sale or (y) 180 days
from the date of such binding commitment or in the case of a Vessel newbuilding commitment upon delivery of the Vessel) at the option of the Issuer or such Restricted Subsidiary: 

(i) to purchase, or prepay or redeem or repay any Debt of the Issuer or any Restricted Subsidiary (other than Subordinated Debt); 

(ii) to purchase, or prepay or redeem or repay any Debt of a Restricted Subsidiary that is not a Guarantor; 

(iii) to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business, if, after giving effect to any
such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary; 
 (iv) to make a capital expenditure; 

(v) to acquire other assets (other than Capital Stock) that are used or useful in a Permitted Business; or 

(vi) any combination of the foregoing. 

  
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 (c) Pending the final application of any Net Cash Proceeds (including cash or Cash
Equivalents received from the conversion of any securities, notes or other obligations), the Issuer (or the applicable Restricted Subsidiary) may temporarily reduce revolving credit borrowings or otherwise invest such Net Cash Proceeds in any manner
that is not prohibited by this Indenture. 
 (d) Any Net Cash Proceeds from Asset Sales that are not applied or invested as provided in
Section 4.07(b) will constitute “Excess Proceeds.” The Issuer may also at any time, and the Issuer will within ten Business Days after the aggregate amount of Excess Proceeds exceeds $75,000,000, make an offer to purchase (an
“Excess Proceeds Offer”) from all holders of Notes and from the holders of any Pari Passu Debt, to the extent required by the terms thereof, on a pro rata basis, in accordance with the procedures set forth in this Indenture
or the agreements governing any such Pari Passu Debt, the maximum principal amount (expressed as a multiple of $1,000) of the Notes and any such Pari Passu Debt that may be purchased with the amount of the Excess Proceeds (plus in each
case all accrued interest on the Debt and the amount of all fees and expenses, including premiums, incurred in connection therewith). The offer price as to each Note and any such Pari Passu Debt will be payable in cash in an amount equal to
(solely in the case of the Notes) 100% of the principal amount of such Note and (solely in the case of Pari Passu Debt) no greater than 100% of the principal amount (or accreted value, as applicable) of such Pari Passu Debt, plus in
each case accrued and unpaid interest, if any, to the date of purchase and Additional Amounts, if any, to the date of purchase, prepayment or redemption. 

To the extent that the aggregate principal amount of Notes and any such Pari Passu Debt tendered pursuant to an Excess Proceeds Offer
is less than the aggregate amount of Excess Proceeds, the Issuer may use the amount of such Excess Proceeds not used to purchase Notes and Pari Passu Debt for general corporate purposes that are not otherwise prohibited by this Indenture. If
the aggregate principal amount of Notes and any such Pari Passu Debt validly tendered and not withdrawn by holders thereof exceeds the aggregate amount of Excess Proceeds, the Notes will be selected by the Trustee on a pro rata or by lot
basis (or, in the case of Global Notes, in accordance with the applicable procedures of DTC) (based upon the principal amount of Notes to be repurchased as notified by the Issuer to the Trustee) or in accordance with the procedures set forth in this
Indenture. Upon completion of each such Excess Proceeds Offer, the amount of Excess Proceeds will be reset to zero. 
 (e) If the Issuer is
obligated to make an Excess Proceeds Offer, the Issuer will purchase the Notes and Pari Passu Debt, at the option of the holders thereof, in whole or in part in integral multiples of $1,000, on a date that is not earlier than 30 days and not later
than 60 days from the date the notice of the Excess Proceeds Offer is given to such holders, or such later date as may be required under the Exchange Act; provided that no Note of less than $2,000 remains outstanding thereafter. 

(f) If the Issuer is required to make an Excess Proceeds Offer, the Issuer will comply with the applicable tender offer rules, including Rule 14e-1 under the Exchange Act, and any other applicable securities laws and regulations. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this covenant, the
Issuer will comply with such securities laws and regulations and will not be deemed to have breached its obligations described in this covenant by virtue thereof. 

  
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 SECTION 4.08 Limitation on Transactions with Affiliates 

(a) The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into any transaction or series of
related transactions (including, without limitation, the sale, purchase, exchange or lease of assets or property or the rendering of any service), with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate
Transaction”) involving aggregate payments or consideration in excess of $25,000,000 unless: 
 (i) such Affiliate Transaction is on
terms that, taken as a whole, are not materially less favorable to the Issuer or such Restricted Subsidiary, as the case may be, than those that could have been obtained in a comparable arm’s length transaction with third parties that are not
Affiliates or, if in the good faith judgment of the Board of Directors no comparable transaction is available with which to compare such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the Issuer or such Restricted Subsidiary
from a financial point of view; and 
 (ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate payments or consideration in excess of $50,000,000, the Issuer delivers to the Trustee a resolution adopted by a majority of the Board of Directors approving such Affiliate Transaction. 

Any Affiliate Transaction shall be deemed to have satisfied the adoption by the majority of the Board of Directors requirement set forth in
clause (a)(ii) if such Affiliate Transaction is approved by a majority of the Disinterested Directors of the Issuer, if any. 
 (b)
Notwithstanding the foregoing, the restrictions set forth in this description will not apply to: 
 (i) customary directors’ fees,
indemnification and similar arrangements (including the payment of directors’ and officers’ insurance premiums), consulting fees, employee salaries, bonuses, employment agreements and arrangements, compensation or employee benefit
arrangements, including stock options or legal fees (as determined in good faith by the Board of Directors or a member of senior management of the Issuer); 

(ii) any employment agreement, collective bargaining agreement, consultant, employee benefit arrangements with any employee, consultant,
officer or director of the Issuer or any Restricted Subsidiary, including under any stock option, stock appreciation rights, stock incentive or similar plans, entered into in the ordinary course of business; 

(iii) any Restricted Payments not prohibited by Section 4.06 (including any transaction specifically excluded from the definition of the
term “Restricted Payments,” including pursuant to the exceptions contained in the definition thereof and the parenthetical exclusions of such definition) and Permitted Investments; 

(iv) transactions pursuant to, or contemplated by any agreement or arrangement in effect on the Issue Date and transactions pursuant to any
amendment, modification, supplement or extension thereto; provided that any such amendment, modification, supplement or extension to the terms thereof is not materially more disadvantageous to the holders of the Notes than the original
agreement or arrangement as in effect on the Issue Date; 

  
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 (v) (A) transactions with a Person (other than an Unrestricted Subsidiary) that is an
Affiliate of the Issuer solely because the Issuer owns, directly or through a Restricted Subsidiary, Capital Stock in, or controls, such Person and (B) transactions with any Person that is an Affiliate of the Issuer solely because a director of
such Person is a director of the Issuer, any Restricted Subsidiary or any parent company; provided that such director abstains from voting as a director of the Issuer, any Restricted Subsidiary or any parent company on any matter involving
such other Person; 
 (vi) transactions with customers, clients, suppliers, trade creditors, joint venture partners or purchasers or sellers
of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture that are fair to the Issuer or the Restricted Subsidiaries or are on terms at least as favorable as might reasonably
have been obtained at such time from an unaffiliated Person, in each case, as determined in good faith by the Board of Directors or a member of senior management of the Issuer; 

(vii) loans or advances to directors, officers, employees or consultants which are approved by the Issuer in good faith; 

(viii) the payment of reasonable fees and indemnities to employees, officers and directors of the Issuer and its Restricted Subsidiaries in the
ordinary course of business; 
 (ix) any issuance of Redeemable Capital Stock of the Issuer to Affiliates of the Issuer which is permitted
under Section 4.04; 
 (x) the granting and performance of registration rights for the Issuer’s securities; 

(xi) (A) issuances or sales of Qualified Capital Stock of the Issuer or Deeply Subordinated Funding and other customary rights in
connection therewith and (B) any amendment, waiver or other transaction with respect to any Deeply Subordinated Funding in compliance with the other provisions of this Indenture; 

(xii) the existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its obligations under the terms of, any
limited liability company, limited partnership or other organizational document or joint venture, investors or shareholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of
the Issue Date and any similar agreements which it may enter into thereafter; provided that the existence of, or the performance by the Issuer or any Restricted Subsidiary of obligations under any future amendment to any such existing
agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this clause (xii) to the extent that the terms of any such amendment or new agreement, taken as a whole, is not disadvantageous to the Holders
in any material respect compared to the agreement in effect on the date of this Indenture (as determined by the Issuer in good faith), or is otherwise customary; 

  
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 (xiii) any transaction effected as part of or in connection with a Qualified Securitization
Financing; 
 (xiv) transactions between or among the Issuer and the Restricted Subsidiaries or between or among Restricted Subsidiaries or,
in any case, any entity that becomes a Restricted Subsidiary as a result of such transaction; 
 (xv) transactions with any Affiliate which
is a financial institution (acting in its capacity as a financial institution); 
 (xvi) the use of proceeds from the Offering as described
in the Offering Memorandum; 
 (xvii) with respect to real property identified in the Offering Memorandum, rental payments and expenses for
real property and rental payments and expenses for real property in the ordinary course of business; 
 (xviii) customary servicing and/or
management agreements or arrangements on market terms (as determined in good faith by the Board of Directors or a member of senior management of the Issuer or Restricted Subsidiary entering into such agreement or arrangement); 

(xix) any transaction with an Affiliate of the Issuer where the only consideration paid by the Issuer or any Restricted Subsidiary is the
issuance of Capital Stock (other than Redeemable Capital Stock); 
 (xx) the licensing or
sub-licensing of intellectual property and software or other general intangibles in the ordinary course of business; 

(xxi) transactions in which the Issuer or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an Independent
Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or meets the requirements of Section 4.08(a)(i); 

(xxii) payments to or from, and transactions with, any joint venture or Unrestricted Subsidiary in the ordinary course of business or
consistent with past practice, industry practice or industry norms (including any cash management activities related thereto); and 

(xxiii) (A) payments by the Issuer (and any parent company) and its Subsidiaries pursuant to, and the entry into, tax sharing agreements
among the Issuer (and any parent company) and its Subsidiaries; provided that in each case the amount of such payments by the Issuer and its Subsidiaries are permitted under Section 4.06(c)(vii) and (B) the formation and maintenance
of any consolidated group or subgroup for tax, accounting or cash pooling or management purposes in the ordinary course of business. 

SECTION 4.09 Purchase of Notes upon a Change of Control 

(a) Following the occurrence of a Change of Control Triggering Event, the Issuer must make an offer (a “Change of Control Offer”) to
each holder of Notes to repurchase all or any 

  
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part (equal to $2,000 or in integral multiples of $1,000 in excess thereof) of such holder’s Notes, at a purchase price (the “Change of Control Purchase Price”) in cash in an
amount equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of purchase (the “Change of Control Purchase Date”) (subject to the rights of holders of record on relevant
regular record dates that are prior to the Change of Control Purchase Date to receive interest due on an interest payment date). Purchases made under a Change of Control Offer will also be subject to other procedures set forth in this Indenture.

 (b) Unless the Issuer has unconditionally exercised its right to redeem all the Notes in accordance with this Indenture and all
conditions to such redemption have been satisfied or waived, within 30 days following any Change of Control Triggering Event, the Issuer will deliver a notice to each holder of the Notes at such holder’s registered address or otherwise deliver
a notice in accordance with the procedures described under Section 3.03 hereof stating that a Change of Control Offer is being made and offering to repurchase Notes on the Change of Control Purchase Date, and the notice will state: 

(i) that a Change of Control Triggering Event has occurred, and the date it occurred and offering to purchase the Notes on the date specified
in the notice; 
 (ii) the circumstances and relevant facts regarding such Change of Control Triggering Event; 

(iii) the Change of Control Purchase Price and the Change of Control Purchase Date, which will be a Business Day no earlier than 10 days nor
later than 60 days from the date such notice is mailed, or such later date as is necessary to comply with requirements under the Exchange Act and any applicable securities laws or regulations; 

(iv) that any Note accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control
Purchase Date unless the Change of Control Purchase Price is not paid; 
 (v) that any Note (or part thereof) not tendered will continue to
accrue interest; and 
 (vi) any other procedures that a holder of Notes must follow to accept a Change of Control Offer or to withdraw such
acceptance. 
 (c) On the Change of Control Purchase Date, the Issuer shall, to the extent permitted by law: 

(i) accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the aggregate Change of Control Purchase Price in respect of all Notes or portions
thereof so tendered; and 
 (iii) deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an
Officer’s Certificate stating that all Notes or portions thereof have been tendered to and purchased by the Issuer. 

  
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 (d) The Paying Agent will promptly mail (or cause to be delivered) to each holder of Notes
properly tendered the Change of Control Purchase Price for such Notes. The Trustee (or the authenticating agent appointed by it) will promptly authenticate and deliver (or cause to be transferred by book-entry) to each holder a new Note or Notes
equal in principal amount to any unpurchased portion of Notes surrendered, if any, to the holder of Notes in global form or to each holder of certificated Notes; provided that each new Note will be in a principal amount of $2,000 or in
integral multiples of $1,000 in excess thereof. The Issuer will publicly announce the results of a Change of Control Offer on or as soon as practicable after the Change of Control Purchase Date. 

(e) The Issuer will not be required to make a Change of Control Offer 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 withdrawn under such Change of Control
Offer, or (ii) a notice of redemption has been given pursuant to Section 3.07 hereof unless and until there is a default in payment of the applicable redemption price, or (iii) after the public announcement that a definitive agreement
for a Change of Control has been entered into, 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, the relevant
offer to purchase documentation discloses the circumstances and relevant facts regarding such Change of Control and that a Change of Control Offer will not be required to be made if all Notes validly tendered and not withdrawn in the Alternate Offer
are purchased and the Issuer has purchased all Notes properly tendered in accordance with the terms of the Alternate Offer. The Change of Control provisions described above will be applicable whether or not any other provisions of this Indenture are
applicable. 
 (f) Notwithstanding anything to the contrary contained herein, a Change of Control Offer or an Alternate Offer may be made in
advance of a Change of Control Triggering Event, conditioned upon the occurrence of such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer or Alternate Offer
is made. 
 (g) The Issuer will comply with the applicable tender offer rules, including Rule 14e-1
under the Exchange Act, and any other applicable securities laws and regulations in connection with a Change of Control Offer and any Alternate Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions
of this Indenture, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by virtue of such conflict. 

SECTION 4.10 Additional Amounts 

(a) All payments that the Issuer makes under or with respect to the Notes or that the Guarantors make under or with respect to the Guarantees
will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar
liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of (1) the Republic of the Marshall Islands, (2) Hong Kong, (3) the United Kingdom, (4) Canada,
(5) any jurisdiction in which the Issuer or any Guarantor is incorporated, organized, resident or doing business for tax purposes or any jurisdiction from or through which any payment on the Notes is made (including the jurisdiction of any Paying
Agent) 

  
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or (6) by or within any political subdivision or governmental authority of or in any of the foregoing having power to tax (each jurisdiction described in (1), (2), (3), (4), (5) or (6), a
“Relevant Taxing Jurisdiction”), unless the Issuer or such Guarantor, as the case may be, is required to withhold or deduct Taxes by law. If any amounts for or on account of Taxes imposed or levied on behalf of a Relevant Taxing
Jurisdiction are required to be withheld or deducted from any payment made under or with respect to the Notes or any Guarantee, the Issuer or the Guarantor, as the case may be, will pay additional amounts (“Additional Amounts”) as may be
necessary to ensure that the net amount received after such withholding or deduction (including any withholding or deduction in respect of any Additional Amounts) will equal the amount that would have been received if such Taxes had not been
withheld or deducted. 
 (b) Notwithstanding the foregoing, neither the Issuer nor any Guarantor will, however, be required to pay
Additional Amounts in respect or on account of: 
 (i) any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing
Jurisdiction by reason of the holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction, including, without limitation, the holder or beneficial owner being, or having been, a citizen, national, or
resident, being, or having been, engaged in a trade or business, or having or having had a permanent establishment in a Relevant Taxing Jurisdiction (but not including, in each case, any connection arising from the mere receipt, ownership, holding
or disposition of Notes, or by reason of the receipt of any payments in respect of any Note or any Guarantee, or the exercise or enforcement of rights under any Notes or any Guarantee); 

(ii) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the holder or beneficial owner of Notes, following
the Issuer’s or Guarantor’s written request addressed to the relevant holder or beneficial owner made at a time that would enable the holder or beneficial owner acting reasonably to comply with such request, to comply with any
certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing
Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the holder or beneficial owner is not
resident in the Relevant Taxing Jurisdiction); 
 (iii) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes;

 (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any
Guarantee; 
 (v) any Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation
is required in order to receive payment) more than 30 calendar days after the relevant payment is first made available to the holder (except to the extent that the holder would have been entitled to Additional Amounts had the Note been presented on
the last day of such 30 calendar days’ period); 

  
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 (vi) any Taxes withheld or deducted on or in respect of any Note pursuant to Sections 1471
through 1474 of the U.S. Internal Revenue Code of 1986, as amended (commonly referred to as “FATCA”), any treaty, law, regulation or other official guidance enacted by any jurisdiction implementing FATCA, any agreement between either of
the Issuer, any Guarantor or any other person and the United States or a Relevant Taxing Jurisdiction implementing FATCA, or any law of any jurisdiction implementing an intergovernmental agreement entered into between the Relevant Taxing
Jurisdiction and the United States with respect to FATCA; or 
 (vii) any combination of items (i) through (vi) above. 

(c) The Issuer or the relevant Guarantors, as the case may be, will (i) make such withholding or deduction as is required by applicable
law and (ii) remit the full amount deducted or withheld to the relevant taxing authority in accordance with applicable law. 
 (d) At
least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Guarantee is due and payable, if the Issuer or a Guarantor become aware that it will be obligated to pay Additional Amounts with respect to such
payment (unless such obligation to pay Additional Amounts arises after the 30th day prior to the date on which payment under or with respect to the Notes or any Guarantee is due and payable, in which case it will be promptly thereafter), the Issuer
or the relevant Guarantor (as the case may be) will deliver to the Trustee (copied to the Paying Agent) an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other
information necessary to enable the Paying Agent to pay such Additional Amounts to holders on the payment date. The Trustee and Paying Agent shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments
are necessary. The Issuer or the relevant Guarantor (as the case may be) will promptly publish a notice in accordance with this Indenture stating that such Additional Amounts will be payable and describing the obligation to pay such amounts. 

(e) The Issuer or the Guarantors (as the case may be) will pay any present or future stamp, issue, registration, court, documentary, excise or
property taxes or other similar taxes, charges and duties, including without limitation, interest and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction in respect of the execution, issue, delivery, registration or
enforcement of the Notes or any Guarantee or any other document or instrument referred to thereunder (other than on or in connection with a transfer of the Notes other than the initial resale by the initial purchasers) or the receipt of any payments
with respect thereto (limited, solely in the case of taxes attributable to the receipt of any payments with respect thereto, to any such taxes not excluded under clauses (i), (ii), (iii), (v) and (vi) of Section 4.10(b) or any combination
thereof). 
 (f) Upon written request, the Issuer or a Guarantor (as the case may be) will furnish to the Trustee or a holder within a
reasonable time certified copies of tax receipts evidencing the payment by the Issuer or such Guarantor (as the case may be) of any Taxes imposed or levied by a Relevant Taxing Jurisdiction, in accordance with this Indenture, in such form as
provided in the normal course by the taxing authority imposing such Taxes and as is reasonably available to the Issuer or such Guarantor. If, notwithstanding the efforts of the Issuer or Guarantor to obtain such receipts, the same are not
obtainable, the Issuer or such Guarantor will provide the Trustee or such holder with other evidence reasonably satisfactory to the Trustee or holder of such payments by the Issuer or Guarantor. 

  
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 (g) Whenever this Indenture or the Notes refer to, in any context, the payment of principal,
premium, if any, interest or any other amount payable under or with respect to any Note (including payments thereof made pursuant to a Guarantee), such reference includes the payment of Additional Amounts, if applicable. 

(h) The preceding provisions will survive any termination, defeasance or discharge of this Indenture and shall apply mutatis mutandis
to any jurisdiction in which any successor person to the Issuer or any Guarantor is incorporated, organized, resident or doing business for tax purposes or any jurisdiction from or through which any payment is made on the Notes (or any
Guarantee) and any political subdivision or taxing authority or agency thereof or therein. 
 SECTION 4.11
Limitation on Guarantees of Debt by Restricted Subsidiaries 
 (a) The Issuer will not permit any Restricted Subsidiary that is
not a Guarantor, directly or indirectly, to (x) incur any Debt (including Acquired Debt) pursuant to Section 4.04(a) if after giving effect to such incurrence, the aggregate amount of Debt (including Acquired Debt) incurred under
Section 4.04(a) by Restricted Subsidiaries that are not Guarantors of the Notes (including all Permitted Refinancing Debt incurred to renew, refund, replace, refinance, defease or discharge any Debt so incurred pursuant to Section 4.04(a))
would exceed the greater of $400,000,000 or 4.0% of Total Assets, (y) guarantee, assume or in any other manner become liable for the payment of any Debt of the Issuer or any other Restricted Subsidiary incurred pursuant to Section 4.04(a)
(including all Permitted Refinancing Debt incurred to renew, refund, replace, refinance, defease or discharge any Debt so incurred pursuant to Section 4.04(a)) if after giving effect to such, guarantee, assumption or becoming liable, the
aggregate amount of Debt (including Acquired Debt) incurred under Section 4.04(a) by Restricted Subsidiaries that are not Guarantors of the Notes or having the benefit of any guarantee, assumption or other agreement as to liability for such
Debt by Restricted Subsidiaries that are not Guarantors of the Notes would exceed the greater of $400,000,000 or 4.0% of Total Assets or (z) become a primary obligor in respect of or guarantee, assume or in any other manner become liable for
the payment of any Capital Markets Debt, unless: 
 (i) such Restricted Subsidiary executes and delivers a supplemental indenture to this
Indenture, substantially in the form of Exhibit D attached hereto, providing for a Guarantee of payment of the Notes by such Restricted Subsidiary on the same priority as the guarantee of (or other obligation in respect of) such Debt within 20
Business Days on which it incurred, guaranteed or otherwise became obligated in respect of such Debt; and 
 (ii) with respect to any
incurrence or guarantee of (or other obligation in respect of) Subordinated Debt by such Restricted Subsidiary, any such guarantee shall be subordinated to such Restricted Subsidiary’s Guarantee with respect to the Notes at least to the same
extent as such Subordinated Debt is subordinated to the Notes. 
 This Section 4.11(a) will not be applicable to any guarantees of (or other obligation
in respect of) any Restricted Subsidiary: 
 (A) existing on the date of this Indenture (and as to any Permitted Refinancing Debt with
respect thereto); 

  
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 (B) that existed at the time such Person became a Restricted Subsidiary if the guarantee
was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary; 
 (C) arising solely due to the
granting of a Permitted Lien that would not otherwise constitute a guarantee of Debt of the Issuer; or 
 (D) given to a bank or trust
company having combined capital and surplus and undivided profits of not less than $500,000,000, whose debt has a rating, at the time such guarantee was given, of at least A or the equivalent thereof by S&P and at least A2 or the equivalent
thereof by Moody’s, in connection with the operation of cash management programs established for the Issuer’s benefit or that of any Restricted Subsidiary. 

(b) In addition, notwithstanding anything to the contrary herein: 

(i) no Guarantee shall be required if such Guarantee could reasonably be expected to give rise to or result in (A) personal liability for
the officers, directors or shareholders of such Restricted Subsidiary, (B) any violation of applicable law that cannot be avoided or otherwise prevented through measures reasonably available to the Issuer or such Restricted Subsidiary or
(C) any significant cost, expense, liability or obligation (including with respect of any Taxes) other than reasonable out of pocket expenses and other than reasonable expenses incurred in connection with any governmental or regulatory filings
required as a result of, or any measures pursuant to clause (B) undertaken in connection with, such Guarantee, which cannot be avoided through measures reasonably available to the Issuer or the Restricted Subsidiary; or 

(ii) (each such Guarantee will be limited as necessary to recognize certain defenses generally available to guarantors (including those that
relate to fraudulent conveyance or transfer, voidable preference, financial assistance, corporate purpose, capital maintenance or similar laws, regulations or defenses affecting the rights of creditors generally) or other considerations under
applicable law. 
 (c) A Guarantor’s Guarantee (and the Guarantee, if any, of any Subsidiary of such Guarantor) will be automatically
and unconditionally released (and thereupon shall terminate and be discharged and be of no further force and effect): 
 (i) upon any sale or
disposition of (A) Capital Stock of a Guarantor (or any parent entity thereof) following which such Guarantor is no longer a Restricted Subsidiary or (B) all or substantially all the properties and assets of a 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 and that does not violate Section 4.07; 

(ii) upon the designation of such Guarantor (or any parent entity thereof) as an Unrestricted Subsidiary; 

  
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 (iii) such Guarantor is unconditionally released and discharged from its liability with
respect to Debt in connection with which such guarantee was executed pursuant to Section 4.11; 
 (iv) legal defeasance, covenant
defeasance or satisfaction and discharge of this Indenture as provided under Article Eight; and 
 (v) upon repayment of the Notes. 

SECTION 4.12 Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries 

 (a) The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to
exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (i) pay dividends, in
cash or otherwise, or make any other distributions on or in respect of its Capital Stock or any other interest or participation in, or measured by, its profits; 

(ii) pay any Debt owed to the Issuer or any other Restricted Subsidiary; 

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

(iv) transfer any of its properties or assets to the Issuer or any other Restricted Subsidiary that is a Guarantor; 

provided that dividend or liquidation priority between or among classes or series of Capital Stock, and the subordination of any obligation (including
the application of any remedy bars thereto) to any other obligation will not be deemed to constitute such an encumbrance or restriction. 

(b) The provisions of the covenant described in paragraph (a) above will not apply to limitations, encumbrances or restrictions existing
under or by reason of: 
 (i) the Notes (including Additional Notes), this Indenture and any Guarantees thereof; 

(ii) any agreements with respect to Debt of the Issuer or any Restricted Subsidiary permitted to be incurred subsequent to the Issue Date
pursuant to the provisions of Section 4.04 and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that such encumbrances or restrictions are not
materially less favorable, taken as a whole, to the holders of the Notes than is customary in comparable financings (as determined in good faith by the Board of Directors or a member of senior management of the Issuer); 

(iii) any agreement in effect on the Issue Date; 

(iv) customary non-assignment and similar provisions in contracts, leases and licenses entered into in
the ordinary course of business; 

  
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 (v) any agreement or other instrument of a Person (including its Subsidiaries), acquired by
the Issuer or any Restricted Subsidiary in effect at the time of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the
Person, or the property or assets of the Person, so acquired (including its Subsidiaries); 
 (vi) any agreement for the sale or other
disposition of the Capital Stock or all or substantially all of the property and assets of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending its sale or other disposition; 

(vii) Liens permitted to be incurred under Section 4.05 that limit the right of the debtor to dispose of the assets subject to such Liens;

 (viii) applicable law, rule, regulation or order or the terms of any governmental licenses, authorizations, concessions, franchises or
permits; 
 (ix) encumbrances or restrictions on cash or other deposits or net worth imposed by customers or suppliers or required by
insurance, surety or bonding companies, in each case, under contracts entered into the ordinary course of business; 
 (x) customary
limitations on the distribution or disposition of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements (including agreements entered into in connection
with a Restricted Payment), which limitations are applicable only to the assets that are the subject of such agreements; 
 (xi) purchase
money obligations and mortgage financings for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose restrictions on the property purchased or leased of the nature described in Section 4.12(a)(iv);

 (xii) any customary Productive Asset Leases for Vessels, and other assets used in the ordinary course of the Issuer’s business;
provided that such encumbrance or restriction only extends to the Vessel, or other asset financed in such Productive Asset Lease; 

(xiii) any Qualified Securitization Financing; 

(xiv) Debt, Redeemable Capital Stock or Preferred Stock of any Restricted Subsidiary that is not a Guarantor permitted to be incurred
subsequent to the Issue Date pursuant to Section 4.04 that impose restrictions solely on Restricted Subsidiaries that are not Guarantors; 

(xv) restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement
to which the Issuer or any Restricted Subsidiary is a party entered into in the ordinary course of business; provided that such agreement prohibits the encumbrance solely of the property or assets of the Issuer or such Restricted Subsidiary
that are the subject to such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of the Issuer or such Restricted Subsidiary or the assets or property of another Restricted
Subsidiary; and 

  
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 (xvi) any agreement that extends, renews, amends, modifies, restates, supplements, refunds,
refinances or replaces the agreements containing the encumbrances or restrictions in the foregoing clauses (b)(i) through (b)(xv), or in this clause (b)(xvi); provided that the terms and conditions of any such encumbrances or restrictions are
not materially more restrictive, taken as a whole, to the holders of the Notes than those under or pursuant to the agreement so extended, renewed, amended, modified, restated, supplemented, refunded, refinanced or replaced. 

SECTION 4.13 Designation of Unrestricted and Restricted Subsidiaries 

(a) The Board of Directors may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a
Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Issuer and its Restricted Subsidiaries in the Unrestricted Subsidiary will be deemed to be
an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.06 or under one or more clauses of the definition of “Permitted Investments,” as determined by the
Issuer. Such designation will only be permitted if the Investment would be permitted at such time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors may redesignate any Unrestricted
Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default. 
 (b) Any designation of a Subsidiary of the
Issuer as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of the Board of Directors giving effect to such designation and an Officer’s Certificate certifying that such
designation complied with the preceding conditions and was permitted under Section 4.06. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an
Unrestricted Subsidiary for purposes of this Indenture and any Debt of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Issuer as of such date and, if such Debt is not permitted to be incurred as of such date under
Section 4.04, the Issuer will be in default of such covenant. The Board of Directors may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed to be an incurrence
of Debt by a Restricted Subsidiary of any outstanding Debt of such Unrestricted Subsidiary, and such designation will only be permitted if (i) such Debt is permitted under Section 4.04 calculated on a pro forma basis as if such
designation had occurred at the beginning of the applicable reference period; and (ii) no Default or Event of Default would be in existence following such designation. 

SECTION 4.14 Provision of Information 

(a) So long as any Notes are outstanding, the Issuer will furnish to the Trustee: 

(i) Within 15 days after the time period required under the rules of the SEC for the filing of Form
20-F (or any successor form) for each fiscal year beginning with the fiscal year ended December 31, 2021, an annual report on Form 20-F (or any successor form)
containing the information required to be contained therein 

  
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(including the Issuer’s audited consolidated financial statements, a report thereon by the Issuer’s independent registered public accounting firm and a Management’s Discussion and
Analysis of Financial Condition and Results of Operations (the “MD&A”) (or equivalent disclosure)) for such fiscal year; 

(ii) within 75 days following the end of the first three fiscal quarters in each fiscal year of the Issuer beginning with the quarter ending
June 30, 2021, reports on Form 6-K (or any successor form) containing, whether or not required, the Issuer’s unaudited quarterly consolidated financial statements (including a balance sheet and
statement of income, changes in stockholders’ equity and cash flow) and an MD&A for and as of the end of such fiscal quarter (with comparable financial statements for the corresponding fiscal quarter of the immediately preceding fiscal
year; and 
 (iii) at or prior to such times as would be required to be filed or furnished to the SEC if the Issuer was then a “foreign
private issuer” subject to Section 13(a) or 15(d) of the Exchange Act (whether or not the Issuer is then subject to such requirements), all such other reports and information that the Issuer would have been required to file or furnish
pursuant thereto. 
 (b) So long as any of the Notes remain outstanding, the Issuer will make available to any prospective purchaser of
Notes or beneficial owner of Notes in connection with any sale thereof the information required by Rule 144A(d)(4) under the Securities Act. 

(c) At any time that any of the Issuer’s subsidiaries are Unrestricted Subsidiaries, then the quarterly and annual financial information
required by the first paragraph of this Section 4.15 will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, of the financial condition and results of operations of the Issuer
and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Issuer. 

(d) The Issuer will be deemed to have furnished such information referred to in this covenant to the Trustee and the Holders of Notes if
Parent or the Issuer has filed or furnished such information in reports filed with the Commission and such reports are publicly available on the Commission’s website; provided, however, that the Trustee shall have no obligation
whatsoever to determine whether or not such information, documents or reports have been so filed or furnished. 
 SECTION
4.15 [Reserved]. 
 SECTION 4.16 Suspension of Covenants Following Achievement of Investment
Grade Status 
 (a) If on any date following the Issue Date, the Notes have an Investment Grade Rating from at least two Rating Agencies
and no Default or Event of Default has occurred and is continuing under this Indenture (a “Suspension Event”), beginning on the day of the Suspension Event and continuing until such time (the “Suspension Period”), if any, at
which the such Notes cease to have an Investment Grade Rating from at least two Rating Agencies (the “Reversion Date”), the following provisions of this Indenture shall not apply to the Notes: 

(i) Section 4.04; 

  
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 (ii) Section 4.06; 

(iii) Section 4.07; 
 (iv)
Section 4.08; 
 (v) Section 4.11; 

(vi) Section 4.12; 
 (vii)
Section 4.13; 
 (viii) Section 5.01(a)(iii); 

and, in each case, any related default provisions of this Indenture shall cease to be effective and will not be applicable to the Issuer or its Restricted
Subsidiaries. 
 (b) Such provisions and any related default provisions will again apply according to their terms on and after the Reversion
Date. Such provisions will not, however, be of any effect with regard to actions of the Restricted Subsidiaries properly taken during the Suspension Period, and Section 4.06 will be interpreted as if it had been in effect since the date of this
Indenture except that no default will be deemed to have occurred solely by reason of a Restricted Payment made during the Suspension Period. On the Reversion Date, all Debt incurred during the continuance of the Suspension Period will be classified
as having been incurred pursuant to Section 4.04(b)(iv). Upon the occurrence of a Suspension Period, the amount of Excess Proceeds shall be reset at zero. 

(c) The Issuer shall notify the Trustee that the two conditions set forth in Section 4.16(a) have been satisfied; provided that
such notification shall not be a condition for the suspension of the covenants set forth above to be effective. The Trustee shall not be obliged to notify holders of such event. 

ARTICLE FIVE 
 CONSOLIDATION,
MERGER AND SALE OF ASSETS 
 SECTION 5.01 Consolidation, Merger and Sale of Assets  

(a) The Issuer will not, directly or indirectly: (i) consolidate or merge with or into another Person (whether or not the Issuer is the
surviving corporation), or (ii) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties or assets of the Issuer and its Restricted Subsidiaries, taken as a whole, in one or more related
transactions, to another Person, unless: 
 (i) at the time of, and immediately after giving effect to, any such transaction or series of
transactions, either (A) the Issuer will be the surviving corporation or (B) the Person (if other than the Issuer) formed by or surviving any such consolidation or merger or to which such sale, assignment, conveyance, transfer, lease or
disposition of all or substantially all the properties and assets of the Issuer and the Restricted Subsidiaries on a consolidated basis has been made (the “Surviving Entity”): 

  
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 (1) will be a corporation duly incorporated and validly existing under the laws of a
Permitted Jurisdiction; and 
 (2) will expressly assume, by a supplemental indenture, the Issuer’s obligations under the Notes and
this Indenture; 
 (ii) immediately after giving effect to such transaction or series of transactions on a pro forma basis, no Default
or Event of Default will have occurred and be continuing; 
 (iii) the Issuer or the Surviving Entity would, on the date of such transaction
after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period (A) be permitted to incur at least $1.00 of additional Debt pursuant to
Section 4.04(a) or (B) have a Consolidated Fixed Charge Coverage Ratio not less than it was immediately prior to giving effect to such transaction; and 

(iv) the Issuer or the Surviving Entity will have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that such consolidation, merger, sale, assignment, conveyance, transfer, lease or other disposition, and if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this
Section 5.01. 
 (b) Notwithstanding clauses (ii), (iii) and (iv) of Section 5.01(a), 

(i) the Issuer may consolidate or amalgamate with or merge with or into or transfer all or part of its properties and assets to a Guarantor;

 (ii) any Restricted Subsidiary may consolidate with, amalgamate with or merge with or into or wind up into or sell, assign, lease, convey,
transfer or otherwise dispose of all or part of its properties and assets to the Issuer or any other Restricted Subsidiary; 
 (iii) the
Issuer may consolidate with, amalgamate with or merge with or into, or wind up into an Affiliate of the Issuer for the purpose of reincorporating the Issuer in a Permitted Jurisdiction, so long as the amount of Debt of the Issuer and its Restricted
Subsidiaries is not increased thereby; 
 (iv) the Issuer may convert into a corporation, partnership, limited partnership, limited liability
company or trust organized or existing under the laws of the jurisdiction of organization of the Issuer or the laws of a Permitted Jurisdiction; 

(v) the Issuer or a Restricted Subsidiary may change its name; and 

(vi) Section 5.01(a)(iii) above will not apply to any sale or other disposition of all or substantially all of the assets or merger or
consolidation of the Issuer to, with or into an Affiliate solely for the purpose of reincorporating the Issuer in another jurisdiction for tax reasons or reflagging a Vessel. 

  
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 SECTION 5.02 Successor Substituted 

Upon any consolidation or merger, or any sale, conveyance, transfer, lease or other disposition of all or substantially all of the property
and assets of the Issuer in accordance with Section 5.01 of this Indenture, any Surviving Entity formed by such consolidation or into which the Issuer is merged or to which such sale, conveyance, transfer, lease or other disposition is made
shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Surviving Entity had been named as the Issuer herein; provided that the Issuer shall not be
released from its obligation to pay the principal of, premium, if any, or interest and Additional Amounts, if any, on the Notes in the case of a lease of all or substantially all of its property and assets. 

ARTICLE SIX 
 DEFAULTS AND REMEDIES

 SECTION 6.01 Events of Default 

(a) Each of the following will be an “Event of Default” under this Indenture: 

(i) default for 30 days in the payment when due of any interest or any Additional Amounts on any Note; 

(ii) default in the payment of the principal of or premium, if any, on any Note at its Stated Maturity (upon acceleration, optional or
mandatory redemption, if any, required repurchase or otherwise); 
 (iii) failure by the Issuer for 180 days after the written notice
specified in Section 6.02(a) to comply with the provisions of Section 4.14; 
 (iv) failure by the Issuer for 60 days after the
written notice specified in Section 6.02(a)to comply with any covenant or agreement that is contained in this Indenture or the Notes (other than a covenant or agreement which is specifically dealt with in clauses Sections 6.01(a)(i),
6.01(a)(ii) or 6.01(a)(iii)); 
 (v) default under the terms of any instrument evidencing or securing the Debt for borrowed money of the
Issuer or any Restricted Subsidiary, if that default: (A) results in the acceleration of the payment of such Debt or (B) is caused by a failure to pay principal of such Debt at final maturity thereof after giving effect to any applicable
grace periods and other than by regularly scheduled required prepayment, and such failure to make any payment has not been waived or the maturity of such Debt has not been extended (a “Payment Default”), and in either case the total amount
of such Debt unpaid or accelerated exceeds $100,000,000; 
 (vi) any Guarantee of any Significant Subsidiary ceases to be in full force and
effect or enforceable in accordance with its terms (other than as provided for in this Indenture or any Guarantee); 
 (vii) failure by the
Issuer or any of its Significant Subsidiaries or group of Restricted Subsidiaries that taken as a whole would constitute a Significant Subsidiary to pay final judgments, orders or decrees (not subject to appeal) entered by a court or courts of
competent jurisdiction aggregating in excess $100,000,000 (exclusive of any 

  
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amounts that an insurance company has acknowledged liability for), which judgments shall not have been discharged or waived and there shall have been a period of 90 consecutive days or more
during which a stay of enforcement of such judgment, order or decree (by reason of pending appeal, waiver or otherwise) shall not have been in effect; 

(viii) the entry by a court of competent jurisdiction of (A) a decree or order for relief in respect of the Issuer or any Significant
Subsidiary in an involuntary case or proceeding under any applicable Bankruptcy Law or (B) a decree or order adjudging the Issuer or any Significant Subsidiary bankrupt or insolvent, or seeking reorganization, arrangement, adjustment or
composition of or in respect of the Issuer or any Significant Subsidiary under any applicable law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer or any Significant
Subsidiary or of any substantial part of their respective properties or ordering the winding up or liquidation of their affairs, and any such decree, order or appointment pursuant to any Bankruptcy Law for relief shall continue to be in effect, or
any such other decree, appointment or order shall be unstayed and in effect, for a period of 90 consecutive days; or 
 (ix) (A) the
Issuer or any Significant Subsidiary (x) commences a voluntary case or proceeding under any applicable Bankruptcy Law or any other case or proceeding to be adjudicated bankrupt or insolvent or (y) consents to the filing of a petition,
application, answer or consent seeking reorganization or relief under any applicable Bankruptcy Law, (B) the Issuer or any Significant Subsidiary consents to the entry of a decree or order for relief in respect of the Issuer or such Significant
Subsidiary in an involuntary case or proceeding under any applicable Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or (C) the Issuer or any Significant Subsidiary (x) consents to the
appointment of, or taking possession by, a custodian, receiver, liquidator, administrator, supervisor, assignee, trustee, sequestrator or similar official of the Issuer or such Significant Subsidiary or of any substantial part of their respective
properties, (y) makes an assignment for the benefit of creditors or (z) admits in writing its inability to pay its debts generally as they become due. 

(b) If a Default or an Event of Default occurs and is continuing and written notice of such Default or Event of Default is delivered to the
Corporate Trust Office of the Trustee, the Trustee will transmit to each Holder of the Notes notice of the Default or Event of Default within 15 Business Days after a responsible officer of the Trustee has received written notice thereof. Except in
the case of a Default or an Event of Default in payment of principal of, premium, if any, Additional Amounts or interest on any Notes, the Trustee may withhold the notice to the holders of such Notes if a committee of its trust officers in good
faith determines that withholding the notice is in the interests of the Holders of the Notes. 
 SECTION 6.02
Acceleration 
 (a) If an Event of Default (other than as specified in Section 6.01(a)(viii) or 6.01(a)(ix) with respect to the
Issuer) occurs and is continuing, the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding by written notice to the Issuer (and to the Trustee if such notice is given by the Holders) may, and the
Trustee, upon the written request of such Holders, shall, declare the principal of, premium, if any, and any Additional Amounts and accrued interest on all the outstanding Notes immediately due and payable, and upon any such declaration all such
amounts payable in respect of the Notes will become immediately due and payable. 

  
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 (b) If an Event of Default specified in Section 6.01(a)(viii) or 6.01(a)(ix) with
respect to the Issuer occurs and is continuing, then the principal of, premium, if any, and Additional Amounts and accrued and unpaid interest on all the outstanding Notes shall become and be immediately due and payable without any declaration or
other act on the part of the Trustee or any Holder of Notes. 
 (c) At any time after a declaration of acceleration under this Indenture,
but before a judgment or decree for payment of the money due has been obtained by the Trustee, the holders of a majority in aggregate principal amount of the outstanding Notes, by written notice to the Issuer and the Trustee, may rescind such
declaration and its consequences if: 
 (i) the Issuer has paid or deposited with the Trustee a sum sufficient to pay: 

(A) all overdue interest and Additional Amounts on all Notes then outstanding; 

(B) all unpaid principal of and premium, if any, on any outstanding Notes that has become due otherwise than by such declaration of
acceleration and accrued and unpaid interest thereon at the rate borne by the Notes; 
 (C) to the extent that payment of such interest is
lawful, interest upon overdue interest and overdue principal at the rate borne by the Notes; and 
 (D) all sums paid or advanced by the
Trustee under this Indenture and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; 

(ii) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and 

(iii) all Events of Default, other than the non-payment of amounts of principal of, premium, if any,
and any Additional Amounts and interest on the Notes that has become due solely by such declaration of acceleration, have been cured or waived. 
 No such
rescission shall affect any subsequent Default or impair any right consequent thereon. 
 SECTION 6.03 Other
Remedies 
 Subject to Section 6.06, if an Event of Default occurs and is continuing, the Trustee shall, at the direction of Holders
of not less than 25% in aggregate principal amount of the outstanding Notes, proceed to protect and enforce its rights and the rights of the Holders by such appropriate judicial proceedings as the Trustee shall have been instructed to pursue,
whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any
of the Notes or the production thereof in any 

  
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proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered. 

SECTION 6.04 Waiver of Past Defaults 

The Holders of not less than a majority in aggregate principal amount of the outstanding Notes may, on behalf of the Holders of all the Notes,
waive any past Defaults under this Indenture, except a continuing Default in the payment of the principal of, premium, if any, and Additional Amounts or interest on any Note held by a non-consenting Holder
(which may only be waived with the consent of Holders of Notes holding 90% of the aggregate principal amount of the Notes outstanding under this Indenture). 

Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

SECTION 6.05 Control by Majority 

The Holders of a majority in aggregate principal amount of the Notes may direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or of exercising any trust or power conferred on the Trustee under this Indenture; provided that: 

(a) the Trustee may refuse to follow any direction that conflicts with law, 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; 
 (b) the Trustee may refuse to follow any
direction that the Trustee determines would involve the Trustee in personal liability; and 
 (c) the Trustee may take any other action
deemed proper by the Trustee that is not inconsistent with such direction. 
 SECTION 6.06 Limitation on
Suits 
 Subject to the provisions of this Indenture relating to the duties of the Trustee, in case an Event of Default occurs and is
continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any holders of Notes unless such holders have made written request and offered to the Trustee indemnity
and/or security satisfactory to the Trustee against any loss, liability or expense. Except (subject to Article Nine) to enforce the right to receive payment of principal, premium, if any, or interest or Additional Amounts when due, no holder of any
of the Notes has any right to institute any proceedings with respect to this Indenture or any remedy thereunder, unless: 
 (a) the holders
of at least 25% in aggregate principal amount of the outstanding Notes have made a written request to, and offered indemnity and/or security satisfactory to, the Trustee to institute such proceeding as trustee under the Notes and this Indenture;

  
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 (b) the Trustee has failed to institute such proceeding within 30 days after receipt of such
notice and indemnity or security; and 
 (c) the Trustee within such 30-day period has not received
directions inconsistent with such written request by holders of a majority in aggregate principal amount of the outstanding Notes. 
 Such
limitations do not, however, apply to a suit instituted by a Holder of a Note for the enforcement of the payment of the principal of, premium, if any, and Additional Amounts or interest on such Note on or after the respective due dates expressed in
such Note. 
 SECTION 6.07 Unconditional Right of Holders To Receive Payment 

Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of, premium, if any, Additional
Amounts, if any, and interest, if any, on the Notes, on or after the respective due dates expressed in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without
the consent of Holders of at least 90% of the Notes outstanding. 
 SECTION 6.08 Collection Suit by Trustee

 If an Event of Default specified in Section 6.01(a)(i) or Section 6.01(a)(ii) hereof 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 on, if any, interest and Additional Amounts, if any, remaining unpaid on, the Notes and interest on
overdue principal and, to the extent lawful, Additional Amounts, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel. 
 SECTION 6.09 Trustee May File Proofs of Claim 

The Trustee may 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 any other amounts due the Trustee under Section 7.06) and the Holders allowed in any judicial
proceedings relative to the Issuer, its creditors or its property and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders at their direction in any election of a trustee in bankruptcy or other Person performing
similar functions, and any Bankruptcy Custodian in any such judicial proceeding is hereby authorized by each Holder to make 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 for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due to the Trustee under Section 7.06. 

Nothing herein contained shall be deemed to empower 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 thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

  
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 SECTION 6.10 Application of Money Collected 

If the Trustee collects any money or property pursuant to this Article Six, it shall pay out the money or property in the following order: 

 

			
	FIRST:	  	to the Trustee, the Agents and their respective agents and attorneys for amounts due under Section 7.06;
	SECOND:	  	to Holders for amounts due and unpaid on the Notes for principal of, premium, if any, interest, if any, and Additional Amounts, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on
the Notes for principal, premium, if any, interest, if any, and Additional Amounts, if any, respectively; and
	THIRD:	  	to the Issuer or any other obligors of the Notes, as their interests may appear, or as a court of competent jurisdiction may direct.

 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. At least 15 days before such record date, the Issuer shall mail to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11 Undertaking for Costs 

A court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or in any suit against the
Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in the suit of an undertaking to pay the costs of such suit, and such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by Holders of
more than 10% in aggregate principal amount of the outstanding Notes or to any suit by any Holder pursuant to Section 6.07. 

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 proceeding, 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 had 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 2.07, 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 of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy. 

  
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 SECTION 6.14 Delay or Omission not Waiver 

No delay or omission of the Trustee or of any Holder 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 Six 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. 
 SECTION 6.15 Record Date 

The Issuer may set a record date for purposes of determining the identity of Holders entitled to vote or to consent to any action by vote or
consent authorized or permitted by Sections 6.04, 6.05 and 10.05. Unless this Indenture provides otherwise, such record date shall be the later of 30 days prior to the first solicitation of such consent and the date of the most recent list of
Holders furnished to the Trustee pursuant to Section 2.05 prior to such solicitation. 
 SECTION 6.16 Waiver
of Stay or Extension Laws 
 The Issuer covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon,
or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer
(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 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 had been enacted. 
 ARTICLE SEVEN 

TRUSTEE 
 SECTION
7.01 Duties of Trustee 
 (a) If an Event of Default has occurred and is continuing of which a Trust Officer of the Trustee has
received written notice, the Trustee, shall exercise such rights and powers vested in it by this Indenture on the terms set forth herein, 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 such person’s own affairs. 
 (b) Except during the continuance of an Event of Default of which a Trust
Officer of the Trustee has actual knowledge: (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no others and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture. In the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine same to
determine whether they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

  
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 (c) The Trustee shall not be relieved from liability for its own grossly negligent action,
its own grossly negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of
paragraph (b) of this Section 7.01; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust
Officer unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not 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 6.02 or 6.05. 

(d) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (e) No provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to
believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (f) No
provision of this Indenture shall require the Trustee to do anything which, in its opinion, may be illegal or contrary to applicable law or regulation or contrary to its ‘know your customer’ checks. 

(g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 7.01. 
 (h) In no event shall the Trustee or any Agents be liable for any indirect, special,
punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Trustee and/or any Agents have been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) The Trustee shall not be charged with notice or knowledge of any Event of Default unless a Trust Officer of the Trustee shall have
received written notice thereof (including reference to the Notes and this Indenture) in accordance with Section 4.02 or 10.01 from the Issuer or the Holders of at least 25% in principal amount of the Notes. 

(j) In no event shall the Trustee be responsible or liable for any failure or delay in performance of its obligations hereunder arising out
of, or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God or any other national or international
calamity or emergency, epidemics, or unavailability or the Federal Reserve Bank wire or facsimile or other wire communication facility. 

(k) Notwithstanding anything else herein contained, the Trustee may refrain without liability from doing anything that would or might in its
opinion be contrary to any law of any state or jurisdiction or any directive or regulation of any agency of any such state or jurisdiction and may without liability do anything which is, in its opinion, necessary to comply with any such law,
directive or regulation. 

  
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 SECTION 7.02 Certain Rights of Trustee 

(a) The Trustee may rely conclusively, and shall be protected in acting or refraining from acting, upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper person. 

(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both, which
shall conform to Section 11.04. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. 

(c) The Trustee 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 by it hereunder. 
 (d) The Trustee shall be under no 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 security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities that
might be incurred by it in compliance with such request or direction. 
 (e) The Trustee shall not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within its rights or powers. 
 (f) Whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, rely upon an Officer’s Certificate. 
 (g) The Trustee shall not 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 document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Issuer personally or by agent or attorney. 
 (h) The Trustee shall not be required to give any bond or surety with respect to the
performance of its duties or the exercise of its powers under this Indenture. 
 (i) In the event the Trustee receives inconsistent or
conflicting requests and indemnity from two or more groups of Holders, each representing less than a majority in aggregate principal amount of the Notes then outstanding, pursuant to the provisions of this Indenture, the Trustee, in its sole
discretion, may determine what action, if any, will be taken and the Trustee shall be entitled not to take any action until such instructions have been resolved or clarified to its satisfaction and the Trustee shall not be or become liable in any
way or person for any failure to comply with any conflicting, unclear or equivocal instructions. 

  
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 (j) The permissive right of the Trustee to take the actions permitted by this Indenture will
not be construed as an obligation or duty to do so. 
 (k) Delivery of reports, information and documents to the Trustee under
Section 4.14 is for informational purposes only and the Trustee’s receipt of the foregoing will not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Issuer’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

(l) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its rights to be
indemnified and secured, are extended to, and will be enforceable by, the Trustee in each of its capacities hereunder, and each agent (including the Agents), custodian and other Person employed to act hereunder. 

(m) The Trustee shall not be liable for acting in good faith on instructions believed by it to be genuine and from the proper party. 

(n) The Trustee may consult with counsel at the cost of the Issuer and the advice of such counsel or any Opinion of Counsel shall, subject to
Section 7.01(c), be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(o) The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of the individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded. 
 (p) The Trustee shall not have any obligation or duty to monitor, determine
or inquire as to compliance, and shall not be responsible or liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed under this Indenture or under applicable
law or regulation with respect to any transfer, exchange, redemption, purchase or repurchase, as applicable, of any interest in any Notes. 

(q) The Trustee may assume without inquiry in the absence of written notice that the Issuer and each of the Restricted Subsidiaries is duly
complying with their obligations contained in this Indenture required to be performed and observed by them, and that no Default or Event of Default or other event which would require repayment of the Notes has occurred. 

(r) The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”)
given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Issuer shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized
Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Issuer whenever a person is to be added or deleted from the listing. If the Issuer elects to give the Trustee
Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be 

  
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deemed controlling. The Issuer understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that
directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Issuer shall be responsible for ensuring that only Authorized Officers
transmit such Instructions to the Trustee and that the Issuer and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt
by the Issuer. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent
with a subsequent written instruction. The Issuer agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more
secure methods of transmitting Instructions than the method(s) selected by the Issuer; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree
of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. “Electronic Means” shall mean the following
communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method
or system specified by the Trustee as available for use in connection with its services hereunder. 
 SECTION 7.03
Individual Rights of Trustee 
 The Trustee, any Paying Agent, any Registrar or any other agent of the Issuer or of the
Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer with the same rights it would have if it were not Trustee, Paying Agent, Registrar or such other agent. However, in the
event that the Trustee, Paying Agent, Registrar or such other agent acquires any conflicting interest it must eliminate such conflict within 90 days or resign. The Trustee is also subject to Section 7.10 hereof. 

SECTION 7.04 Trustee’s Disclaimer 

The recitals contained herein and in the Notes, except for the Trustees certificates of authentication, shall be taken as the statements of the
Issuer, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes, except that the Trustee represents that it is duly authorized to
execute and deliver this Indenture and to authenticate the Notes. The Trustee shall not be accountable for the Issuer’s 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 nor shall it be responsible for the use or application of any money received by any Paying Agent other than the Trustee. 

SECTION 7.05 Notice of Defaults  

If a Default or Event of Default occurs and is continuing and a Trust Officer of the Trustee has received written notice of such occurrence by
the Issuer, the Trustee must give notice of the Default to the Holders within 15 Business Days after the Trustee has received written notice of the occurrence of such Default or Event of Default. Except in the case of a Default in payment of
principal of or interest or premium, if any, on any Note, the Trustee may withhold the notice if and so long as a committee of its trust officers of the Trustee in good faith determines that withholding the notice is in the interests of Holders.

  
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 The Trustee shall not be deemed to have knowledge of a Default unless written notice of such
Default has been received by the Trustee at its Corporate Trust Office. 
 SECTION 7.06 Compensation and
Indemnity  
 The Issuer and each Guarantor (if any) shall indemnify each of the Trustee and the Agents against any and all loss,
liability or expense (including attorneys’ fees and expenses) incurred by each of them without willful misconduct or gross negligence on any of their part arising out of or in connection with the administration of this trust and the performance
of each of their duties hereunder (including the costs and expenses of enforcing this Indenture against the Issuer (including this Section 7.06) and defending itself against any claim, whether asserted by the Issuer, any Holder or any other
Person, or liability in connection with the execution and performance of any of their powers and duties hereunder). 
 The Issuer or, upon
the failure of the Issuer to pay, each Guarantor (if any), shall pay to the Trustee and the Agents such compensation as shall be agreed in writing for its services hereunder. 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 Agents promptly upon request for all reasonable disbursements, advances or expenses incurred or made by it, including costs of collection, in addition to
the compensation for its services. Such expenses shall include the reasonable compensation, disbursements, advances and expenses of the Trustee’s agents and counsel. 

In the event of the occurrence of an Event of Default or the Trustee considering it expedient or necessary or being requested by the Issuer to
undertake duties which the Trustee reasonably determines to be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee, the Issuer, or, upon the failure of the Issuer to pay, each Guarantor (if any), jointly and
severally, shall pay to the Trustee promptly upon request for all such additional remuneration for such duties. Such expenses include the compensation, fees, disbursements, expenses and advances of the Trustee’s agents, counsel, accountants and
experts. 
 The Issuer and each Guarantor (if any) shall indemnify each of the Trustee and the Agents against any and all loss, liability or
expense (including attorneys’ fees and expenses) incurred by each of them without willful misconduct or gross negligence on any of their part arising out of or in connection with the administration of this trust and the performance of each of
their duties hereunder (including the costs and expenses of enforcing this Indenture against the Issuer (including this Section 7.06) and defending itself against any claim, whether asserted by the Issuer, any Holder or any other Person, or
liability in connection with the execution and performance of any of their powers and duties hereunder). 
 The Trustee and the Agents shall
notify the Issuer of any claim for which they may seek indemnity. Failure by the Trustee and the Agents to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall, at the Trustee’s sole discretion,
defend the claim and the Trustee shall reasonably cooperate and may participate at the Issuer’s expense in such defense. Alternatively, the Trustee may at is option have separate counsel of its own choosing and the Issuer shall pay the
reasonable fees and expenses of such counsel. The Issuer need not pay for any settlement made without its consent, which consent may not be unreasonably withheld. The Issuer shall not reimburse any expense or indemnify against any loss, liability or
expense incurred by the Trustee through the Trustee’s own willful misconduct or gross negligence. 

  
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 To secure the Issuer’s payment obligations in this Section 7.06, the Trustee shall
have a Lien prior to the Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal of, premium, if any, and interest on particular Notes. Such Lien shall
survive the satisfaction and discharge of this Indenture. 
 When the Trustee incurs expenses after the occurrence of a Default specified in
Section 6.01(1)(viii) or (ix) with respect to the Issuer or any Restricted Subsidiary, the expenses are intended to constitute expenses of administration under Bankruptcy Law. 

The Issuer’s obligations under this Section 7.06 and any claim or Lien arising hereunder shall survive the resignation or removal of
any Trustee, the satisfaction and discharge of the Issuer’s obligations pursuant to Article Eight and any rejection or termination under any Bankruptcy Law, and the termination of this Indenture. 

SECTION 7.07 Replacement of Trustee  

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.07. 
 The Trustee may resign at any time by so notifying the Issuer. The
Holders of a majority in outstanding principal amount of the outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer. The Issuer shall remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.09; 

(b) the Trustee is adjudged bankrupt or insolvent; 

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

(d) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer. If the
successor Trustee does not deliver its written acceptance required by the next succeeding paragraph of this Section 7.07 within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of a
majority in principal amount of the outstanding Notes may, at the expense of the Issuer, petition any court of competent jurisdiction for the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation
or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The
retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.06. 

  
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 If a successor Trustee does not take office within 30 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Issuer or the Holders of at least 25% in outstanding principal amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense of the
Issuer. 
 If the Trustee fails to comply with Section 7.09, any Holder who has been a bona fide Holder for at least six months
may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

Notwithstanding the replacement of the Trustee pursuant to this Section 7.07, the Issuer’s obligations under Section 7.06 shall
continue for the benefit of the retiring Trustee. 
 SECTION 7.08 Successor Trustee by Merger 

Any entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing
of any paper or any further act on the part of any of the parties hereto; provided that such entity shall be otherwise qualified and eligible under this Article Seven. In case any Notes shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself
authenticated such Notes. In case at that time any of the Notes shall not have been authenticated, any successor Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor Trustee. In all such
cases, such certificates shall have the full force and effect that this Indenture provides that the certificate of authentication of the Trustee shall have; provided that the right to adopt the certificate of authentication of any predecessor
Trustee or to authenticate Notes in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

SECTION 7.09 Eligibility; Disqualification 

This Indenture shall at all times have a Trustee that is an entity organized and doing business under the laws of the United States or any
state thereof that is authorized to exercise corporate trust power and that is a Person which is generally recognized as a Person which customarily performs such corporate trustee roles and provides such corporate trustee services in transactions
similar in nature of the Offering of the Notes as described in the Offering Memorandum. 
 SECTION 7.10
Appointment of Co-Trustee  
 (a) It is the purpose of this Indenture that there
shall be no violation of any law of any jurisdiction denying or restricting the right of banking corporations or associations to transact business as trustee in such jurisdiction. It is recognized that in case of litigation under this Indenture, and
in particular in case of the enforcement thereof on Default, or in the case the Trustee deems that by reason of any present or future law of any jurisdiction it may not exercise any of the powers, 

  
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rights or remedies herein granted to the Trustee or hold title to the properties, in trust, as herein granted or take any action that may be desirable or necessary in connection therewith, it may
be necessary that the Trustee appoint an individual or institution as a separate or co-trustee. The following provisions of this Section 7.10 are adopted to these ends. 

(b) In the event that the Trustee appoints an additional individual or institution as a separate or
co-trustee, each and every remedy, power, right, claim, demand, cause of action, immunity, estate, title, interest and lien expressed or intended by this Indenture to be exercised by or vested in or conveyed
to the Trustee with respect hereto shall be exercisable by and vest in such separate or co-trustee but only to the extent necessary to enable such separate or co-trustee
to exercise such powers, rights and remedies, and only to the extent that the Trustee by the laws of any jurisdiction is incapable of exercising such powers, rights and remedies, and every covenant and obligation necessary to the exercise thereof by
such separate or co-trustee shall run to and be enforceable by either of them. 
 (c) Should any
instrument in writing from the Issuer be required by the separate or co-trustee so appointed by the Trustee for more fully and certainly vesting in and confirming to him or it such properties, rights, powers,
trusts, duties and obligations, any and all such instruments in writing shall, on request, be executed, acknowledged and delivered by the Issuer; provided that if an Event of Default shall have occurred and be continuing, or the Issuer does
not execute any such instrument within 15 days after request therefor, the Trustee shall be empowered as an attorney-in-fact for the Issuer to execute any such
instrument in the Issuer’s name and stead. In case any separate or co-trustee or a successor to either shall die, become incapable or acting, resign or be removed, all the estates, properties, rights,
powers, trusts, duties and obligations of such separate or co-trustee, so far as permitted by law, shall vest in and be exercised by the Trustee until the appointment of a new trustee or successor to such
separate or co-trustee. 
 (d) Each separate trustee and
co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i) all rights, privileges, protections, immunities and powers, conferred or imposed upon the Trustee, including its right to be indemnified
and secured, shall be conferred or imposed upon and may be exercised, performed or enforced by such separate trustee or co-trustee; and 

(ii) no trustee hereunder shall be liable by reason of any act or omission of any other trustee hereunder. 

(e) Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of
this Article Seven. 
 (f) Any separate trustee or co-trustee may at any time appoint the Trustee as
its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its
behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successors trustee. 

  
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 ARTICLE EIGHT 

DEFEASANCE; SATISFACTION AND DISCHARGE 

SECTION 8.01 Issuer’s Option to Effect Defeasance or Covenant Defeasance  

The Issuer may, at the option of its Board of Directors as evidenced by a resolution set forth in an Officer’s Certificate, at any time
prior to the Stated Maturity of the Notes, elect to have either Section 8.02 or Section 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article Eight. 

SECTION 8.02 Defeasance and Discharge  

Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuer and the Guarantors shall
be deemed to have been discharged from their obligations with respect to the outstanding Notes and Guarantees on the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such
Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Debt represented by the outstanding Notes and Guarantees and to have satisfied all its other obligations under the Notes and this Indenture (and the
Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders of outstanding Notes to receive, solely from the trust fund described in Section 8.08 and as more fully set
forth in such Section, payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due, 

(b) the Issuer’s obligations with respect to the Notes under Article Two and Section 4.02 hereof, 

(c) the rights, powers, trusts, duties and immunities of the Trustee and the obligations of the Issuer and the Guarantors in connection
therewith; and 
 (d) this Article Eight. 

Subject to compliance with this Article Eight, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03 below with respect to the Notes. If the Issuer exercises its Legal Defeasance option, payment of the Notes may not be accelerated because of an Event of Default. 

If the Issuer exercises its Legal Defeasance option, each Guarantor, if any, shall be released from all its obligations under its Guarantee,
and the Trustee shall execute a release of such Guarantee. 
 SECTION 8.03 Covenant Defeasance 

Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuer and the Guarantors shall
be released from their obligations under any covenant contained in Sections 4.03 through 4.09, 4.11 through 4.14, and 5.01 with respect to the Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter,
“Covenant Defeasance”). For this purpose, such Covenant Defeasance means that the Issuer may omit to comply with and 

  
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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, but, except as specified above, the remainder of
this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, payment of such Notes may not be accelerated because of an Event of Default specified in clause 6.01(a)(iv) (solely with respect to such defeased covenant), (v), (vi), (vii), (viii) (with respect only to the
Significant Subsidiaries) or (ix) (with respect only to the Significant Subsidiaries). 
 SECTION 8.04 Conditions
to Defeasance 
 In order to exercise either legal defeasance or covenant defeasance: 

(a) the Issuer must irrevocably deposit or cause to be deposited in trust with the Trustee (or such other entity designated or appointed by it
for this purpose), for the benefit of the holders of the Notes, cash in dollars, non-callable U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient, in the opinion of
internationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay and discharge the principal of, premium, if any, and interest, on the outstanding Notes on the Stated Maturity or on the applicable
redemption date, as the case may be, and the Issuer must (i) specify whether the Notes are being defeased to such Stated Maturity or to a particular redemption date; and (ii) if applicable, have delivered to the Trustee an irrevocable
notice to redeem all the outstanding Notes of such principal, premium, if any, or interest; 
 (b) in the case of Legal Defeasance under
Section 8.02, the Issuer must have delivered to the Trustee an Opinion of Counsel of a nationally recognized firm stating that (i) the Issuer has received from, or there has been published by, the U.S. Internal Revenue Service a ruling, or
(ii) since the date of this Indenture, there has been a change in applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, 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; 
 (c) in the case of Covenant Defeasance under Section 8.03, the Issuer must have delivered to
the Trustee an Opinion of Counsel of a nationally recognized firm to the effect that 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; 

(d) the Issuer must have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the
intent of defeating, hindering, delaying or defrauding creditors of the Issuer or others; 
 (e) the Issuer must have delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel of a nationally recognized firm subject to customary assumptions and qualifications, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant
Defeasance, as the case may be, have been complied with. 

  
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 (f) If the funds deposited with the Trustee to effect Covenant Defeasance are insufficient
to pay the principal of, premium, if any, and interest on the Notes when due because of any acceleration occurring after an Event of Default, then the Issuer will remain liable for such payments. 

SECTION 8.05 Satisfaction and Discharge of Indenture 

This Indenture, the Notes and the Guarantees will be discharged and will cease to be of further effect when: 

(a) either: 
 (i) all the Notes
that have been authenticated and delivered (other than destroyed, lost or stolen Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust and thereafter repaid to the Issuer
or discharged from such trust as provided for in Section 8.07) have been delivered to the Trustee for cancellation; or 
 (ii) all Notes
that have not been delivered to the Trustee for cancellation (x) have become due and payable (by reason of a notice of redemption or otherwise) or (y) will become due and payable within one year, including by redemption, and the Issuer or
any Guarantor has irrevocably deposited or caused to be deposited with the Trustee (or such other entity designated or appointed by it for this purpose) as trust funds in trust solely for the benefit of the holders of the Notes, cash in 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, to pay and discharge the entire Debt on
the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; and 

(b) the Issuer has paid or caused to be paid all sums payable by the Issuer under this Indenture, the Notes and the Guarantees; and 

(c) 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 redemption date, as the case may be. 
 In addition, the Issuer must deliver to the Trustee an
Officer’s Certificate and an Opinion of Counsel, subject to customary assumptions and qualifications, each stating that all conditions precedent provided in this Indenture relating to the satisfaction and discharge of this Indenture have been
satisfied; provided that any such counsel may rely on any Officer’s Certificate as to matters of fact (including as to compliance with the foregoing clauses (a), (b) and (c)) 

SECTION 8.06 Survival  

Nothing contained in this Article Eight shall abrogate any of the obligations or duties of the Trustee or the Agents under this Indenture. 

  
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 SECTION 8.07 Acknowledgment of Discharge by Trustee 

Subject to Section 8.09, after the conditions of Section 8.02 or 8.03 have been satisfied, the Trustee upon written request shall
acknowledge in writing the discharge of all of the Issuer’s obligations under this Indenture except for those surviving obligations specified in this Article Eight. 

SECTION 8.08 Application of Trust Money 

Subject to Section 8.09, the Trustee shall hold in trust cash in dollars, U.S. Government Obligations denominated in dollars or a
combination thereof, deposited with it pursuant to this Article Eight. It shall apply such deposited cash in U.S. dollars, U.S. Government Obligations or a combination thereof through the Paying Agent and in accordance with this Indenture to the
payment of principal of, premium, if any, interest, and Additional Amounts, if any, on the Notes; but such money need not be segregated from other funds except to the extent required by law. 

SECTION 8.09 Repayment to Issuer 

Subject to Section 7.06 and Sections 8.01 through 8.04 hereof, the Trustee and the Paying Agent shall promptly pay to the Issuer upon
request set forth in an Officer’s Certificate any excess money held by them at any time and thereupon shall be relieved from all liability with respect to such money. The Trustee and the Paying Agent shall pay to the Issuer upon request any
money held by them for the payment of principal, premium, if any, interest or Additional Amounts, if any, that remains unclaimed for two years; provided that before the Trustee or Paying Agent are required to make any payment to the
Issuer, each may require the Issuer to have (a) published once to the newswire service of Bloomberg or, if Bloomberg does not operate, any similar agency or (b) mailed to each Holder entitled to such money at such Holder’s address (as
set forth in the Register), in each case, notice that such money remains unclaimed and that after a date specified therein (which shall be at least 30 days from the date of such publication or mailing) any unclaimed balance of such money then
remaining shall be repaid to the Issuer. After payment to the Issuer, Holders entitled to such money must look to the Issuer for payment as general creditors unless an applicable law designates another Person, and all liability of the Trustee and
such Paying Agent with respect to such money shall cease. 
 SECTION 8.10 Indemnity for U.S. Government
Obligations 
 The Issuer shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against
deposited U.S. Government Obligations or the principal, premium, if any, interest, if any, and Additional Amounts, if any, received on such U.S. Government Obligations. 

SECTION 8.11 Reinstatement 

If the Trustee or Paying Agent is unable to apply cash in dollars or U.S. Government Obligations in accordance with this Article Eight by
reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and any Guarantors’ obligations under this Indenture
and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article Eight until such time as the Trustee or any such Paying Agent is permitted to apply all such cash in dollars or U.S. Government Obligations in
accordance with this Article Eight; provided that, if 

  
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the Issuer has made any payment of principal of, premium, if any, interest, if any, and Additional Amounts, if any, on any Notes because of 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 cash in dollars or U.S. Government Obligations held by the Trustee or Paying Agent. 

ARTICLE NINE 
 AMENDMENTS AND
WAIVERS 
 SECTION 9.01 Without Consent of Holders  

The Issuer, when authorized by a resolution of its Board of Directors (as evidenced by the delivery of such resolution to the Trustee), any
Guarantor and the Trustee may modify, amend or supplement this Indenture or the Notes without notice to or consent of any Holder: 
 (a) to
cure any ambiguity, defect or inconsistency; 
 (b) to provide for the assumption of the Issuer’s or a Guarantor’s obligations to
holders of Notes and Guarantees by a successor to the Issuer or any Guarantor in the case of a merger or consolidation or sale of all or substantially all of the Issuer’s or such Guarantor’s assets, as applicable; 

(c) to make any change that would provide any additional rights or benefits to the holders of Notes or that does not adversely affect the
legal rights under this Indenture of any such holder in any material respect; 
 (d) to conform the text of this Indenture, the Guarantees
or the Notes to any provision of the “Description of the Notes” in the Offering Memorandum to the extent that such provision in such “Description of the Notes” was intended to be a verbatim recitation of a provision of this
Indenture, the Guarantees or the Notes, as provided to the Trustee in an Officer’s Certificate; 
 (e) to release any Guarantee in
accordance with the terms of this Indenture; 
 (f) to allow any Guarantor to execute a supplemental indenture and/or a Guarantee with
respect to the Notes; 
 (g) provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the
uncertificated Notes are issued in registered form for purposes of Section 163(f) of the U.S. Internal Revenue Code of 1986, as amended); 

(h) to evidence and provide the acceptance of the appointment of a successor Trustee under the terms of this Indenture or to otherwise comply
with any requirement of this Indenture; or 
 (i) to provide for the issuance of Additional Notes in accordance with and if permitted by the
terms of and limitations set forth in this Indenture. 
 In formulating its opinion on such matters set forth in this Section 9.01 and
Section 9.02 hereof, the Trustee shall be entitled to request and rely absolutely on such evidence as it deems appropriate, including an Opinion of Counsel and an Officer’s Certificate on which the Trustee may solely rely. 

  
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 SECTION 9.02 With Consent of Holders 

(a) Except as provided otherwise in Section 9.02(b) below and subject to Section 6.04 and without prejudice to Section 9.01,
this Indenture, the Notes or any Guarantee, may be amended or supplemented with the consent of the holders of at least 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, Notes), and any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes may be waived with the consent of the holders of a majority in
aggregate principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). 

(b) Unless consented to by the holders of at least 90% of the aggregate principal amount of then outstanding Notes (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), without the consent of each holder of Notes affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting holder): 
 (i) change the Stated Maturity of the principal of, or any installment of or
Additional Amounts or interest on, any Note; 
 (ii) reduce the principal amount of any Note (or Additional Amounts or premium, if any) or
the rate of or change the time for payment of interest on any Note; 
 (iii) change the coin or currency in which the principal of any Note
or any premium or any Additional Amounts or the interest thereon is payable; 
 (iv) impair the right of any holder of Notes to institute
suit for the enforcement of any payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the redemption date); 

(v) reduce the principal amount of Notes whose holders must consent to any amendment, supplement or waiver of provisions of this Indenture
(except a rescission of acceleration of the Notes by the holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the Payment Default that resulted from such acceleration); 

(vi) release any Guarantee other than in accordance with the terms of this Indenture; 

(vii) modify any of the provisions relating to supplemental indentures requiring the consent of holders of the Notes or relating to the waiver
of past defaults, except to increase the percentage of outstanding Notes required for such actions or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the holder of each Note affected
thereby; or 
 (viii) make any change in the preceding amendment and waiver provisions. 

(c) Any amendment, supplement or waiver consented to by at least 90% of the aggregate principal amount of the then outstanding Notes will be
binding against any non-consenting holders. 

  
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 (d) The consent of the Holders is not necessary to approve the particular form of any
proposed amendment, modification, supplement or waiver. It is sufficient if such consent approves the substance of the proposed amendment, modification, supplement or waiver. 

SECTION 9.03 Effect of Supplemental Indentures 

Upon the execution of any supplemental indenture pursuant to this Indenture (including as required by Section 4.11(a)), this Indenture
shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Note theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

SECTION 9.04 Notation on or Exchange of Notes 

If an amendment, modification or supplement changes the terms of a Note, the Issuer or Trustee may require the Holder to deliver it to the
Trustee. The Trustee may place an appropriate notation on the Note and on any Note subsequently authenticated regarding the changed terms and return it to the Holder. Alternatively, if the Issuer so determines, the Issuer in exchange for the Note
shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment, modification or supplement. 

SECTION 9.05 Notice of Amendment or Waiver  

Promptly after the execution by the Issuer and the Trustee of any supplemental indenture or waiver pursuant to the provisions of
Section 9.02, the Issuer shall give notice thereof to the Holders of each outstanding Note affected, in the manner provided for in clause (b) of Section 11.01, setting forth in general terms the substance of such supplemental
indenture or waiver. However, the failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of such supplemental indenture or waiver. 

SECTION 9.06 Trustee to Sign Amendments, etc. 

Upon the written request of the Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental indenture or Note, and upon receipt by the Trustee of the documents described in Section 7.02 hereof upon which they will be fully protected in relying upon, the Trustee will join with the Issuer and in the execution of any amended
or supplemental indenture or Note authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended
or supplemental indenture or Note that imposes any personal obligations on the Trustee or that adversely affects its own rights, duties or immunities under this Indenture or otherwise. In signing such amendment or supplemental indenture or Note, the
Trustee shall be entitled to receive an indemnity and/or security satisfactory to it and to receive, and (subject to Sections 7.01 and 7.02) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating
that such amendment or supplement complies with this Indenture and that such amendment or supplement has been duly authorized, executed and delivered and is the legally valid and binding obligation of the Issuer and the Guarantors (if any)
enforceable against them in accordance with its terms, subject to customary exceptions. 

  
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 ARTICLE TEN 

GUARANTEES 

SECTION 10.01 Guarantees  

(a) As of the Issue Date, the Notes will not be guaranteed by Parent or any of Parent’s or the Issuer’s Subsidiaries. The following
provisions of this Article Ten shall apply to any Restricted Subsidiary that becomes a Guarantor after the Issue Date. Subject to this Article Ten, each of the Guarantors, jointly and severally, fully and unconditionally, guarantees, on a senior
unsecured basis, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuer
hereunder or thereunder, that: (i) the principal of, premium, if any, and interest on the Notes will be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal
of, premium, if any, and interest on the Notes, if any, if lawful (subject in all cases to any applicable grace period provided herein), and all other monetary obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be
promptly 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 any of such other obligations, that same will be promptly 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. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the
Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Guarantors agree that, to the maximum extent permitted under applicable law, their 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 of the Notes 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. Subject to Section 6.06, each Guarantor waives diligence,
presentment, demand of 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, protest, notice and all demands whatsoever and covenant that this
Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 
 (c) If any
Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either of the Issuer or the Guarantors, any amount paid by
either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

(d) Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, 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 Six for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby,
and (y) in the event of any declaration 

  
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of acceleration of such obligations as provided in Article Six, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this
Guarantee. Each Guarantor that makes a payment or distribution under its Guarantee shall have the right to seek contribution from any non-paying Guarantor, in a pro rata amount based on the net assets of each
Guarantor determined in accordance with GAAP, so long as the exercise of such right does not impair the rights of the Holders under the Guarantee. 

(e) In respect to its obligations under its Guarantee, each Guarantor agrees to be bound to, and hereby covenants, with respect to itself, the
covenant set forth in Section 6.16. 
 SECTION 10.02 Limitation on Guarantor Liability 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby 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 Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount which, after giving effect to all other contingent
and fixed liabilities of such Guarantor, and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to its
contribution obligations under this Article Ten, will result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. Until such time as the Notes are paid
in full, each Guarantor waives all rights of subrogation or contribution, whether arising by contract or operation of law (including, without limitation, any such right arising under federal Bankruptcy Law) or otherwise by reason of any payment by
it pursuant to the provisions of this Article Ten. Each Guarantor that makes a payment or distribution under its Guarantee will be entitled to a contribution from each other Guarantor in a pro rata amount based on the net assets of each Guarantor
determined in accordance with GAAP. 
 SECTION 10.03 Execution and Delivery of Guarantee 

(a) To evidence its Guarantee set forth in Section 10.01, a Guarantor shall execute a supplemental indenture to this Indenture
substantially in the form included in Exhibit D hereto. 
 (b) 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 10.04 Releases of Guarantors 

(a) A Guarantor will be deemed automatically and unconditionally released and discharged from all of its obligations under its Guarantee
without any further action on the part of the Trustee or any Holder of the Notes: 
 (i) if such Guarantor is a Subsidiary of the Issuer, in
connection with any sale or other disposition of (A) all of the Capital Stock of such Guarantor or (B) all or substantially all of the properties or assets of such Guarantor (including by way of

  
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merger or consolidation), in each case to one or more Persons that are not (either before or after giving effect to such transaction) the Issuer or a Restricted Subsidiary, if the sale or other
disposition, as applicable, does not violate Section 4.07; 
 (ii) if such Guarantor is a Restricted Subsidiary, the Issuer properly
designates such Guarantor as an Unrestricted Subsidiary or the Subsidiary no longer meets the definition of Restricted Subsidiary; 
 (iii)
if the Guarantee was required pursuant to the terms of Section 4.11, the release or discharge of the Debt in connection with which such guarantee was executed pursuant to Section 4.11; 

(iv) upon a satisfaction and discharge or a legal or covenant defeasance of the Notes in accordance with Article Eight; or 

(v) upon the liquidation or dissolution of such Guarantor. 

(b) Any Guarantor not released from its obligations under its Guarantee shall remain liable for the full amount of principal of, premium, if
any, and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article Ten. 
 (c)
In connection with any acknowledgement of release or other written instrument that may be requested from the Trustee in respect of a release of a Guarantee, the Trustee shall be entitled to receive and rely on an Officer’s Certificate and an
Opinion of Counsel pursuant to Section 11.03 as conclusive evidence for release of such Guarantee. 
 ARTICLE ELEVEN 

MISCELLANEOUS 

SECTION 11.01 Notices  

(a) Any notice or communication shall be in writing and delivered in person or mailed by first class mail or sent by facsimile transmission or
electronic mail addressed as follows: 
 if to the Issuer or the Parent: 

Seaspan Corporation 
 c/o 2600-200 Granville Street 
 Vancouver, British Columbia 

Canada V6C 1S4 
 Attention:
Karen Lawrie 
 Fax: (604) 648-9514 

Email: klawrie@atlascorporation.com 

with copies (which shall not constitute notice) to: 

Gibson, Dunn & Crutcher LLP 

  
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 811 Main Street, Suite 3000 

Houston, Texas 77002 

Attention: Hillary Holmes and Doug Rayburn 

Fax: (346) 718-6902 and (214) 571-2948 

Email: hholmes@gibsondunn.com and drayburn@gibsondunn.com 

if to the Trustee:  

The Bank of New York Mellon 

240 Greenwich Street, Floor 7 East 

New York, New York 10286 

Attention: Corporate Trust Administration 

Fax: 212-815-5366 

The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 (b) Notices to the Holders regarding the Notes shall be: 

(i) notified to the Trustee; and 

(ii) in the case of certificated Notes, mailed to the Holders of such Notes by first-class mail at their respective addresses as they appear on
the registration books of the Registrar. 
 Notices given by first-class mail shall be deemed given five calendar days after mailing and
notices given by publication shall be deemed given on the first date on which publication is made. 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. If a notice
or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 In case by reason of
the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for
every purpose hereunder. 
 (c) If and so long as the Notes are represented by Global Notes, notice to Holders, in addition to being given
in accordance with Section 11.01(b) above, shall also be given by delivery of the relevant notice to DTC for communication. 
 (d)
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

  
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 SECTION 11.02 Communication by Holders with Other Holders
 
 Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes. 

SECTION 11.03 Certificate and Opinion as to Conditions Precedent  

Upon any request or application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture (except in
connection with the original issuance of the Notes on the date hereof), the Issuer shall furnish upon request to the Trustee: 
 (a) an
Officer’s Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signer, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions
precedent have been complied with. 
 SECTION 11.04 Statements Required in Certificate or Opinion 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(a) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto; 
 (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 each such individual, he has made
such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

SECTION 11.05 Rules by Trustee, Paying Agent and Registrar 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar and the Paying Agent may make reasonable rules
for their functions. 
 SECTION 11.06 Legal Holidays 

If an interest payment date or other payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business
Day, and no interest shall accrue for the intervening period. If a record date is not a Business Day, the record date shall not be affected. 

SECTION 11.07 Governing Law; Waiver of Jury Trial 

THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
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 EACH OF THE PARTIES HERETO (AND EACH HOLDER AND OWNER OF A BENEFICIAL OWNER OF A BENEFICIAL
INTEREST IN A NOTE BY ITS ACCEPTANCE OF A NOTE OR A BENEFICIAL INTEREST THEREIN, WILL BE DEEMED TO) AGREES TO IRREVOCABLY WAIVE TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIALS BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE HEREIN
AND UNLESS AND UNTIL THIS INDENTURE SHALL BE QUALIFIED UNDER THE TRUST INDENTURE ACT, THIS INDENTURE SHALL NOT BE SUBJECT TO THE TRUST INDENTURE ACT, AND NO PROVISION THEREOF SHALL BE DEEMED INCORPORATED HEREIN. 

SECTION 11.08 Jurisdiction; Agent for Service of Process 

The Issuer agrees that any suit, action or proceeding against the Issuer or any Guarantor brought by any Holder or the Trustee arising out of
or based upon this Indenture, any Guarantee or the Notes may be instituted in any state or Federal court in the Borough of Manhattan, New York, and any appellate court from any thereof, and each of them irrevocably submits to the exclusive
jurisdiction of such courts in any suit, action or proceeding. The Issuer irrevocably waives, to the fullest extent permitted by law, any objection to any suit, action or proceeding that may be brought in connection with this Indenture or the Notes,
including such actions, suits or proceedings relating to securities laws of the United States of America or any state thereof, in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or
proceeding has been brought in an inconvenient forum. The Issuer agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Issuer and may be enforced in any court to the
jurisdiction of which the Issuer is subject by a suit upon such judgment; provided that service of process is effected upon the Issuer in the manner provided by this Indenture. The Issuer hereby irrevocably designates, appoints and empowers
Puglisi & Associates, with offices at 850 Library Avenue, Suite 204, Newark, Delaware 19711, as its authorized agent (the “Authorized Agent”), upon whom process may be served in any suit, action or proceeding arising out of or
based upon this Indenture or the Notes or the transactions contemplated herein that may be instituted in any state or Federal court in the Borough of Manhattan, New York, by any Holder or the Trustee, and expressly accepts the exclusive jurisdiction
of any such court in respect of any such suit, action or proceeding. The Issuer hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Issuer agrees
to take any and all action, including the filing of any and all documents that may be necessary to continue such respective appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in every
respect, effective service of process upon the Issuer. Notwithstanding the foregoing, any action involving the Issuer arising out of or based upon this Indenture or the Notes may be instituted by any Holder or the Trustee in any other court of
competent jurisdiction. 

  
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 SECTION 11.09 No Recourse Against Others 

A director, officer, employee, incorporator, member or shareholder, as such, of the Issuer or any Guarantor shall not have any liability for
any obligations of the Issuer or any Guarantor under the Notes, this Indenture or any Guarantee or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall be deemed to waive
and release all such liability. The waiver and release shall be part of the consideration for the issue of the Notes. 

SECTION 11.10 Successors  

All agreements of the Issuer in this Indenture and the Notes shall bind its respective successors. All agreements of the Trustee in this
Indenture shall bind its successors. 
 SECTION 11.11 Multiple Originals; Counterparts 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent 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 all the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes other than the Trustee’s signature on the certificate of authentication on each
Note. Each of the transaction parties agrees on behalf of itself, and any Person acting or claiming by, under or through such transaction party, that any written instrument delivered in connection with this Indenture/Agreement or any related
document, including without limitation any amendments or supplements to such documents, may be executed by electronic methods (whether by .pdf scan or utilization of an electronic signature platform or application). Any electronic signature shall
have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any similar federal or state law, rule or regulation, as the same may be in effect from time to time, and the parties hereby waive any objection to the contrary. Any document accepted, executed or agreed to in
conformity with such laws will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be reasonably
chosen by a signatory hereto. 
 SECTION 11.12 Table of Contents; Headings 

The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 11.13 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. 

  
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 SECTION 11.14 Sanctions  

The Issuer covenants and represents that (i) neither it nor to its knowledge any of its subsidiaries, affiliates, directors or officers
are the target or subject of any sanctions enforced by the US Government, (including, the Office of Foreign Assets Control of the US Department of the Treasury (“OFAC”)), the United Nations Security Council, the European Union, HM
Treasury, or other relevant sanctions authority (collectively “Sanctions”); and (ii) neither it nor any of its subsidiaries, affiliates, directors or officers will use any payments made pursuant to this Agreement or commit any action,
or cause The Bank of New York Mellon to commit any action, under this Agreement: (a) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions,
(b) to fund or facilitate any activities of or business with any country or territory that is the target or subject of Sanctions, or (c) in any other manner that will result in a violation of Sanctions by any person. 

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

					
	SEASPAN CORPORATION 
as Issuer,
		
	by	 	 /s/ Graham Talbot

		 	Name:	 	Graham Talbot
		 	Title:	 	Chief Financial Officer

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

					
	THE BANK OF NEW YORK MELLON, 
as Trustee
		
	by	 	 /s/ Teresa H. Wyszomierski

		 	Name:	 	Teresa H. Wyszomierski
		 	Title:	 	Vice President

  
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 SCHEDULE 1 

EXISTING CREDIT FACILITIES 
  

	1.	 Credit Facility Agreement, dated as of October 16, 2006, by and among Seaspan Corporation, as borrower,
the several lenders from time to time party thereto, Sumitomo Mitsui Banking Corporation, as mandated lead arranger, Sumitomo Mitsui Banking Corporation Europe Limited, as security trustee, and Sumitomo Mitsui Banking Corporation, Brussels Branch,
as facility agent. 

  

	2.	 Revolving Credit Facility, dated August 8, 2007, among DnB Nor Bank ASA, Credit Suisse, The Export-Import
Bank of China, Industrial and Commercial Bank of China Limited and Sumitomo Mitsui Banking Corporation, Brussels Branch. 

  

	3.	 Credit Facility Agreement, dated as of March, 17, 2008, by and among Seaspan Corporation, as borrower, the
several lenders from time to time party thereto, Fortis Bank S.A./N.V., New York Branch and The Export-Import Bank of Korea, as mandated lead arrangers, Fortis Bank S.A./N.V., New York Branch, as facility agent and security trustee, and Fortis Bank
S.A./N.V., New York Branch, as swap agent. 

  

	4.	 Credit Facility Agreement, dated as of March 31, 2008, by and among Seaspan Corporation, as borrower, the
several lenders from time to time party thereto, Sumitomo Mitsui Banking Corporation, as mandated lead arranger, Sumitomo Mitsui Banking Corporation Europe Limited, as security trustee, Sumitomo Mitsui Banking Corporation, Brussels Branch, as
facility agent, and Sumitomo Mitsui Banking Corporation, Brussels Branch, as KEIC agent. 

  

	5.	 First Amended and Restated Credit Agreement, dated as of May 19, 2021, amending and restating that certain
Credit Agreement dated as of May 15, 2019, among (inter alios) Seaspan Holdco III Ltd., as borrower, Seaspan Corporation, as guarantor, the several lenders from time to time party thereto, Citibank, N.A., as administrative agent, and
Société Générale, Hong Kong Branch, as lead sustainability coordinator, (g) that certain First Amended and Restated Credit Agreement, dated as of May 19, 2021, amending and restating that certain Credit
Agreement dated as of December 30, 2019, among (inter alios) Seaspan Holdco III Ltd., as borrower, Seaspan Corporation, as guarantor, the several lenders from time to time party thereto, Citibank, N.A., as administrative agent, and
Société Générale, Hong Kong Branch, as lead sustainability coordinator. 

  

	6.	 First Amended and Restated Credit Agreement, dated as of May 19, 2021, amending and restating that certain
Credit Agreement dated as of October 14, 2020, among (inter alios) Seaspan Holdco III Ltd., as borrower, Seaspan Corporation, as guarantor, the several lenders from time to time party thereto, Citibank, N.A., as administrative agent, and
Société Générale, Hong Kong Branch, as lead sustainability coordinator. 

  

	7.	 Revolving Credit Facility, dated as of July 2, 2020, by and among Seaspan Corporation, as borrower, the
companies listed in Schedule 1 thereto, as guarantors, Citigroup Global Markets Limited, as coordinator and arranger, Citigroup Global Markets Limited, Bank of Montreal and Export Development Canada, as bookrunners and mandated lead arrangers, and
the several lenders from time to time party thereto. 

	8.	 Facility Agreement, dated as of December 28, 2017, by and among Seaspan Corporation, as borrower, and The
Export-Import Bank of China, as lender. 

  

	9.	 Bareboat Charter, dated as of April 30, 2021, by and among SEASPAN HOLDCO XXIX LTD., Psychic Bright
Shipping Ltd. and the other signatory parties thereto. 

  

	10.	 Bareboat Charter, dated as of April 30, 2021, by and among SEASPAN HOLDCO XXVIII LTD, Psychic Wise
Shipping Ltd. and the other signatory parties thereto. 

  

	11.	 Bareboat Charter, dated as of April 30, 2021, by and among SEASPAN HOLDCO XXVII LTD, Psychic Intelligent
Shipping Ltd. and the other signatory parties thereto. 

  

	12.	 Bareboat Charter, dated as of March 20, 2020, by and between SEASPAN HOLDCO IX LTD. and XIANG L30 HK
INTERNATIONAL SHIP LEASE CO., LIMITED. 

  

	13.	 Bareboat Charter, dated as of March 20, 2020, by and between SEASPAN HOLDCO VIII LTD. and XIANG B34HK
INTERNATIONAL SHIP LEASE CO., LIMITED. 

  

	14.	 Bareboat Charter, dated as of March 20, 2020, by and between SEASPAN HOLDCO VIII LTD. and XIANG L49 HK
INTERNATIONAL SHIP LEASE CO., LIMITED. 

  

	15.	 Bareboat Charter, dated as of March 20, 2020, by and between SEASPAN HOLDCO VII LTD. and JIANIAN
INTERNATIONAL SHIP LEASE CO., LIMITED. 

  

	16.	 Bareboat Charter, dated as of November 2, 2020, by and between SEASPAN HOLDCO XI LTD. and SEA 185 LEASING
CO. LIMITED. 

  

	17.	 Bareboat Charter, dated as of May 5, 2016, by and between Seaspan Corporation and Sea 27 Leasing Co.
Limited. 

  

	18.	 Bareboat Charter, dated as of May 5, 2016, by and between Seaspan Corporation and Sea 28 Leasing Co.
Limited. 

  

	19.	 Bareboat Charter, dated as of May 5, 2016, by and between Seaspan Corporation and Sea 29 Leasing Co.
Limited. 

  

	20.	 Bareboat Charter, dated as of May 5, 2016, by and between Seaspan Corporation and Sea 30 Leasing Co.
Limited. 

  

	21.	 Bareboat Charter, dated as of May 5, 2016, by and between Seaspan Corporation and Sea 31 Leasing Co.
Limited. 

  

	22.	 Bareboat Charter, dated as of October 19, 2020, by and between Seaspan Holdco X Ltd. and Channel 5 Holding
Limited. 

  

	23.	 Bareboat Charter, dated as of April 27, 2021, by and between SEASPAN CORPORATION and SPDBFL NO. ONE
HUNDRED AND TWENTY-FOUR (SHANGHAI) SHIP LEASING COMPANY LIMITED. 

	24.	 Bareboat Charter, dated as of April 27, 2021, by and between SEASPAN HOLDCO XXII LTD. and SPDBFL NO. ONE
HUNDRED AND TWENTY-THREE (SHANGHAI) SHIP LEASING COMPANY LIMITED. 

  

	25.	 Bareboat Charter, dated as of April 27, 2021, by and between GC INTERMODAL III, LTD. and SPDBFL NO. ONE
HUNDRED AND TWENTY-FIVE (SHANGHAI) SHIP LEASING COMPANY LIMITED). 

  

	26.	 Bareboat Charter, dated as of May 31, 2021, by and between SEASPAN HOLDCO XXV LTD. and TAIPING AND SINOPEC
TJ7 SHIPPING LEASING CO., LTD. 

  

	27.	 Bareboat Charter, dated as of May 31, 2021, by and between SEASPAN HOLDCO XXVI LTD. and TAIPING AND
SINOPEC TJ8 SHIPPING LEASING CO., LTD. 

  

	28.	 Bareboat Charter, dated as of August 14, 2020, by and between SEASPAN HOLDCO XXIV LTD. and SPDBFL NO. ONE
HUNDRED AND TEN (SHANGHAI) SHIP LEASING COMPANY LIMITED. 

  

	29.	 Bareboat Charter, dated as of August 14, 2020, by and between SEASPAN HOLDCO XXIII LTD. and SPDBFL NO. ONE
HUNDRED AND ELEVEN (SHANGHAI) SHIP LEASING COMPANY LIMITED. 

 EXHIBIT A 

FORM OF NOTES 
 [Face of
Note] 
 [GLOBAL NOTE LEGEND] 
 [THIS
GLOBAL NOTE IS HELD BY THE CUSTODIAN (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE TRANSFERRED OR EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, AND (3) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF A SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.] 
 [PRIVATE PLACEMENT LEGEND] 

[THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
  

	 	(1)	 REPRESENTS THAT (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED
INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT OR (B) IT IS A
NON-U.S. PERSON (WITHIN THE MEANING OF REGULATION S) ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION PURSUANT TO REGULATION S, 

  
 A-1 

	 	(2)	 REPRESENTS, IF IT IS A RESIDENT OF A MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR THE UNITED KINGDOM, IT IS
NOT A “RETAIL INVESTOR” AND 

  

	 	(3)	 AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) THE DATE THAT IS [IN THE CASE OF THE RULE 144A GLOBAL NOTES: ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF
TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO] [IN THE CASE OF THE REGULATION S GLOBAL NOTES: THE EXPIRATION OF FORTY DAYS FROM THE LATER OF (1) THE DATE ON WHICH THIS SECURITY
WAS FIRST OFFERED AND (2) THE DATE OF ISSUANCE OF THIS SECURITY] AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

 

	 	(A)	 TO THE COMPANY OR ANY AFFILIATE THEREOF, OR 

 

	 	(B)	 PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

  

	 	(C)	 TO A NON-U.S. PERSON (WITHIN THE MEANING OF REGULATION S) ACQUIRING
THIS SECURITY IN AN OFFSHORE TRANSACTION PURSUANT TO REGULATION S (AND IF A RESIDENT IN A MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, IS A “QUALIFIED INVESTOR” UNDER THE PROSPECTUS REGULATION OR, IF A RESIDENT IN THE UNITED KINGDOM,
IS A “QUALIFIED INVESTOR” UNDER ARTICLE 2 OF THE PROSPECTUS REGULATION AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUWA), OR 

  

	 	(D)	 TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

  

	 	(E)	 PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH (3)(E) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE
IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 

  
 A-2 

 [REGULATION S LEGEND] 

[UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF NOTES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN
THE U.S. SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.] 

 
 CUSIP Reg S/144A: Y75638AF6 / 81254UAK2

 ISIN Number Reg S/144A: USY75638AF67 / US81254UAK25 

REGULATION S/ RULE 144A GLOBAL NOTE 

5.50% BLUE TRANSITION SENIOR NOTE DUE 2029 
 No.
Reg S/144A [●] 
 SEASPAN CORPORATION, 

a corporation incorporated under the laws of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, P.O.
Box 1405, Majuro, Marshall Islands MH96960, for value received promises to pay to Cede & Co., or registered assigns, the principal sum set forth in the Schedule of Exchange of Interests attached hereto as
Schedule A on August 1, 2029. 
 From July 14, 2021 or from the most recent interest payment date on which interest has
been paid or provided for, cash interest on this Note will accrue at 5.500%, payable semi-annually on February 1 and August 1 of each year, beginning on February 1, 2022, to the Person in whose name this Note (or any predecessor Note)
is registered at the close of business on the immediately preceding Business Day. 
 Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof and to the provisions of the Indenture, which provisions shall for all purposes have the same effect as if set forth at this place. 

  
 A-3 

 IN WITNESS WHEREOF, Seaspan Corporation has caused this Note to be signed manually or by
facsimile by its duly authorized signatory. 
 Dated: 
  

					
	SEASPAN CORPORATION 
		
	by	 	  

		 	Name:	 	
		 	Title:	 	

  
 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture 

 

					
	THE BANK OF NEW YORK MELLON, 
as Trustee
		
	by	 	  

		 	Name:	 	
		 	Title:	 	

  
 A-5 

 [Back of Note] 

5.50% Blue Transition Senior Note Due 2029 
 1.
Interest 
 Seaspan Corporation, a Republic of the Marshall Islands corporation (such entity and its successors and assigns under the
Indenture hereinafter referred to, the “Issuer”), for value received promises to pay interest on the principal amount of this Note from July 14, 2021 until maturity at the rate per annum shown above. Interest will be computed on the
basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest semi-annually on February 1 and August 1 of each year, beginning on
February 1, 2022 to the Holder in whose name this Note (or any predecessor Note) is registered at the close of business on the immediately preceding Business Day. The Issuer shall pay interest on overdue principal at the interest rate borne by
the Notes compounded semi-annually, and it shall pay interest on overdue installments of interest at the same rate compounded semi-annually to the extent lawful. Any interest paid on this Note shall be increased to the extent necessary to pay
Additional Amounts as set forth in this Note. 
 2. Additional Amounts 

All payments made by the Issuer or its agents under or with respect to the Notes shall be made free and clear of, and without withholding or
deduction for, or on account of, any present or future Taxes in accordance with Section 4.10 of the Indenture. 
 3. Method of Payment 

The Issuer shall pay interest on this Note (except defaulted interest) to the persons who are registered Holders of this Note at the close of
business on the record date for the next interest payment date even if this Note is cancelled after the record date and on or before the interest payment date. The Issuer shall pay principal and interest in U.S. dollars in immediately available
funds that at the time of payment is legal tender for payment of public and private debts; provided that payment of interest may be made at the option of the Issuer by check mailed to the Holder. 

The amount of payments in respect of interest on each interest payment date shall correspond to the aggregate principal amount of Notes
represented by the Regulation S Global Note and the Rule 144A Global Note, as established by the Registrar at the close of business on the relevant record date. Payments of principal shall be made upon surrender of the Regulation S Global Note and
the Rule 144A Global Note to the Paying Agent. 
 4. Registrar, Transfer Agent and Paying Agent 

Initially, The Bank of New York Mellon will act as Registrar, Paying Agent and Transfer Agent. 

5. Indenture 
 The Issuer issued the Notes
under an indenture dated as of July 14, 2021 (the “Indenture”), between the Issuer and The Bank of New York Mellon as trustee (the “Trustee”). The terms of the Notes include those stated in the Indenture. Terms defined in
the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and Holders are referred to the Indenture for a statement of such terms and provisions. In
the event of a conflict, the terms of the Indenture control. 

  
 A-6 

 The Notes are unsecured senior obligations of the Issuer and are issued in an initial
aggregate principal amount at maturity of $750,000,000. This Note is one of the Notes referred to in the Indenture. The Notes and, if issued, any Additional Notes are treated as a single class for all purposes under the Indenture. 

6. Optional Redemption Prior to August 1, 2024 

At any time prior to August 1, 2024 upon not less than 10 nor more than 60 days’ written notice (which notice for the avoidance
of doubt may be given prior to August 1, 2024), the Issuer may also redeem all or part of the Notes, at a redemption price equal to 100% of the principal amount thereof plus the Applicable Redemption Premium of the Notes plus accrued and unpaid
interest on the Notes to, but not including, the redemption date. Any such redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent. 

“Applicable Redemption Premium” means on any redemption date prior to August 1, 2024, the greater of: (a) one
percent of the principal amount of such Note and (b) the excess of: (i) the present value at such redemption date of the redemption price of such Note at August 1, 2024, plus all required interest payments that would otherwise be due
to be paid on such Note during the period between the redemption date and August 1, 2024, excluding accrued but unpaid interest, computed using a discount rate equal to the Treasury Rate at such redemption date plus 50 basis points, over
(ii) the principal amount of such Note on such redemption date. 
 For the avoidance of doubt, calculation of the Applicable Redemption
Premium shall not be a duty or obligation of the Trustee or any Agent. 
 “Treasury Rate” means, as of any redemption date,
the yield to maturity as of such redemption date 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 the 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 the redemption date to August 1, 2024;
provided, however that if the period from the redemption date to August 1, 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 will
be used. 
 7. Optional Redemption On or After August 1, 2024 

At any time on or after August 1, 2024 and prior to maturity, upon not less than 10 nor more than 60 days’ written notice, the Issuer
may redeem all or part of the Notes. These redemptions will be in amounts of $2,000 or integral multiples of $1,000 in excess thereof at the following redemption prices (expressed as percentages of their principal amount at maturity), plus accrued
and unpaid interest, if any, to, but not including, the redemption date, if redeemed during the 12-month period commencing on August 1 of the years set forth below. This redemption is subject to the right
of holders of record on the relevant regular record date that is prior to the redemption date to receive interest due on an interest payment date. 

  
 A-7 

					
	 Year
	  	Redemption
Prices	 
	 2024
	  	 	102.750	% 
	 2025
	  	 	101.375	% 
	 2026 and thereafter
	  	 	100.000	% 

 8. Redemption Upon Changes in Withholding Taxes 

(a) If, as a result of: 
 (i) any
amendment to, or change in, the laws (or regulations or rulings promulgated thereunder) or relevant treaties of any Relevant Taxing Jurisdiction; or 

(ii) any change in the official application or official interpretation or administration of such laws, regulations or rulings or relevant
treaties (including by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published practice) of any Relevant Taxing Jurisdiction (each of the foregoing clauses (i) and (ii), a “Change in Tax
Law”), 
 the Issuer or any Guarantor would be obligated to pay, on the next date for any payment, Additional Amounts with respect to the Notes, which
obligation the Issuer or such Guarantor cannot avoid by the use of reasonable measures available to it (including, for the avoidance of doubt, the appointment of a new Paying Agent where this would be reasonable and, in the case of a payment by a
Guarantor, that the payment giving rise to such requirement to pay Additional Amounts cannot be made by the Issuer or another Guarantor without the obligation to pay Additional Amounts), then the Issuer may redeem all, but not less than all, of the
Notes, at any time thereafter, upon not less than 30 nor more than 60 days’ notice (which notice shall be irrevocable and given in accordance with the procedures described in Section 3.03, at a redemption price of 100% of their
principal amount, plus accrued and unpaid interest, if any, to the redemption date. In the case of redemption due to withholding as a result of a Change in Tax Law in a jurisdiction that is a Relevant Taxing Jurisdiction at the date of the
Indenture, such Change in Tax Law must become effective on or after the date of the Indenture. In the case of redemption due to withholding as a result of a Change in Tax Law in a jurisdiction that becomes a Relevant Taxing Jurisdiction after the
date of the Indenture, such Change in Tax Law must become effective on or after the date the jurisdiction becomes a Relevant Taxing Jurisdiction. 

(b) Prior to the giving of any notice of the redemption described in this Section 3.08, the Issuer or the Guarantor (as the case may be)
will deliver to the Trustee and the Paying Agent: 
 (i) an Officer’s Certificate of the Issuer or a Guarantor (as the case may be)
stating that the obligation to pay such Additional Amounts cannot be avoided by the Issuer’s or such Guarantor’s taking reasonable measures available to it; and 

(ii) a written opinion of independent legal counsel of recognized standing addressed to the Issuer or Guarantor (as the case may be) qualified
under the laws of the Relevant Taxing Jurisdiction to the effect that the Issuer or such Guarantor has or will become obligated to pay such Additional Amounts as a result of a Change in Tax Law. 

  
 A-8 

 The Trustee and the Paying Agent will accept, and shall be entitled to rely on, such Officer’s
Certificate and opinion of counsel, delivered in compliance with clauses (b)(i) and (b)(ii) above, as sufficient evidence of the existence and satisfaction of the conditions precedent as described above, in which event it will be conclusive and
binding on the holders of the Notes. 
 (c) Notwithstanding the foregoing, no such notice of redemption will be given (i) earlier than
90 days prior to the earliest date on which the Issuer or Guarantor (as the case may be) would be obliged to make such payment of Additional Amounts if a payment in respect of the Notes, were then due and (ii) unless at the time such
notice is given, the obligation to pay Additional Amounts remains in effect. 
 The foregoing provisions shall apply mutatis mutandis
to any Guarantor (and the related Guarantee) to any successor person, after such successor person becomes a party to the Indenture, with respect to a Change in Tax Law occurring after the time such successor person becomes a party to the
Indenture. 
 The Issuer will publish a notice of any optional redemption of the Notes described above in accordance with Section 3.03
of the Indenture. 
 9. Optional Redemption Prior to August 1, 2024 upon Equity Offering 

At any time prior to August 1, 2024, upon not less than 10 nor more than 60 days’ written notice (which notice for the avoidance of
doubt may be given prior to August 1, 2024), the Issuer may on any one or more occasions redeem up to 40% of the aggregate principal amount of the Notes and any Additional Notes issued under the Indenture at a redemption price equal to 105.500%
of the principal amount thereof, plus accrued and unpaid interest and Additional Amounts, if any, to, but not including, the redemption date (subject to the rights of holders of Notes on the relevant record date to receive interest on the relevant
interest payment date), with an amount equal to or less than the net cash proceeds from one or more Equity Offerings. The Issuer may only do this, however, if: 

(a) at least 50% of the aggregate principal amount of the Notes that were initially issued under the Indenture (excluding Notes held by the
Issuer or any of its Subsidiaries) would remain outstanding immediately after the occurrence of such proposed redemption (unless all such Notes are redeemed substantially concurrently); and 

(b) each such redemption occurs within 180 days after the closing of such Equity Offering. 

Notice of any redemption upon any Equity Offering may be given prior to the completion thereof, and any such redemption or notice may, at the Issuer’s
discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. 

  
 A-9 

 10. Notes Redeemed in Part 

Upon surrender of a Global Note that is redeemed in part, the Paying Agent shall forward such Global Note to the Trustee, who shall make a
notation on the Register to reduce the principal amount of such Global Note to an amount equal to the unredeemed portion of the Global Note surrendered; provided that each such Global Note shall be in a principal amount at final Stated
Maturity of $2,000 and integral multiples of $1,000 in excess thereof. 
 Upon surrender and cancellation of a certificated Note that is
redeemed in part, the Issuer shall execute and the Trustee shall authenticate for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered and canceled; provided that
each such certificated Note shall be in a principal amount at final Stated Maturity of $2,000 and integral multiples of $1,000 in excess thereof. 
 11.
Repurchase of Notes at the Option of Holders upon (i) a Change of Control Triggering Event and (ii) the Occurrence of Certain Asset Sales 

If a Change of Control Triggering Event occurs at any time, then the Issuer must make an offer (a “Change of Control Offer”) to each
holder of Notes to repurchase all or any part (equal to $2,000 or in integral multiples of $1,000 in excess thereof) of such holder’s Notes, at a purchase price (the “Change of Control Purchase Price”) in cash in an amount equal to
101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of purchase (the “Change of Control Purchase Date”) (subject to the rights of holders of record on relevant regular record
dates that are prior to the Change of Control Purchase Date to receive interest due on an interest payment date). Purchases made under a Change of Control Offer will also be subject to other procedures set forth in the Indenture. 

In accordance with Section 4.07 of the Indenture, the Issuer shall be required to offer to purchase the Notes upon the occurrence of
certain Asset Sales. 
 12. Additional Redemptions and Repurchases  

In connection with any Change of Control Offer, Alternate Offer or other tender offer to purchase all of the Notes, if Holders of not less than
90% of the aggregate principal amount of the then outstanding Notes validly tender and do not validly withdraw such Notes in such Change of Control Offer, Alternate Offer or other tender offer and the Issuer purchases, or any third party making such
Change of Control Offer, Alternate Offer or other tender 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 10 nor more than 60
days’ prior notice, given not more than 60 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such Change of Control Offer,
Alternate Offer or other tender offer, plus, to the extent not included in the Change of Control Offer, Alternate Offer or other tender offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the redemption date (subject to
the right of the Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). 

13. Denominations 
 These Notes are issued
in fully registered form without coupons. These Notes are in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The 

  
 A-10 

 
transfer of Notes may be registered, and Notes may be exchanged, as provided in the Indenture. The Registrar and Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. 
 14. Unclaimed Money 

All moneys paid by the Issuer to the Trustee or a Paying Agent for the payment of the principal of, or premium or Additional Amounts, if any,
or interest on, any Notes that remain unclaimed at the end of two years after such principal, premium, Additional Amount or interest has become due and payable may be repaid to the Issuer, subject to applicable law, and the Holder of such Note
thereafter may look only to the Issuer for payment thereof. 
 15. Defeasance and Discharge 

Subject to certain conditions, the Issuer at any time may terminate some or all of its obligations under the Notes and the Indenture if the
Issuer irrevocably deposits or causes to be deposited in trust with the Trustee, for benefit of the Holders, cash in dollars, U.S. Government Obligations denominated in dollars or a combination thereof, for the payment of principal and interest on
the Notes to redemption or maturity, as the case may be. 
 16. Amendment, Supplement and Waiver 

Amendments, modifications, supplements and waivers to the Indenture and the Notes may be made as set forth in the Indenture. 

17. Defaults and Remedies 
 The Notes have
the Events of Default as set forth in Section 6.01 of the Indenture. 
 If an Event of Default (other than as specified in
Section 6.01(a)(viii) or 6.01(a)(ix) with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding by written notice to the Issuer (and to the
Trustee if such notice is given by the Holders) may, and the Trustee, upon the written request of such Holders, shall, declare the principal of, premium, if any, and any Additional Amounts and accrued interest on all the outstanding Notes
immediately due and payable, and upon any such declaration all such amounts payable in respect of the Notes will become immediately due and payable. If an Event of Default specified in Section 6.01(a)(viii) or 6.01(a)(ix) with respect to the
Issuer occurs and is continuing, then the principal of, premium, if any, and Additional Amounts and accrued and unpaid interest on all the outstanding Notes shall become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder of Notes. 
 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. 

The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by the Indenture at the request or direction of
any of the Holders, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or
direction. 

  
 A-11 

 Subject to certain limitations, the Holders of a majority in aggregate principal amount of
the Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee under the Indenture. The Holders of not less than a majority in
aggregate principal amount of the outstanding Notes may, on behalf of the Holders of all the Notes, waive any past Defaults under the Indenture, except a continuing Default in the payment of the principal of, premium, if any, and Additional Amounts
or interest on any Note held by a non-consenting Holder (which may only be waived with the consent of Holders of Notes holding 90% of the aggregate principal amount of the Notes outstanding under the
Indenture). 
 The above description of Events of Default and remedies is qualified by reference, and subject in its entirety, to the more
complete description thereof contained in the Indenture. 
 18. Trustee Dealings with the Issuer 

The Trustee, any Paying Agent, any Registrar or any other agent of the Issuer or of the Trustee, in its individual or any other capacity, may
become the owner or pledgee of Notes and may otherwise deal with the Issuer with the same rights it would have if it were not Trustee, Paying Agent, Registrar, Transfer Agent or such other agent. 

19. No Recourse Against Others 
 A
director, officer, employee, incorporator, member, partner or shareholder, as such, of the Issuer. any Guarantor or Parent shall not have any liability for any obligations of the Issuer or any Guarantor under the Notes, the Indenture or any
Guarantee or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability. The waiver and release shall be part of the consideration for the
issue of the Notes. 
 20. Authentication 

This Note shall not be valid until an authorized officer of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Note. 
 21. Governing Law 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 A-12 

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

Attention: Investor Relations 
 c/o
2600 – 200 Granville St. 
 Vancouver, BC Canada 

Telephone: 1 904 345 4939 

  
 A-13 

 ASSIGNMENT FORM 
  

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

		 	(Insert assignee’s legal name)
	
	  

	(Insert assignee’s social security or tax I.D. no.)	  	
	
	  

	
	  

	(Print or type assignee’s name, address and postal code)
	
	and irrevocably appoint
                                         
                                        as agent 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*:
                                        

  

	*	 Participant in a recognized signature guarantee medallion program (or other signature guarantor acceptable to
the Trustee). 

  
 A-14 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note or a portion thereof repurchased pursuant to Section [4.07]/[4.09] of the Indenture, check the
box: [    ] 
 If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section
[4.07]/[4.09] of the Indenture, state the amount you elect to have purchased (in a principal amount of $2,000 and integral multiples of $1,000 in excess thereof): $         

 

			
	Date:
                                    
	
	Tax Identification No. (if any):
                                  
		
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)
	
	Signature Guarantee*:
                                         
       

  

	*	 Participant in a recognized signature guarantee medallion program (or other signature guarantor acceptable to
the Trustee). 

  
 A-15 

 SCHEDULE A 

SCHEDULE OF EXCHANGE OF INTERESTS IN THE GLOBAL NOTE 

The initial outstanding principal amount of this Global Note is $[●]. The following decreases/increases in the principal amount of this Global Note have
been made: 
  

																	
	 Date of Decrease/Increase
	  	Decrease in
Principal
Amount	 	  	Increase in
Principal
Amount	 	  	Principal Amount
Following such
Decrease/Increase	 	  	Notation Made
by or on Behalf
of Registrar	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 A-16 

 EXHIBIT B 

FORM OF TRANSFER CERTIFICATE 

Reference is hereby made to the Indenture dated as of July 14, 2021 (the “Indenture”) between Seaspan Corporation, a Republic
of the Marshall Islands corporation (the “Issuer”) and The Bank of New York Mellon as trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with any transfer of any Notes evidenced by this certificate occurring prior to the date that is one year after the later of the
date of original issuance of such Notes and the last date, if any, on which the Notes were owned by the Issuer or any Affiliate of the Issuer, the undersigned confirms that such Notes are being transferred in compliance with the transfer
restrictions set forth in such Notes and: 
 CHECK ONE BOX BELOW 
  

	(1)	 ☐ to the Issuer or any Affiliate of the Issuer; or 

 

	(2)	 ☐ pursuant to and in compliance with Rule 144A under the U.S. Securities Act of 1933; or

  

	(3)	 ☐ pursuant to and in compliance with Regulation S under the U.S. Securities Act of 1933; or

  

	(4)	 ☐ pursuant to and in compliance with Rule 144 under the U.S. Securities Act of 1933; or

  

	(5)	 ☐ pursuant to another available exemption from the registration requirements of the U.S. Securities Act
of 1933; or 

  

	(6)	 ☐ pursuant to an effective registration statement under the U.S. Securities Act of 1933.

 Unless one of the boxes is checked, the Trustee 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 (2) is checked, by executing this form, the Transferor is deemed to have certified that such Notes are being transferred to a person it
reasonably believes is a “qualified institutional buyer” as defined in Rule 144A under the U.S. Securities Act of 1933 who has received notice that such transfer is being made in reliance on Rule 144A and is obtaining such interest in a
transaction meeting the requirements of Rule 144A; if box (3) is checked, by executing this form, the Transferor is deemed to have certified that such transfer is made pursuant to an offer and sale that occurred outside the United States in
compliance with Regulation S under the U.S. Securities Act; if box (4) is checked, by executing this form, the Transferor is deemed to have certified that such transfer is made pursuant to an offer and sale that occurred in compliance with Rule
144 under the U.S. Securities Act; and if box (5) is checked, the Trustee may require, prior to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Issuer or Trustee reasonably requests
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 U.S. Securities Act of 1933. 

 

			
	Signature of Transferor:	 	  

			
	
	Signature Guarantee*:
                                         
       

  

	*	 Participant in a recognized signature guarantee medallion program (or other signature guarantor acceptable to
the Trustee). 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Seaspan
Corporation 
 c/o 2600-200 Granville Street 

Vancouver, British Columbia 
 Canada V6C 1S4 

The Bank of New York Mellon 
 240 Greenwich Street, Floor 7 East

 New York, New York 10286 
  

	Re:	 $750,000,000 5.50% Blue Transition Senior Notes due 2029 of Seaspan Corporation 

(ISIN                     ; CUSIP
                    ) 
 Reference is hereby made to the
Indenture, dated as of July 14, 2021 (the “Indenture”) between Seaspan Corporation, a Republic of the Marshall Islands corporation (the “Issuer”) and The Bank of New York Mellon, as trustee. Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture. 

                    , (the “Owner”) owns
and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the “Exchange”). In connection with the Exchange,
the Owner hereby certifies that: 
 1. ☐ Check if Exchange is from Book-Entry Interest in a Global Note for Definitive Registered Notes. In
connection with the Exchange of the Owner’s Book-Entry Interest in a Global Note for Definitive Registered Notes in an equal amount, the Owner hereby certifies that such Definitive Registered Notes are being acquired for the Owner’s own
account without transfer. The Definitive Registered Notes issued pursuant to the Exchange will bear the Private Placement Legend and will be subject to restrictions on transfer enumerated in the Indenture and the Securities Act. 

2. ☐ Check if Exchange is from Definitive Registered Notes for Book-Entry Interest in a Global Note. In connection with the Exchange of the
Owner’s Definitive Registered Notes for Book-Entry Interest in a Global Note in an equal amount, the Owner hereby certifies that such Book-Entry Interest in a Global Note are being acquired for the Owner’s own account without transfer. The
Book-Entry Interests transferred in exchange will be subject to restrictions on transfer enumerated in the Indenture and the Securities Act. 
 This
certificate and the statements contained herein are made for your benefit and the benefit of the Issuer. 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Dated:	 	  

 ANNEX A TO CERTIFICATE OF EXCHANGE 

 

	1.	 The Owner owns and proposes to exchange the following: 

[CHECK ONE OF (a) OR (b)] 
  

	 	(a)	 ☐ a Book-Entry Interest in the: 

 

	 	(i)	 ☐ 144A Global Note (ISIN US81254UAK25; CUSIP 81254UAK2), or 

 

	 	(ii)	 ☐ Regulation S Global Note (ISIN USY75638AF67; CUSIP Y75638AF6), or

  

	 	(b)	 ☐ a Definitive Registered Note. 

 

	2.	 After the Exchange the Owner will hold: 

[CHECK ONE OF (a) OR (b)] 
  

	 	(a)	 ☐ a Book-Entry Interest in the: 

 

	 	(i)	 ☐ 144A Global Note (ISIN US81254UAK25; CUSIP 81254UAK2), or 

 

	 	(ii)	 ☐ Regulation S Global Note (ISIN USY75638AF67; CUSIP Y75638AF6), or

  

	 	(b)	 ☐ a Definitive Registered Note. 

in accordance with the terms of the Indenture. 

  
 C-2 

 EXHIBIT D 

FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
                    , among Seaspan Corporation, a Republic of the Marshall Islands corporation (the “Issuer”),
                    , a                     
under the laws of                      (the “Subsequent Guarantor”), a subsidiary of Seaspan
Corporation (or its permitted successor), and The Bank of New York Mellon, as trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture (as defined below). 

W I T N E S S E T H 
 WHEREAS, the Issuer has
heretofore executed and delivered to the Trustee an indenture dated as of July 14, 2021 (the “Indenture”), between the Issuer and the Trustee, providing for the issuance of $750,000,000 aggregate principal amount of its 5.50% Blue
Transition Senior Notes due 2029 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances (including pursuant to
Section 4.11(a) of the Indenture) the Subsequent Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsequent Guarantor shall unconditionally guarantee all of the Issuer’s obligations under
the Notes and the Indenture on the terms and conditions set forth herein (the “Notes Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of
the Indenture, the Issuer and the Trustee are authorized to execute and deliver this Supplemental Indenture to amend the Indenture, without the consent of any Holder of the Notes, to add any Notes Guarantees with respect to the Notes. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Subsequent
Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1.
CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. AGREEMENT TO GUARANTEE. The Subsequent Guarantor hereby agrees to provide an unconditional Guarantee on the
terms and subject to the conditions set forth in the Indenture. 
 3. RELEASE OF GUARANTEE. The Notes Guarantee
of the Subsequent Guarantor shall be automatically and unconditionally released and discharged as and when provided in the Indenture (including pursuant to Section 4.11(c)). If requested by the Trustee, any release of a Guarantee pursuant to
the foregoing provisions shall be evidenced by the delivery by the Issuer to the Trustee of an Officer’s Certificate of the Issuer, and the Trustee may acknowledge and confirm receipt of such Officer’s Certificate. 

4. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee,
incorporator, member, partner, stockholder or agent of any Subsequent Guarantor, as such, shall have any liability for any obligations of the Issuer or any Subsequent Guarantor under the Notes, the Indenture, the Notes Guarantees or this
Supplemental Indenture 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. 

 5. INCORPORATION BY REFERENCE. Section 11.08 of the
Indenture is incorporated by reference to this Supplemental Indenture as if more fully set out herein. 
 6. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE AND
THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY. 
 7. COUNTERPARTS; ELECTRONIC SIGNATURES. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent 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 Supplemental Indenture for all purposes. Signatures of all the parties hereto transmitted by facsimile or PDF shall be
deemed to be their original signatures for all purposes other than the Trustee’s signature on the certificate of authentication on each Note. 
 8.
EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 

9. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency
of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Subsequent Guarantor and the Issuer. 

  
 D-2 

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

			
	[SUBSEQUENT GUARANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SEASPAN CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON, as Trustee
	By:	 	  

	Name:	 	
	Title:	 	

  
 D-3

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